SRFN: what changed
Two fiscal 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.
SRFN
Largest movements
- Cash +€16,195
up €16,195 (+88.8%), from €18,246 to €34,441
mainly Net result for the year (+€10,204) and Receivables within one year (+€4,800)
- Receivables within one year -€4,800
down €4,800 (-63.6%), from €7,542 to €2,742
of which Trade receivables: -€5,355
- Tangible fixed assets -€4,169
down €4,169 (-47.2%), from €8,830 to €4,661
of which Furniture and vehicles: -€3,223
- Reserves +€10,204
up €10,204 (+69.6%), from €14,668 to €24,872
- Other debts -€3,798
down €3,798 (-48.5%), from €7,831 to €4,033
- Tax, wage and social debts +€1,699
up €1,699 (+47.2%), from €3,602 to €5,301
- Debts after one year -€1,337
down €1,337 (-22.7%), from €5,892 to €4,555
- Gross operating margin +€3,004
up €3,004 (+19.0%), from €15,793 to €18,797
- Taxes +€466
up €466 (+19.3%), from €2,418 to €2,884
- Financial charges +€379
up €379 (+48.1%), from €788 to €1,167
- Depreciation +€377
up €377 (+9.2%), from €4,092 to €4,469
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.
Cash bridge derived
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 | €35,938 | €42,706 | +€6,768 | +18.8% |
| Fixed assets | 21/28 | €9,954 | €5,485 | -€4,469 | -44.9% |
| Intangible fixed assets | 21 | €1,124 | €824 | -€300 | -26.7% |
| Tangible fixed assets | 22/27 | €8,830 | €4,661 | -€4,169 | -47.2% |
| Plant, machinery and equipment | 23 | €3,196 | €2,250 | -€946 | -29.6% |
| Furniture and vehicles | 24 | €5,634 | €2,411 | -€3,223 | -57.2% |
| Current assets | 29/58 | €25,984 | €37,221 | +€11,237 | +43.2% |
| Amounts receivable within one year | 40/41 | €7,542 | €2,742 | -€4,800 | -63.6% |
| Trade receivables | 40 | €5,461 | €106 | -€5,355 | -98.1% |
| Other amounts receivable | 41 | €2,081 | €2,636 | +€555 | +26.7% |
| Cash at bank and in hand | 54/58 | €18,246 | €34,441 | +€16,195 | +88.8% |
| Deferred charges and accrued income | 490/1 | €196 | €38 | -€158 | -80.6% |
| Total equity and liabilities | 10/49 | €35,938 | €42,706 | +€6,768 | +18.8% |
| Equity | 10/15 | €16,668 | €26,872 | +€10,204 | +61.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €14,668 | €24,872 | +€10,204 | +69.6% |
| Distributable reserves | 133 | €14,668 | €24,872 | +€10,204 | +69.6% |
| Amounts payable | 17/49 | €19,270 | €15,834 | -€3,436 | -17.8% |
| Amounts payable after more than one year | 17 | €5,892 | €4,555 | -€1,337 | -22.7% |
| Financial debts | 170/4 | €5,892 | €4,555 | -€1,337 | -22.7% |
| Amounts payable within one year | 42/48 | €13,378 | €11,279 | -€2,099 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €1,216 | €1,337 | +€121 | +10.0% |
| Trade debts | 44 | €729 | €608 | -€121 | -16.6% |
| Suppliers | 440/4 | €729 | €608 | -€121 | -16.6% |
| Taxes, remuneration and social security | 45 | €3,602 | €5,301 | +€1,699 | +47.2% |
| Taxes | 450/3 | €3,602 | €5,301 | +€1,699 | +47.2% |
| Other amounts payable | 47/48 | €7,831 | €4,033 | -€3,798 | -48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,092 | €4,469 | +€377 | +9.2% |
| Other operating charges | 640/8 | €128 | €128 | = | 0.0% |
| Gross operating margin | 9900 | €15,793 | €18,797 | +€3,004 | +19.0% |
| Operating profit (loss) | 9901 | €11,573 | €14,200 | +€2,627 | +22.7% |
| Financial income | 75/76B | €136 | €55 | -€81 | -59.6% |
| Recurring financial income | 75 | €136 | €55 | -€81 | -59.6% |
| Financial charges | 65/66B | €788 | €1,167 | +€379 | +48.1% |
| Recurring financial charges | 65 | €788 | €1,167 | +€379 | +48.1% |
| Profit (loss) for the period before taxes | 9903 | €10,921 | €13,088 | +€2,167 | +19.8% |
| Income taxes | 67/77 | €2,418 | €2,884 | +€466 | +19.3% |
| Profit (loss) for the period | 9904 | €8,503 | €10,204 | +€1,701 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,503 | €10,204 | +€1,701 | +20.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.