SUBTILITAS JV: what changed
SUBTILITAS JV
Largest movements
- Cash +€35,742
up €35,742 (+49.8%), from €71,827 to €107,569
mainly Net result for the year (+€25,012) and Receivables within one year (+€15,188)
- Receivables within one year -€15,188
down €15,188 (-55.6%), from €27,335 to €12,147
- Tangible fixed assets -€8,946
down €8,946 (-28.2%), from €31,723 to €22,776
- Reserves +€99,053
new in 2025: €99,053
- Profit (loss) carried forward -€74,041
no longer reported in 2025 (was €74,041)
- Debts after one year -€8,227
down €8,227 (-40.3%), from €20,429 to €12,202
- Tax, wage and social debts -€5,297
down €5,297 (-19.0%), from €27,885 to €22,588
- Gross operating margin -€12,658
down €12,658 (-22.7%), from €55,877 to €43,219
- Taxes -€2,737
down €2,737 (-28.4%), from €9,648 to €6,910
- Depreciation +€567
up €567 (+6.4%), from €8,928 to €9,495
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 | €131,677 | €143,173 | +€11,495 | +8.7% |
| Fixed assets | 21/28 | €31,840 | €22,893 | -€8,946 | -28.1% |
| Tangible fixed assets | 22/27 | €31,723 | €22,776 | -€8,946 | -28.2% |
| Furniture and vehicles | 24 | €31,723 | €22,776 | -€8,946 | -28.2% |
| Financial fixed assets | 28 | €117 | €117 | = | 0.0% |
| Current assets | 29/58 | €99,838 | €120,279 | +€20,442 | +20.5% |
| Amounts receivable within one year | 40/41 | €27,335 | €12,147 | -€15,188 | -55.6% |
| Trade receivables | 40 | €27,335 | €12,147 | -€15,188 | -55.6% |
| Cash at bank and in hand | 54/58 | €71,827 | €107,569 | +€35,742 | +49.8% |
| Deferred charges and accrued income | 490/1 | €676 | €564 | -€112 | -16.6% |
| Total equity and liabilities | 10/49 | €131,677 | €143,173 | +€11,495 | +8.7% |
| Equity | 10/15 | €75,041 | €100,053 | +€25,012 | +33.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | - | €99,053 | +€99,053 | |
| Distributable reserves | 133 | - | €99,053 | +€99,053 | |
| Profit (loss) carried forward | 14 | €74,041 | - | -€74,041 | |
| Amounts payable | 17/49 | €56,636 | €43,119 | -€13,517 | -23.9% |
| Amounts payable after more than one year | 17 | €20,429 | €12,202 | -€8,227 | -40.3% |
| Financial debts | 170/4 | €20,429 | €12,202 | -€8,227 | -40.3% |
| Amounts payable within one year | 42/48 | €36,208 | €30,917 | -€5,291 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €7,920 | €8,227 | +€306 | +3.9% |
| Trade debts | 44 | €403 | €22 | -€380 | -94.4% |
| Suppliers | 440/4 | €403 | €22 | -€380 | -94.4% |
| Taxes, remuneration and social security | 45 | €27,885 | €22,588 | -€5,297 | -19.0% |
| Taxes | 450/3 | €27,885 | €22,588 | -€5,297 | -19.0% |
| Other amounts payable | 47/48 | - | €81 | +€81 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,928 | €9,495 | +€567 | +6.4% |
| Other operating charges | 640/8 | €451 | €628 | +€177 | +39.2% |
| Gross operating margin | 9900 | €55,877 | €43,219 | -€12,658 | -22.7% |
| Operating profit (loss) | 9901 | €46,498 | €33,096 | -€13,403 | -28.8% |
| Financial charges | 65/66B | €1,362 | €1,173 | -€189 | -13.9% |
| Recurring financial charges | 65 | €1,362 | €1,173 | -€189 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €45,136 | €31,923 | -€13,214 | -29.3% |
| Income taxes | 67/77 | €9,648 | €6,910 | -€2,737 | -28.4% |
| Profit (loss) for the period | 9904 | €35,489 | €25,012 | -€10,476 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,489 | €25,012 | -€10,476 | -29.5% |
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.