S.A.D.: 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.
S.A.D.
Largest movements
- Cash -€29,926
no longer reported in 2024 (was €29,926)
mainly Net result for the year (-€138,864) and Short-term financial debts (-€136,051)
- Receivables within one year +€14,076
up €14,076 (+4.5%), from €312,729 to €326,805
of which Other amounts receivable: +€36,014
- Tangible fixed assets -€13,348
down €13,348 (-10.3%), from €130,147 to €116,799
of which Land and buildings: -€12,438
- Stocks and contracts +€10,721
up €10,721 (+7.4%), from €145,143 to €155,864
- Trade debts +€163,373
up €163,373 (+148%), from €110,039 to €273,412
- Profit (loss) carried forward -€138,864
down €138,864 (-5,912%), from -€2,349 to -€141,213
- Short-term financial debts -€136,051
down €136,051 (-73.2%), from €185,979 to €49,928
- Other debts +€91,319
up €91,319 (+43.9%), from €207,901 to €299,220
- Tax, wage and social debts +€41,117
up €41,117 (+119%), from €34,467 to €75,584
of which Remuneration and social security: +€24,154
- Gross operating margin -€35,714
down €35,714 (-40.8%), from €87,615 to €51,901
- Staff costs -€21,937
down €21,937 (-12.9%), from €170,197 to €148,260
- Financial charges +€6,660
up €6,660 (+28.6%), from €23,253 to €29,913
- Depreciation -€3,264
down €3,264 (-19.6%), from €16,612 to €13,348
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €618,951 | €605,382 | -€13,569 | -2.2% |
| Fixed assets | 21/28 | €130,197 | €116,849 | -€13,348 | -10.3% |
| Tangible fixed assets | 22/27 | €130,147 | €116,799 | -€13,348 | -10.3% |
| Land and buildings | 22 | €129,237 | €116,799 | -€12,438 | -9.6% |
| Plant, machinery and equipment | 23 | €910 | - | -€910 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €488,754 | €488,533 | -€221 | 0.0% |
| Stocks and contracts in progress | 3 | €145,143 | €155,864 | +€10,721 | +7.4% |
| Stocks | 30/36 | €145,143 | €155,864 | +€10,721 | +7.4% |
| Amounts receivable within one year | 40/41 | €312,729 | €326,805 | +€14,076 | +4.5% |
| Trade receivables | 40 | €300,517 | €278,579 | -€21,938 | -7.3% |
| Other amounts receivable | 41 | €12,212 | €48,226 | +€36,014 | +295% |
| Cash at bank and in hand | 54/58 | €29,926 | - | -€29,926 | |
| Deferred charges and accrued income | 490/1 | €956 | €5,864 | +€4,908 | +513% |
| Total equity and liabilities | 10/49 | €618,951 | €605,382 | -€13,569 | -2.2% |
| Equity | 10/15 | €18,441 | -€120,423 | -€138,864 | |
| Contributions | 10/11 | €18,900 | €18,900 | = | 0.0% |
| Reserves | 13 | €1,890 | €1,890 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,890 | €1,890 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,890 | €1,890 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,349 | -€141,213 | -€138,864 | -5,912% |
| Amounts payable | 17/49 | €600,510 | €725,805 | +€125,295 | +20.9% |
| Amounts payable after more than one year | 17 | €22,526 | - | -€22,526 | |
| Financial debts | 170/4 | €22,526 | - | -€22,526 | |
| Amounts payable within one year | 42/48 | €572,105 | €725,805 | +€153,700 | +26.9% |
| Current portion of amounts payable after more than one year | 42 | €33,719 | €27,661 | -€6,058 | -18.0% |
| Financial debts | 43 | €185,979 | €49,928 | -€136,051 | -73.2% |
| Credit institutions | 430/8 | €185,979 | €49,928 | -€136,051 | -73.2% |
| Trade debts | 44 | €110,039 | €273,412 | +€163,373 | +148% |
| Suppliers | 440/4 | €110,039 | €273,412 | +€163,373 | +148% |
| Taxes, remuneration and social security | 45 | €34,467 | €75,584 | +€41,117 | +119% |
| Taxes | 450/3 | €11,766 | €28,729 | +€16,963 | +144% |
| Remuneration and social security | 454/9 | €22,701 | €46,855 | +€24,154 | +106% |
| Other amounts payable | 47/48 | €207,901 | €299,220 | +€91,319 | +43.9% |
| Accrued charges and deferred income | 492/3 | €5,879 | - | -€5,879 | |
| Remuneration, social security and pensions | 62 | €170,197 | €148,260 | -€21,937 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,612 | €13,348 | -€3,264 | -19.6% |
| Other operating charges | 640/8 | €709 | €149 | -€560 | -79.0% |
| Gross operating margin | 9900 | €87,615 | €51,901 | -€35,714 | -40.8% |
| Operating profit (loss) | 9901 | -€99,903 | -€109,856 | -€9,953 | -10.0% |
| Financial income | 75/76B | €1,389 | €905 | -€484 | -34.8% |
| Recurring financial income | 75 | €1,389 | €905 | -€484 | -34.8% |
| Financial charges | 65/66B | €23,253 | €29,913 | +€6,660 | +28.6% |
| Recurring financial charges | 65 | €23,253 | €29,913 | +€6,660 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | -€121,767 | -€138,864 | -€17,097 | -14.0% |
| Income taxes | 67/77 | -€676 | - | +€676 | |
| Profit (loss) for the period | 9904 | -€121,091 | -€138,864 | -€17,773 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€121,091 | -€138,864 | -€17,773 | -14.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.