SUN TIMES: what changed
Two financial 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.
SUN TIMES
Largest movements
- Tangible fixed assets +€10,281
up €10,281 (+7.9%), from €129,761 to €140,042
of which Plant, machinery and equipment: +€10,004
- Cash -€7,335
down €7,335 (-21.5%), from €34,048 to €26,713
mainly Investment in fixed assets (net) (-€44,344) and Net result for the year (-€15,017)
- Debts after one year +€17,197
up €17,197 (+135%), from €12,726 to €29,923
- Profit (loss) carried forward -€13,282
new in 2025: -€13,282
- Other debts -€13,110
down €13,110 (-16.4%), from €79,865 to €66,755
- Trade debts +€9,138
up €9,138 (+108%), from €8,457 to €17,595
- Current portion of long-term debt +€7,479
up €7,479 (+90.8%), from €8,239 to €15,717
- Gross operating margin -€30,805
down €30,805 (-29.9%), from €102,904 to €72,100
- Depreciation +€5,497
up €5,497 (+19.2%), from €28,565 to €34,062
- Staff costs +€4,337
up €4,337 (+10.6%), from €40,886 to €45,223
- Other operating charges +€1,616
up €1,616 (+38.7%), from €4,179 to €5,794
- Taxes -€1,484
no longer reported in 2025 (was €1,484)
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.
Derived cash bridge
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 | €183,786 | €187,801 | +€4,014 | +2.2% |
| Fixed assets | 21/28 | €129,761 | €140,042 | +€10,281 | +7.9% |
| Tangible fixed assets | 22/27 | €129,761 | €140,042 | +€10,281 | +7.9% |
| Plant, machinery and equipment | 23 | €128,376 | €138,380 | +€10,004 | +7.8% |
| Furniture and vehicles | 24 | €1,385 | €1,662 | +€277 | +20.0% |
| Current assets | 29/58 | €54,026 | €47,759 | -€6,267 | -11.6% |
| Stocks and contracts in progress | 3 | €15,844 | €15,008 | -€837 | -5.3% |
| Stocks | 30/36 | €15,844 | €15,008 | -€837 | -5.3% |
| Amounts receivable within one year | 40/41 | €2,222 | €2,861 | +€639 | +28.7% |
| Trade receivables | 40 | €191 | €2,844 | +€2,653 | +1,389% |
| Other amounts receivable | 41 | €2,031 | €16 | -€2,015 | -99.2% |
| Cash at bank and in hand | 54/58 | €34,048 | €26,713 | -€7,335 | -21.5% |
| Deferred charges and accrued income | 490/1 | €1,911 | €3,177 | +€1,266 | +66.2% |
| Total equity and liabilities | 10/49 | €183,786 | €187,801 | +€4,014 | +2.2% |
| Equity | 10/15 | €65,228 | €50,211 | -€15,017 | -23.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €52,828 | €51,093 | -€1,735 | -3.3% |
| Tax-exempt reserves | 132 | €8,234 | €6,499 | -€1,735 | -21.1% |
| Distributable reserves | 133 | €44,595 | €44,595 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€13,282 | -€13,282 | |
| Provisions and deferred taxes | 16 | €2,745 | €2,166 | -€578 | -21.1% |
| Deferred taxes | 168 | €2,745 | €2,166 | -€578 | -21.1% |
| Amounts payable | 17/49 | €115,814 | €135,423 | +€19,610 | +16.9% |
| Amounts payable after more than one year | 17 | €12,726 | €29,923 | +€17,197 | +135% |
| Financial debts | 170/4 | €12,726 | €29,923 | +€17,197 | +135% |
| Amounts payable within one year | 42/48 | €103,088 | €105,500 | +€2,412 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €8,239 | €15,717 | +€7,479 | +90.8% |
| Trade debts | 44 | €8,457 | €17,595 | +€9,138 | +108% |
| Suppliers | 440/4 | €8,457 | €17,595 | +€9,138 | +108% |
| Taxes, remuneration and social security | 45 | €6,527 | €5,433 | -€1,094 | -16.8% |
| Taxes | 450/3 | €2,926 | €1,712 | -€1,214 | -41.5% |
| Remuneration and social security | 454/9 | €3,601 | €3,721 | +€120 | +3.3% |
| Other amounts payable | 47/48 | €79,865 | €66,755 | -€13,110 | -16.4% |
| Non-recurring operating income | 76A | €56,766 | €7,236 | -€49,531 | -87.3% |
| Remuneration, social security and pensions | 62 | €40,886 | €45,223 | +€4,337 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,565 | €34,062 | +€5,497 | +19.2% |
| Other operating charges | 640/8 | €4,179 | €5,794 | +€1,616 | +38.7% |
| Gross operating margin | 9900 | €102,904 | €72,100 | -€30,805 | -29.9% |
| Operating profit (loss) | 9901 | €29,275 | -€12,980 | -€42,254 | |
| Financial income | 75/76B | €45 | €0 | -€45 | -99.9% |
| Recurring financial income | 75 | €45 | €0 | -€45 | -99.9% |
| Financial charges | 65/66B | €1,860 | €2,616 | +€756 | +40.7% |
| Recurring financial charges | 65 | €1,860 | €2,616 | +€756 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | €27,460 | -€15,595 | -€43,055 | |
| Transfer from deferred taxes | 780 | €147 | €578 | +€431 | +294% |
| Transfer to deferred taxes | 680 | €2,892 | - | -€2,892 | |
| Income taxes | 67/77 | €1,484 | - | -€1,484 | |
| Profit (loss) for the period | 9904 | €23,231 | -€15,017 | -€38,249 | |
| Transfer from tax-exempt reserves | 789 | €441 | €1,735 | +€1,294 | +294% |
| Transfer to tax-exempt reserves | 689 | €8,675 | - | -€8,675 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,998 | -€13,282 | -€28,280 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.