SX Management: 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 Management
Largest movements
- Cash +€72,497
up €72,497 (+707.9%), from €10,241 to €82,738
mainly Depreciation (+€47,695) and Current investments (+€37,213)
- Current investments -€37,213
down €37,213 (-7.5%), from €498,206 to €460,992
- Receivables within one year -€36,054
down €36,054 (-46.4%), from €77,660 to €41,606
of which Trade receivables: -€43,383
- Tangible fixed assets -€35,331
down €35,331 (-3.8%), from €927,481 to €892,150
of which Furniture and vehicles: -€20,735
- Reserves -€17,711
down €17,711 (-2.0%), from €879,595 to €861,884
- Debts after one year -€15,194
down €15,194 (-24.1%), from €62,945 to €47,751
- Financial income -€249,758
down €249,758 (-89.7%), from €278,483 to €28,724
of which Non-recurring financial income: -€230,000
- Taxes -€27,881
down €27,881 (-99.3%), from €28,081 to €200
- Gross operating margin -€14,449
down €14,449 (-64.7%), from €22,334 to €7,885
- Depreciation +€7,708
up €7,708 (+19.3%), from €39,987 to €47,695
- Other operating charges +€509
up €509 (+10.9%), from €4,648 to €5,157
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 | €1,514,743 | €1,477,486 | -€37,257 | -2.5% |
| Fixed assets | 21/28 | €927,481 | €892,150 | -€35,331 | -3.8% |
| Tangible fixed assets | 22/27 | €927,481 | €892,150 | -€35,331 | -3.8% |
| Land and buildings | 22 | €880,181 | €865,861 | -€14,320 | -1.6% |
| Plant, machinery and equipment | 23 | €647 | €371 | -€275 | -42.6% |
| Furniture and vehicles | 24 | €46,653 | €25,918 | -€20,735 | -44.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €587,262 | €585,336 | -€1,926 | -0.3% |
| Amounts receivable within one year | 40/41 | €77,660 | €41,606 | -€36,054 | -46.4% |
| Trade receivables | 40 | €72,815 | €29,432 | -€43,383 | -59.6% |
| Other amounts receivable | 41 | €4,845 | €12,174 | +€7,329 | +151.3% |
| Current investments | 50/53 | €498,206 | €460,992 | -€37,213 | -7.5% |
| Cash at bank and in hand | 54/58 | €10,241 | €82,738 | +€72,497 | +707.9% |
| Deferred charges and accrued income | 490/1 | €1,156 | €0 | -€1,156 | -100.0% |
| Total equity and liabilities | 10/49 | €1,514,743 | €1,477,486 | -€37,257 | -2.5% |
| Equity | 10/15 | €1,400,622 | €1,382,911 | -€17,711 | -1.3% |
| Contributions | 10/11 | €521,027 | €521,027 | = | 0.0% |
| Reserves | 13 | €879,595 | €861,884 | -€17,711 | -2.0% |
| Distributable reserves | 133 | €879,595 | €861,884 | -€17,711 | -2.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €114,121 | €94,575 | -€19,546 | -17.1% |
| Amounts payable after more than one year | 17 | €62,945 | €47,751 | -€15,194 | -24.1% |
| Financial debts | 170/4 | €62,945 | €47,751 | -€15,194 | -24.1% |
| Amounts payable within one year | 42/48 | €51,176 | €46,825 | -€4,351 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €15,053 | €15,194 | +€141 | +0.9% |
| Trade debts | 44 | €10,663 | €752 | -€9,911 | -93.0% |
| Suppliers | 440/4 | €10,663 | €752 | -€9,911 | -93.0% |
| Taxes, remuneration and social security | 45 | €24,873 | €30,014 | +€5,141 | +20.7% |
| Taxes | 450/3 | €24,873 | €26,973 | +€2,100 | +8.4% |
| Remuneration and social security | 454/9 | - | €3,041 | +€3,041 | |
| Other amounts payable | 47/48 | €587 | €865 | +€278 | +47.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €19 | €0 | -€19 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,987 | €47,695 | +€7,708 | +19.3% |
| Other operating charges | 640/8 | €4,648 | €5,157 | +€509 | +10.9% |
| Gross operating margin | 9900 | €22,334 | €7,885 | -€14,449 | -64.7% |
| Operating profit (loss) | 9901 | -€22,321 | -€44,967 | -€22,647 | -101.5% |
| Financial income | 75/76B | €278,483 | €28,724 | -€249,758 | -89.7% |
| Recurring financial income | 75 | €48,483 | €28,724 | -€19,758 | -40.8% |
| Non-recurring financial income | 76B | €230,000 | €0 | -€230,000 | -100.0% |
| Financial charges | 65/66B | €1,452 | €1,267 | -€185 | -12.7% |
| Recurring financial charges | 65 | €1,452 | €1,267 | -€185 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €254,710 | -€17,510 | -€272,220 | |
| Income taxes | 67/77 | €28,081 | €200 | -€27,881 | -99.3% |
| Profit (loss) for the period | 9904 | €226,629 | -€17,711 | -€244,340 | |
| Profit (loss) for the period to be appropriated | 9905 | €226,629 | -€17,711 | -€244,340 |
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.