Sabbe-Vanherck: 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.
Sabbe-Vanherck
Largest movements
- Cash +€1.1m
up €1.1m (+1,555%), from €69,494 to €1.2m
mainly Current investments (+€1.0m) and Net result for the year (+€104,518)
- Current investments -€1.0m
down €1.0m (-40.9%), from €2.5m to €1.5m
- Receivables within one year -€44,827
down €44,827 (-58.2%), from €77,020 to €32,193
- Reserves +€104,000
up €104,000 (+4.5%), from €2.3m to €2.4m
of which Distributable reserves: +€104,000
- Accrued charges and deferred income -€43,741
no longer reported in 2025 (was €43,741)
- Other debts -€43,080
down €43,080 (-7.9%), from €545,390 to €502,311
- Gross operating margin -€217,181
down €217,181 (-97.0%), from €223,830 to €6,650
- Financial charges -€38,171
down €38,171 (-81.5%), from €46,854 to €8,684
- Financial income +€31,984
up €31,984 (+23.0%), from €139,119 to €171,103
- Taxes -€27,174
down €27,174 (-47.9%), from €56,716 to €29,542
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 | €3,349,347 | €3,336,035 | -€13,312 | -0.4% |
| Fixed assets | 21/28 | €710,168 | €689,721 | -€20,447 | -2.9% |
| Tangible fixed assets | 22/27 | €710,168 | €689,721 | -€20,447 | -2.9% |
| Land and buildings | 22 | €700,389 | €685,917 | -€14,472 | -2.1% |
| Plant, machinery and equipment | 23 | €3,523 | €147 | -€3,376 | -95.8% |
| Furniture and vehicles | 24 | €6,256 | €3,657 | -€2,599 | -41.5% |
| Current assets | 29/58 | €2,639,180 | €2,646,314 | +€7,134 | +0.3% |
| Amounts receivable within one year | 40/41 | €77,020 | €32,193 | -€44,827 | -58.2% |
| Other amounts receivable | 41 | €77,020 | €32,193 | -€44,827 | -58.2% |
| Current investments | 50/53 | €2,475,163 | €1,463,886 | -€1.0m | -40.9% |
| Cash at bank and in hand | 54/58 | €69,494 | €1,150,235 | +€1.1m | +1,555% |
| Deferred charges and accrued income | 490/1 | €17,503 | - | -€17,503 | |
| Total equity and liabilities | 10/49 | €3,349,347 | €3,336,035 | -€13,312 | -0.4% |
| Equity | 10/15 | €2,718,807 | €2,823,324 | +€104,518 | +3.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,333,405 | €2,437,405 | +€104,000 | +4.5% |
| Tax-exempt reserves | 132 | €357,850 | €357,850 | = | 0.0% |
| Distributable reserves | 133 | €1,975,555 | €2,079,555 | +€104,000 | +5.3% |
| Profit (loss) carried forward | 14 | €365,401 | €365,919 | +€518 | +0.1% |
| Amounts payable | 17/49 | €630,541 | €512,711 | -€117,830 | -18.7% |
| Amounts payable within one year | 42/48 | €586,799 | €512,711 | -€74,089 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €16,109 | - | -€16,109 | |
| Taxes, remuneration and social security | 45 | €25,300 | €10,400 | -€14,900 | -58.9% |
| Taxes | 450/3 | €25,300 | €10,400 | -€14,900 | -58.9% |
| Other amounts payable | 47/48 | €545,390 | €502,311 | -€43,080 | -7.9% |
| Accrued charges and deferred income | 492/3 | €43,741 | - | -€43,741 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,379 | €30,360 | -€19 | -0.1% |
| Other operating charges | 640/8 | €3,694 | €4,089 | +€394 | +10.7% |
| Non-recurring operating charges | 66A | - | €561 | +€561 | |
| Gross operating margin | 9900 | €223,830 | €6,650 | -€217,181 | -97.0% |
| Operating profit (loss) | 9901 | €189,757 | -€28,359 | -€218,116 | |
| Financial income | 75/76B | €139,119 | €171,103 | +€31,984 | +23.0% |
| Recurring financial income | 75 | €139,119 | €171,103 | +€31,984 | +23.0% |
| Financial charges | 65/66B | €46,854 | €8,684 | -€38,171 | -81.5% |
| Recurring financial charges | 65 | €46,854 | €8,684 | -€38,171 | -81.5% |
| Profit (loss) for the period before taxes | 9903 | €282,022 | €134,060 | -€147,962 | -52.5% |
| Income taxes | 67/77 | €56,716 | €29,542 | -€27,174 | -47.9% |
| Profit (loss) for the period | 9904 | €225,306 | €104,518 | -€120,788 | -53.6% |
| Transfer to tax-exempt reserves | 689 | €168,400 | - | -€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €56,906 | €104,518 | +€47,612 | +83.7% |
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 16 October 2026 via checked.be.