DE SAX: what changed
Two fiscal 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 SAX
Largest movements
- Cash +€235,243
up €235,243 (+1753.9%), from €13,413 to €248,656
mainly Trade debts (+€143,848) and Receivables within one year (+€101,349)
- Receivables within one year -€101,349
down €101,349 (-53.2%), from €190,495 to €89,146
of which Trade receivables: -€101,043
- Tangible fixed assets -€73,070
down €73,070 (-4.3%), from €1.7m to €1.6m
of which Land and buildings: -€47,275
- Current investments +€70,016
up €70,016 (+53.9%), from €130,000 to €200,016
- Trade debts +€143,848
up €143,848 (+20.0%), from €719,400 to €863,247
- Other debts +€58,428
up €58,428 (+8.3%), from €703,233 to €761,661
- Profit (loss) carried forward -€38,979
down €38,979 (-222.3%), from -€17,534 to -€56,513
- Debts after one year -€37,750
down €37,750 (-8.3%), from €455,140 to €417,390
- Gross operating margin -€90,900
down €90,900 (-54.0%), from €168,269 to €77,369
- Financial income +€12,000
up €12,000, from €0 to €12,000
- Depreciation -€3,974
down €3,974 (-4.3%), from €92,744 to €88,769
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.
Cash bridge derived
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 | €2,038,644 | €2,168,828 | +€130,184 | +6.4% |
| Fixed assets | 21/28 | €1,693,685 | €1,620,615 | -€73,070 | -4.3% |
| Tangible fixed assets | 22/27 | €1,693,685 | €1,620,615 | -€73,070 | -4.3% |
| Land and buildings | 22 | €1,639,214 | €1,591,939 | -€47,275 | -2.9% |
| Plant, machinery and equipment | 23 | €1,154 | €911 | -€243 | -21.1% |
| Furniture and vehicles | 24 | €21,478 | €10,634 | -€10,844 | -50.5% |
| Other tangible fixed assets | 26 | €31,839 | €17,133 | -€14,706 | -46.2% |
| Current assets | 29/58 | €344,959 | €548,213 | +€203,254 | +58.9% |
| Amounts receivable within one year | 40/41 | €190,495 | €89,146 | -€101,349 | -53.2% |
| Trade receivables | 40 | €183,189 | €82,146 | -€101,043 | -55.2% |
| Other amounts receivable | 41 | €7,306 | €7,000 | -€306 | -4.2% |
| Current investments | 50/53 | €130,000 | €200,016 | +€70,016 | +53.9% |
| Cash at bank and in hand | 54/58 | €13,413 | €248,656 | +€235,243 | +1753.9% |
| Deferred charges and accrued income | 490/1 | €11,052 | €10,395 | -€657 | -5.9% |
| Total equity and liabilities | 10/49 | €2,038,644 | €2,168,828 | +€130,184 | +6.4% |
| Equity | 10/15 | €14,218 | -€24,761 | -€38,979 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €13,161 | €13,161 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €11,301 | €11,301 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,534 | -€56,513 | -€38,979 | -222.3% |
| Amounts payable | 17/49 | €2,024,426 | €2,193,589 | +€169,163 | +8.4% |
| Amounts payable after more than one year | 17 | €455,140 | €417,390 | -€37,750 | -8.3% |
| Financial debts | 170/4 | €455,140 | €417,390 | -€37,750 | -8.3% |
| Amounts payable within one year | 42/48 | €1,463,431 | €1,675,473 | +€212,042 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €37,238 | €37,750 | +€512 | +1.4% |
| Trade debts | 44 | €719,400 | €863,247 | +€143,848 | +20.0% |
| Suppliers | 440/4 | €719,400 | €863,247 | +€143,848 | +20.0% |
| Taxes, remuneration and social security | 45 | €3,560 | €12,815 | +€9,255 | +260.0% |
| Taxes | 450/3 | €402 | €9,526 | +€9,123 | +2267.4% |
| Remuneration and social security | 454/9 | €3,158 | €3,289 | +€132 | +4.2% |
| Other amounts payable | 47/48 | €703,233 | €761,661 | +€58,428 | +8.3% |
| Accrued charges and deferred income | 492/3 | €105,855 | €100,725 | -€5,129 | -4.8% |
| Non-recurring operating income | 76A | €0 | €826 | +€826 | |
| Remuneration, social security and pensions | 62 | €23,943 | €24,969 | +€1,026 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,744 | €88,769 | -€3,974 | -4.3% |
| Other operating charges | 640/8 | €9,015 | €9,292 | +€278 | +3.1% |
| Gross operating margin | 9900 | €168,269 | €77,369 | -€90,900 | -54.0% |
| Operating profit (loss) | 9901 | €42,568 | -€45,661 | -€88,229 | |
| Financial income | 75/76B | €0 | €12,000 | +€12,000 | |
| Recurring financial income | 75 | €0 | €12,000 | +€12,000 | |
| Financial charges | 65/66B | €6,079 | €5,318 | -€761 | -12.5% |
| Recurring financial charges | 65 | €6,079 | €5,318 | -€761 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €36,489 | -€38,979 | -€75,468 | |
| Profit (loss) for the period | 9904 | €36,489 | -€38,979 | -€75,468 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,489 | -€38,979 | -€75,468 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.