David Sarlette: 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.
David Sarlette
Largest movements
- Tangible fixed assets +€850,927
up €850,927 (+8,444%), from €10,077 to €861,004
of which Leasing and similar rights: +€853,009
- Receivables after one year -€98,770
no longer reported in 2025 (was €98,770)
- Receivables within one year +€41,829
up €41,829 (+85.3%), from €49,061 to €90,890
of which Trade receivables: +€30,581
- Cash +€11,969
up €11,969 (+83.2%), from €14,393 to €26,362
mainly Debts after one year (+€865,022) and Receivables after one year (+€98,770)
- Debts after one year +€865,022
new in 2025: €865,022
of which Financial debts: +€823,181
- Profit (loss) carried forward -€49,314
down €49,314, from €5,084 to -€44,230
- Current portion of long-term debt +€31,186
up €31,186 (+4,927%), from €633 to €31,819
- Tax, wage and social debts -€28,321
down €28,321 (-56.8%), from €49,888 to €21,567
- Other operating charges +€152,635
up €152,635 (+29,870%), from €511 to €153,146
- Gross operating margin +€30,644
up €30,644 (+39.3%), from €77,921 to €108,565
- Taxes -€20,833
down €20,833 (-98.3%), from €21,199 to €366
- Depreciation -€2,802
down €2,802 (-40.8%), from €6,875 to €4,073
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 | €181,114 | €988,227 | +€807,113 | +446% |
| Fixed assets | 21/28 | €18,694 | €870,791 | +€852,097 | +4,558% |
| Tangible fixed assets | 22/27 | €10,077 | €861,004 | +€850,927 | +8,444% |
| Furniture and vehicles | 24 | €1,192 | - | -€1,192 | |
| Leasing and similar rights | 25 | - | €853,009 | +€853,009 | |
| Other tangible fixed assets | 26 | €8,885 | €7,995 | -€890 | -10.0% |
| Financial fixed assets | 28 | €8,617 | €9,787 | +€1,170 | +13.6% |
| Current assets | 29/58 | €162,420 | €117,436 | -€44,984 | -27.7% |
| Amounts receivable after more than one year | 29 | €98,770 | - | -€98,770 | |
| Other amounts receivable | 291 | €98,770 | - | -€98,770 | |
| Amounts receivable within one year | 40/41 | €49,061 | €90,890 | +€41,829 | +85.3% |
| Trade receivables | 40 | €49,061 | €79,642 | +€30,581 | +62.3% |
| Other amounts receivable | 41 | - | €11,248 | +€11,248 | |
| Cash at bank and in hand | 54/58 | €14,393 | €26,362 | +€11,969 | +83.2% |
| Deferred charges and accrued income | 490/1 | €196 | €184 | -€12 | -6.1% |
| Total equity and liabilities | 10/49 | €181,114 | €988,227 | +€807,113 | +446% |
| Equity | 10/15 | €117,084 | €67,770 | -€49,314 | -42.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €106,000 | €106,000 | = | 0.0% |
| Distributable reserves | 133 | €106,000 | €106,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,084 | -€44,230 | -€49,314 | |
| Amounts payable | 17/49 | €64,030 | €920,457 | +€856,427 | +1,338% |
| Amounts payable after more than one year | 17 | - | €865,022 | +€865,022 | |
| Financial debts | 170/4 | - | €823,181 | +€823,181 | |
| Other amounts payable | 178/9 | - | €41,841 | +€41,841 | |
| Amounts payable within one year | 42/48 | €63,060 | €55,411 | -€7,649 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €633 | €31,819 | +€31,186 | +4,927% |
| Trade debts | 44 | €10,873 | €2,025 | -€8,848 | -81.4% |
| Suppliers | 440/4 | €10,873 | €2,025 | -€8,848 | -81.4% |
| Taxes, remuneration and social security | 45 | €49,888 | €21,567 | -€28,321 | -56.8% |
| Taxes | 450/3 | €49,888 | €21,567 | -€28,321 | -56.8% |
| Other amounts payable | 47/48 | €1,666 | - | -€1,666 | |
| Accrued charges and deferred income | 492/3 | €970 | €24 | -€946 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,875 | €4,073 | -€2,802 | -40.8% |
| Other operating charges | 640/8 | €511 | €153,146 | +€152,635 | +29,870% |
| Gross operating margin | 9900 | €77,921 | €108,565 | +€30,644 | +39.3% |
| Operating profit (loss) | 9901 | €70,535 | -€48,654 | -€119,189 | |
| Financial charges | 65/66B | €241 | €294 | +€53 | +22.0% |
| Recurring financial charges | 65 | €241 | €294 | +€53 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | €70,294 | -€48,948 | -€119,242 | |
| Income taxes | 67/77 | €21,199 | €366 | -€20,833 | -98.3% |
| Profit (loss) for the period | 9904 | €49,095 | -€49,314 | -€98,409 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,095 | -€49,314 | -€98,409 |
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 14 October 2026 via checked.be.