SA.AF: 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.
SA.AF
Largest movements
- Formation expenses -€10,376
no longer reported in 2025 (was €10,376)
- Stocks and contracts -€8,450
down €8,450 (-48.8%), from €17,322 to €8,872
- Cash +€7,575
up €7,575 (+86.4%), from €8,763 to €16,338
mainly Depreciation (+€10,376) and Stocks and contracts (+€8,450)
- Financial fixed assets +€5,267
up €5,267 (+53.7%), from €9,800 to €15,067
- Intangible fixed assets +€4,876
up €4,876 (+14.5%), from €33,624 to €38,500
- Trade debts -€5,038
down €5,038 (-7.8%), from €64,656 to €59,617
- Debts after one year -€3,850
down €3,850 (-45.8%), from €8,408 to €4,558
- Other debts +€2,250
new in 2025: €2,250
- Purchases and services +€201,774
up €201,774 (+37.6%), from €537,106 to €738,879
- Turnover +€197,085
up €197,085 (+35.1%), from €562,091 to €759,176
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 | €91,919 | €85,951 | -€5,968 | -6.5% |
| Formation expenses | 20 | €10,376 | - | -€10,376 | |
| Fixed assets | 21/28 | €53,804 | €59,071 | +€5,267 | +9.8% |
| Intangible fixed assets | 21 | €33,624 | €38,500 | +€4,876 | +14.5% |
| Tangible fixed assets | 22/27 | €10,380 | €5,504 | -€4,876 | -47.0% |
| Furniture and vehicles | 24 | €10,380 | €5,504 | -€4,876 | -47.0% |
| Financial fixed assets | 28 | €9,800 | €15,067 | +€5,267 | +53.7% |
| Current assets | 29/58 | €27,739 | €26,880 | -€859 | -3.1% |
| Stocks and contracts in progress | 3 | €17,322 | €8,872 | -€8,450 | -48.8% |
| Stocks | 30/36 | €17,322 | €8,872 | -€8,450 | -48.8% |
| Amounts receivable within one year | 40/41 | €900 | €765 | -€134 | -14.9% |
| Other amounts receivable | 41 | €900 | €765 | -€134 | -14.9% |
| Cash at bank and in hand | 54/58 | €8,763 | €16,338 | +€7,575 | +86.4% |
| Deferred charges and accrued income | 490/1 | €754 | €905 | +€150 | +20.0% |
| Total equity and liabilities | 10/49 | €91,919 | €85,951 | -€5,968 | -6.5% |
| Equity | 10/15 | €11,421 | €12,322 | +€901 | +7.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,421 | €10,322 | +€901 | +9.6% |
| Amounts payable | 17/49 | €80,498 | €73,629 | -€6,869 | -8.5% |
| Amounts payable after more than one year | 17 | €8,408 | €4,558 | -€3,850 | -45.8% |
| Financial debts | 170/4 | €8,408 | €4,558 | -€3,850 | -45.8% |
| Amounts payable within one year | 42/48 | €72,090 | €69,071 | -€3,019 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €3,785 | €3,850 | +€65 | +1.7% |
| Trade debts | 44 | €64,656 | €59,617 | -€5,038 | -7.8% |
| Suppliers | 440/4 | €64,656 | €59,617 | -€5,038 | -7.8% |
| Taxes, remuneration and social security | 45 | €3,650 | €3,354 | -€296 | -8.1% |
| Taxes | 450/3 | €298 | €244 | -€54 | -18.1% |
| Remuneration and social security | 454/9 | €3,352 | €3,110 | -€242 | -7.2% |
| Other amounts payable | 47/48 | - | €2,250 | +€2,250 | |
| Turnover | 70 | €562,091 | €759,176 | +€197,085 | +35.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €537,106 | €738,879 | +€201,774 | +37.6% |
| Remuneration, social security and pensions | 62 | €19,157 | €20,188 | +€1,031 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,376 | €10,376 | = | 0.0% |
| Other operating charges | 640/8 | €98 | €501 | +€403 | +413% |
| Non-recurring operating charges | 66A | €5,102 | €2,250 | -€2,852 | -55.9% |
| Gross operating margin | 9900 | €37,195 | €35,567 | -€1,628 | -4.4% |
| Operating profit (loss) | 9901 | €2,462 | €2,252 | -€210 | -8.5% |
| Financial charges | 65/66B | €369 | €313 | -€56 | -15.2% |
| Recurring financial charges | 65 | €369 | €313 | -€56 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €2,092 | €1,939 | -€154 | -7.3% |
| Income taxes | 67/77 | €1,156 | €1,038 | -€118 | -10.2% |
| Profit (loss) for the period | 9904 | €936 | €901 | -€35 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €936 | €901 | -€35 | -3.8% |
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 15 October 2026 via checked.be.