SUNBELT: 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.
SUNBELT
Largest movements
- Cash -€23,557
down €23,557 (-60.7%), from €38,792 to €15,235
mainly Other debts (-€26,209) and Investment in fixed assets (net) (-€17,218)
- Tangible fixed assets +€10,581
up €10,581 (+78.7%), from €13,444 to €24,026
- Receivables within one year -€1,569
down €1,569 (-1.9%), from €82,213 to €80,644
of which Other amounts receivable: -€2,535
- Other debts -€26,209
down €26,209 (-100.0%), from €26,209 to €0
- Current portion of long-term debt +€13,928
up €13,928 (+229.4%), from €6,072 to €20,000
- Tax, wage and social debts -€4,807
down €4,807 (-62.4%), from €7,699 to €2,892
- Profit (loss) carried forward +€2,188
up €2,188 (+14.9%), from €14,712 to €16,899
- Gross operating margin -€18,238
down €18,238 (-55.9%), from €32,616 to €14,378
- Depreciation +€2,562
up €2,562 (+62.9%), from €4,075 to €6,636
- Financial charges -€2,190
down €2,190 (-50.1%), from €4,372 to €2,181
- Taxes +€1,396
up €1,396 (+120.2%), from €1,162 to €2,558
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 | €138,064 | €123,108 | -€14,957 | -10.8% |
| Fixed assets | 21/28 | €13,444 | €24,026 | +€10,581 | +78.7% |
| Tangible fixed assets | 22/27 | €13,444 | €24,026 | +€10,581 | +78.7% |
| Plant, machinery and equipment | 23 | €13,444 | €24,026 | +€10,581 | +78.7% |
| Current assets | 29/58 | €124,620 | €99,082 | -€25,538 | -20.5% |
| Amounts receivable within one year | 40/41 | €82,213 | €80,644 | -€1,569 | -1.9% |
| Trade receivables | 40 | €8,406 | €9,373 | +€967 | +11.5% |
| Other amounts receivable | 41 | €73,807 | €71,271 | -€2,535 | -3.4% |
| Cash at bank and in hand | 54/58 | €38,792 | €15,235 | -€23,557 | -60.7% |
| Deferred charges and accrued income | 490/1 | €3,615 | €3,203 | -€412 | -11.4% |
| Total equity and liabilities | 10/49 | €138,064 | €123,108 | -€14,957 | -10.8% |
| Equity | 10/15 | €35,172 | €37,359 | +€2,188 | +6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,712 | €16,899 | +€2,188 | +14.9% |
| Amounts payable | 17/49 | €102,893 | €85,748 | -€17,144 | -16.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €102,893 | €85,748 | -€17,144 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €6,072 | €20,000 | +€13,928 | +229.4% |
| Trade debts | 44 | €62,913 | €62,856 | -€57 | -0.1% |
| Suppliers | 440/4 | €62,913 | €62,856 | -€57 | -0.1% |
| Taxes, remuneration and social security | 45 | €7,699 | €2,892 | -€4,807 | -62.4% |
| Taxes | 450/3 | €7,699 | €2,892 | -€4,807 | -62.4% |
| Other amounts payable | 47/48 | €26,209 | €0 | -€26,209 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,075 | €6,636 | +€2,562 | +62.9% |
| Other operating charges | 640/8 | €791 | €815 | +€24 | +3.0% |
| Gross operating margin | 9900 | €32,616 | €14,378 | -€18,238 | -55.9% |
| Operating profit (loss) | 9901 | €27,750 | €6,927 | -€20,823 | -75.0% |
| Financial income | 75/76B | €1 | €1 | -€1 | -51.0% |
| Recurring financial income | 75 | €1 | €1 | -€1 | -51.0% |
| Financial charges | 65/66B | €4,372 | €2,181 | -€2,190 | -50.1% |
| Recurring financial charges | 65 | €4,372 | €2,181 | -€2,190 | -50.1% |
| Profit (loss) for the period before taxes | 9903 | €23,380 | €4,746 | -€18,634 | -79.7% |
| Income taxes | 67/77 | €1,162 | €2,558 | +€1,396 | +120.2% |
| Profit (loss) for the period | 9904 | €22,218 | €2,188 | -€20,030 | -90.2% |
| Profit (loss) for the period to be appropriated | 9905 | €22,218 | €2,188 | -€20,030 | -90.2% |
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 4 October 2026 via checked.be.