SAB MANAGEMENT: 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.
SAB MANAGEMENT
Largest movements
- Cash -€19,710
down €19,710 (-9.7%), from €202,863 to €183,153
mainly Contributions, distributions and other (-€49,000) and Other debts (-€22,134)
- Tangible fixed assets -€13,205
down €13,205 (-47.5%), from €27,826 to €14,622
of which Furniture and vehicles: -€12,336
- Profit (loss) carried forward -€51,010
down €51,010 (-98.4%), from €51,856 to €847
- Reserves +€50,000
up €50,000 (+96.4%), from €51,860 to €101,860
of which Distributable reserves: +€50,000
- Other debts -€22,134
down €22,134 (-33.5%), from €66,043 to €43,909
- Debts after one year -€7,028
no longer reported in 2025 (was €7,028)
- Trade debts -€2,534
down €2,534 (-93.9%), from €2,700 to €166
- Gross operating margin +€18,808
up €18,808 (+33.1%), from €56,874 to €75,682
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 | €236,285 | €203,583 | -€32,702 | -13.8% |
| Fixed assets | 21/28 | €28,326 | €15,222 | -€13,105 | -46.3% |
| Tangible fixed assets | 22/27 | €27,826 | €14,622 | -€13,205 | -47.5% |
| Furniture and vehicles | 24 | €26,162 | €13,826 | -€12,336 | -47.2% |
| Other tangible fixed assets | 26 | €1,664 | €796 | -€868 | -52.2% |
| Financial fixed assets | 28 | €500 | €600 | +€100 | +20.0% |
| Current assets | 29/58 | €207,959 | €188,361 | -€19,598 | -9.4% |
| Amounts receivable within one year | 40/41 | €898 | €917 | +€18 | +2.0% |
| Trade receivables | 40 | €898 | €917 | +€18 | +2.0% |
| Cash at bank and in hand | 54/58 | €202,863 | €183,153 | -€19,710 | -9.7% |
| Deferred charges and accrued income | 490/1 | €4,197 | €4,291 | +€94 | +2.2% |
| Total equity and liabilities | 10/49 | €236,285 | €203,583 | -€32,702 | -13.8% |
| Equity | 10/15 | €122,316 | €121,307 | -€1,010 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,860 | €101,860 | +€50,000 | +96.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €100,000 | +€50,000 | +100% |
| Profit (loss) carried forward | 14 | €51,856 | €847 | -€51,010 | -98.4% |
| Amounts payable | 17/49 | €113,969 | €82,276 | -€31,693 | -27.8% |
| Amounts payable after more than one year | 17 | €7,028 | - | -€7,028 | |
| Financial debts | 170/4 | €7,028 | - | -€7,028 | |
| Amounts payable within one year | 42/48 | €106,941 | €82,276 | -€24,664 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €7,588 | €7,028 | -€560 | -7.4% |
| Trade debts | 44 | €2,700 | €166 | -€2,534 | -93.9% |
| Suppliers | 440/4 | €2,700 | €166 | -€2,534 | -93.9% |
| Taxes, remuneration and social security | 45 | €30,610 | €31,173 | +€564 | +1.8% |
| Taxes | 450/3 | €29,610 | €30,173 | +€564 | +1.9% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €66,043 | €43,909 | -€22,134 | -33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,205 | €13,205 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,111 | €952 | -€158 | -14.3% |
| Non-recurring operating charges | 66A | €247 | - | -€247 | |
| Gross operating margin | 9900 | €56,874 | €75,682 | +€18,808 | +33.1% |
| Operating profit (loss) | 9901 | €42,312 | €61,525 | +€19,214 | +45.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €313 | €213 | -€100 | -31.9% |
| Recurring financial charges | 65 | €313 | €213 | -€100 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €41,999 | €61,312 | +€19,314 | +46.0% |
| Income taxes | 67/77 | €13,410 | €13,322 | -€88 | -0.7% |
| Profit (loss) for the period | 9904 | €28,589 | €47,990 | +€19,402 | +67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €28,589 | €47,990 | +€19,402 | +67.9% |
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 15 October 2026 via checked.be.