S.A.M.: 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.M.
Largest movements
- Receivables within one year +€94,688
up €94,688 (+35.6%), from €265,986 to €360,675
of which Other amounts receivable: +€61,250
- Cash +€39,690
up €39,690 (+760.9%), from €5,217 to €44,907
mainly Other debts (+€180,728) and Depreciation (+€38,487)
- Tangible fixed assets +€27,088
up €27,088 (+9.5%), from €284,803 to €311,891
of which Furniture and vehicles: +€51,222
- Deferred charges and accrued income -€7,377
down €7,377 (-47.5%), from €15,536 to €8,159
- Other debts +€180,728
up €180,728 (+215.5%), from €83,854 to €264,582
- Tax, wage and social debts -€60,155
down €60,155 (-40.6%), from €148,231 to €88,077
of which Taxes: -€114,481
- Debts after one year +€19,190
up €19,190 (+10.7%), from €178,808 to €197,998
- Current portion of long-term debt +€12,538
up €12,538 (+61.4%), from €20,405 to €32,944
- Gross operating margin +€128,937
up €128,937 (+55.7%), from €231,413 to €360,350
- Staff costs +€91,577
up €91,577 (+50.4%), from €181,799 to €273,376
- Other operating charges +€21,482
up €21,482 (+338.2%), from €6,352 to €27,834
- Depreciation +€9,646
up €9,646 (+33.4%), from €28,841 to €38,487
- Taxes +€8,045
up €8,045 (+147.8%), from €5,443 to €13,489
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.
Cash bridge derived
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 | €572,866 | €726,956 | +€154,090 | +26.9% |
| Fixed assets | 21/28 | €286,128 | €313,216 | +€27,088 | +9.5% |
| Tangible fixed assets | 22/27 | €284,803 | €311,891 | +€27,088 | +9.5% |
| Land and buildings | 22 | €284,803 | €260,669 | -€24,134 | -8.5% |
| Furniture and vehicles | 24 | - | €51,222 | +€51,222 | |
| Financial fixed assets | 28 | €1,325 | €1,325 | = | 0.0% |
| Current assets | 29/58 | €286,738 | €413,740 | +€127,002 | +44.3% |
| Amounts receivable within one year | 40/41 | €265,986 | €360,675 | +€94,688 | +35.6% |
| Trade receivables | 40 | €22,504 | €55,943 | +€33,439 | +148.6% |
| Other amounts receivable | 41 | €243,482 | €304,732 | +€61,250 | +25.2% |
| Cash at bank and in hand | 54/58 | €5,217 | €44,907 | +€39,690 | +760.9% |
| Deferred charges and accrued income | 490/1 | €15,536 | €8,159 | -€7,377 | -47.5% |
| Total equity and liabilities | 10/49 | €572,866 | €726,956 | +€154,090 | +26.9% |
| Equity | 10/15 | €85,054 | €91,634 | +€6,580 | +7.7% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,694 | €77,274 | +€6,580 | +9.3% |
| Amounts payable | 17/49 | €487,812 | €635,321 | +€147,509 | +30.2% |
| Amounts payable after more than one year | 17 | €178,808 | €197,998 | +€19,190 | +10.7% |
| Financial debts | 170/4 | €178,808 | €197,998 | +€19,190 | +10.7% |
| Amounts payable within one year | 42/48 | €309,004 | €437,223 | +€128,219 | +41.5% |
| Current portion of amounts payable after more than one year | 42 | €20,405 | €32,944 | +€12,538 | +61.4% |
| Trade debts | 44 | €56,514 | €51,621 | -€4,893 | -8.7% |
| Suppliers | 440/4 | €56,514 | €51,621 | -€4,893 | -8.7% |
| Taxes, remuneration and social security | 45 | €148,231 | €88,077 | -€60,155 | -40.6% |
| Taxes | 450/3 | €125,874 | €11,393 | -€114,481 | -90.9% |
| Remuneration and social security | 454/9 | €22,358 | €76,684 | +€54,326 | +243.0% |
| Other amounts payable | 47/48 | €83,854 | €264,582 | +€180,728 | +215.5% |
| Accrued charges and deferred income | 492/3 | - | €100 | +€100 | |
| Remuneration, social security and pensions | 62 | €181,799 | €273,376 | +€91,577 | +50.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,841 | €38,487 | +€9,646 | +33.4% |
| Other operating charges | 640/8 | €6,352 | €27,834 | +€21,482 | +338.2% |
| Gross operating margin | 9900 | €231,413 | €360,350 | +€128,937 | +55.7% |
| Operating profit (loss) | 9901 | €14,421 | €20,653 | +€6,232 | +43.2% |
| Financial income | 75/76B | €7,976 | €12,896 | +€4,920 | +61.7% |
| Recurring financial income | 75 | €7,976 | €12,896 | +€4,920 | +61.7% |
| Financial charges | 65/66B | €9,429 | €13,480 | +€4,052 | +43.0% |
| Recurring financial charges | 65 | €9,429 | €13,480 | +€4,052 | +43.0% |
| Profit (loss) for the period before taxes | 9903 | €12,968 | €20,069 | +€7,101 | +54.8% |
| Income taxes | 67/77 | €5,443 | €13,489 | +€8,045 | +147.8% |
| Profit (loss) for the period | 9904 | €7,525 | €6,580 | -€944 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,525 | €6,580 | -€944 | -12.6% |
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 11 October 2026 via checked.be.