S.A.P.I.A.: what changed
What changed
S.A.P.I.A.
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€41
2024 · €45,728-€45,688
Equity
€368,854
2024 · €370,479-€1,625
Cash
€31,425
2024 · €29,120+€2,305
Balance sheet total
€480,852
2024 · €544,538-€63,686
Largest movements
Assets
- Financial fixed assets -€50,000
down €50,000 (-11.9%), from €420,000 to €370,000
- Tangible fixed assets -€16,487
down €16,487 (-20.6%), from €80,084 to €63,598
of which Other tangible fixed assets: -€13,626
Equity and liabilities
- Current portion of long-term debt -€32,108
down €32,108 (-61.9%), from €51,860 to €19,752
- Debts after one year -€19,752
no longer reported in 2025 (was €19,752)
- Other debts -€6,628
down €6,628 (-7.5%), from €88,423 to €81,795
Income statement
- Gross operating margin -€73,449
down €73,449 (-72.2%), from €101,707 to €28,258
- Financial charges +€51,235
up €51,235 (+873%), from €5,870 to €57,105
of which Non-recurring financial charges: +€50,000
- Financial income +€50,037
up €50,037 (+6,177,357%), from €1 to €50,037
- Taxes -€17,518
down €17,518 (-92.8%), from €18,880 to €1,363
- Depreciation -€12,328
down €12,328 (-42.8%), from €28,815 to €16,487
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€45,728
Gross operating margin
-€73,449
Depreciation
+€12,328
Other operating charges
-€886
Financial income
+€50,037
Financial charges
-€51,235
Taxes
+€17,518
Result 2025
€41
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€5,831
Investment
+€50,000
Financing
-€53,526
Cash 2024
€29,120
From operations (derived)
+€5,831
Net result for the year
+€41
Depreciation
+€16,487
Receivables within one year
+€600
Deferred charges and accrued income
-€1,097
Trade debts
-€1,721
Tax, wage and social debts
-€3,841
Other debts
-€6,628
Accrued charges and deferred income
+€1,990
Investment (derived)
+€50,000
Investment in fixed assets (net)
+€50,000
Financing
-€53,526
Debts after one year
-€19,752
Current portion of long-term debt
-€32,108
Contributions, distributions and other
-€1,666
Cash 2025
€31,425
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €544,538 | €480,852 | -€63,686 | -11.7% |
| Fixed assets | 21/28 | €500,084 | €433,598 | -€66,487 | -13.3% |
| Tangible fixed assets | 22/27 | €80,084 | €63,598 | -€16,487 | -20.6% |
| Furniture and vehicles | 24 | €6,128 | €3,267 | -€2,861 | -46.7% |
| Other tangible fixed assets | 26 | €73,956 | €60,330 | -€13,626 | -18.4% |
| Financial fixed assets | 28 | €420,000 | €370,000 | -€50,000 | -11.9% |
| Current assets | 29/58 | €44,453 | €47,255 | +€2,801 | +6.3% |
| Amounts receivable within one year | 40/41 | €12,324 | €11,724 | -€600 | -4.9% |
| Trade receivables | 40 | €9,084 | €9,075 | -€9 | -0.1% |
| Other amounts receivable | 41 | €3,240 | €2,649 | -€591 | -18.3% |
| Cash at bank and in hand | 54/58 | €29,120 | €31,425 | +€2,305 | +7.9% |
| Deferred charges and accrued income | 490/1 | €3,009 | €4,106 | +€1,097 | +36.5% |
| Total equity and liabilities | 10/49 | €544,538 | €480,852 | -€63,686 | -11.7% |
| Equity | 10/15 | €370,479 | €368,854 | -€1,625 | -0.4% |
| Contributions | 10/11 | €243,300 | €243,300 | = | 0.0% |
| Capital | 10 | €243,300 | €243,300 | = | 0.0% |
| Issued capital | 100 | €243,300 | €243,300 | = | 0.0% |
| Reserves | 13 | €127,179 | €125,554 | -€1,625 | -1.3% |
| Non-distributable reserves | 130/1 | €24,330 | €24,330 | = | 0.0% |
| Legal reserve | 130 | €24,330 | €24,330 | = | 0.0% |
| Distributable reserves | 133 | €102,849 | €101,224 | -€1,625 | -1.6% |
| Amounts payable | 17/49 | €174,059 | €111,998 | -€62,060 | -35.7% |
| Amounts payable after more than one year | 17 | €19,752 | - | -€19,752 | |
| Financial debts | 170/4 | €19,752 | - | -€19,752 | |
| Amounts payable within one year | 42/48 | €150,389 | €106,091 | -€44,299 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €51,860 | €19,752 | -€32,108 | -61.9% |
| Trade debts | 44 | €1,844 | €122 | -€1,721 | -93.4% |
| Suppliers | 440/4 | €1,844 | €122 | -€1,721 | -93.4% |
| Taxes, remuneration and social security | 45 | €8,262 | €4,421 | -€3,841 | -46.5% |
| Taxes | 450/3 | €8,262 | €4,421 | -€3,841 | -46.5% |
| Other amounts payable | 47/48 | €88,423 | €81,795 | -€6,628 | -7.5% |
| Accrued charges and deferred income | 492/3 | €3,917 | €5,908 | +€1,990 | +50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,815 | €16,487 | -€12,328 | -42.8% |
| Other operating charges | 640/8 | €2,414 | €3,300 | +€886 | +36.7% |
| Gross operating margin | 9900 | €101,707 | €28,258 | -€73,449 | -72.2% |
| Operating profit (loss) | 9901 | €70,478 | €8,471 | -€62,006 | -88.0% |
| Financial income | 75/76B | €1 | €50,037 | +€50,037 | +6,177,357% |
| Recurring financial income | 75 | €1 | €50,037 | +€50,037 | +6,177,357% |
| Financial charges | 65/66B | €5,870 | €57,105 | +€51,235 | +873% |
| Recurring financial charges | 65 | €5,870 | €7,105 | +€1,235 | +21.0% |
| Non-recurring financial charges | 66B | - | €50,000 | +€50,000 | |
| Profit (loss) for the period before taxes | 9903 | €64,608 | €1,403 | -€63,205 | -97.8% |
| Income taxes | 67/77 | €18,880 | €1,363 | -€17,518 | -92.8% |
| Profit (loss) for the period | 9904 | €45,728 | €41 | -€45,688 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,728 | €41 | -€45,688 | -99.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.