SX: 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.
SX
Largest movements
- Tangible fixed assets -€65,659
down €65,659 (-5.0%), from €1.3m to €1.2m
of which Land and buildings: -€54,025
- Cash -€47,223
down €47,223 (-78.9%), from €59,868 to €12,645
mainly Debts after one year (-€128,321) and Contributions, distributions and other (-€60,000)
- Debts after one year -€128,321
down €128,321 (-30.4%), from €421,943 to €293,621
of which Financial debts: -€196,946
- Profit (loss) carried forward +€107,012
new in 2025: €107,012
- Reserves -€60,000
down €60,000 (-8.2%), from €735,352 to €675,352
of which Distributable reserves: -€60,000
- Other debts -€23,127
no longer reported in 2025 (was €23,127)
- Taxes -€5,547
down €5,547 (-13.0%), from €42,509 to €36,961
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 | €1,375,388 | €1,264,409 | -€110,979 | -8.1% |
| Fixed assets | 21/28 | €1,311,943 | €1,245,921 | -€66,022 | -5.0% |
| Tangible fixed assets | 22/27 | €1,311,580 | €1,245,921 | -€65,659 | -5.0% |
| Land and buildings | 22 | €1,285,698 | €1,231,673 | -€54,025 | -4.2% |
| Furniture and vehicles | 24 | €25,882 | €14,248 | -€11,634 | -45.0% |
| Financial fixed assets | 28 | €363 | - | -€363 | |
| Current assets | 29/58 | €63,445 | €18,488 | -€44,957 | -70.9% |
| Amounts receivable within one year | 40/41 | €3,577 | €3,577 | = | 0.0% |
| Trade receivables | 40 | €3,577 | €3,577 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €59,868 | €12,645 | -€47,223 | -78.9% |
| Deferred charges and accrued income | 490/1 | - | €2,266 | +€2,266 | |
| Total equity and liabilities | 10/49 | €1,375,388 | €1,264,409 | -€110,979 | -8.1% |
| Equity | 10/15 | €775,352 | €822,364 | +€47,012 | +6.1% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €735,352 | €675,352 | -€60,000 | -8.2% |
| Tax-exempt reserves | 132 | €17,398 | €17,398 | = | 0.0% |
| Distributable reserves | 133 | €717,954 | €657,954 | -€60,000 | -8.4% |
| Profit (loss) carried forward | 14 | - | €107,012 | +€107,012 | |
| Amounts payable | 17/49 | €600,036 | €442,045 | -€157,991 | -26.3% |
| Amounts payable after more than one year | 17 | €421,943 | €293,621 | -€128,321 | -30.4% |
| Financial debts | 170/4 | €421,943 | €224,997 | -€196,946 | -46.7% |
| Other amounts payable | 178/9 | - | €68,625 | +€68,625 | |
| Amounts payable within one year | 42/48 | €178,094 | €147,395 | -€30,699 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €106,244 | €101,900 | -€4,344 | -4.1% |
| Financial debts | 43 | - | €6,771 | +€6,771 | |
| Credit institutions | 430/8 | - | €6,771 | +€6,771 | |
| Trade debts | 44 | €1,136 | €383 | -€753 | -66.2% |
| Suppliers | 440/4 | €1,136 | €383 | -€753 | -66.2% |
| Taxes, remuneration and social security | 45 | €47,587 | €38,340 | -€9,247 | -19.4% |
| Taxes | 450/3 | €47,587 | €38,340 | -€9,247 | -19.4% |
| Other amounts payable | 47/48 | €23,127 | - | -€23,127 | |
| Accrued charges and deferred income | 492/3 | - | €1,029 | +€1,029 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,659 | €65,659 | = | 0.0% |
| Other operating charges | 640/8 | €11,387 | €10,778 | -€609 | -5.3% |
| Gross operating margin | 9900 | €230,792 | €230,759 | -€34 | 0.0% |
| Operating profit (loss) | 9901 | €153,746 | €154,322 | +€575 | +0.4% |
| Financial income | 75/76B | €47 | - | -€47 | |
| Recurring financial income | 75 | €47 | - | -€47 | |
| Financial charges | 65/66B | €11,764 | €10,348 | -€1,416 | -12.0% |
| Recurring financial charges | 65 | €11,764 | €10,348 | -€1,416 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €142,029 | €143,973 | +€1,945 | +1.4% |
| Income taxes | 67/77 | €42,509 | €36,961 | -€5,547 | -13.0% |
| Profit (loss) for the period | 9904 | €99,520 | €107,012 | +€7,492 | +7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €99,520 | €107,012 | +€7,492 | +7.5% |
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 3 October 2026 via checked.be.