SA-MA INVEST: 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 INVEST
Largest movements
- Cash +€23,755
up €23,755 (+105%), from €22,716 to €46,470
mainly Net result for the year (+€22,455) and Trade debts (+€1,340)
- Profit (loss) carried forward +€21,655
up €21,655 (+54.8%), from €39,532 to €61,188
- Trade debts +€1,340
new in 2025: €1,340
- Gross operating margin +€4,266
up €4,266 (+15.7%), from €27,211 to €31,476
- Taxes +€540
up €540 (+6.6%), from €8,120 to €8,660
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 | €83,465 | €106,972 | +€23,507 | +28.2% |
| Formation expenses | 20 | €749 | €502 | -€247 | -33.0% |
| Fixed assets | 21/28 | €60,000 | €60,000 | = | 0.0% |
| Financial fixed assets | 28 | €60,000 | €60,000 | = | 0.0% |
| Current assets | 29/58 | €22,716 | €46,470 | +€23,755 | +105% |
| Cash at bank and in hand | 54/58 | €22,716 | €46,470 | +€23,755 | +105% |
| Total equity and liabilities | 10/49 | €83,465 | €106,972 | +€23,507 | +28.2% |
| Equity | 10/15 | €49,532 | €71,188 | +€21,655 | +43.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,532 | €61,188 | +€21,655 | +54.8% |
| Amounts payable | 17/49 | €33,932 | €35,784 | +€1,852 | +5.5% |
| Amounts payable within one year | 42/48 | €33,167 | €35,726 | +€2,559 | +7.7% |
| Trade debts | 44 | - | €1,340 | +€1,340 | |
| Suppliers | 440/4 | - | €1,340 | +€1,340 | |
| Taxes, remuneration and social security | 45 | €2,367 | €3,027 | +€660 | +27.9% |
| Taxes | 450/3 | €2,367 | €3,027 | +€660 | +27.9% |
| Other amounts payable | 47/48 | €30,800 | €31,360 | +€560 | +1.8% |
| Accrued charges and deferred income | 492/3 | €765 | €58 | -€707 | -92.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €247 | €247 | +€0 | +0.1% |
| Gross operating margin | 9900 | €27,211 | €31,476 | +€4,266 | +15.7% |
| Operating profit (loss) | 9901 | €26,964 | €31,229 | +€4,266 | +15.8% |
| Financial charges | 65/66B | €62 | €114 | +€52 | +85.2% |
| Recurring financial charges | 65 | €62 | €114 | +€52 | +85.2% |
| Profit (loss) for the period before taxes | 9903 | €26,902 | €31,115 | +€4,213 | +15.7% |
| Income taxes | 67/77 | €8,120 | €8,660 | +€540 | +6.6% |
| Profit (loss) for the period | 9904 | €18,782 | €22,455 | +€3,673 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,782 | €22,455 | +€3,673 | +19.6% |
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.