DE SAEDELEER: 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.
DE SAEDELEER
Largest movements
- Tangible fixed assets +€155,288
up €155,288 (+109%), from €142,321 to €297,610
of which Other tangible fixed assets: +€167,006
- Stocks and contracts -€40,000
down €40,000 (-23.5%), from €170,000 to €130,000
of which Contracts in progress: -€40,000
- Cash -€12,665
down €12,665 (-11.2%), from €112,793 to €100,128
mainly Investment in fixed assets (net) (-€196,317) and Accrued charges and deferred income (-€50,000)
- Debts after one year +€132,821
up €132,821 (+5,744%), from €2,312 to €135,133
- Accrued charges and deferred income -€50,000
no longer reported in 2025 (was €50,000)
- Reserves +€37,000
up €37,000 (+16.6%), from €223,000 to €260,000
- Other debts -€9,222
down €9,222 (-15.3%), from €60,318 to €51,096
- Gross operating margin +€36,056
up €36,056 (+18.0%), from €200,109 to €236,165
- Staff costs -€17,796
down €17,796 (-11.6%), from €152,848 to €135,052
- Taxes +€10,523
up €10,523 (+1,490%), from €706 to €11,229
- Depreciation +€6,394
up €6,394 (+18.5%), from €34,635 to €41,029
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 | €481,064 | €586,701 | +€105,637 | +22.0% |
| Fixed assets | 21/28 | €142,495 | €297,783 | +€155,288 | +109% |
| Tangible fixed assets | 22/27 | €142,321 | €297,610 | +€155,288 | +109% |
| Land and buildings | 22 | €91,093 | €81,983 | -€9,110 | -10.0% |
| Plant, machinery and equipment | 23 | €14,233 | €7,847 | -€6,387 | -44.9% |
| Furniture and vehicles | 24 | €18,153 | €21,932 | +€3,779 | +20.8% |
| Other tangible fixed assets | 26 | €18,842 | €185,848 | +€167,006 | +886% |
| Financial fixed assets | 28 | €174 | €174 | = | 0.0% |
| Current assets | 29/58 | €338,569 | €288,918 | -€49,651 | -14.7% |
| Stocks and contracts in progress | 3 | €170,000 | €130,000 | -€40,000 | -23.5% |
| Stocks | 30/36 | €130,000 | €130,000 | = | 0.0% |
| Contracts in progress | 37 | €40,000 | - | -€40,000 | |
| Amounts receivable within one year | 40/41 | €50,063 | €52,776 | +€2,713 | +5.4% |
| Trade receivables | 40 | €20,770 | €44,948 | +€24,178 | +116% |
| Other amounts receivable | 41 | €29,294 | €7,828 | -€21,466 | -73.3% |
| Cash at bank and in hand | 54/58 | €112,793 | €100,128 | -€12,665 | -11.2% |
| Deferred charges and accrued income | 490/1 | €5,712 | €6,014 | +€302 | +5.3% |
| Total equity and liabilities | 10/49 | €481,064 | €586,701 | +€105,637 | +22.0% |
| Equity | 10/15 | €308,650 | €345,411 | +€36,761 | +11.9% |
| Contributions | 10/11 | €79,326 | €79,326 | = | 0.0% |
| Reserves | 13 | €223,000 | €260,000 | +€37,000 | +16.6% |
| Distributable reserves | 133 | €223,000 | €260,000 | +€37,000 | +16.6% |
| Profit (loss) carried forward | 14 | €6,324 | €6,085 | -€239 | -3.8% |
| Amounts payable | 17/49 | €172,414 | €241,291 | +€68,876 | +39.9% |
| Amounts payable after more than one year | 17 | €2,312 | €135,133 | +€132,821 | +5,744% |
| Financial debts | 170/4 | €2,312 | €135,133 | +€132,821 | +5,744% |
| Amounts payable within one year | 42/48 | €120,102 | €106,157 | -€13,945 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €16,780 | €15,093 | -€1,687 | -10.1% |
| Trade debts | 44 | €30,713 | €25,102 | -€5,610 | -18.3% |
| Suppliers | 440/4 | €30,713 | €25,102 | -€5,610 | -18.3% |
| Taxes, remuneration and social security | 45 | €12,292 | €14,866 | +€2,575 | +20.9% |
| Taxes | 450/3 | €5,538 | €9,062 | +€3,524 | +63.6% |
| Remuneration and social security | 454/9 | €6,753 | €5,804 | -€950 | -14.1% |
| Other amounts payable | 47/48 | €60,318 | €51,096 | -€9,222 | -15.3% |
| Accrued charges and deferred income | 492/3 | €50,000 | - | -€50,000 | |
| Non-recurring operating income | 76A | €18,513 | €500 | -€18,013 | -97.3% |
| Remuneration, social security and pensions | 62 | €152,848 | €135,052 | -€17,796 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,635 | €41,029 | +€6,394 | +18.5% |
| Other operating charges | 640/8 | €8,460 | €8,498 | +€38 | +0.4% |
| Gross operating margin | 9900 | €200,109 | €236,165 | +€36,056 | +18.0% |
| Operating profit (loss) | 9901 | €4,166 | €51,586 | +€47,420 | +1,138% |
| Financial income | 75/76B | €1,160 | €144 | -€1,016 | -87.6% |
| Recurring financial income | 75 | €1,160 | €144 | -€1,016 | -87.6% |
| Financial charges | 65/66B | €2,348 | €3,740 | +€1,391 | +59.2% |
| Recurring financial charges | 65 | €2,348 | €3,740 | +€1,391 | +59.2% |
| Profit (loss) for the period before taxes | 9903 | €2,977 | €47,990 | +€45,013 | +1,512% |
| Income taxes | 67/77 | €706 | €11,229 | +€10,523 | +1,490% |
| Profit (loss) for the period | 9904 | €2,271 | €36,761 | +€34,490 | +1,519% |
| Profit (loss) for the period to be appropriated | 9905 | €2,271 | €36,761 | +€34,490 | +1,519% |
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 18 October 2026 via checked.be.