System Design & Engineering: 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.
System Design & Engineering
Largest movements
- Tangible fixed assets +€64,139
up €64,139 (+675.4%), from €9,496 to €73,635
- Cash -€32,930
down €32,930 (-37.2%), from €88,417 to €55,488
mainly Investment in fixed assets (net) (-€67,459) and Contributions, distributions and other (-€15,320)
- Receivables after one year -€14,000
down €14,000 (-70.0%), from €20,000 to €6,000
- Receivables within one year -€8,941
down €8,941 (-32.4%), from €27,559 to €18,619
of which Trade receivables: -€7,443
- Deferred charges and accrued income +€2,657
up €2,657 (+245.4%), from €1,083 to €3,741
- Reserves +€12,403
up €12,403 (+11.2%), from €111,000 to €123,404
of which Distributable reserves: +€12,403
- Tax, wage and social debts -€3,598
down €3,598 (-24.5%), from €14,673 to €11,075
- Other debts +€3,587
up €3,587 (+235.1%), from €1,525 to €5,112
- Taxes -€6,490
down €6,490 (-43.9%), from €14,782 to €8,293
- Gross operating margin -€4,429
down €4,429 (-10.0%), from €44,147 to €39,718
- Depreciation +€2,206
up €2,206 (+965.6%), from €228 to €2,435
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 | €146,571 | €158,382 | +€11,811 | +8.1% |
| Fixed assets | 21/28 | €9,511 | €74,535 | +€65,024 | +683.7% |
| Tangible fixed assets | 22/27 | €9,496 | €73,635 | +€64,139 | +675.4% |
| Furniture and vehicles | 24 | €9,496 | €73,635 | +€64,139 | +675.4% |
| Financial fixed assets | 28 | €15 | €900 | +€885 | +5900.0% |
| Current assets | 29/58 | €137,060 | €83,847 | -€53,213 | -38.8% |
| Amounts receivable after more than one year | 29 | €20,000 | €6,000 | -€14,000 | -70.0% |
| Other amounts receivable | 291 | €20,000 | €6,000 | -€14,000 | -70.0% |
| Amounts receivable within one year | 40/41 | €27,559 | €18,619 | -€8,941 | -32.4% |
| Trade receivables | 40 | €19,763 | €12,320 | -€7,443 | -37.7% |
| Other amounts receivable | 41 | €7,797 | €6,299 | -€1,498 | -19.2% |
| Cash at bank and in hand | 54/58 | €88,417 | €55,488 | -€32,930 | -37.2% |
| Deferred charges and accrued income | 490/1 | €1,083 | €3,741 | +€2,657 | +245.4% |
| Total equity and liabilities | 10/49 | €146,571 | €158,382 | +€11,811 | +8.1% |
| Equity | 10/15 | €123,500 | €135,904 | +€12,403 | +10.0% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €111,000 | €123,404 | +€12,403 | +11.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €111,000 | €123,404 | +€12,403 | +11.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €23,071 | €22,479 | -€592 | -2.6% |
| Amounts payable within one year | 42/48 | €22,800 | €22,244 | -€557 | -2.4% |
| Trade debts | 44 | €6,602 | €6,057 | -€546 | -8.3% |
| Suppliers | 440/4 | €6,602 | €6,057 | -€546 | -8.3% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €14,673 | €11,075 | -€3,598 | -24.5% |
| Taxes | 450/3 | €14,673 | €11,075 | -€3,598 | -24.5% |
| Other amounts payable | 47/48 | €1,525 | €5,112 | +€3,587 | +235.1% |
| Accrued charges and deferred income | 492/3 | €270 | €235 | -€35 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €228 | €2,435 | +€2,206 | +965.6% |
| Other operating charges | 640/8 | €1,055 | €750 | -€305 | -28.9% |
| Gross operating margin | 9900 | €44,147 | €39,718 | -€4,429 | -10.0% |
| Operating profit (loss) | 9901 | €42,864 | €36,534 | -€6,330 | -14.8% |
| Financial income | 75/76B | €274 | €129 | -€145 | -53.1% |
| Recurring financial income | 75 | €274 | €129 | -€145 | -53.1% |
| Financial charges | 65/66B | €1,006 | €646 | -€360 | -35.8% |
| Recurring financial charges | 65 | €1,006 | €646 | -€360 | -35.8% |
| Profit (loss) for the period before taxes | 9903 | €42,132 | €36,016 | -€6,116 | -14.5% |
| Income taxes | 67/77 | €14,782 | €8,293 | -€6,490 | -43.9% |
| Profit (loss) for the period | 9904 | €27,350 | €27,724 | +€374 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,350 | €27,724 | +€374 | +1.4% |
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 29 September 2026 via checked.be.