SFA PROJECTS: what changed
SFA PROJECTS
Largest movements
- Receivables within one year -€14,104
down €14,104 (-44.1%), from €31,984 to €17,880
- Receivables after one year +€11,410
up €11,410 (+76.0%), from €15,017 to €26,427
- Cash +€6,604
up €6,604 (+108%), from €6,121 to €12,724
mainly Receivables within one year (+€14,104) and Net result for the year (+€4,218)
- Tangible fixed assets +€4,040
up €4,040 (+80.1%), from €5,041 to €9,081
of which Furniture and vehicles: +€2,384
- Profit (loss) carried forward +€4,218
up €4,218 (+11.9%), from €35,427 to €39,645
- Trade debts +€2,691
up €2,691 (+39.0%), from €6,902 to €9,593
- Tax, wage and social debts +€934
up €934 (+6.0%), from €15,523 to €16,457
of which Taxes: +€1,741
- Gross operating margin -€35,059
down €35,059 (-69.2%), from €50,698 to €15,639
- Taxes -€6,488
down €6,488 (-66.0%), from €9,832 to €3,344
- Depreciation +€3,055
up €3,055 (+319%), from €958 to €4,013
- Other operating charges +€2,241
up €2,241 (+285%), from €787 to €3,028
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €58,163 | €66,113 | +€7,950 | +13.7% |
| Fixed assets | 21/28 | €5,041 | €9,081 | +€4,040 | +80.1% |
| Tangible fixed assets | 22/27 | €5,041 | €9,081 | +€4,040 | +80.1% |
| Plant, machinery and equipment | 23 | - | €1,657 | +€1,657 | |
| Furniture and vehicles | 24 | €5,041 | €7,425 | +€2,384 | +47.3% |
| Current assets | 29/58 | €53,122 | €57,032 | +€3,910 | +7.4% |
| Amounts receivable after more than one year | 29 | €15,017 | €26,427 | +€11,410 | +76.0% |
| Other amounts receivable | 291 | €15,017 | €26,427 | +€11,410 | +76.0% |
| Amounts receivable within one year | 40/41 | €31,984 | €17,880 | -€14,104 | -44.1% |
| Trade receivables | 40 | €31,984 | €17,880 | -€14,104 | -44.1% |
| Cash at bank and in hand | 54/58 | €6,121 | €12,724 | +€6,604 | +108% |
| Total equity and liabilities | 10/49 | €58,163 | €66,113 | +€7,950 | +13.7% |
| Equity | 10/15 | €35,427 | €39,645 | +€4,218 | +11.9% |
| Profit (loss) carried forward | 14 | €35,427 | €39,645 | +€4,218 | +11.9% |
| Amounts payable | 17/49 | €22,736 | €26,468 | +€3,732 | +16.4% |
| Amounts payable within one year | 42/48 | €22,536 | €26,468 | +€3,932 | +17.4% |
| Trade debts | 44 | €6,902 | €9,593 | +€2,691 | +39.0% |
| Suppliers | 440/4 | €6,902 | €9,593 | +€2,691 | +39.0% |
| Taxes, remuneration and social security | 45 | €15,523 | €16,457 | +€934 | +6.0% |
| Taxes | 450/3 | €14,716 | €16,457 | +€1,741 | +11.8% |
| Remuneration and social security | 454/9 | €807 | - | -€807 | |
| Other amounts payable | 47/48 | €111 | €418 | +€307 | +278% |
| Accrued charges and deferred income | 492/3 | €200 | - | -€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €958 | €4,013 | +€3,055 | +319% |
| Other operating charges | 640/8 | €787 | €3,028 | +€2,241 | +285% |
| Gross operating margin | 9900 | €50,698 | €15,639 | -€35,059 | -69.2% |
| Operating profit (loss) | 9901 | €48,953 | €8,598 | -€40,355 | -82.4% |
| Financial income | 75/76B | €17 | €410 | +€393 | +2,307% |
| Recurring financial income | 75 | €17 | €410 | +€393 | +2,307% |
| Financial charges | 65/66B | €1,536 | €1,446 | -€90 | -5.8% |
| Recurring financial charges | 65 | €1,536 | €1,446 | -€90 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €47,434 | €7,563 | -€39,872 | -84.1% |
| Income taxes | 67/77 | €9,832 | €3,344 | -€6,488 | -66.0% |
| Profit (loss) for the period | 9904 | €37,602 | €4,218 | -€33,384 | -88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €37,602 | €4,218 | -€33,384 | -88.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.