sa.global Holding: 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.global Holding
Largest movements
- Financial fixed assets -€34.6m
down €34.6m (-44.3%), from €78.1m to €43.5m
- Receivables within one year +€2.2m
up €2.2m (+102%), from €2.1m to €4.3m
of which Other amounts receivable: +€2.2m
- Profit (loss) carried forward -€30.1m
down €30.1m (-3,191%), from -€943,545 to -€31.1m
- Current portion of long-term debt -€1.7m
down €1.7m (-39.4%), from €4.2m to €2.6m
- Debts after one year -€1.6m
down €1.6m (-5.2%), from €31.1m to €29.5m
of which Financial debts: -€4.1m
- Trade debts +€975,128
up €975,128 (+374%), from €260,858 to €1.2m
- Financial charges +€28.9m
up €28.9m (+337%), from €8.6m to €37.5m
of which Non-recurring financial charges: +€30.7m
- Financial income +€5.0m
up €5.0m (+182%), from €2.8m to €7.8m
- Gross operating margin +€397,446
up €397,446 (+49.6%), from -€800,812 to -€403,367
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.
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 | €81,789,614 | €49,403,856 | -€32.4m | -39.6% |
| Fixed assets | 21/28 | €78,115,348 | €43,531,559 | -€34.6m | -44.3% |
| Financial fixed assets | 28 | €78,115,348 | €43,531,559 | -€34.6m | -44.3% |
| Current assets | 29/58 | €3,674,266 | €5,872,297 | +€2.2m | +59.8% |
| Amounts receivable after more than one year | 29 | €1,468,905 | €1,526,319 | +€57,415 | +3.9% |
| Other amounts receivable | 291 | €1,468,905 | €1,526,319 | +€57,415 | +3.9% |
| Amounts receivable within one year | 40/41 | €2,142,331 | €4,322,390 | +€2.2m | +102% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €2,142,331 | €4,322,390 | +€2.2m | +102% |
| Cash at bank and in hand | 54/58 | €63,031 | €23,588 | -€39,442 | -62.6% |
| Total equity and liabilities | 10/49 | €81,789,614 | €49,403,856 | -€32.4m | -39.6% |
| Equity | 10/15 | €46,195,119 | €16,084,567 | -€30.1m | -65.2% |
| Contributions | 10/11 | €46,697,015 | €46,697,015 | = | 0.0% |
| Capital | 10 | €46,697,015 | €46,697,015 | = | 0.0% |
| Issued capital | 100 | €46,697,015 | €46,697,015 | = | 0.0% |
| Reserves | 13 | €441,649 | €441,649 | = | 0.0% |
| Non-distributable reserves | 130/1 | €441,649 | €441,649 | = | 0.0% |
| Legal reserve | 130 | €441,649 | €441,649 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€943,545 | -€31,054,097 | -€30.1m | -3,191% |
| Amounts payable | 17/49 | €35,594,495 | €33,319,289 | -€2.3m | -6.4% |
| Amounts payable after more than one year | 17 | €31,121,234 | €29,511,711 | -€1.6m | -5.2% |
| Financial debts | 170/4 | €28,929,489 | €24,838,517 | -€4.1m | -14.1% |
| Other amounts payable | 178/9 | €2,191,745 | €4,673,193 | +€2.5m | +113% |
| Amounts payable within one year | 42/48 | €4,473,261 | €3,807,579 | -€665,682 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €4,212,403 | €2,553,300 | -€1.7m | -39.4% |
| Trade debts | 44 | €260,858 | €1,235,986 | +€975,128 | +374% |
| Suppliers | 440/4 | €260,858 | €1,235,986 | +€975,128 | +374% |
| Advances received on contracts in progress | 46 | - | €18,292 | +€18,292 | |
| Other operating charges | 640/8 | - | €658 | +€658 | |
| Gross operating margin | 9900 | -€800,812 | -€403,367 | +€397,446 | +49.6% |
| Operating profit (loss) | 9901 | -€800,812 | -€404,025 | +€396,788 | +49.5% |
| Financial income | 75/76B | €2,761,906 | €7,801,493 | +€5.0m | +182% |
| Recurring financial income | 75 | €2,761,906 | €7,801,493 | +€5.0m | +182% |
| Financial charges | 65/66B | €8,587,115 | €37,508,021 | +€28.9m | +337% |
| Recurring financial charges | 65 | €4,538,153 | €2,805,744 | -€1.7m | -38.2% |
| Non-recurring financial charges | 66B | €4,048,962 | €34,702,276 | +€30.7m | +757% |
| Profit (loss) for the period before taxes | 9903 | -€6,626,021 | -€30,110,552 | -€23.5m | -354% |
| Profit (loss) for the period | 9904 | -€6,626,021 | -€30,110,552 | -€23.5m | -354% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,626,021 | -€30,110,552 | -€23.5m | -354% |
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 24 October 2026 via checked.be.