SUBECA: 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.
SUBECA
Largest movements
- Receivables within one year -€286,666
down €286,666 (-99.8%), from €287,338 to €672
- Tangible fixed assets +€194,028
up €194,028 (+14.3%), from €1.4m to €1.6m
- Cash +€57,283
up €57,283 (+6042.8%), from €948 to €58,231
mainly Other debts (+€351,385) and Receivables within one year (+€286,666)
- Other debts +€351,385
up €351,385 (+1411.4%), from €24,896 to €376,281
- Current portion of long-term debt -€284,760
no longer reported in 2025 (was €284,760)
- Profit (loss) carried forward -€102,146
down €102,146 (-107.3%), from -€95,169 to -€197,315
- Gross operating margin +€69,291
up €69,291 (+80.8%), from -€85,795 to -€16,504
- Financial charges +€43,039
up €43,039 (+602.2%), from €7,147 to €50,187
- Depreciation +€33,064
up €33,064 (+1484.9%), from €2,227 to €35,290
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 | €1,645,487 | €1,610,132 | -€35,355 | -2.1% |
| Fixed assets | 21/28 | €1,357,201 | €1,551,230 | +€194,028 | +14.3% |
| Tangible fixed assets | 22/27 | €1,357,201 | €1,551,230 | +€194,028 | +14.3% |
| Land and buildings | 22 | €1,357,201 | €1,551,230 | +€194,028 | +14.3% |
| Current assets | 29/58 | €288,286 | €58,902 | -€229,384 | -79.6% |
| Amounts receivable within one year | 40/41 | €287,338 | €672 | -€286,666 | -99.8% |
| Other amounts receivable | 41 | €287,338 | €672 | -€286,666 | -99.8% |
| Cash at bank and in hand | 54/58 | €948 | €58,231 | +€57,283 | +6042.8% |
| Total equity and liabilities | 10/49 | €1,645,487 | €1,610,132 | -€35,355 | -2.1% |
| Equity | 10/15 | -€20,169 | -€122,315 | -€102,146 | -506.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,169 | -€197,315 | -€102,146 | -107.3% |
| Amounts payable | 17/49 | €1,665,656 | €1,732,447 | +€66,791 | +4.0% |
| Amounts payable after more than one year | 17 | €1,356,000 | €1,356,000 | = | 0.0% |
| Financial debts | 170/4 | €1,356,000 | €1,356,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €309,656 | €376,447 | +€66,791 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €284,760 | - | -€284,760 | |
| Trade debts | 44 | - | €166 | +€166 | |
| Suppliers | 440/4 | - | €166 | +€166 | |
| Other amounts payable | 47/48 | €24,896 | €376,281 | +€351,385 | +1411.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,227 | €35,290 | +€33,064 | +1484.9% |
| Other operating charges | 640/8 | - | €165 | +€165 | |
| Gross operating margin | 9900 | -€85,795 | -€16,504 | +€69,291 | +80.8% |
| Operating profit (loss) | 9901 | -€88,022 | -€51,960 | +€36,062 | +41.0% |
| Financial charges | 65/66B | €7,147 | €50,187 | +€43,039 | +602.2% |
| Recurring financial charges | 65 | €7,147 | €50,187 | +€43,039 | +602.2% |
| Profit (loss) for the period before taxes | 9903 | -€95,169 | -€102,146 | -€6,977 | -7.3% |
| Profit (loss) for the period | 9904 | -€95,169 | -€102,146 | -€6,977 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€95,169 | -€102,146 | -€6,977 | -7.3% |
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 2 October 2026 via checked.be.