SAAD RAHMAN: 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.
SAAD RAHMAN
Largest movements
- Receivables within one year +€23,867
up €23,867 (+120%), from €19,972 to €43,838
of which Trade receivables: +€24,923
- Stocks and contracts -€3,542
down €3,542 (-21.7%), from €16,328 to €12,785
- Cash +€1,545
up €1,545 (+9.8%), from €15,732 to €17,277
mainly Tax, wage and social debts (+€26,982) and Stocks and contracts (+€3,542)
- Tax, wage and social debts +€26,982
up €26,982 (+548%), from €4,928 to €31,910
of which Remuneration and social security: +€27,165
- Other debts -€7,582
down €7,582 (-22.3%), from €34,039 to €26,457
- Trade debts +€1,239
up €1,239 (+71.9%), from €1,723 to €2,962
- Profit (loss) carried forward +€1,020
up €1,020 (+48.3%), from €2,114 to €3,134
- Staff costs +€22,232
up €22,232 (+212%), from €10,501 to €32,733
- Gross operating margin +€17,922
up €17,922 (+94.1%), from €19,055 to €36,977
- Other operating charges -€2,116
down €2,116 (-81.7%), from €2,589 to €473
- Depreciation -€1,919
down €1,919 (-83.2%), from €2,305 to €386
- Taxes -€551
down €551 (-57.9%), from €951 to €400
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 | €52,417 | €74,077 | +€21,659 | +41.3% |
| Fixed assets | 21/28 | €386 | - | -€386 | |
| Tangible fixed assets | 22/27 | €386 | - | -€386 | |
| Plant, machinery and equipment | 23 | €190 | - | -€190 | |
| Furniture and vehicles | 24 | €197 | - | -€197 | |
| Current assets | 29/58 | €52,031 | €74,077 | +€22,046 | +42.4% |
| Stocks and contracts in progress | 3 | €16,328 | €12,785 | -€3,542 | -21.7% |
| Stocks | 30/36 | €16,328 | €12,785 | -€3,542 | -21.7% |
| Amounts receivable within one year | 40/41 | €19,972 | €43,838 | +€23,867 | +120% |
| Trade receivables | 40 | €15,326 | €40,249 | +€24,923 | +163% |
| Other amounts receivable | 41 | €4,645 | €3,590 | -€1,056 | -22.7% |
| Cash at bank and in hand | 54/58 | €15,732 | €17,277 | +€1,545 | +9.8% |
| Deferred charges and accrued income | 490/1 | - | €176 | +€176 | |
| Total equity and liabilities | 10/49 | €52,417 | €74,077 | +€21,659 | +41.3% |
| Equity | 10/15 | €11,728 | €12,748 | +€1,020 | +8.7% |
| Contributions | 10/11 | €9,200 | €9,200 | = | 0.0% |
| Reserves | 13 | €414 | €414 | = | 0.0% |
| Non-distributable reserves | 130/1 | €414 | €414 | = | 0.0% |
| Reserves not available under the articles | 1311 | €414 | €414 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,114 | €3,134 | +€1,020 | +48.3% |
| Amounts payable | 17/49 | €40,690 | €61,329 | +€20,639 | +50.7% |
| Amounts payable within one year | 42/48 | €40,690 | €61,329 | +€20,639 | +50.7% |
| Trade debts | 44 | €1,723 | €2,962 | +€1,239 | +71.9% |
| Suppliers | 440/4 | €1,723 | €2,962 | +€1,239 | +71.9% |
| Taxes, remuneration and social security | 45 | €4,928 | €31,910 | +€26,982 | +548% |
| Taxes | 450/3 | €582 | €400 | -€182 | -31.3% |
| Remuneration and social security | 454/9 | €4,345 | €31,510 | +€27,165 | +625% |
| Other amounts payable | 47/48 | €34,039 | €26,457 | -€7,582 | -22.3% |
| Remuneration, social security and pensions | 62 | €10,501 | €32,733 | +€22,232 | +212% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,305 | €386 | -€1,919 | -83.2% |
| Other operating charges | 640/8 | €2,589 | €473 | -€2,116 | -81.7% |
| Gross operating margin | 9900 | €19,055 | €36,977 | +€17,922 | +94.1% |
| Operating profit (loss) | 9901 | €3,660 | €3,384 | -€276 | -7.5% |
| Financial income | 75/76B | €9 | €0 | -€8 | -99.9% |
| Recurring financial income | 75 | €9 | €0 | -€8 | -99.9% |
| Financial charges | 65/66B | €1,571 | €1,964 | +€392 | +25.0% |
| Recurring financial charges | 65 | €1,571 | €1,964 | +€392 | +25.0% |
| Profit (loss) for the period before taxes | 9903 | €2,097 | €1,420 | -€676 | -32.3% |
| Income taxes | 67/77 | €951 | €400 | -€551 | -57.9% |
| Profit (loss) for the period | 9904 | €1,146 | €1,020 | -€125 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,146 | €1,020 | -€125 | -10.9% |
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 17 October 2026 via checked.be.