S-Projects: 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.
S-Projects
Largest movements
- Receivables within one year +€3,695
up €3,695 (+25.1%), from €14,696 to €18,391
of which Other amounts receivable: +€4,723
- Tangible fixed assets -€2,608
down €2,608 (-25.6%), from €10,186 to €7,578
of which Plant, machinery and equipment: -€1,379
- Cash -€728
down €728 (-35.3%), from €2,066 to €1,338
mainly Investment in fixed assets (net) (-€4,475) and Receivables within one year (-€3,695)
- Trade debts +€2,540
up €2,540 (+761%), from €334 to €2,873
- Current portion of long-term debt -€1,413
no longer reported in 2025 (was €1,413)
- Tax, wage and social debts -€1,036
down €1,036 (-65.7%), from €1,576 to €540
- Gross operating margin +€5,048
up €5,048 (+118%), from €4,266 to €9,314
- Taxes +€490
new in 2025: €490
- Depreciation +€459
up €459 (+6.9%), from €6,624 to €7,083
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 | €26,948 | €27,307 | +€359 | +1.3% |
| Fixed assets | 21/28 | €10,186 | €7,578 | -€2,608 | -25.6% |
| Tangible fixed assets | 22/27 | €10,186 | €7,578 | -€2,608 | -25.6% |
| Plant, machinery and equipment | 23 | €8,279 | €6,900 | -€1,379 | -16.7% |
| Furniture and vehicles | 24 | €1,907 | €678 | -€1,229 | -64.5% |
| Current assets | 29/58 | €16,762 | €19,729 | +€2,967 | +17.7% |
| Amounts receivable within one year | 40/41 | €14,696 | €18,391 | +€3,695 | +25.1% |
| Trade receivables | 40 | €4,682 | €3,654 | -€1,028 | -21.9% |
| Other amounts receivable | 41 | €10,015 | €14,737 | +€4,723 | +47.2% |
| Cash at bank and in hand | 54/58 | €2,066 | €1,338 | -€728 | -35.3% |
| Total equity and liabilities | 10/49 | €26,948 | €27,307 | +€359 | +1.3% |
| Equity | 10/15 | €23,626 | €23,894 | +€268 | +1.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,126 | €21,394 | +€268 | +1.3% |
| Amounts payable | 17/49 | €3,322 | €3,413 | +€91 | +2.7% |
| Amounts payable within one year | 42/48 | €3,322 | €3,413 | +€91 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €1,413 | - | -€1,413 | |
| Trade debts | 44 | €334 | €2,873 | +€2,540 | +761% |
| Suppliers | 440/4 | €334 | €2,873 | +€2,540 | +761% |
| Taxes, remuneration and social security | 45 | €1,576 | €540 | -€1,036 | -65.7% |
| Taxes | 450/3 | €1,576 | €540 | -€1,036 | -65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,624 | €7,083 | +€459 | +6.9% |
| Other operating charges | 640/8 | €1,178 | €1,156 | -€21 | -1.8% |
| Gross operating margin | 9900 | €4,266 | €9,314 | +€5,048 | +118% |
| Operating profit (loss) | 9901 | -€3,535 | €1,075 | +€4,610 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €352 | €317 | -€35 | -9.9% |
| Recurring financial charges | 65 | €352 | €317 | -€35 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,887 | €758 | +€4,645 | |
| Income taxes | 67/77 | - | €490 | +€490 | |
| Profit (loss) for the period | 9904 | -€3,887 | €268 | +€4,155 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,887 | €268 | +€4,155 |
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 25 October 2026 via checked.be.