SABES: 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.
What changed
SABES
NACE 46.190, Agents in non-specialised wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€181,643
2024 · €3.3m-€3.1m
Equity
€3.1m
2024 · €3.5m-€419,357
Cash
€75,863
2024 · €39,890+€35,974
Balance sheet total
€4.4m
2024 · €4.4m+€46,104
Largest movements
Assets
- Tangible fixed assets +€60,420
up €60,420 (+9.1%), from €661,417 to €721,837
of which Furniture and vehicles: +€79,860
Equity and liabilities
- Reserves -€419,357
down €419,357 (-12.1%), from €3.5m to €3.1m
of which Distributable reserves: -€347,787
- Other debts +€418,058
up €418,058 (+41348.5%), from €1,011 to €419,069
Income statement
- Gross operating margin -€3.2m
down €3.2m (-91.9%), from €3.5m to €285,503
- Financial charges -€134,375
down €134,375 (-91.6%), from €146,731 to €12,356
of which Non-recurring financial charges: -€135,674
- Taxes -€58,689
down €58,689 (-50.1%), from €117,249 to €58,560
- Financial income -€40,618
down €40,618 (-68.5%), from €59,291 to €18,673
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.
Result 2024
€3.3m
Gross operating margin
-€3.2m
Depreciation
-€11,161
Other operating charges
-€2,353
Financial income
-€40,618
Financial charges
+€134,375
Taxes
+€58,689
Result 2025
€181,643
Cash bridge derived
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.
From operations
+€667,332
Investment
-€65,940
Financing
-€565,418
Cash 2024
€39,890
From operations (derived)
+€667,332
Net result for the year
+€181,643
Depreciation
+€49,088
Receivables within one year
+€8,450
Deferred charges and accrued income
-€1,728
Smaller working-capital items
+€826
Tax, wage and social debts
+€10,996
Other debts
+€418,058
Investment (derived)
-€65,940
Investment in fixed assets (net)
-€109,673
Current investments
+€43,733
Financing
-€565,418
Debts after one year
+€20,114
Current portion of long-term debt
+€15,468
Contributions, distributions and other
-€601,000
Cash 2025
€75,863
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,365,763 | €4,411,868 | +€46,104 | +1.1% |
| Fixed assets | 21/28 | €3,911,417 | €3,972,002 | +€60,585 | +1.5% |
| Tangible fixed assets | 22/27 | €661,417 | €721,837 | +€60,420 | +9.1% |
| Land and buildings | 22 | €575,525 | €556,462 | -€19,063 | -3.3% |
| Furniture and vehicles | 24 | €83,077 | €162,937 | +€79,860 | +96.1% |
| Other tangible fixed assets | 26 | €2,815 | €2,438 | -€377 | -13.4% |
| Financial fixed assets | 28 | €3,250,000 | €3,250,165 | +€165 | 0.0% |
| Current assets | 29/58 | €454,346 | €439,866 | -€14,481 | -3.2% |
| Amounts receivable within one year | 40/41 | €103,060 | €94,610 | -€8,450 | -8.2% |
| Trade receivables | 40 | €88,935 | €93,553 | +€4,618 | +5.2% |
| Other amounts receivable | 41 | €14,125 | €1,058 | -€13,068 | -92.5% |
| Current investments | 50/53 | €307,552 | €263,820 | -€43,733 | -14.2% |
| Cash at bank and in hand | 54/58 | €39,890 | €75,863 | +€35,974 | +90.2% |
| Deferred charges and accrued income | 490/1 | €3,844 | €5,572 | +€1,728 | +45.0% |
| Total equity and liabilities | 10/49 | €4,365,763 | €4,411,868 | +€46,104 | +1.1% |
| Equity | 10/15 | €3,492,795 | €3,073,437 | -€419,357 | -12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,474,195 | €3,054,837 | -€419,357 | -12.1% |
| Tax-exempt reserves | 132 | €237,865 | €166,295 | -€71,570 | -30.1% |
| Distributable reserves | 133 | €3,236,330 | €2,888,542 | -€347,787 | -10.7% |
| Amounts payable | 17/49 | €872,969 | €1,338,430 | +€465,461 | +53.3% |
| Amounts payable after more than one year | 17 | €777,241 | €797,355 | +€20,114 | +2.6% |
| Financial debts | 170/4 | €777,241 | €797,355 | +€20,114 | +2.6% |
| Amounts payable within one year | 42/48 | €95,688 | €540,515 | +€444,827 | +464.9% |
| Current portion of amounts payable after more than one year | 42 | €55,157 | €70,625 | +€15,468 | +28.0% |
| Trade debts | 44 | €2,141 | €2,447 | +€306 | +14.3% |
| Suppliers | 440/4 | €2,141 | €2,447 | +€306 | +14.3% |
| Taxes, remuneration and social security | 45 | €37,379 | €48,374 | +€10,996 | +29.4% |
| Taxes | 450/3 | €32,709 | €43,704 | +€10,996 | +33.6% |
| Remuneration and social security | 454/9 | €4,670 | €4,670 | = | 0.0% |
| Other amounts payable | 47/48 | €1,011 | €419,069 | +€418,058 | +41348.5% |
| Accrued charges and deferred income | 492/3 | €40 | €560 | +€520 | +1300.0% |
| Non-recurring operating income | 76A | €2,990,700 | - | -€3.0m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,927 | €49,088 | +€11,161 | +29.4% |
| Other operating charges | 640/8 | €176 | €2,529 | +€2,353 | +1336.9% |
| Gross operating margin | 9900 | €3,506,225 | €285,503 | -€3.2m | -91.9% |
| Operating profit (loss) | 9901 | €3,468,122 | €233,886 | -€3.2m | -93.3% |
| Financial income | 75/76B | €59,291 | €18,673 | -€40,618 | -68.5% |
| Recurring financial income | 75 | €59,291 | €18,673 | -€40,618 | -68.5% |
| Financial charges | 65/66B | €146,731 | €12,356 | -€134,375 | -91.6% |
| Recurring financial charges | 65 | €11,056 | €12,356 | +€1,300 | +11.8% |
| Non-recurring financial charges | 66B | €135,674 | - | -€135,674 | |
| Profit (loss) for the period before taxes | 9903 | €3,380,682 | €240,203 | -€3.1m | -92.9% |
| Income taxes | 67/77 | €117,249 | €58,560 | -€58,689 | -50.1% |
| Profit (loss) for the period | 9904 | €3,263,433 | €181,643 | -€3.1m | -94.4% |
| Transfer from tax-exempt reserves | 789 | - | €71,570 | +€71,570 | |
| Transfer to tax-exempt reserves | 689 | €122,090 | - | -€122,090 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,141,343 | €253,213 | -€2.9m | -91.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.