Ignace Savat: 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.
Ignace Savat
Largest movements
- Cash +€49,039
up €49,039 (+257%), from €19,069 to €68,108
mainly Receivables within one year (+€46,310) and Net result for the year (+€40,767)
- Receivables within one year -€46,310
down €46,310 (-37.3%), from €124,211 to €77,902
of which Trade receivables: -€50,590
- Stocks and contracts -€11,735
down €11,735 (-52.0%), from €22,586 to €10,851
- Tangible fixed assets -€5,219
down €5,219 (-7.6%), from €69,080 to €63,861
of which Land and buildings: -€7,840
- Other debts -€59,343
down €59,343 (-70.7%), from €83,936 to €24,593
- Reserves +€40,767
up €40,767 (+46.1%), from €88,508 to €129,274
of which Distributable reserves: +€40,767
- Trade debts +€25,631
up €25,631 (+736%), from €3,482 to €29,113
- Debts after one year -€12,111
down €12,111 (-100%), from €12,111 to €0
- Accrued charges and deferred income -€3,364
down €3,364 (-100%), from €3,364 to €0
- Staff costs -€58,231
down €58,231 (-28.6%), from €203,386 to €145,156
- Gross operating margin -€33,785
down €33,785 (-12.8%), from €264,389 to €230,604
- Taxes +€6,870
up €6,870 (+76.5%), from €8,979 to €15,849
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 | €238,721 | €225,687 | -€13,034 | -5.5% |
| Fixed assets | 21/28 | €69,081 | €63,862 | -€5,219 | -7.6% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €69,080 | €63,861 | -€5,219 | -7.6% |
| Land and buildings | 22 | €52,240 | €44,400 | -€7,840 | -15.0% |
| Plant, machinery and equipment | 23 | €13,794 | €11,693 | -€2,101 | -15.2% |
| Furniture and vehicles | 24 | €3,011 | €7,769 | +€4,758 | +158% |
| Other tangible fixed assets | 26 | €36 | €0 | -€36 | -100% |
| Current assets | 29/58 | €169,640 | €161,825 | -€7,815 | -4.6% |
| Stocks and contracts in progress | 3 | €22,586 | €10,851 | -€11,735 | -52.0% |
| Stocks | 30/36 | €22,586 | €10,851 | -€11,735 | -52.0% |
| Amounts receivable within one year | 40/41 | €124,211 | €77,902 | -€46,310 | -37.3% |
| Trade receivables | 40 | €123,190 | €72,600 | -€50,590 | -41.1% |
| Other amounts receivable | 41 | €1,021 | €5,302 | +€4,280 | +419% |
| Cash at bank and in hand | 54/58 | €19,069 | €68,108 | +€49,039 | +257% |
| Deferred charges and accrued income | 490/1 | €3,774 | €4,964 | +€1,190 | +31.5% |
| Total equity and liabilities | 10/49 | €238,721 | €225,687 | -€13,034 | -5.5% |
| Equity | 10/15 | €107,108 | €147,874 | +€40,767 | +38.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €88,508 | €129,274 | +€40,767 | +46.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €86,648 | €127,414 | +€40,767 | +47.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €131,614 | €77,813 | -€53,801 | -40.9% |
| Amounts payable after more than one year | 17 | €12,111 | €0 | -€12,111 | -100% |
| Financial debts | 170/4 | €12,111 | €0 | -€12,111 | -100% |
| Amounts payable within one year | 42/48 | €116,139 | €77,813 | -€38,326 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €14,317 | €12,111 | -€2,206 | -15.4% |
| Trade debts | 44 | €3,482 | €29,113 | +€25,631 | +736% |
| Suppliers | 440/4 | €3,482 | €29,113 | +€25,631 | +736% |
| Taxes, remuneration and social security | 45 | €14,404 | €11,996 | -€2,408 | -16.7% |
| Taxes | 450/3 | €14,404 | €11,996 | -€2,408 | -16.7% |
| Other amounts payable | 47/48 | €83,936 | €24,593 | -€59,343 | -70.7% |
| Accrued charges and deferred income | 492/3 | €3,364 | €0 | -€3,364 | -100% |
| Remuneration, social security and pensions | 62 | €203,386 | €145,156 | -€58,231 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,500 | €16,936 | +€437 | +2.6% |
| Other operating charges | 640/8 | €9,357 | €8,732 | -€624 | -6.7% |
| Gross operating margin | 9900 | €264,389 | €230,604 | -€33,785 | -12.8% |
| Operating profit (loss) | 9901 | €35,147 | €59,779 | +€24,633 | +70.1% |
| Financial income | 75/76B | €200 | €263 | +€63 | +31.7% |
| Recurring financial income | 75 | €200 | €263 | +€63 | +31.7% |
| Financial charges | 65/66B | €4,128 | €3,426 | -€702 | -17.0% |
| Recurring financial charges | 65 | €4,128 | €3,426 | -€702 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €31,218 | €56,616 | +€25,398 | +81.4% |
| Income taxes | 67/77 | €8,979 | €15,849 | +€6,870 | +76.5% |
| Profit (loss) for the period | 9904 | €22,239 | €40,767 | +€18,527 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,239 | €40,767 | +€18,527 | +83.3% |
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 20 October 2026 via checked.be.