I SAVOIA: 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.
I SAVOIA
Largest movements
- Tangible fixed assets +€88,472
up €88,472 (+947%), from €9,346 to €97,818
of which Land and buildings: +€92,400
- Cash -€5,311
down €5,311 (-7.8%), from €68,245 to €62,934
mainly Investment in fixed assets (net) (-€107,160) and Receivables within one year (-€3,221)
- Receivables within one year +€3,221
up €3,221 (+423%), from €761 to €3,981
of which Trade receivables: +€3,199
- Debts after one year +€72,540
new in 2025: €72,540
- Trade debts +€7,546
up €7,546 (+270%), from €2,792 to €10,338
- Current portion of long-term debt +€4,135
new in 2025: €4,135
- Gross operating margin +€15,324
up €15,324 (+81.4%), from €18,828 to €34,152
- Depreciation +€14,814
up €14,814 (+382%), from €3,874 to €18,689
- Financial charges +€2,587
up €2,587 (+90.0%), from €2,874 to €5,461
of which Financial charges: +€2,587
- Staff costs -€988
down €988 (-21.2%), from €4,656 to €3,668
- Taxes +€623
new in 2025: €623
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 | €86,562 | €172,706 | +€86,143 | +99.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €13,032 | €101,504 | +€88,472 | +679% |
| Tangible fixed assets | 22/27 | €9,346 | €97,818 | +€88,472 | +947% |
| Land and buildings | 22 | - | €92,400 | +€92,400 | |
| Plant, machinery and equipment | 23 | €4,779 | €2,491 | -€2,288 | -47.9% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €4,567 | €2,926 | -€1,641 | -35.9% |
| Financial fixed assets | 28 | €3,686 | €3,686 | = | 0.0% |
| Current assets | 29/58 | €73,530 | €71,202 | -€2,328 | -3.2% |
| Stocks and contracts in progress | 3 | €4,525 | €4,287 | -€238 | -5.3% |
| Stocks | 30/36 | €4,525 | €4,287 | -€238 | -5.3% |
| Amounts receivable within one year | 40/41 | €761 | €3,981 | +€3,221 | +423% |
| Trade receivables | 40 | €298 | €3,497 | +€3,199 | +1,072% |
| Other amounts receivable | 41 | €462 | €485 | +€22 | +4.8% |
| Cash at bank and in hand | 54/58 | €68,245 | €62,934 | -€5,311 | -7.8% |
| Total equity and liabilities | 10/49 | €86,562 | €172,706 | +€86,143 | +99.5% |
| Equity | 10/15 | €72,686 | €74,315 | +€1,629 | +2.2% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,826 | €72,455 | +€1,629 | +2.3% |
| Amounts payable | 17/49 | €13,877 | €98,391 | +€84,514 | +609% |
| Amounts payable after more than one year | 17 | - | €72,540 | +€72,540 | |
| Financial debts | 170/4 | - | €72,540 | +€72,540 | |
| Amounts payable within one year | 42/48 | €13,877 | €24,843 | +€10,966 | +79.0% |
| Current portion of amounts payable after more than one year | 42 | - | €4,135 | +€4,135 | |
| Trade debts | 44 | €2,792 | €10,338 | +€7,546 | +270% |
| Suppliers | 440/4 | €2,792 | €10,338 | +€7,546 | +270% |
| Taxes, remuneration and social security | 45 | €7,932 | €7,217 | -€715 | -9.0% |
| Taxes | 450/3 | €2,106 | €2,774 | +€668 | +31.7% |
| Remuneration and social security | 454/9 | €5,826 | €4,443 | -€1,383 | -23.7% |
| Other amounts payable | 47/48 | €3,153 | €3,153 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,008 | +€1,008 | |
| Non-recurring operating income | 76A | - | €1 | +€1 | |
| Remuneration, social security and pensions | 62 | €4,656 | €3,668 | -€988 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,874 | €18,689 | +€14,814 | +382% |
| Other operating charges | 640/8 | €4,139 | €4,091 | -€48 | -1.2% |
| Gross operating margin | 9900 | €18,828 | €34,152 | +€15,324 | +81.4% |
| Operating profit (loss) | 9901 | €6,159 | €7,704 | +€1,545 | +25.1% |
| Financial income | 75/76B | €0 | €9 | +€9 | +14,900% |
| Recurring financial income | 75 | €0 | €9 | +€9 | +14,900% |
| Financial charges | 65/66B | €2,874 | €5,461 | +€2,587 | +90.0% |
| Recurring financial charges | 65 | €2,874 | €5,461 | +€2,587 | +90.0% |
| Non-recurring financial charges | 66B | €0 | €0 | -€0 | -100% |
| Profit (loss) for the period before taxes | 9903 | €3,285 | €2,252 | -€1,032 | -31.4% |
| Income taxes | 67/77 | - | €623 | +€623 | |
| Profit (loss) for the period | 9904 | €3,285 | €1,629 | -€1,655 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,285 | €1,629 | -€1,655 | -50.4% |
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 30 October 2026 via checked.be.