S.A.T.E.L.: what changed
Two fiscal 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.T.E.L.
Largest movements
- Tangible fixed assets +€59,935
up €59,935 (+57.1%), from €104,944 to €164,879
of which Plant, machinery and equipment: +€43,569
- Cash -€38,962
down €38,962 (-32.8%), from €118,919 to €79,957
mainly Investment in fixed assets (net) (-€95,636) and Trade debts (-€69,893)
- Trade debts -€69,893
down €69,893 (-48.5%), from €144,102 to €74,209
- Profit (loss) carried forward +€66,997
up €66,997 (+4517.7%), from €1,483 to €68,480
- Reserves +€25,000
up €25,000 (+37.0%), from €67,609 to €92,609
of which Distributable reserves: +€25,000
- Other debts -€19,095
no longer reported in 2025 (was €19,095)
- Advances received +€13,652
new in 2025: €13,652
- Gross operating margin +€67,220
up €67,220 (+66.8%), from €100,579 to €167,799
- Taxes +€18,032
up €18,032 (+86.1%), from €20,954 to €38,986
- Depreciation +€13,362
up €13,362 (+59.8%), from €22,339 to €35,701
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 | €277,116 | €298,929 | +€21,813 | +7.9% |
| Fixed assets | 21/28 | €104,944 | €164,879 | +€59,935 | +57.1% |
| Tangible fixed assets | 22/27 | €104,944 | €164,879 | +€59,935 | +57.1% |
| Land and buildings | 22 | €37,291 | €37,798 | +€507 | +1.4% |
| Plant, machinery and equipment | 23 | €5,143 | €48,712 | +€43,569 | +847.2% |
| Furniture and vehicles | 24 | €16,602 | €41,579 | +€24,977 | +150.4% |
| Other tangible fixed assets | 26 | €45,908 | €36,790 | -€9,118 | -19.9% |
| Current assets | 29/58 | €172,172 | €134,050 | -€38,122 | -22.1% |
| Stocks and contracts in progress | 3 | - | €2,058 | +€2,058 | |
| Stocks | 30/36 | - | €2,058 | +€2,058 | |
| Amounts receivable within one year | 40/41 | €53,253 | €51,738 | -€1,515 | -2.8% |
| Trade receivables | 40 | €49,947 | €14,841 | -€35,106 | -70.3% |
| Other amounts receivable | 41 | €3,306 | €36,897 | +€33,591 | +1016.1% |
| Cash at bank and in hand | 54/58 | €118,919 | €79,957 | -€38,962 | -32.8% |
| Deferred charges and accrued income | 490/1 | - | €297 | +€297 | |
| Total equity and liabilities | 10/49 | €277,116 | €298,929 | +€21,813 | +7.9% |
| Equity | 10/15 | €87,684 | €179,681 | +€91,997 | +104.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | - | -€18,592 | |
| Issued capital | 100 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €67,609 | €92,609 | +€25,000 | +37.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | - | €1,859 | +€1,859 | |
| Tax-exempt reserves | 132 | €30,647 | €30,647 | = | 0.0% |
| Distributable reserves | 133 | €35,103 | €60,103 | +€25,000 | +71.2% |
| Profit (loss) carried forward | 14 | €1,483 | €68,480 | +€66,997 | +4517.7% |
| Amounts payable | 17/49 | €189,432 | €119,248 | -€70,184 | -37.0% |
| Amounts payable within one year | 42/48 | €189,432 | €119,248 | -€70,184 | -37.0% |
| Current portion of amounts payable after more than one year | 42 | €5,281 | - | -€5,281 | |
| Trade debts | 44 | €144,102 | €74,209 | -€69,893 | -48.5% |
| Suppliers | 440/4 | €144,102 | €74,209 | -€69,893 | -48.5% |
| Advances received on contracts in progress | 46 | - | €13,652 | +€13,652 | |
| Taxes, remuneration and social security | 45 | €20,954 | €31,387 | +€10,433 | +49.8% |
| Taxes | 450/3 | €20,954 | €31,387 | +€10,433 | +49.8% |
| Other amounts payable | 47/48 | €19,095 | - | -€19,095 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,339 | €35,701 | +€13,362 | +59.8% |
| Other operating charges | 640/8 | €610 | €825 | +€215 | +35.2% |
| Gross operating margin | 9900 | €100,579 | €167,799 | +€67,220 | +66.8% |
| Operating profit (loss) | 9901 | €77,630 | €131,273 | +€53,643 | +69.1% |
| Financial charges | 65/66B | €277 | €290 | +€13 | +4.7% |
| Recurring financial charges | 65 | €277 | €290 | +€13 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €77,353 | €130,983 | +€53,630 | +69.3% |
| Income taxes | 67/77 | €20,954 | €38,986 | +€18,032 | +86.1% |
| Profit (loss) for the period | 9904 | €56,399 | €91,997 | +€35,598 | +63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €56,399 | €91,997 | +€35,598 | +63.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.