SUBECO: 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.
SUBECO
Largest movements
- Cash +€842,788
up €842,788 (+53.6%), from €1.6m to €2.4m
mainly Net result for the year (+€840,964) and Trade debts (+€215,312)
- Receivables within one year +€39,910
up €39,910 (+10.3%), from €385,781 to €425,690
of which Trade receivables: +€45,859
- Stocks and contracts -€38,000
down €38,000 (-22.6%), from €168,000 to €130,000
- Profit (loss) carried forward +€840,964
up €840,964 (+61.5%), from €1.4m to €2.2m
- Tax, wage and social debts -€237,333
down €237,333 (-89.3%), from €265,667 to €28,334
- Trade debts +€215,312
up €215,312 (+46.4%), from €464,039 to €679,351
- Gross operating margin +€92,804
up €92,804 (+8.9%), from €1.0m to €1.1m
- Taxes +€26,834
up €26,834 (+10.5%), from €255,209 to €282,044
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 | €2,182,418 | €3,025,458 | +€843,039 | +38.6% |
| Fixed assets | 21/28 | €53,451 | €48,529 | -€4,922 | -9.2% |
| Tangible fixed assets | 22/27 | €53,351 | €48,429 | -€4,922 | -9.2% |
| Plant, machinery and equipment | 23 | €8,115 | €11,209 | +€3,094 | +38.1% |
| Furniture and vehicles | 24 | €15,428 | €13,534 | -€1,894 | -12.3% |
| Other tangible fixed assets | 26 | €29,809 | €23,687 | -€6,122 | -20.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €2,128,967 | €2,976,929 | +€847,962 | +39.8% |
| Stocks and contracts in progress | 3 | €168,000 | €130,000 | -€38,000 | -22.6% |
| Stocks | 30/36 | €168,000 | €130,000 | -€38,000 | -22.6% |
| Amounts receivable within one year | 40/41 | €385,781 | €425,690 | +€39,910 | +10.3% |
| Trade receivables | 40 | €300,556 | €346,415 | +€45,859 | +15.3% |
| Other amounts receivable | 41 | €85,225 | €79,276 | -€5,949 | -7.0% |
| Cash at bank and in hand | 54/58 | €1,570,945 | €2,413,733 | +€842,788 | +53.6% |
| Deferred charges and accrued income | 490/1 | €4,241 | €7,505 | +€3,264 | +77.0% |
| Total equity and liabilities | 10/49 | €2,182,418 | €3,025,458 | +€843,039 | +38.6% |
| Equity | 10/15 | €1,393,078 | €2,234,042 | +€840,964 | +60.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,368,078 | €2,209,042 | +€840,964 | +61.5% |
| Amounts payable | 17/49 | €789,341 | €791,416 | +€2,075 | +0.3% |
| Amounts payable within one year | 42/48 | €789,341 | €791,416 | +€2,075 | +0.3% |
| Trade debts | 44 | €464,039 | €679,351 | +€215,312 | +46.4% |
| Suppliers | 440/4 | €464,039 | €679,351 | +€215,312 | +46.4% |
| Taxes, remuneration and social security | 45 | €265,667 | €28,334 | -€237,333 | -89.3% |
| Taxes | 450/3 | €265,667 | €28,334 | -€237,333 | -89.3% |
| Other amounts payable | 47/48 | €59,634 | €83,731 | +€24,097 | +40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,093 | €16,841 | +€2,749 | +19.5% |
| Other operating charges | 640/8 | €1,683 | €3,001 | +€1,318 | +78.4% |
| Gross operating margin | 9900 | €1,046,346 | €1,139,151 | +€92,804 | +8.9% |
| Operating profit (loss) | 9901 | €1,030,571 | €1,119,309 | +€88,737 | +8.6% |
| Financial income | 75/76B | €5,781 | €9,617 | +€3,837 | +66.4% |
| Recurring financial income | 75 | €5,781 | €9,617 | +€3,837 | +66.4% |
| Financial charges | 65/66B | €2,636 | €5,918 | +€3,282 | +124.5% |
| Recurring financial charges | 65 | €2,636 | €5,918 | +€3,282 | +124.5% |
| Profit (loss) for the period before taxes | 9903 | €1,033,716 | €1,123,008 | +€89,292 | +8.6% |
| Income taxes | 67/77 | €255,209 | €282,044 | +€26,834 | +10.5% |
| Profit (loss) for the period | 9904 | €778,507 | €840,964 | +€62,458 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €778,507 | €840,964 | +€62,458 | +8.0% |
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.