Sa.Phi: 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.
What changed
Sa.Phi
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€8,520
2024 · -€6,440-€2,080
Equity
€19,008
2024 · €27,528-€8,520
Cash
€10,175
2024 · €2,992+€7,183
Balance sheet total
€1.1m
2024 · €1.1m+€45,549
Largest movements
Assets
- Current investments +€18,310
up €18,310 (+73.7%), from €24,840 to €43,150
- Tangible fixed assets +€15,111
up €15,111 (+1.4%), from €1.0m to €1.1m
of which Assets under construction and advance payments: +€19,431
Equity and liabilities
- Other debts +€64,151
up €64,151 (+75.2%), from €85,272 to €149,424
- Current portion of long-term debt -€41,577
down €41,577 (-55.9%), from €74,353 to €32,776
- Debts after one year +€28,164
up €28,164 (+3.2%), from €892,534 to €920,698
Income statement
- Financial income -€1,970
down €1,970 (-57.2%), from €3,444 to €1,474
- Gross operating margin -€800
down €800 (-1.5%), from €52,450 to €51,650
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.
Result 2024
-€6,440
Gross operating margin
-€800
Depreciation
+€239
Write-downs
-€22
Other operating charges
-€31
Financial income
-€1,970
Financial charges
+€504
Result 2025
-€8,520
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.
From operations
+€100,780
Investment
-€80,185
Financing
-€13,413
Cash 2024
€2,992
From operations (derived)
+€100,780
Net result for the year
-€8,520
Depreciation
+€46,764
Receivables within one year
-€8,012
Deferred charges and accrued income
+€3,066
Trade debts
+€832
Tax, wage and social debts
+€138
Other debts
+€64,151
Accrued charges and deferred income
+€2,360
Investment (derived)
-€80,185
Investment in fixed assets (net)
-€61,875
Current investments
-€18,310
Financing
-€13,413
Debts after one year
+€28,164
Current portion of long-term debt
-€41,577
Cash 2025
€10,175
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,083,442 | €1,128,991 | +€45,549 | +4.2% |
| Fixed assets | 21/28 | €1,045,358 | €1,060,469 | +€15,111 | +1.4% |
| Tangible fixed assets | 22/27 | €1,045,358 | €1,060,469 | +€15,111 | +1.4% |
| Land and buildings | 22 | €1,009,488 | €1,011,857 | +€2,369 | +0.2% |
| Plant, machinery and equipment | 23 | €6,559 | €4,883 | -€1,676 | -25.5% |
| Furniture and vehicles | 24 | €6,905 | €4,014 | -€2,891 | -41.9% |
| Leasing and similar rights | 25 | €18,081 | €15,959 | -€2,122 | -11.7% |
| Assets under construction and advance payments | 27 | €4,325 | €23,756 | +€19,431 | +449.3% |
| Current assets | 29/58 | €38,084 | €68,522 | +€30,438 | +79.9% |
| Amounts receivable within one year | 40/41 | €6,898 | €14,910 | +€8,012 | +116.1% |
| Trade receivables | 40 | €5,300 | €11,443 | +€6,143 | +115.9% |
| Other amounts receivable | 41 | €1,598 | €3,467 | +€1,869 | +116.9% |
| Current investments | 50/53 | €24,840 | €43,150 | +€18,310 | +73.7% |
| Cash at bank and in hand | 54/58 | €2,992 | €10,175 | +€7,183 | +240.1% |
| Deferred charges and accrued income | 490/1 | €3,355 | €288 | -€3,066 | -91.4% |
| Total equity and liabilities | 10/49 | €1,083,442 | €1,128,991 | +€45,549 | +4.2% |
| Equity | 10/15 | €27,528 | €19,008 | -€8,520 | -31.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €15,418 | €15,418 | = | 0.0% |
| Non-distributable reserves | 130/1 | €253 | €253 | = | 0.0% |
| Reserves not available under the articles | 1311 | €253 | €253 | = | 0.0% |
| Distributable reserves | 133 | €15,166 | €15,166 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,440 | -€14,960 | -€8,520 | -132.3% |
| Amounts payable | 17/49 | €1,055,914 | €1,109,983 | +€54,069 | +5.1% |
| Amounts payable after more than one year | 17 | €892,534 | €920,698 | +€28,164 | +3.2% |
| Financial debts | 170/4 | €892,534 | €920,698 | +€28,164 | +3.2% |
| Amounts payable within one year | 42/48 | €162,637 | €186,181 | +€23,545 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €74,353 | €32,776 | -€41,577 | -55.9% |
| Trade debts | 44 | €0 | €832 | +€832 | |
| Suppliers | 440/4 | €0 | €832 | +€832 | |
| Taxes, remuneration and social security | 45 | €3,011 | €3,150 | +€138 | +4.6% |
| Taxes | 450/3 | €3,011 | €3,150 | +€138 | +4.6% |
| Other amounts payable | 47/48 | €85,272 | €149,424 | +€64,151 | +75.2% |
| Accrued charges and deferred income | 492/3 | €743 | €3,103 | +€2,360 | +317.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,004 | €46,764 | -€239 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€22 | €0 | +€22 | |
| Other operating charges | 640/8 | €1,000 | €1,031 | +€31 | +3.1% |
| Gross operating margin | 9900 | €52,450 | €51,650 | -€800 | -1.5% |
| Operating profit (loss) | 9901 | €4,469 | €3,855 | -€614 | -13.7% |
| Financial income | 75/76B | €3,444 | €1,474 | -€1,970 | -57.2% |
| Recurring financial income | 75 | €3,444 | €1,474 | -€1,970 | -57.2% |
| Financial charges | 65/66B | €14,353 | €13,849 | -€504 | -3.5% |
| Recurring financial charges | 65 | €14,353 | €13,849 | -€504 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,440 | -€8,520 | -€2,080 | -32.3% |
| Profit (loss) for the period | 9904 | -€6,440 | -€8,520 | -€2,080 | -32.3% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,440 | -€8,520 | -€2,080 | -32.3% |
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 11 October 2026 via checked.be.