SABEMAX: 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.
SABEMAX
Largest movements
- Deferred charges and accrued income +€89,715
up €89,715 (+99.1%), from €90,488 to €180,203
- Reserves +€52,012
up €52,012 (+1.2%), from €4.4m to €4.5m
- Financial income +€89,390
up €89,390 (+98.8%), from €90,488 to €179,878
- Gross operating margin -€71,420
down €71,420 (-201%), from -€35,597 to -€107,018
- Taxes +€19,482
new in 2025: €19,482
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,420,624 | €4,493,084 | +€72,460 | +1.6% |
| Current assets | 29/58 | €4,420,624 | €4,493,084 | +€72,460 | +1.6% |
| Amounts receivable after more than one year | 29 | €4,287,575 | €4,278,063 | -€9,512 | -0.2% |
| Other amounts receivable | 291 | €4,287,575 | €4,278,063 | -€9,512 | -0.2% |
| Cash at bank and in hand | 54/58 | €42,561 | €34,818 | -€7,743 | -18.2% |
| Deferred charges and accrued income | 490/1 | €90,488 | €180,203 | +€89,715 | +99.1% |
| Total equity and liabilities | 10/49 | €4,420,624 | €4,493,084 | +€72,460 | +1.6% |
| Equity | 10/15 | €4,418,655 | €4,470,667 | +€52,012 | +1.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €4,398,195 | €4,450,207 | +€52,012 | +1.2% |
| Distributable reserves | 133 | €4,398,195 | €4,450,207 | +€52,012 | +1.2% |
| Amounts payable | 17/49 | €1,969 | €22,417 | +€20,448 | +1,039% |
| Amounts payable within one year | 42/48 | €1,969 | €22,417 | +€20,448 | +1,039% |
| Trade debts | 44 | €1,969 | €2,935 | +€966 | +49.0% |
| Suppliers | 440/4 | €1,969 | €2,935 | +€966 | +49.0% |
| Taxes, remuneration and social security | 45 | - | €19,482 | +€19,482 | |
| Taxes | 450/3 | - | €19,482 | +€19,482 | |
| Other operating charges | 640/8 | €173 | €619 | +€446 | +258% |
| Gross operating margin | 9900 | -€35,597 | -€107,018 | -€71,420 | -201% |
| Operating profit (loss) | 9901 | -€35,770 | -€107,636 | -€71,866 | -201% |
| Financial income | 75/76B | €90,488 | €179,878 | +€89,390 | +98.8% |
| Recurring financial income | 75 | €90,488 | €179,878 | +€89,390 | +98.8% |
| Financial charges | 65/66B | €452 | €748 | +€296 | +65.6% |
| Recurring financial charges | 65 | €452 | €748 | +€296 | +65.6% |
| Profit (loss) for the period before taxes | 9903 | €54,267 | €71,495 | +€17,228 | +31.7% |
| Income taxes | 67/77 | - | €19,482 | +€19,482 | |
| Profit (loss) for the period | 9904 | €54,267 | €52,012 | -€2,255 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €54,267 | €52,012 | -€2,255 | -4.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.