S.A.W. Group: 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. Group
Largest movements
- Cash +€26,086
up €26,086 (+69.1%), from €37,749 to €63,834
mainly Depreciation (+€11,375) and Tax, wage and social debts (+€9,397)
- Receivables within one year +€11,098
up €11,098 (+29.3%), from €37,905 to €49,003
of which Trade receivables: +€17,964
- Tangible fixed assets -€10,212
down €10,212 (-38.4%), from €26,587 to €16,375
of which Plant, machinery and equipment: -€5,645
- Stocks and contracts -€3,875
down €3,875 (-1.9%), from €203,860 to €199,985
- Tax, wage and social debts +€9,397
up €9,397 (+35.8%), from €26,267 to €35,664
of which Remuneration and social security: +€5,918
- Reserves +€8,664
up €8,664 (+25.8%), from €33,552 to €42,216
- Other debts +€3,476
up €3,476 (+412%), from €844 to €4,320
- Staff costs +€17,660
up €17,660 (+21.7%), from €81,389 to €99,049
- Gross operating margin -€8,881
down €8,881 (-6.6%), from €135,293 to €126,412
- Taxes -€8,858
down €8,858 (-79.3%), from €11,171 to €2,313
- Depreciation +€3,766
up €3,766 (+49.5%), from €7,609 to €11,375
- Write-downs +€2,200
new in 2025: €2,200
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €306,989 | €331,678 | +€24,689 | +8.0% |
| Formation expenses | 20 | €889 | €666 | -€222 | -25.0% |
| Fixed assets | 21/28 | €26,587 | €16,375 | -€10,212 | -38.4% |
| Tangible fixed assets | 22/27 | €26,587 | €16,375 | -€10,212 | -38.4% |
| Plant, machinery and equipment | 23 | €15,421 | €9,776 | -€5,645 | -36.6% |
| Furniture and vehicles | 24 | €11,165 | €6,599 | -€4,567 | -40.9% |
| Current assets | 29/58 | €279,513 | €314,636 | +€35,123 | +12.6% |
| Stocks and contracts in progress | 3 | €203,860 | €199,985 | -€3,875 | -1.9% |
| Stocks | 30/36 | €203,860 | €199,985 | -€3,875 | -1.9% |
| Amounts receivable within one year | 40/41 | €37,905 | €49,003 | +€11,098 | +29.3% |
| Trade receivables | 40 | €25,759 | €43,723 | +€17,964 | +69.7% |
| Other amounts receivable | 41 | €12,146 | €5,280 | -€6,865 | -56.5% |
| Cash at bank and in hand | 54/58 | €37,749 | €63,834 | +€26,086 | +69.1% |
| Deferred charges and accrued income | 490/1 | - | €1,814 | +€1,814 | |
| Total equity and liabilities | 10/49 | €306,989 | €331,678 | +€24,689 | +8.0% |
| Equity | 10/15 | €48,552 | €57,216 | +€8,664 | +17.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €33,552 | €42,216 | +€8,664 | +25.8% |
| Distributable reserves | 133 | €33,552 | €42,216 | +€8,664 | +25.8% |
| Amounts payable | 17/49 | €258,437 | €274,462 | +€16,026 | +6.2% |
| Amounts payable within one year | 42/48 | €258,437 | €274,462 | +€16,026 | +6.2% |
| Trade debts | 44 | €231,325 | €234,478 | +€3,153 | +1.4% |
| Suppliers | 440/4 | €231,325 | €234,478 | +€3,153 | +1.4% |
| Taxes, remuneration and social security | 45 | €26,267 | €35,664 | +€9,397 | +35.8% |
| Taxes | 450/3 | €11,427 | €14,905 | +€3,478 | +30.4% |
| Remuneration and social security | 454/9 | €14,840 | €20,759 | +€5,918 | +39.9% |
| Other amounts payable | 47/48 | €844 | €4,320 | +€3,476 | +412% |
| Remuneration, social security and pensions | 62 | €81,389 | €99,049 | +€17,660 | +21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,609 | €11,375 | +€3,766 | +49.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,200 | +€2,200 | |
| Other operating charges | 640/8 | €809 | €740 | -€69 | -8.5% |
| Gross operating margin | 9900 | €135,293 | €126,412 | -€8,881 | -6.6% |
| Operating profit (loss) | 9901 | €45,485 | €13,047 | -€32,438 | -71.3% |
| Financial income | 75/76B | €1,551 | €1,277 | -€273 | -17.6% |
| Recurring financial income | 75 | €1,551 | €1,277 | -€273 | -17.6% |
| Financial charges | 65/66B | €2,313 | €3,347 | +€1,035 | +44.7% |
| Recurring financial charges | 65 | €2,313 | €3,347 | +€1,035 | +44.7% |
| Profit (loss) for the period before taxes | 9903 | €44,723 | €10,977 | -€33,746 | -75.5% |
| Income taxes | 67/77 | €11,171 | €2,313 | -€8,858 | -79.3% |
| Profit (loss) for the period | 9904 | €33,552 | €8,664 | -€24,888 | -74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,552 | €8,664 | -€24,888 | -74.2% |
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 23 October 2026 via checked.be.