SABEL - Emballage: what changed
What changed
SABEL - Emballage
NACE 17.120, Manufacture of paper and paper products
filed annual accounts (NBB)
Net result for the year
-€6,525
2024 · €89,319-€95,845
Equity
€1.1m
2024 · €1.1m-€9,808
Cash
€442,025
2024 · €821,753-€379,727
Balance sheet total
€1.4m
2024 · €1.4m-€40,416
Largest movements
Assets
- Cash -€379,727
down €379,727 (-46.2%), from €821,753 to €442,025
mainly Current investments (-€300,000) and Receivables within one year (-€61,307)
- Current investments +€300,000
new in 2025: €300,000
- Receivables within one year +€61,307
up €61,307 (+26.9%), from €228,222 to €289,529
of which Trade receivables: +€36,964
- Tangible fixed assets -€27,224
down €27,224 (-9.6%), from €282,602 to €255,378
of which Land and buildings: -€21,571
Equity and liabilities
- Other debts -€34,132
down €34,132 (-21.5%), from €159,124 to €124,992
- Tax, wage and social debts +€19,586
up €19,586 (+97.0%), from €20,191 to €39,777
of which Remuneration and social security: +€18,590
- Debts after one year -€16,540
down €16,540 (-46.2%), from €35,837 to €19,297
Income statement
- Gross operating margin -€77,575
down €77,575 (-14.9%), from €520,860 to €443,285
- Taxes -€42,856
down €42,856 (-82.2%), from €52,154 to €9,298
- Financial charges +€38,891
up €38,891 (+51.7%), from €75,225 to €114,115
- Staff costs +€15,599
up €15,599 (+5.8%), from €268,516 to €284,115
- Other operating charges +€9,158
up €9,158 (+84.6%), from €10,831 to €19,988
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€89,319
Gross operating margin
-€77,575
Staff costs
-€15,599
Depreciation
+€1,134
Other operating charges
-€9,158
Other operating items
+€2,804
Financial income
-€1,416
Financial charges
-€38,891
Taxes
+€42,856
Result 2025
-€6,525
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€51,128
Investment
-€308,776
Financing
-€19,823
Cash 2024
€821,753
From operations (derived)
-€51,128
Net result for the year
-€6,525
Depreciation
+€32,281
Stocks and contracts
-€2,785
Receivables within one year
-€61,307
Deferred charges and accrued income
+€1,276
Trade debts
+€479
Tax, wage and social debts
+€19,586
Other debts
-€34,132
Investment (derived)
-€308,776
Investment in fixed assets (net)
-€8,776
Current investments
-€300,000
Financing
-€19,823
Debts after one year
-€16,540
Contributions, distributions and other
-€3,283
Cash 2025
€442,025
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,440,239 | €1,399,823 | -€40,416 | -2.8% |
| Fixed assets | 21/28 | €283,703 | €260,199 | -€23,505 | -8.3% |
| Intangible fixed assets | 21 | - | €3,719 | +€3,719 | |
| Tangible fixed assets | 22/27 | €282,602 | €255,378 | -€27,224 | -9.6% |
| Land and buildings | 22 | €261,007 | €239,436 | -€21,571 | -8.3% |
| Plant, machinery and equipment | 23 | €2,860 | €652 | -€2,208 | -77.2% |
| Furniture and vehicles | 24 | €18,735 | €15,291 | -€3,444 | -18.4% |
| Financial fixed assets | 28 | €1,101 | €1,101 | = | 0.0% |
| Current assets | 29/58 | €1,156,536 | €1,139,624 | -€16,911 | -1.5% |
| Stocks and contracts in progress | 3 | €104,111 | €106,897 | +€2,785 | +2.7% |
| Stocks | 30/36 | €104,111 | €106,897 | +€2,785 | +2.7% |
| Amounts receivable within one year | 40/41 | €228,222 | €289,529 | +€61,307 | +26.9% |
| Trade receivables | 40 | €226,263 | €263,227 | +€36,964 | +16.3% |
| Other amounts receivable | 41 | €1,959 | €26,302 | +€24,344 | +1,243% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €821,753 | €442,025 | -€379,727 | -46.2% |
| Deferred charges and accrued income | 490/1 | €2,450 | €1,173 | -€1,276 | -52.1% |
| Total equity and liabilities | 10/49 | €1,440,239 | €1,399,823 | -€40,416 | -2.8% |
| Equity | 10/15 | €1,090,227 | €1,080,418 | -€9,808 | -0.9% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €1,043,492 | €1,036,967 | -€6,525 | -0.6% |
| Non-distributable reserves | 130/1 | €522,747 | €536,375 | +€13,628 | +2.6% |
| Reserves not available under the articles | 1311 | €522,747 | €536,375 | +€13,628 | +2.6% |
| Tax-exempt reserves | 132 | €111,844 | €91,691 | -€20,153 | -18.0% |
| Distributable reserves | 133 | €408,901 | €408,901 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €15,748 | €12,465 | -€3,283 | -20.8% |
| Amounts payable | 17/49 | €350,013 | €319,405 | -€30,608 | -8.7% |
| Amounts payable after more than one year | 17 | €35,837 | €19,297 | -€16,540 | -46.2% |
| Financial debts | 170/4 | €35,837 | €19,297 | -€16,540 | -46.2% |
| Amounts payable within one year | 42/48 | €314,176 | €300,108 | -€14,068 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €16,540 | €16,540 | = | 0.0% |
| Trade debts | 44 | €118,321 | €118,800 | +€479 | +0.4% |
| Suppliers | 440/4 | €118,321 | €118,800 | +€479 | +0.4% |
| Taxes, remuneration and social security | 45 | €20,191 | €39,777 | +€19,586 | +97.0% |
| Taxes | 450/3 | €9,795 | €10,791 | +€996 | +10.2% |
| Remuneration and social security | 454/9 | €10,396 | €28,986 | +€18,590 | +179% |
| Other amounts payable | 47/48 | €159,124 | €124,992 | -€34,132 | -21.5% |
| Non-recurring operating income | 76A | €16,771 | €8,515 | -€8,257 | -49.2% |
| Remuneration, social security and pensions | 62 | €268,516 | €284,115 | +€15,599 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,415 | €32,281 | -€1,134 | -3.4% |
| Other operating charges | 640/8 | €10,831 | €19,988 | +€9,158 | +84.6% |
| Non-recurring operating charges | 66A | €2,955 | €151 | -€2,804 | -94.9% |
| Gross operating margin | 9900 | €520,860 | €443,285 | -€77,575 | -14.9% |
| Operating profit (loss) | 9901 | €205,143 | €106,749 | -€98,394 | -48.0% |
| Financial income | 75/76B | €11,555 | €10,139 | -€1,416 | -12.3% |
| Recurring financial income | 75 | €11,555 | €10,139 | -€1,416 | -12.3% |
| Financial charges | 65/66B | €75,225 | €114,115 | +€38,891 | +51.7% |
| Recurring financial charges | 65 | €75,225 | €114,115 | +€38,891 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | €141,473 | €2,773 | -€138,701 | -98.0% |
| Income taxes | 67/77 | €52,154 | €9,298 | -€42,856 | -82.2% |
| Profit (loss) for the period | 9904 | €89,319 | -€6,525 | -€95,845 | |
| Transfer from tax-exempt reserves | 789 | €20,153 | €20,153 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €109,473 | €13,628 | -€95,845 | -87.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.