SUBEMA: 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.
SUBEMA
Largest movements
- Receivables within one year -€4.1m
down €4.1m (-36.5%), from €11.1m to €7.1m
of which Other amounts receivable: -€4.1m
- Cash +€1.9m
up €1.9m (+3149.1%), from €60,334 to €2.0m
mainly Receivables within one year (+€4.1m) and Net result for the year (+€1.9m)
- Current investments -€1.4m
no longer reported in 2025 (was €1.4m)
- Tangible fixed assets +€311,822
up €311,822 (+18616.2%), from €1,675 to €313,497
of which Leasing and similar rights: +€312,314
- Other debts -€5.6m
down €5.6m (-94.5%), from €5.9m to €322,102
- Profit (loss) carried forward +€1.8m
up €1.8m (+21.8%), from €8.2m to €10.0m
- Revaluation surpluses +€312,314
up €312,314 (+7411.3%), from €4,214 to €316,528
- Tax, wage and social debts +€216,359
up €216,359 (+89.7%), from €241,333 to €457,692
of which Taxes: +€214,286
- Gross operating margin +€356,677
up €356,677 (+41.3%), from €864,257 to €1.2m
- Financial income +€218,236
up €218,236 (+16.0%), from €1.4m to €1.6m
- Financial charges -€155,718
down €155,718 (-32.4%), from €480,982 to €325,264
- Taxes +€107,832
up €107,832 (+80.0%), from €134,851 to €242,683
- Staff costs +€23,916
up €23,916 (+6.8%), from €350,472 to €374,388
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 | €14,835,918 | €11,554,979 | -€3.3m | -22.1% |
| Fixed assets | 21/28 | €2,221,166 | €2,532,988 | +€311,822 | +14.0% |
| Tangible fixed assets | 22/27 | €1,675 | €313,497 | +€311,822 | +18616.2% |
| Plant, machinery and equipment | 23 | €1,675 | €1,183 | -€492 | -29.4% |
| Leasing and similar rights | 25 | - | €312,314 | +€312,314 | |
| Financial fixed assets | 28 | €2,219,491 | €2,219,491 | = | 0.0% |
| Current assets | 29/58 | €12,614,752 | €9,021,991 | -€3.6m | -28.5% |
| Amounts receivable within one year | 40/41 | €11,116,589 | €7,059,595 | -€4.1m | -36.5% |
| Trade receivables | 40 | €180,968 | €176,611 | -€4,357 | -2.4% |
| Other amounts receivable | 41 | €10,935,621 | €6,882,984 | -€4.1m | -37.1% |
| Current investments | 50/53 | €1,437,829 | - | -€1.4m | |
| Cash at bank and in hand | 54/58 | €60,334 | €1,960,327 | +€1.9m | +3149.1% |
| Deferred charges and accrued income | 490/1 | - | €2,069 | +€2,069 | |
| Total equity and liabilities | 10/49 | €14,835,918 | €11,554,979 | -€3.3m | -22.1% |
| Equity | 10/15 | €8,641,892 | €10,748,492 | +€2.1m | +24.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €4,214 | €316,528 | +€312,314 | +7411.3% |
| Reserves | 13 | €345,567 | €345,567 | = | 0.0% |
| Non-distributable reserves | 130/1 | €170,152 | €170,152 | = | 0.0% |
| Legal reserve | 130 | €101,020 | €101,020 | = | 0.0% |
| Other | 1319 | €69,132 | €69,132 | = | 0.0% |
| Tax-exempt reserves | 132 | €172,062 | €172,062 | = | 0.0% |
| Distributable reserves | 133 | €3,353 | €3,353 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,230,111 | €10,024,397 | +€1.8m | +21.8% |
| Amounts payable | 17/49 | €6,194,026 | €806,487 | -€5.4m | -87.0% |
| Amounts payable within one year | 42/48 | €6,191,514 | €805,739 | -€5.4m | -87.0% |
| Trade debts | 44 | €55,273 | €25,945 | -€29,328 | -53.1% |
| Suppliers | 440/4 | €55,273 | €25,945 | -€29,328 | -53.1% |
| Taxes, remuneration and social security | 45 | €241,333 | €457,692 | +€216,359 | +89.7% |
| Taxes | 450/3 | €188,331 | €402,617 | +€214,286 | +113.8% |
| Remuneration and social security | 454/9 | €53,002 | €55,075 | +€2,073 | +3.9% |
| Other amounts payable | 47/48 | €5,894,908 | €322,102 | -€5.6m | -94.5% |
| Accrued charges and deferred income | 492/3 | €2,512 | €748 | -€1,764 | -70.2% |
| Remuneration, social security and pensions | 62 | €350,472 | €374,388 | +€23,916 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297 | €492 | +€195 | +65.7% |
| Other operating charges | 640/8 | €3,956 | €3,621 | -€335 | -8.5% |
| Gross operating margin | 9900 | €864,257 | €1,220,934 | +€356,677 | +41.3% |
| Operating profit (loss) | 9901 | €509,532 | €842,433 | +€332,901 | +65.3% |
| Financial income | 75/76B | €1,361,564 | €1,579,800 | +€218,236 | +16.0% |
| Recurring financial income | 75 | €1,361,564 | €1,579,800 | +€218,236 | +16.0% |
| Financial charges | 65/66B | €480,982 | €325,264 | -€155,718 | -32.4% |
| Recurring financial charges | 65 | €480,982 | €325,264 | -€155,718 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | €1,390,114 | €2,096,969 | +€706,855 | +50.8% |
| Income taxes | 67/77 | €134,851 | €242,683 | +€107,832 | +80.0% |
| Profit (loss) for the period | 9904 | €1,255,263 | €1,854,286 | +€599,023 | +47.7% |
| Transfer from tax-exempt reserves | 789 | €214,132 | - | -€214,132 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,469,395 | €1,854,286 | +€384,891 | +26.2% |
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 3 October 2026 via checked.be.