SABELFI: 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.
SABELFI
Largest movements
- Financial fixed assets -€476.1m
down €476.1m (-26.6%), from €1.79bn to €1.31bn
- Current assets +€451.8m
up €451.8m (+44.7%), from €1.01bn to €1.46bn
of which Receivables within one year: +€340.3m
No liability line moved by more than 1% of the balance sheet total.
- Taxes +€6.4m
new in 2012: €6.4m
- Depreciation -€30,175
down €30,175 (-68.4%), from €44,123 to €13,948
From the 2011 result to the 2012 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2011 | 2012 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,799,119,686 | €2,774,756,302 | -€24.4m | -0.9% |
| Fixed assets | 21/28 | €1,789,154,281 | €1,313,035,202 | -€476.1m | -26.6% |
| Tangible fixed assets | 22/27 | €52,501 | €38,553 | -€13,948 | -26.6% |
| Financial fixed assets | 28 | €1,789,101,780 | €1,312,996,649 | -€476.1m | -26.6% |
| Current assets | 29/58 | €1,009,965,405 | €1,461,721,100 | +€451.8m | +44.7% |
| Amounts receivable within one year | 40/41 | €971,561,406 | €1,311,910,228 | +€340.3m | +35.0% |
| Cash at bank and in hand | 54/58 | €286,378 | €845,409 | +€559,031 | +195.2% |
| Total equity and liabilities | 10/49 | €2,799,119,686 | €2,774,756,302 | -€24.4m | -0.9% |
| Equity | 10/15 | €2,722,047,937 | €2,722,110,080 | +€62,143 | 0.0% |
| Contributions | 10/11 | €2,601,488,933 | €2,601,488,933 | = | 0.0% |
| Reserves | 13 | €790,312 | €790,312 | = | 0.0% |
| Profit (loss) carried forward | 14 | €122,281 | €184,425 | +€62,144 | +50.8% |
| Amounts payable | 17/49 | €77,071,749 | €52,646,222 | -€24.4m | -31.7% |
| Amounts payable within one year | 42/48 | €11,936,973 | €17,844,214 | +€5.9m | +49.5% |
| Trade debts | 44 | €182,481 | €81,577 | -€100,904 | -55.3% |
| Turnover | 70 | €748,520 | €747,720 | -€800 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,123 | €13,948 | -€30,175 | -68.4% |
| Operating profit (loss) | 9901 | -€2,615,132 | -€2,417,344 | +€197,788 | +7.6% |
| Recurring financial income | 75 | €155,118,269 | €161,993,335 | +€6.9m | +4.4% |
| Recurring financial charges | 65 | €20,979,265 | €24,428,589 | +€3.4m | +16.4% |
| Debt charges | 650 | €14,264,446 | €15,602,377 | +€1.3m | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €131,523,872 | €139,630,094 | +€8.1m | +6.2% |
| Income taxes | 67/77 | - | €6,367,950 | +€6.4m | |
| Profit (loss) for the period | 9904 | €131,523,872 | €133,262,144 | +€1.7m | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €131,523,872 | €133,262,144 | +€1.7m | +1.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2011 and 31 December 2012. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.