Dr SAICH Eddine: 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.
Dr SAICH Eddine
Largest movements
- Tangible fixed assets -€26,050
down €26,050 (-17.3%), from €150,596 to €124,546
of which Leasing and similar rights: -€22,629
- Cash -€21,801
no longer reported in 2025 (was €21,801)
mainly Net result for the year (-€53,808) and Trade debts (-€37,529)
- Receivables within one year -€5,939
down €5,939 (-5.6%), from €106,596 to €100,657
of which Other amounts receivable: -€11,018
- Reserves -€53,808
down €53,808 (-52.5%), from €102,432 to €48,624
- Short-term financial debts +€43,941
new in 2025: €43,941
of which Other loans: +€41,551
- Trade debts -€37,529
no longer reported in 2025 (was €37,529)
- Debts after one year -€18,242
down €18,242 (-17.3%), from €105,421 to €87,179
- Tax, wage and social debts +€11,778
up €11,778 (+67.1%), from €17,552 to €29,329
of which Remuneration and social security: +€13,815
- Gross operating margin -€73,590
down €73,590 (-66.8%), from €110,192 to €36,602
- Staff costs +€13,130
up €13,130 (+31.8%), from €41,282 to €54,412
- Taxes -€5,014
no longer reported in 2025 (was €5,014)
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 | €284,491 | €231,644 | -€52,847 | -18.6% |
| Fixed assets | 21/28 | €154,312 | €127,328 | -€26,985 | -17.5% |
| Intangible fixed assets | 21 | €3,716 | €2,781 | -€935 | -25.2% |
| Tangible fixed assets | 22/27 | €150,596 | €124,546 | -€26,050 | -17.3% |
| Plant, machinery and equipment | 23 | €4,861 | €3,733 | -€1,128 | -23.2% |
| Furniture and vehicles | 24 | €2,539 | €876 | -€1,662 | -65.5% |
| Leasing and similar rights | 25 | €134,940 | €112,311 | -€22,629 | -16.8% |
| Other tangible fixed assets | 26 | €8,257 | €7,626 | -€631 | -7.6% |
| Current assets | 29/58 | €130,178 | €104,316 | -€25,862 | -19.9% |
| Amounts receivable within one year | 40/41 | €106,596 | €100,657 | -€5,939 | -5.6% |
| Trade receivables | 40 | €62,690 | €67,769 | +€5,079 | +8.1% |
| Other amounts receivable | 41 | €43,905 | €32,888 | -€11,018 | -25.1% |
| Cash at bank and in hand | 54/58 | €21,801 | - | -€21,801 | |
| Deferred charges and accrued income | 490/1 | €1,782 | €3,659 | +€1,877 | +105% |
| Total equity and liabilities | 10/49 | €284,491 | €231,644 | -€52,847 | -18.6% |
| Equity | 10/15 | €103,432 | €49,624 | -€53,808 | -52.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €102,432 | €48,624 | -€53,808 | -52.5% |
| Distributable reserves | 133 | €102,432 | €48,624 | -€53,808 | -52.5% |
| Amounts payable | 17/49 | €181,058 | €182,020 | +€961 | +0.5% |
| Amounts payable after more than one year | 17 | €105,421 | €87,179 | -€18,242 | -17.3% |
| Financial debts | 170/4 | €105,421 | €87,179 | -€18,242 | -17.3% |
| Amounts payable within one year | 42/48 | €74,167 | €94,841 | +€20,674 | +27.9% |
| Current portion of amounts payable after more than one year | 42 | €19,086 | €19,190 | +€104 | +0.5% |
| Financial debts | 43 | - | €43,941 | +€43,941 | |
| Credit institutions | 430/8 | - | €2,389 | +€2,389 | |
| Other loans | 439 | - | €41,551 | +€41,551 | |
| Trade debts | 44 | €37,529 | - | -€37,529 | |
| Suppliers | 440/4 | €37,529 | - | -€37,529 | |
| Taxes, remuneration and social security | 45 | €17,552 | €29,329 | +€11,778 | +67.1% |
| Taxes | 450/3 | €11,794 | €9,756 | -€2,037 | -17.3% |
| Remuneration and social security | 454/9 | €5,758 | €19,573 | +€13,815 | +240% |
| Other amounts payable | 47/48 | - | €2,381 | +€2,381 | |
| Accrued charges and deferred income | 492/3 | €1,470 | - | -€1,470 | |
| Remuneration, social security and pensions | 62 | €41,282 | €54,412 | +€13,130 | +31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,083 | €29,941 | +€858 | +3.0% |
| Other operating charges | 640/8 | €1,041 | €928 | -€113 | -10.9% |
| Gross operating margin | 9900 | €110,192 | €36,602 | -€73,590 | -66.8% |
| Operating profit (loss) | 9901 | €38,786 | -€48,680 | -€87,466 | |
| Financial income | 75/76B | €1,491 | €1,318 | -€173 | -11.6% |
| Recurring financial income | 75 | €1,491 | €1,318 | -€173 | -11.6% |
| Financial charges | 65/66B | €6,710 | €6,447 | -€263 | -3.9% |
| Recurring financial charges | 65 | €6,710 | €6,447 | -€263 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €33,567 | -€53,808 | -€87,375 | |
| Income taxes | 67/77 | €5,014 | - | -€5,014 | |
| Profit (loss) for the period | 9904 | €28,552 | -€53,808 | -€82,361 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,552 | -€53,808 | -€82,361 |
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 27 October 2026 via checked.be.