S.A.W.: 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.W.
Largest movements
- Tangible fixed assets -€74,098
down €74,098 (-6.9%), from €1.1m to €992,261
of which Land and buildings: -€72,510
- Cash +€33,989
up €33,989 (+72.8%), from €46,695 to €80,684
mainly Depreciation (+€83,367) and Net result for the year (+€41,804)
- Debts after one year -€53,037
down €53,037 (-66.3%), from €79,957 to €26,919
- Profit (loss) carried forward +€41,804
up €41,804 (+42.3%), from €98,804 to €140,608
- Trade debts -€20,470
down €20,470 (-74.8%), from €27,366 to €6,895
- Gross operating margin +€23,370
up €23,370 (+16.0%), from €145,736 to €169,105
- Other operating charges +€5,820
up €5,820 (+26.9%), from €21,610 to €27,430
- Taxes +€4,239
up €4,239 (+42.0%), from €10,095 to €14,334
- Depreciation +€2,195
up €2,195 (+2.7%), from €81,171 to €83,367
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 | €1,133,183 | €1,085,707 | -€47,475 | -4.2% |
| Fixed assets | 21/28 | €1,066,461 | €992,363 | -€74,098 | -6.9% |
| Tangible fixed assets | 22/27 | €1,066,359 | €992,261 | -€74,098 | -6.9% |
| Land and buildings | 22 | €1,037,424 | €964,914 | -€72,510 | -7.0% |
| Plant, machinery and equipment | 23 | €27,531 | €26,061 | -€1,470 | -5.3% |
| Furniture and vehicles | 24 | €1,403 | €1,286 | -€117 | -8.3% |
| Financial fixed assets | 28 | €102 | €102 | = | 0.0% |
| Current assets | 29/58 | €66,722 | €93,344 | +€26,622 | +39.9% |
| Amounts receivable within one year | 40/41 | €17,658 | €10,188 | -€7,470 | -42.3% |
| Trade receivables | 40 | €17,640 | €8,019 | -€9,621 | -54.5% |
| Other amounts receivable | 41 | €18 | €2,169 | +€2,151 | +11817.5% |
| Cash at bank and in hand | 54/58 | €46,695 | €80,684 | +€33,989 | +72.8% |
| Deferred charges and accrued income | 490/1 | €2,369 | €2,472 | +€103 | +4.4% |
| Total equity and liabilities | 10/49 | €1,133,183 | €1,085,707 | -€47,475 | -4.2% |
| Equity | 10/15 | €940,304 | €982,108 | +€41,804 | +4.4% |
| Contributions | 10/11 | €765,000 | €765,000 | = | 0.0% |
| Capital | 10 | €765,000 | €765,000 | = | 0.0% |
| Issued capital | 100 | €765,000 | €765,000 | = | 0.0% |
| Reserves | 13 | €76,500 | €76,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €76,500 | €76,500 | = | 0.0% |
| Legal reserve | 130 | €76,500 | €76,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98,804 | €140,608 | +€41,804 | +42.3% |
| Amounts payable | 17/49 | €192,878 | €103,599 | -€89,279 | -46.3% |
| Amounts payable after more than one year | 17 | €79,957 | €26,919 | -€53,037 | -66.3% |
| Financial debts | 170/4 | €79,957 | €26,919 | -€53,037 | -66.3% |
| Amounts payable within one year | 42/48 | €111,404 | €75,779 | -€35,625 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €51,987 | €53,037 | +€1,051 | +2.0% |
| Trade debts | 44 | €27,366 | €6,895 | -€20,470 | -74.8% |
| Suppliers | 440/4 | €27,366 | €6,895 | -€20,470 | -74.8% |
| Taxes, remuneration and social security | 45 | €10,655 | €2,852 | -€7,804 | -73.2% |
| Taxes | 450/3 | €10,655 | €2,852 | -€7,804 | -73.2% |
| Other amounts payable | 47/48 | €21,396 | €12,995 | -€8,401 | -39.3% |
| Accrued charges and deferred income | 492/3 | €1,518 | €900 | -€617 | -40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,171 | €83,367 | +€2,195 | +2.7% |
| Other operating charges | 640/8 | €21,610 | €27,430 | +€5,820 | +26.9% |
| Gross operating margin | 9900 | €145,736 | €169,105 | +€23,370 | +16.0% |
| Operating profit (loss) | 9901 | €42,955 | €58,309 | +€15,354 | +35.7% |
| Financial income | 75/76B | €360 | €891 | +€531 | +147.4% |
| Recurring financial income | 75 | €360 | €891 | +€531 | +147.4% |
| Financial charges | 65/66B | €3,446 | €3,063 | -€383 | -11.1% |
| Recurring financial charges | 65 | €3,446 | €3,063 | -€383 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €39,869 | €56,137 | +€16,268 | +40.8% |
| Income taxes | 67/77 | €10,095 | €14,334 | +€4,239 | +42.0% |
| Profit (loss) for the period | 9904 | €29,774 | €41,804 | +€12,029 | +40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,774 | €41,804 | +€12,029 | +40.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.