SA&MA: 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&MA
Largest movements
- Cash -€111,080
down €111,080 (-90.6%), from €122,649 to €11,569
mainly Contributions, distributions and other (-€115,800) and Investment in fixed assets (net) (-€13,106)
- Tangible fixed assets +€8,780
up €8,780 (+36.4%), from €24,100 to €32,880
of which Furniture and vehicles: +€5,646
- Deferred charges and accrued income +€7,657
up €7,657 (+54346.8%), from €14 to €7,672
- Receivables within one year +€4,385
up €4,385 (+161.5%), from €2,715 to €7,101
of which Other amounts receivable: +€2,740
- Stocks and contracts +€1,756
new in 2025: €1,756
- Profit (loss) carried forward -€54,000
down €54,000 (-90.7%), from €59,559 to €5,559
- Reserves -€48,230
down €48,230 (-85.2%), from €56,600 to €8,371
- Trade debts +€9,971
up €9,971 (+244.4%), from €4,080 to €14,051
- Contributions -€5,200
down €5,200 (-83.9%), from €6,200 to €1,000
- Current portion of long-term debt +€3,354
up €3,354 (+164.1%), from €2,044 to €5,398
- Staff costs +€22,916
up €22,916 (+59.3%), from €38,673 to €61,588
- Gross operating margin +€8,666
up €8,666 (+10.0%), from €86,597 to €95,263
- Taxes -€5,598
down €5,598 (-56.0%), from €9,993 to €4,395
- Financial charges +€3,277
up €3,277 (+318.3%), from €1,029 to €4,306
- Other operating charges +€1,932
up €1,932 (+498.8%), from €387 to €2,319
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 | €149,478 | €60,977 | -€88,501 | -59.2% |
| Fixed assets | 21/28 | €24,100 | €32,880 | +€8,780 | +36.4% |
| Tangible fixed assets | 22/27 | €24,100 | €32,880 | +€8,780 | +36.4% |
| Land and buildings | 22 | €11,379 | €9,899 | -€1,479 | -13.0% |
| Plant, machinery and equipment | 23 | €8,757 | €13,372 | +€4,614 | +52.7% |
| Furniture and vehicles | 24 | €3,963 | €9,609 | +€5,646 | +142.4% |
| Leasing and similar rights | 25 | - | €0 | = | |
| Current assets | 29/58 | €125,379 | €28,097 | -€97,282 | -77.6% |
| Stocks and contracts in progress | 3 | - | €1,756 | +€1,756 | |
| Stocks | 30/36 | - | €1,756 | +€1,756 | |
| Amounts receivable within one year | 40/41 | €2,715 | €7,101 | +€4,385 | +161.5% |
| Trade receivables | 40 | €1,090 | €2,736 | +€1,646 | +151.0% |
| Other amounts receivable | 41 | €1,625 | €4,365 | +€2,740 | +168.5% |
| Cash at bank and in hand | 54/58 | €122,649 | €11,569 | -€111,080 | -90.6% |
| Deferred charges and accrued income | 490/1 | €14 | €7,672 | +€7,657 | +54346.8% |
| Total equity and liabilities | 10/49 | €149,478 | €60,977 | -€88,501 | -59.2% |
| Equity | 10/15 | €122,359 | €14,929 | -€107,430 | -87.8% |
| Contributions | 10/11 | €6,200 | €1,000 | -€5,200 | -83.9% |
| Reserves | 13 | €56,600 | €8,371 | -€48,230 | -85.2% |
| Distributable reserves | 133 | €56,600 | €8,371 | -€48,230 | -85.2% |
| Profit (loss) carried forward | 14 | €59,559 | €5,559 | -€54,000 | -90.7% |
| Amounts payable | 17/49 | €27,120 | €46,048 | +€18,928 | +69.8% |
| Amounts payable after more than one year | 17 | €8,442 | €11,713 | +€3,271 | +38.7% |
| Financial debts | 170/4 | €8,442 | €11,713 | +€3,271 | +38.7% |
| Amounts payable within one year | 42/48 | €18,678 | €34,335 | +€15,658 | +83.8% |
| Current portion of amounts payable after more than one year | 42 | €2,044 | €5,398 | +€3,354 | +164.1% |
| Trade debts | 44 | €4,080 | €14,051 | +€9,971 | +244.4% |
| Suppliers | 440/4 | €4,080 | €14,051 | +€9,971 | +244.4% |
| Taxes, remuneration and social security | 45 | €11,816 | €13,038 | +€1,222 | +10.3% |
| Taxes | 450/3 | €6,480 | €3,313 | -€3,167 | -48.9% |
| Remuneration and social security | 454/9 | €5,337 | €9,725 | +€4,389 | +82.2% |
| Other amounts payable | 47/48 | €737 | €1,848 | +€1,111 | +150.7% |
| Remuneration, social security and pensions | 62 | €38,673 | €61,588 | +€22,916 | +59.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,494 | €4,325 | -€1,169 | -21.3% |
| Other operating charges | 640/8 | €387 | €2,319 | +€1,932 | +498.8% |
| Non-recurring operating charges | 66A | - | €9,980 | +€9,980 | |
| Gross operating margin | 9900 | €86,597 | €95,263 | +€8,666 | +10.0% |
| Operating profit (loss) | 9901 | €42,043 | €17,050 | -€24,993 | -59.4% |
| Financial income | 75/76B | €801 | €21 | -€780 | -97.3% |
| Recurring financial income | 75 | €801 | €21 | -€780 | -97.3% |
| Financial charges | 65/66B | €1,029 | €4,306 | +€3,277 | +318.3% |
| Recurring financial charges | 65 | €1,029 | €4,306 | +€3,277 | +318.3% |
| Profit (loss) for the period before taxes | 9903 | €41,815 | €12,766 | -€29,049 | -69.5% |
| Income taxes | 67/77 | €9,993 | €4,395 | -€5,598 | -56.0% |
| Profit (loss) for the period | 9904 | €31,822 | €8,371 | -€23,451 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,822 | €8,371 | -€23,451 | -73.7% |
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 12 October 2026 via checked.be.