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.
What changed
S.A.M.
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€29,780
2024 · €6,919+€22,861
Equity
€9.0m
2024 · €9.0m+€29,780
Cash
€5,030
2024 · €6,356-€1,326
Balance sheet total
€13.8m
2024 · €14.2m-€400,222
Largest movements
Assets
- Receivables within one year -€384,990
down €384,990 (-54.7%), from €704,046 to €319,056
of which Other amounts receivable: -€336,954
Equity and liabilities
- Other debts -€314,539
down €314,539 (-12.7%), from €2.5m to €2.2m
- Debts after one year -€150,000
down €150,000 (-8.1%), from €1.9m to €1.7m
of which Financial debts: -€150,000
Income statement
- Services and other goods -€15,271
down €15,271 (-13.4%), from €114,191 to €98,920
- Financial charges -€11,434
down €11,434 (-8.1%), from €141,041 to €129,608
- Turnover +€11,035
up €11,035 (+2.2%), from €505,090 to €516,125
- Other operating charges +€9,313
up €9,313 (+263%), from €3,538 to €12,851
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
€6,919
Turnover
+€11,035
Other operating income
-€7
Services and other goods
+€15,271
Staff costs
+€677
Write-downs
-€1,696
Other operating charges
-€9,313
Financial income
-€4,533
Financial charges
+€11,434
Taxes
-€7
Result 2025
€29,780
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
+€148,674
Investment
€0
Financing
-€150,000
Cash 2024
€6,356
From operations (derived)
+€148,674
Net result for the year
+€29,780
Depreciation
+€9,180
Receivables within one year
+€384,990
Deferred charges and accrued income
+€4,726
Trade debts
+€2,513
Tax, wage and social debts
+€33,455
Other debts
-€314,539
Accrued charges and deferred income
-€1,431
Financing
-€150,000
Debts after one year
-€150,000
Cash 2025
€5,030
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,170,993 | €13,770,772 | -€400,222 | -2.8% |
| Fixed assets | 21/28 | €13,452,674 | €13,443,494 | -€9,180 | -0.1% |
| Tangible fixed assets | 22/27 | €621,170 | €611,990 | -€9,180 | -1.5% |
| Land and buildings | 22 | €409,020 | €399,840 | -€9,180 | -2.2% |
| Other tangible fixed assets | 26 | €212,150 | €212,150 | = | 0.0% |
| Financial fixed assets | 28 | €12,831,504 | €12,831,504 | = | 0.0% |
| Affiliated companies | 280/1 | €12,010,966 | €12,010,966 | = | 0.0% |
| Participating interests | 280 | €12,010,966 | €12,010,966 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €820,537 | €820,537 | = | 0.0% |
| Participating interests | 282 | €124,500 | €124,500 | = | 0.0% |
| Amounts receivable | 283 | €696,037 | €696,037 | = | 0.0% |
| Current assets | 29/58 | €718,320 | €327,278 | -€391,042 | -54.4% |
| Amounts receivable within one year | 40/41 | €704,046 | €319,056 | -€384,990 | -54.7% |
| Trade receivables | 40 | €48,036 | - | -€48,036 | |
| Other amounts receivable | 41 | €656,010 | €319,056 | -€336,954 | -51.4% |
| Cash at bank and in hand | 54/58 | €6,356 | €5,030 | -€1,326 | -20.9% |
| Deferred charges and accrued income | 490/1 | €7,918 | €3,192 | -€4,726 | -59.7% |
| Total equity and liabilities | 10/49 | €14,170,993 | €13,770,772 | -€400,222 | -2.8% |
| Equity | 10/15 | €8,988,442 | €9,018,222 | +€29,780 | +0.3% |
| Contributions | 10/11 | €9,000,000 | €9,000,000 | = | 0.0% |
| Reserves | 13 | €208,974 | €208,974 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,426 | €12,426 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,426 | €12,426 | = | 0.0% |
| Distributable reserves | 133 | €196,548 | €196,548 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€220,533 | -€190,753 | +€29,780 | +13.5% |
| Amounts payable | 17/49 | €5,182,552 | €4,752,550 | -€430,002 | -8.3% |
| Amounts payable after more than one year | 17 | €1,862,500 | €1,712,500 | -€150,000 | -8.1% |
| Financial debts | 170/4 | €362,500 | €212,500 | -€150,000 | -41.4% |
| Credit institutions | 173 | €362,500 | €212,500 | -€150,000 | -41.4% |
| Other amounts payable | 178/9 | €1,500,000 | €1,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,213,861 | €2,935,290 | -€278,571 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Trade debts | 44 | €25,062 | €27,574 | +€2,513 | +10.0% |
| Suppliers | 440/4 | €25,062 | €27,574 | +€2,513 | +10.0% |
| Taxes, remuneration and social security | 45 | €54,193 | €87,648 | +€33,455 | +61.7% |
| Taxes | 450/3 | €21,915 | €56,259 | +€34,344 | +157% |
| Remuneration and social security | 454/9 | €32,278 | €31,390 | -€889 | -2.8% |
| Other amounts payable | 47/48 | €2,484,606 | €2,170,067 | -€314,539 | -12.7% |
| Accrued charges and deferred income | 492/3 | €106,191 | €104,760 | -€1,431 | -1.3% |
| Operating income | 70/76A | €514,767 | €525,795 | +€11,028 | +2.1% |
| Turnover | 70 | €505,090 | €516,125 | +€11,035 | +2.2% |
| Other operating income | 74 | €9,677 | €9,670 | -€7 | -0.1% |
| Operating charges | 60/66A | €374,707 | €369,767 | -€4,939 | -1.3% |
| Services and other goods | 61 | €114,191 | €98,920 | -€15,271 | -13.4% |
| Remuneration, social security and pensions | 62 | €234,151 | €233,474 | -€677 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,180 | €9,180 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,647 | €15,343 | +€1,696 | +12.4% |
| Other operating charges | 640/8 | €3,538 | €12,851 | +€9,313 | +263% |
| Operating profit (loss) | 9901 | €140,061 | €156,028 | +€15,967 | +11.4% |
| Financial income | 75/76B | €8,105 | €3,572 | -€4,533 | -55.9% |
| Recurring financial income | 75 | €8,105 | €3,572 | -€4,533 | -55.9% |
| Income from current assets | 751 | €7,918 | €3,192 | -€4,726 | -59.7% |
| Other financial income | 752/9 | €187 | €380 | +€193 | +103% |
| Financial charges | 65/66B | €141,041 | €129,608 | -€11,434 | -8.1% |
| Recurring financial charges | 65 | €141,041 | €129,608 | -€11,434 | -8.1% |
| Debt charges | 650 | €140,244 | €128,729 | -€11,515 | -8.2% |
| Other financial charges | 652/9 | €798 | €878 | +€81 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €7,124 | €29,992 | +€22,868 | +321% |
| Income taxes | 67/77 | €206 | €212 | +€7 | +3.3% |
| Taxes | 670/3 | €206 | €212 | +€7 | +3.3% |
| Profit (loss) for the period | 9904 | €6,919 | €29,780 | +€22,861 | +330% |
| Profit (loss) for the period to be appropriated | 9905 | €6,919 | €29,780 | +€22,861 | +330% |
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 26 October 2026 via checked.be.