S.A.D. MANAGEMENT: 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.
What changed
S.A.D. MANAGEMENT
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€505,071
2024 · €447,528+€57,544
Equity
€2.9m
2024 · €2.5m+€385,071
Cash
€90,891
2024 · €65,617+€25,274
Balance sheet total
€5.6m
2024 · €5.1m+€551,879
Largest movements
Assets
- Receivables within one year +€587,907
up €587,907 (+46.3%), from €1.3m to €1.9m
of which Other amounts receivable: +€613,134
- Financial fixed assets -€94,374
down €94,374 (-2.7%), from €3.5m to €3.4m
of which Affiliated companies: -€100,000
Equity and liabilities
- Tax, wage and social debts +€439,067
up €439,067 (+45.0%), from €975,807 to €1.4m
of which Taxes: +€415,982
- Reserves +€385,071
up €385,071 (+54.8%), from €703,162 to €1.1m
of which Distributable reserves: +€359,818
- Short-term financial debts -€365,065
down €365,065 (-53.3%), from €685,384 to €320,319
- Trade debts +€219,251
up €219,251 (+39.8%), from €551,319 to €770,571
- Other debts -€106,399
down €106,399 (-46.6%), from €228,325 to €121,926
Income statement
- Financial income +€838,452
up €838,452 (+197%), from €425,687 to €1.3m
of which Non-recurring financial income: +€508,266
- Services and other goods +€579,490
up €579,490 (+35.6%), from €1.6m to €2.2m
- Financial charges +€509,755
up €509,755 (+1,061%), from €48,025 to €557,780
of which Non-recurring financial charges: +€508,266
- Turnover +€435,012
up €435,012 (+16.1%), from €2.7m to €3.1m
- Staff costs +€142,133
up €142,133 (+15.4%), from €925,772 to €1.1m
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.
Result 2024
€447,528
Turnover
+€435,012
Other operating income
+€3,841
Services and other goods
-€579,490
Staff costs
-€142,133
Depreciation
-€20,003
Other operating charges
-€2,760
Financial income
+€838,452
Financial charges
-€509,755
Taxes
+€34,380
Result 2025
€505,071
raises the resultlowers the result
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.
From operations
+€530,396
Investment
+€7,801
Financing
-€512,924
Cash 2024
€65,617
From operations (derived)
+€530,396
Net result for the year
+€505,071
Depreciation
+€62,581
Receivables within one year
-€587,907
Deferred charges and accrued income
-€9,081
Trade debts
+€219,251
Tax, wage and social debts
+€439,067
Other debts
-€106,399
Accrued charges and deferred income
+€7,813
Investment (derived)
+€7,801
Investment in fixed assets (net)
+€7,801
Financing
-€512,924
Debts after one year
-€28,985
Current portion of long-term debt
+€1,127
Short-term financial debts
-€365,065
Contributions, distributions and other
-€120,000
Cash 2025
€90,891
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,078,457 | €5,630,336 | +€551,879 | +10.9% |
| Fixed assets | 21/28 | €3,685,208 | €3,614,826 | -€70,382 | -1.9% |
| Intangible fixed assets | 21 | €121,614 | €144,566 | +€22,952 | +18.9% |
| Tangible fixed assets | 22/27 | €79,451 | €80,491 | +€1,040 | +1.3% |
| Plant, machinery and equipment | 23 | €22,437 | €20,486 | -€1,951 | -8.7% |
| Furniture and vehicles | 24 | €44,414 | €59,542 | +€15,128 | +34.1% |
| Other tangible fixed assets | 26 | - | €463 | +€463 | |
| Assets under construction and advance payments | 27 | €12,600 | - | -€12,600 | |
| Financial fixed assets | 28 | €3,484,143 | €3,389,769 | -€94,374 | -2.7% |
| Affiliated companies | 280/1 | €3,418,203 | €3,318,203 | -€100,000 | -2.9% |
| Participating interests | 280 | €3,418,203 | €3,318,203 | -€100,000 | -2.9% |
| Companies linked by participating interests | 282/3 | €49,982 | €49,982 | = | 0.0% |
| Participating interests | 282 | €49,982 | €49,982 | = | 0.0% |
| Other financial fixed assets | 284/8 | €15,958 | €21,584 | +€5,626 | +35.3% |
| Amounts receivable and cash guarantees | 285/8 | €15,958 | €21,584 | +€5,626 | +35.3% |
| Current assets | 29/58 | €1,393,249 | €2,015,510 | +€622,261 | +44.7% |
| Amounts receivable within one year | 40/41 | €1,271,070 | €1,858,977 | +€587,907 | +46.3% |
| Trade receivables | 40 | €351,975 | €326,748 | -€25,227 | -7.2% |
| Other amounts receivable | 41 | €919,095 | €1,532,229 | +€613,134 | +66.7% |
| Cash at bank and in hand | 54/58 | €65,617 | €90,891 | +€25,274 | +38.5% |
| Deferred charges and accrued income | 490/1 | €56,562 | €65,642 | +€9,081 | +16.1% |
| Total equity and liabilities | 10/49 | €5,078,457 | €5,630,336 | +€551,879 | +10.9% |
| Equity | 10/15 | €2,548,052 | €2,933,124 | +€385,071 | +15.1% |
| Contributions | 10/11 | €1,820,000 | €1,820,000 | = | 0.0% |
| Capital | 10 | €1,820,000 | €1,820,000 | = | 0.0% |
| Issued capital | 100 | €1,820,000 | €1,820,000 | = | 0.0% |
| Revaluation surpluses | 12 | €24,890 | €24,890 | = | 0.0% |
| Reserves | 13 | €703,162 | €1,088,233 | +€385,071 | +54.8% |
| Non-distributable reserves | 130/1 | €99,817 | €125,071 | +€25,254 | +25.3% |
| Legal reserve | 130 | €99,817 | €125,071 | +€25,254 | +25.3% |
| Tax-exempt reserves | 132 | €7,557 | €7,557 | = | 0.0% |
| Distributable reserves | 133 | €595,788 | €955,606 | +€359,818 | +60.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,530,404 | €2,697,212 | +€166,808 | +6.6% |
| Amounts payable after more than one year | 17 | €61,710 | €32,725 | -€28,985 | -47.0% |
| Financial debts | 170/4 | €61,710 | €32,725 | -€28,985 | -47.0% |
| Credit institutions | 173 | €61,710 | €32,725 | -€28,985 | -47.0% |
| Amounts payable within one year | 42/48 | €2,468,694 | €2,656,675 | +€187,981 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €27,859 | €28,985 | +€1,127 | +4.0% |
| Financial debts | 43 | €685,384 | €320,319 | -€365,065 | -53.3% |
| Credit institutions | 430/8 | €685,384 | €320,319 | -€365,065 | -53.3% |
| Trade debts | 44 | €551,319 | €770,571 | +€219,251 | +39.8% |
| Suppliers | 440/4 | €551,319 | €770,571 | +€219,251 | +39.8% |
| Taxes, remuneration and social security | 45 | €975,807 | €1,414,874 | +€439,067 | +45.0% |
| Taxes | 450/3 | €759,271 | €1,175,253 | +€415,982 | +54.8% |
| Remuneration and social security | 454/9 | €216,536 | €239,621 | +€23,085 | +10.7% |
| Other amounts payable | 47/48 | €228,325 | €121,926 | -€106,399 | -46.6% |
| Accrued charges and deferred income | 492/3 | - | €7,813 | +€7,813 | |
| Operating income | 70/76A | €2,719,245 | €3,158,098 | +€438,853 | +16.1% |
| Turnover | 70 | €2,703,492 | €3,138,504 | +€435,012 | +16.1% |
| Other operating income | 74 | €15,753 | €19,594 | +€3,841 | +24.4% |
| Operating charges | 60/66A | €2,613,319 | €3,357,704 | +€744,385 | +28.5% |
| Services and other goods | 61 | €1,628,243 | €2,207,733 | +€579,490 | +35.6% |
| Remuneration, social security and pensions | 62 | €925,772 | €1,067,905 | +€142,133 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,578 | €62,581 | +€20,003 | +47.0% |
| Other operating charges | 640/8 | €16,726 | €19,485 | +€2,760 | +16.5% |
| Operating profit (loss) | 9901 | €105,926 | -€199,607 | -€305,532 | |
| Financial income | 75/76B | €425,687 | €1,264,138 | +€838,452 | +197% |
| Recurring financial income | 75 | €425,687 | €755,872 | +€330,186 | +77.6% |
| Income from financial fixed assets | 750 | €400,000 | €750,000 | +€350,000 | +87.5% |
| Income from current assets | 751 | €25,422 | €5,872 | -€19,550 | -76.9% |
| Other financial income | 752/9 | €264 | €0 | -€264 | -100.0% |
| Non-recurring financial income | 76B | - | €508,266 | +€508,266 | |
| Financial charges | 65/66B | €48,025 | €557,780 | +€509,755 | +1,061% |
| Recurring financial charges | 65 | €48,025 | €49,514 | +€1,489 | +3.1% |
| Debt charges | 650 | €35,486 | €36,415 | +€930 | +2.6% |
| Other financial charges | 652/9 | €12,539 | €13,098 | +€559 | +4.5% |
| Non-recurring financial charges | 66B | - | €508,266 | +€508,266 | |
| Profit (loss) for the period before taxes | 9903 | €483,588 | €506,752 | +€23,164 | +4.8% |
| Income taxes | 67/77 | €36,060 | €1,681 | -€34,380 | -95.3% |
| Taxes | 670/3 | €37,000 | €1,681 | -€35,319 | -95.5% |
| Tax adjustments and reversals of tax provisions | 77 | €940 | - | -€940 | |
| Profit (loss) for the period | 9904 | €447,528 | €505,071 | +€57,544 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €447,528 | €505,071 | +€57,544 | +12.9% |
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 21 October 2026 via checked.be.