SR Management: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SR Management
Largest movements
- Receivables within one year -€33,503
down €33,503 (-99.5%), from €33,665 to €162
of which Other amounts receivable: -€18,838
- Current investments -€29,971
down €29,971 (-16.7%), from €179,971 to €150,000
- Cash -€8,690
down €8,690 (-4.5%), from €192,151 to €183,461
mainly Other debts (-€37,527) and Accrued charges and deferred income (-€29,971)
- Other debts -€37,527
down €37,527 (-57.9%), from €64,761 to €27,233
- Accrued charges and deferred income -€29,971
no longer reported in 2025 (was €29,971)
- Tax, wage and social debts -€26,836
down €26,836 (-64.1%), from €41,872 to €15,036
of which Taxes: -€27,338
- Reserves +€18,148
up €18,148 (+7.2%), from €251,747 to €269,896
of which Distributable reserves: +€18,148
- Turnover -€39,928
down €39,928 (-23.7%), from €168,804 to €128,876
- Gross operating margin -€36,860
down €36,860 (-36.3%), from €101,621 to €64,761
- Depreciation -€7,835
down €7,835 (-67.3%), from €11,641 to €3,807
- Taxes -€7,775
down €7,775 (-30.0%), from €25,910 to €18,135
- Purchases and services -€5,321
down €5,321 (-6.2%), from €86,374 to €81,052
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €412,252 | €336,281 | -€75,971 | -18.4% |
| Fixed assets | 21/28 | €6,464 | €2,657 | -€3,807 | -58.9% |
| Tangible fixed assets | 22/27 | €5,360 | €1,554 | -€3,807 | -71.0% |
| Furniture and vehicles | 24 | €5,360 | €1,554 | -€3,807 | -71.0% |
| Financial fixed assets | 28 | €1,104 | €1,104 | = | 0.0% |
| Current assets | 29/58 | €405,788 | €333,624 | -€72,164 | -17.8% |
| Amounts receivable within one year | 40/41 | €33,665 | €162 | -€33,503 | -99.5% |
| Trade receivables | 40 | €14,665 | - | -€14,665 | |
| Other amounts receivable | 41 | €19,000 | €162 | -€18,838 | -99.1% |
| Current investments | 50/53 | €179,971 | €150,000 | -€29,971 | -16.7% |
| Cash at bank and in hand | 54/58 | €192,151 | €183,461 | -€8,690 | -4.5% |
| Total equity and liabilities | 10/49 | €412,252 | €336,281 | -€75,971 | -18.4% |
| Equity | 10/15 | €275,566 | €293,714 | +€18,148 | +6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €251,747 | €269,896 | +€18,148 | +7.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €249,887 | €268,036 | +€18,148 | +7.3% |
| Profit (loss) carried forward | 14 | €5,219 | €5,219 | = | 0.0% |
| Amounts payable | 17/49 | €136,686 | €42,567 | -€94,119 | -68.9% |
| Amounts payable within one year | 42/48 | €106,714 | €42,567 | -€64,148 | -60.1% |
| Trade debts | 44 | €82 | €297 | +€215 | +264% |
| Suppliers | 440/4 | €82 | €297 | +€215 | +264% |
| Taxes, remuneration and social security | 45 | €41,872 | €15,036 | -€26,836 | -64.1% |
| Taxes | 450/3 | €41,637 | €14,298 | -€27,338 | -65.7% |
| Remuneration and social security | 454/9 | €235 | €738 | +€503 | +214% |
| Other amounts payable | 47/48 | €64,761 | €27,233 | -€37,527 | -57.9% |
| Accrued charges and deferred income | 492/3 | €29,971 | - | -€29,971 | |
| Turnover | 70 | €168,804 | €128,876 | -€39,928 | -23.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €86,374 | €81,052 | -€5,321 | -6.2% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,641 | €3,807 | -€7,835 | -67.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €970 | €1,001 | +€31 | +3.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €101,621 | €64,761 | -€36,860 | -36.3% |
| Operating profit (loss) | 9901 | €89,010 | €59,954 | -€29,056 | -32.6% |
| Financial income | 75/76B | €129 | €3,605 | +€3,476 | +2,688% |
| Recurring financial income | 75 | €129 | €3,605 | +€3,476 | +2,688% |
| Financial charges | 65/66B | €40 | €42 | +€2 | +6.2% |
| Recurring financial charges | 65 | €40 | €42 | +€2 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €89,099 | €63,516 | -€25,583 | -28.7% |
| Income taxes | 67/77 | €25,910 | €18,135 | -€7,775 | -30.0% |
| Profit (loss) for the period | 9904 | €63,189 | €45,382 | -€17,808 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,189 | €45,382 | -€17,808 | -28.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.