SR PARTICIPATIONS: 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 PARTICIPATIONS
Largest movements
- Receivables within one year +€22,300
up €22,300 (+97.8%), from €22,806 to €45,106
- Cash -€17,230
down €17,230 (-33.4%), from €51,583 to €34,353
mainly Contributions, distributions and other (-€60,000) and Debts after one year (-€42,164)
- Tangible fixed assets -€8,482
down €8,482 (-1.7%), from €509,871 to €501,389
- Debts after one year -€42,164
down €42,164 (-12.9%), from €326,862 to €284,697
- Trade debts +€38,287
up €38,287 (+198%), from €19,327 to €57,614
- Profit (loss) carried forward +€29,089
up €29,089 (+140%), from €20,815 to €49,903
- Other debts -€15,000
down €15,000 (-19.8%), from €75,801 to €60,801
- Tax, wage and social debts -€13,611
down €13,611 (-16.3%), from €83,616 to €70,005
- Gross operating margin -€22,496
down €22,496 (-13.9%), from €161,876 to €139,380
- Taxes -€11,906
down €11,906 (-33.2%), from €35,889 to €23,984
- Other operating charges -€3,656
down €3,656 (-24.7%), from €14,783 to €11,127
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 | €749,551 | €747,033 | -€2,518 | -0.3% |
| Fixed assets | 21/28 | €570,871 | €562,389 | -€8,482 | -1.5% |
| Tangible fixed assets | 22/27 | €509,871 | €501,389 | -€8,482 | -1.7% |
| Land and buildings | 22 | €509,871 | €501,389 | -€8,482 | -1.7% |
| Financial fixed assets | 28 | €61,000 | €61,000 | = | 0.0% |
| Current assets | 29/58 | €178,681 | €184,645 | +€5,964 | +3.3% |
| Amounts receivable within one year | 40/41 | €22,806 | €45,106 | +€22,300 | +97.8% |
| Other amounts receivable | 41 | €22,806 | €45,106 | +€22,300 | +97.8% |
| Cash at bank and in hand | 54/58 | €51,583 | €34,353 | -€17,230 | -33.4% |
| Deferred charges and accrued income | 490/1 | €104,292 | €105,186 | +€894 | +0.9% |
| Total equity and liabilities | 10/49 | €749,551 | €747,033 | -€2,518 | -0.3% |
| Equity | 10/15 | €202,664 | €231,752 | +€29,089 | +14.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €161,849 | €161,849 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €159,849 | €159,849 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,815 | €49,903 | +€29,089 | +140% |
| Amounts payable | 17/49 | €546,888 | €515,281 | -€31,607 | -5.8% |
| Amounts payable after more than one year | 17 | €326,862 | €284,697 | -€42,164 | -12.9% |
| Financial debts | 170/4 | €326,862 | €284,697 | -€42,164 | -12.9% |
| Amounts payable within one year | 42/48 | €220,026 | €230,584 | +€10,557 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €41,282 | €42,164 | +€882 | +2.1% |
| Trade debts | 44 | €19,327 | €57,614 | +€38,287 | +198% |
| Suppliers | 440/4 | €19,327 | €57,614 | +€38,287 | +198% |
| Taxes, remuneration and social security | 45 | €83,616 | €70,005 | -€13,611 | -16.3% |
| Taxes | 450/3 | €83,616 | €70,005 | -€13,611 | -16.3% |
| Other amounts payable | 47/48 | €75,801 | €60,801 | -€15,000 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,482 | €8,482 | = | 0.0% |
| Other operating charges | 640/8 | €14,783 | €11,127 | -€3,656 | -24.7% |
| Gross operating margin | 9900 | €161,876 | €139,380 | -€22,496 | -13.9% |
| Operating profit (loss) | 9901 | €138,611 | €119,771 | -€18,839 | -13.6% |
| Financial income | 75/76B | €1,413 | €894 | -€519 | -36.7% |
| Recurring financial income | 75 | €1,413 | €894 | -€519 | -36.7% |
| Financial charges | 65/66B | €8,320 | €7,593 | -€727 | -8.7% |
| Recurring financial charges | 65 | €8,320 | €7,593 | -€727 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €131,704 | €113,072 | -€18,632 | -14.1% |
| Income taxes | 67/77 | €35,889 | €23,984 | -€11,906 | -33.2% |
| Profit (loss) for the period | 9904 | €95,815 | €89,089 | -€6,726 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €95,815 | €89,089 | -€6,726 | -7.0% |
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.