SUBLIEM PROJECT: what changed
SUBLIEM PROJECT
Largest movements
- Tangible fixed assets -€298,908
down €298,908 (-83.9%), from €356,361 to €57,453
of which Land and buildings: -€266,002
- Receivables within one year +€139,313
up €139,313 (+116%), from €120,324 to €259,638
of which Trade receivables: +€138,126
- Cash +€28,139
up €28,139 (+10.2%), from €275,810 to €303,949
mainly Investment in fixed assets (net) (+€256,911) and Other debts (+€162,329)
- Other debts +€162,329
up €162,329 (+154%), from €105,481 to €267,809
- Reserves -€130,855
down €130,855 (-51.7%), from €253,249 to €122,393
of which Distributable reserves: -€130,855
- Current portion of long-term debt -€86,667
no longer reported in 2025 (was €86,667)
- Profit (loss) carried forward -€56,161
down €56,161 (-557%), from -€10,075 to -€66,236
- Trade debts -€33,056
down €33,056 (-22.1%), from €149,446 to €116,389
- Gross operating margin -€39,279
down €39,279 (-56.1%), from €70,051 to €30,772
- Financial charges +€13,760
up €13,760 (+70.0%), from €19,650 to €33,410
- Depreciation -€10,305
down €10,305 (-19.7%), from €52,302 to €41,997
- Taxes +€4,291
up €4,291 (+130%), from €3,298 to €7,589
- Other operating charges -€1,001
down €1,001 (-20.3%), from €4,940 to €3,940
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €765,121 | €626,925 | -€138,196 | -18.1% |
| Fixed assets | 21/28 | €359,511 | €60,603 | -€298,908 | -83.1% |
| Tangible fixed assets | 22/27 | €356,361 | €57,453 | -€298,908 | -83.9% |
| Land and buildings | 22 | €266,002 | - | -€266,002 | |
| Plant, machinery and equipment | 23 | €25,584 | €14,309 | -€11,275 | -44.1% |
| Furniture and vehicles | 24 | €64,775 | €43,144 | -€21,631 | -33.4% |
| Financial fixed assets | 28 | €3,150 | €3,150 | = | 0.0% |
| Current assets | 29/58 | €405,610 | €566,322 | +€160,712 | +39.6% |
| Amounts receivable within one year | 40/41 | €120,324 | €259,638 | +€139,313 | +116% |
| Trade receivables | 40 | €109,172 | €247,298 | +€138,126 | +127% |
| Other amounts receivable | 41 | €11,152 | €12,339 | +€1,187 | +10.6% |
| Cash at bank and in hand | 54/58 | €275,810 | €303,949 | +€28,139 | +10.2% |
| Deferred charges and accrued income | 490/1 | €9,476 | €2,736 | -€6,740 | -71.1% |
| Total equity and liabilities | 10/49 | €765,121 | €626,925 | -€138,196 | -18.1% |
| Equity | 10/15 | €279,173 | €92,157 | -€187,016 | -67.0% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Reserves | 13 | €253,249 | €122,393 | -€130,855 | -51.7% |
| Non-distributable reserves | 130/1 | €3,506 | €3,506 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,506 | €3,506 | = | 0.0% |
| Distributable reserves | 133 | €249,743 | €118,888 | -€130,855 | -52.4% |
| Profit (loss) carried forward | 14 | -€10,075 | -€66,236 | -€56,161 | -557% |
| Amounts payable | 17/49 | €485,948 | €534,768 | +€48,820 | +10.0% |
| Amounts payable within one year | 42/48 | €483,828 | €533,775 | +€49,947 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €86,667 | - | -€86,667 | |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Other loans | 439 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €149,446 | €116,389 | -€33,056 | -22.1% |
| Suppliers | 440/4 | €149,446 | €116,389 | -€33,056 | -22.1% |
| Taxes, remuneration and social security | 45 | €17,236 | €24,576 | +€7,341 | +42.6% |
| Taxes | 450/3 | €17,236 | €12,576 | -€4,659 | -27.0% |
| Remuneration and social security | 454/9 | - | €12,000 | +€12,000 | |
| Other amounts payable | 47/48 | €105,481 | €267,809 | +€162,329 | +154% |
| Accrued charges and deferred income | 492/3 | €2,120 | €993 | -€1,127 | -53.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,302 | €41,997 | -€10,305 | -19.7% |
| Other operating charges | 640/8 | €4,940 | €3,940 | -€1,001 | -20.3% |
| Gross operating margin | 9900 | €70,051 | €30,772 | -€39,279 | -56.1% |
| Operating profit (loss) | 9901 | €12,808 | -€15,164 | -€27,972 | |
| Financial income | 75/76B | €65 | €3 | -€63 | -95.7% |
| Recurring financial income | 75 | €65 | €3 | -€63 | -95.7% |
| Financial charges | 65/66B | €19,650 | €33,410 | +€13,760 | +70.0% |
| Recurring financial charges | 65 | €19,650 | €33,410 | +€13,760 | +70.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,777 | -€48,571 | -€41,795 | -617% |
| Income taxes | 67/77 | €3,298 | €7,589 | +€4,291 | +130% |
| Profit (loss) for the period | 9904 | -€10,075 | -€56,161 | -€46,085 | -457% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,075 | -€56,161 | -€46,085 | -457% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.