SUBHLAV: 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.
SUBHLAV
Largest movements
- Cash +€48,489
up €48,489 (+110.6%), from €43,849 to €92,338
mainly Net result for the year (+€68,397) and Tax, wage and social debts (+€18,744)
- Receivables within one year +€37,376
up €37,376 (+17.2%), from €216,914 to €254,291
of which Trade receivables: +€27,789
- Reserves +€68,397
up €68,397 (+61.9%), from €110,464 to €178,861
of which Distributable reserves: +€68,397
- Tax, wage and social debts +€18,744
up €18,744 (+28.4%), from €66,113 to €84,857
of which Taxes: +€12,966
- Trade debts +€13,070
up €13,070 (+10.8%), from €121,415 to €134,485
- Current portion of long-term debt -€8,000
down €8,000 (-61.5%), from €13,000 to €5,000
- Gross operating margin +€48,200
up €48,200 (+19.8%), from €243,538 to €291,738
- Taxes +€5,908
up €5,908 (+45.2%), from €13,075 to €18,983
- Financial charges +€5,232
up €5,232 (+51.6%), from €10,139 to €15,370
- Staff costs +€4,775
up €4,775 (+2.8%), from €167,901 to €172,676
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 | €358,289 | €446,392 | +€88,103 | +24.6% |
| Fixed assets | 21/28 | €29,126 | €31,363 | +€2,237 | +7.7% |
| Tangible fixed assets | 22/27 | €29,125 | €31,362 | +€2,237 | +7.7% |
| Plant, machinery and equipment | 23 | €23,142 | €29,357 | +€6,215 | +26.9% |
| Furniture and vehicles | 24 | €5,984 | €2,006 | -€3,978 | -66.5% |
| Financial fixed assets | 28 | €0 | €0 | = | 0.0% |
| Current assets | 29/58 | €329,164 | €415,029 | +€85,866 | +26.1% |
| Amounts receivable after more than one year | 29 | €48,400 | €48,400 | = | 0.0% |
| Trade receivables | 290 | €48,400 | €48,400 | = | 0.0% |
| Stocks and contracts in progress | 3 | €20,000 | €20,000 | = | 0.0% |
| Stocks | 30/36 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €216,914 | €254,291 | +€37,376 | +17.2% |
| Trade receivables | 40 | €167,160 | €194,949 | +€27,789 | +16.6% |
| Other amounts receivable | 41 | €49,754 | €59,342 | +€9,587 | +19.3% |
| Cash at bank and in hand | 54/58 | €43,849 | €92,338 | +€48,489 | +110.6% |
| Total equity and liabilities | 10/49 | €358,289 | €446,392 | +€88,103 | +24.6% |
| Equity | 10/15 | €129,064 | €197,461 | +€68,397 | +53.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €110,464 | €178,861 | +€68,397 | +61.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €108,604 | €177,001 | +€68,397 | +63.0% |
| Amounts payable | 17/49 | €229,225 | €248,930 | +€19,705 | +8.6% |
| Amounts payable after more than one year | 17 | €4,000 | - | -€4,000 | |
| Financial debts | 170/4 | €4,000 | - | -€4,000 | |
| Amounts payable within one year | 42/48 | €224,528 | €248,342 | +€23,814 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €13,000 | €5,000 | -€8,000 | -61.5% |
| Trade debts | 44 | €121,415 | €134,485 | +€13,070 | +10.8% |
| Suppliers | 440/4 | €121,415 | €134,485 | +€13,070 | +10.8% |
| Taxes, remuneration and social security | 45 | €66,113 | €84,857 | +€18,744 | +28.4% |
| Taxes | 450/3 | €38,478 | €51,443 | +€12,966 | +33.7% |
| Remuneration and social security | 454/9 | €27,636 | €33,414 | +€5,779 | +20.9% |
| Other amounts payable | 47/48 | €24,000 | €24,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €697 | €588 | -€108 | -15.6% |
| Remuneration, social security and pensions | 62 | €167,901 | €172,676 | +€4,775 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,069 | €12,814 | -€2,254 | -15.0% |
| Other operating charges | 640/8 | €5,535 | €3,602 | -€1,934 | -34.9% |
| Gross operating margin | 9900 | €243,538 | €291,738 | +€48,200 | +19.8% |
| Operating profit (loss) | 9901 | €55,033 | €102,645 | +€47,612 | +86.5% |
| Financial income | 75/76B | €90 | €106 | +€16 | +18.1% |
| Recurring financial income | 75 | €90 | €106 | +€16 | +18.1% |
| Financial charges | 65/66B | €10,139 | €15,370 | +€5,232 | +51.6% |
| Recurring financial charges | 65 | €10,139 | €15,370 | +€5,232 | +51.6% |
| Profit (loss) for the period before taxes | 9903 | €44,984 | €87,380 | +€42,397 | +94.3% |
| Income taxes | 67/77 | €13,075 | €18,983 | +€5,908 | +45.2% |
| Profit (loss) for the period | 9904 | €31,908 | €68,397 | +€36,489 | +114.4% |
| Profit (loss) for the period to be appropriated | 9905 | €31,908 | €68,397 | +€36,489 | +114.4% |
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.