SAARDINE: what changed
Two fiscal 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.
SAARDINE
Largest movements
- Tangible fixed assets -€19,994
down €19,994 (-40.5%), from €49,422 to €29,428
of which Land and buildings: -€10,815
- Current investments +€2,500
up €2,500 (+2.5%), from €101,772 to €104,272
- Debts after one year -€41,636
down €41,636 (-79.9%), from €52,100 to €10,463
- Profit (loss) carried forward -€31,765
down €31,765 (-32.0%), from €99,317 to €67,552
- Other debts +€31,765
new in 2025: €31,765
- Reserves +€29,970
up €29,970 (+166.7%), from €17,981 to €47,950
- Current portion of long-term debt -€6,159
down €6,159 (-41.2%), from €14,937 to €8,778
- Depreciation -€9,760
down €9,760 (-47.9%), from €20,354 to €10,595
- Gross operating margin +€8,348
up €8,348 (+16.4%), from €50,819 to €59,167
- Taxes +€4,496
up €4,496 (+56.1%), from €8,020 to €12,516
- Other operating charges +€2,773
up €2,773 (+142.0%), from €1,953 to €4,726
- Financial charges -€757
down €757 (-28.3%), from €2,674 to €1,917
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 | €196,193 | €180,367 | -€15,826 | -8.1% |
| Fixed assets | 21/28 | €49,422 | €29,428 | -€19,994 | -40.5% |
| Tangible fixed assets | 22/27 | €49,422 | €29,428 | -€19,994 | -40.5% |
| Land and buildings | 22 | €10,815 | €0 | -€10,815 | -100.0% |
| Plant, machinery and equipment | 23 | €4,265 | €3,587 | -€677 | -15.9% |
| Furniture and vehicles | 24 | €34,341 | €24,445 | -€9,896 | -28.8% |
| Other tangible fixed assets | 26 | - | €1,395 | +€1,395 | |
| Current assets | 29/58 | €146,771 | €150,939 | +€4,167 | +2.8% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Trade receivables | 290 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,695 | €18,523 | +€828 | +4.7% |
| Trade receivables | 40 | €8,364 | €12,754 | +€4,390 | +52.5% |
| Other amounts receivable | 41 | €9,331 | €5,770 | -€3,562 | -38.2% |
| Current investments | 50/53 | €101,772 | €104,272 | +€2,500 | +2.5% |
| Cash at bank and in hand | 54/58 | €1,320 | €2,003 | +€683 | +51.8% |
| Deferred charges and accrued income | 490/1 | €984 | €1,140 | +€156 | +15.9% |
| Total equity and liabilities | 10/49 | €196,193 | €180,367 | -€15,826 | -8.1% |
| Equity | 10/15 | €127,297 | €125,502 | -€1,795 | -1.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €17,981 | €47,950 | +€29,970 | +166.7% |
| Distributable reserves | 133 | €17,981 | €47,950 | +€29,970 | +166.7% |
| Profit (loss) carried forward | 14 | €99,317 | €67,552 | -€31,765 | -32.0% |
| Amounts payable | 17/49 | €68,896 | €54,864 | -€14,031 | -20.4% |
| Amounts payable after more than one year | 17 | €52,100 | €10,463 | -€41,636 | -79.9% |
| Financial debts | 170/4 | €52,100 | €10,463 | -€41,636 | -79.9% |
| Amounts payable within one year | 42/48 | €16,796 | €44,401 | +€27,605 | +164.4% |
| Current portion of amounts payable after more than one year | 42 | €14,937 | €8,778 | -€6,159 | -41.2% |
| Trade debts | 44 | €1,123 | €437 | -€686 | -61.1% |
| Suppliers | 440/4 | €1,123 | €437 | -€686 | -61.1% |
| Taxes, remuneration and social security | 45 | €737 | €3,422 | +€2,685 | +364.4% |
| Taxes | 450/3 | €737 | €3,422 | +€2,685 | +364.4% |
| Other amounts payable | 47/48 | - | €31,765 | +€31,765 | |
| Non-recurring operating income | 76A | €0 | €24,036 | +€24,036 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,354 | €10,595 | -€9,760 | -47.9% |
| Other operating charges | 640/8 | €1,953 | €4,726 | +€2,773 | +142.0% |
| Gross operating margin | 9900 | €50,819 | €59,167 | +€8,348 | +16.4% |
| Operating profit (loss) | 9901 | €28,511 | €43,847 | +€15,335 | +53.8% |
| Financial income | 75/76B | €164 | €556 | +€392 | +240.0% |
| Recurring financial income | 75 | €164 | €556 | +€392 | +240.0% |
| Financial charges | 65/66B | €2,674 | €1,917 | -€757 | -28.3% |
| Recurring financial charges | 65 | €2,674 | €1,917 | -€757 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €26,001 | €42,486 | +€16,485 | +63.4% |
| Income taxes | 67/77 | €8,020 | €12,516 | +€4,496 | +56.1% |
| Profit (loss) for the period | 9904 | €17,981 | €29,970 | +€11,989 | +66.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,981 | €29,970 | +€11,989 | +66.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.