S.A.L.: 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.L.
Largest movements
- Tangible fixed assets +€32,874
up €32,874 (+23.5%), from €139,837 to €172,711
of which Other tangible fixed assets: +€52,714
- Cash +€15,552
up €15,552 (+44.9%), from €34,654 to €50,206
mainly Other debts (+€278,341) and Net result for the year (+€37,108)
- Receivables within one year -€5,160
down €5,160 (-6.9%), from €74,478 to €69,318
of which Other amounts receivable: -€8,834
- Other debts +€278,341
up €278,341 (+376%), from €74,017 to €352,358
- Reserves -€234,905
down €234,905 (-90.8%), from €258,710 to €23,805
of which Distributable reserves: -€234,905
- Debts after one year -€8,701
down €8,701 (-23.8%), from €36,579 to €27,878
- Trade debts +€6,978
up €6,978 (+132%), from €5,295 to €12,272
- Gross operating margin -€19,004
down €19,004 (-17.8%), from €106,923 to €87,919
- Depreciation +€17,324
up €17,324 (+125%), from €13,845 to €31,168
- Taxes -€8,423
down €8,423 (-49.9%), from €16,896 to €8,473
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 | €415,968 | €455,883 | +€39,915 | +9.6% |
| Fixed assets | 21/28 | €139,837 | €172,711 | +€32,874 | +23.5% |
| Tangible fixed assets | 22/27 | €139,837 | €172,711 | +€32,874 | +23.5% |
| Land and buildings | 22 | €61,978 | €52,973 | -€9,005 | -14.5% |
| Plant, machinery and equipment | 23 | €2,638 | €3,459 | +€822 | +31.1% |
| Furniture and vehicles | 24 | €73,741 | €62,083 | -€11,657 | -15.8% |
| Other tangible fixed assets | 26 | €1,481 | €54,196 | +€52,714 | +3,559% |
| Current assets | 29/58 | €276,131 | €283,172 | +€7,041 | +2.5% |
| Stocks and contracts in progress | 3 | €8,889 | €5,349 | -€3,541 | -39.8% |
| Stocks | 30/36 | €8,889 | €5,349 | -€3,541 | -39.8% |
| Amounts receivable within one year | 40/41 | €74,478 | €69,318 | -€5,160 | -6.9% |
| Trade receivables | 40 | €54,122 | €57,796 | +€3,674 | +6.8% |
| Other amounts receivable | 41 | €20,356 | €11,523 | -€8,834 | -43.4% |
| Current investments | 50/53 | €154,810 | €155,391 | +€582 | +0.4% |
| Cash at bank and in hand | 54/58 | €34,654 | €50,206 | +€15,552 | +44.9% |
| Deferred charges and accrued income | 490/1 | €3,300 | €2,908 | -€392 | -11.9% |
| Total equity and liabilities | 10/49 | €415,968 | €455,883 | +€39,915 | +9.6% |
| Equity | 10/15 | €277,310 | €42,405 | -€234,905 | -84.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €258,710 | €23,805 | -€234,905 | -90.8% |
| Tax-exempt reserves | 132 | €2,772 | €2,772 | = | 0.0% |
| Distributable reserves | 133 | €255,938 | €21,033 | -€234,905 | -91.8% |
| Amounts payable | 17/49 | €138,658 | €413,478 | +€274,820 | +198% |
| Amounts payable after more than one year | 17 | €36,579 | €27,878 | -€8,701 | -23.8% |
| Financial debts | 170/4 | €36,579 | €27,878 | -€8,701 | -23.8% |
| Amounts payable within one year | 42/48 | €100,502 | €383,639 | +€283,136 | +282% |
| Current portion of amounts payable after more than one year | 42 | €8,421 | €8,701 | +€280 | +3.3% |
| Financial debts | 43 | €2,500 | €2,500 | = | 0.0% |
| Credit institutions | 430/8 | €2,500 | €2,500 | = | 0.0% |
| Trade debts | 44 | €5,295 | €12,272 | +€6,978 | +132% |
| Suppliers | 440/4 | €5,295 | €12,272 | +€6,978 | +132% |
| Taxes, remuneration and social security | 45 | €10,270 | €7,807 | -€2,463 | -24.0% |
| Taxes | 450/3 | €10,270 | €5,202 | -€5,067 | -49.3% |
| Remuneration and social security | 454/9 | - | €2,605 | +€2,605 | |
| Other amounts payable | 47/48 | €74,017 | €352,358 | +€278,341 | +376% |
| Accrued charges and deferred income | 492/3 | €1,577 | €1,962 | +€385 | +24.4% |
| Non-recurring operating income | 76A | €5,579 | - | -€5,579 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,845 | €31,168 | +€17,324 | +125% |
| Other operating charges | 640/8 | €1,100 | €1,662 | +€562 | +51.1% |
| Non-recurring operating charges | 66A | - | €2,512 | +€2,512 | |
| Gross operating margin | 9900 | €106,923 | €87,919 | -€19,004 | -17.8% |
| Operating profit (loss) | 9901 | €91,978 | €52,576 | -€39,402 | -42.8% |
| Financial income | 75/76B | €731 | €943 | +€212 | +29.0% |
| Recurring financial income | 75 | €731 | €943 | +€212 | +29.0% |
| Financial charges | 65/66B | €7,452 | €7,939 | +€487 | +6.5% |
| Recurring financial charges | 65 | €7,452 | €7,939 | +€487 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €85,257 | €45,581 | -€39,676 | -46.5% |
| Income taxes | 67/77 | €16,896 | €8,473 | -€8,423 | -49.9% |
| Profit (loss) for the period | 9904 | €68,361 | €37,108 | -€31,253 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €68,361 | €37,108 | -€31,253 | -45.7% |
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.