SLN: 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.
SLN
Largest movements
- Intangible fixed assets -€63,645
down €63,645 (-22.2%), from €286,229 to €222,584
- Cash -€47,772
no longer reported in 2025 (was €47,772)
mainly Net result for the year (-€68,270) and Trade debts (-€46,600)
- Tangible fixed assets -€20,032
down €20,032 (-8.6%), from €232,073 to €212,041
of which Plant, machinery and equipment: -€12,282
- Reserves -€70,000
down €70,000 (-68.7%), from €101,860 to €31,860
of which Distributable reserves: -€70,000
- Trade debts -€46,600
down €46,600 (-61.0%), from €76,342 to €29,742
- Other debts +€43,704
up €43,704 (+74.5%), from €58,628 to €102,331
- Debts after one year -€39,665
down €39,665 (-16.6%), from €239,424 to €199,759
- Current portion of long-term debt -€15,221
down €15,221 (-27.7%), from €54,886 to €39,665
- Gross operating margin +€140,776
up €140,776 (+184%), from €76,503 to €217,279
- Staff costs +€65,484
up €65,484 (+70.1%), from €93,444 to €158,927
- Depreciation +€41,529
up €41,529 (+84.7%), from €49,034 to €90,563
- Financial charges +€21,988
up €21,988 (+181%), from €12,116 to €34,104
- Taxes -€7,529
new in 2025: -€7,529
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 | €585,176 | €458,471 | -€126,705 | -21.7% |
| Fixed assets | 21/28 | €518,507 | €434,830 | -€83,677 | -16.1% |
| Intangible fixed assets | 21 | €286,229 | €222,584 | -€63,645 | -22.2% |
| Tangible fixed assets | 22/27 | €232,073 | €212,041 | -€20,032 | -8.6% |
| Land and buildings | 22 | €135,508 | €134,000 | -€1,508 | -1.1% |
| Plant, machinery and equipment | 23 | €87,237 | €74,954 | -€12,282 | -14.1% |
| Furniture and vehicles | 24 | €9,328 | €3,087 | -€6,241 | -66.9% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €66,669 | €23,641 | -€43,029 | -64.5% |
| Stocks and contracts in progress | 3 | €14,180 | €16,032 | +€1,852 | +13.1% |
| Stocks | 30/36 | €14,180 | €16,032 | +€1,852 | +13.1% |
| Amounts receivable within one year | 40/41 | €3,149 | €4,028 | +€880 | +27.9% |
| Trade receivables | 40 | €3,149 | €4,028 | +€880 | +27.9% |
| Current investments | 50/53 | €1,004 | €1,004 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €47,772 | - | -€47,772 | |
| Deferred charges and accrued income | 490/1 | €565 | €2,576 | +€2,011 | +356% |
| Total equity and liabilities | 10/49 | €585,176 | €458,471 | -€126,705 | -21.7% |
| Equity | 10/15 | €121,857 | €53,586 | -€68,270 | -56.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,860 | €31,860 | -€70,000 | -68.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €30,000 | -€70,000 | -70.0% |
| Profit (loss) carried forward | 14 | €1,397 | €3,126 | +€1,730 | +124% |
| Amounts payable | 17/49 | €463,320 | €404,885 | -€58,435 | -12.6% |
| Amounts payable after more than one year | 17 | €239,424 | €199,759 | -€39,665 | -16.6% |
| Financial debts | 170/4 | €239,424 | €199,759 | -€39,665 | -16.6% |
| Amounts payable within one year | 42/48 | €223,895 | €205,125 | -€18,770 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €54,886 | €39,665 | -€15,221 | -27.7% |
| Financial debts | 43 | - | €7,594 | +€7,594 | |
| Credit institutions | 430/8 | - | €7,594 | +€7,594 | |
| Trade debts | 44 | €76,342 | €29,742 | -€46,600 | -61.0% |
| Suppliers | 440/4 | €76,342 | €29,742 | -€46,600 | -61.0% |
| Taxes, remuneration and social security | 45 | €34,040 | €25,793 | -€8,247 | -24.2% |
| Taxes | 450/3 | €12,678 | €6,349 | -€6,330 | -49.9% |
| Remuneration and social security | 454/9 | €21,362 | €19,444 | -€1,917 | -9.0% |
| Other amounts payable | 47/48 | €58,628 | €102,331 | +€43,704 | +74.5% |
| Remuneration, social security and pensions | 62 | €93,444 | €158,927 | +€65,484 | +70.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,034 | €90,563 | +€41,529 | +84.7% |
| Other operating charges | 640/8 | €8,858 | €11,064 | +€2,206 | +24.9% |
| Gross operating margin | 9900 | €76,503 | €217,279 | +€140,776 | +184% |
| Operating profit (loss) | 9901 | -€74,833 | -€43,277 | +€31,557 | +42.2% |
| Financial income | 75/76B | - | €1,581 | +€1,581 | |
| Recurring financial income | 75 | - | €1,581 | +€1,581 | |
| Financial charges | 65/66B | €12,116 | €34,104 | +€21,988 | +181% |
| Recurring financial charges | 65 | €12,116 | €34,104 | +€21,988 | +181% |
| Profit (loss) for the period before taxes | 9903 | -€86,950 | -€75,800 | +€11,150 | +12.8% |
| Income taxes | 67/77 | - | -€7,529 | -€7,529 | |
| Profit (loss) for the period | 9904 | -€86,950 | -€68,270 | +€18,679 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€86,950 | -€68,270 | +€18,679 | +21.5% |
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 30 October 2026 via checked.be.