SABOR: 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.
SABOR
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Receivables within one year +€50,960
up €50,960 (+56.8%), from €89,788 to €140,748
of which Trade receivables: +€46,684
- Cash -€28,587
down €28,587 (-13.7%), from €208,718 to €180,132
mainly Current investments (-€100,000) and Investment in fixed assets (net) (-€52,528)
- Stocks and contracts -€14,391
down €14,391 (-36.4%), from €39,561 to €25,170
- Receivables after one year -€13,850
down €13,850 (-30.9%), from €44,851 to €31,001
- Reserves +€56,493
up €56,493 (+16.3%), from €346,977 to €403,470
of which Distributable reserves: +€61,228
- Tax, wage and social debts +€26,379
up €26,379 (+33.3%), from €79,112 to €105,492
of which Taxes: +€24,009
- Current portion of long-term debt +€13,223
up €13,223 (+85.5%), from €15,457 to €28,680
- Trade debts -€8,251
down €8,251 (-26.4%), from €31,281 to €23,030
- Gross operating margin +€59,782
up €59,782 (+10.7%), from €558,204 to €617,986
- Staff costs +€23,373
up €23,373 (+5.3%), from €442,957 to €466,331
- Taxes +€12,560
up €12,560 (+64.0%), from €19,621 to €32,180
- Depreciation -€8,897
down €8,897 (-15.3%), from €58,007 to €49,110
- Financial income -€6,625
down €6,625 (-44.4%), from €14,910 to €8,285
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €698,953 | €795,207 | +€96,254 | +13.8% |
| Fixed assets | 21/28 | €305,960 | €309,378 | +€3,417 | +1.1% |
| Tangible fixed assets | 22/27 | €278,011 | €281,428 | +€3,417 | +1.2% |
| Land and buildings | 22 | €214,536 | €194,411 | -€20,125 | -9.4% |
| Plant, machinery and equipment | 23 | €26,787 | €20,386 | -€6,401 | -23.9% |
| Furniture and vehicles | 24 | €35,187 | €65,935 | +€30,748 | +87.4% |
| Other tangible fixed assets | 26 | €1,501 | €697 | -€805 | -53.6% |
| Financial fixed assets | 28 | €27,949 | €27,949 | = | 0.0% |
| Current assets | 29/58 | €392,993 | €485,830 | +€92,837 | +23.6% |
| Amounts receivable after more than one year | 29 | €44,851 | €31,001 | -€13,850 | -30.9% |
| Other amounts receivable | 291 | €44,851 | €31,001 | -€13,850 | -30.9% |
| Stocks and contracts in progress | 3 | €39,561 | €25,170 | -€14,391 | -36.4% |
| Stocks | 30/36 | €39,561 | €25,170 | -€14,391 | -36.4% |
| Amounts receivable within one year | 40/41 | €89,788 | €140,748 | +€50,960 | +56.8% |
| Trade receivables | 40 | €5,250 | €51,935 | +€46,684 | +889.1% |
| Other amounts receivable | 41 | €84,537 | €88,814 | +€4,276 | +5.1% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €208,718 | €180,132 | -€28,587 | -13.7% |
| Deferred charges and accrued income | 490/1 | €10,074 | €8,779 | -€1,295 | -12.9% |
| Total equity and liabilities | 10/49 | €698,953 | €795,207 | +€96,254 | +13.8% |
| Equity | 10/15 | €393,360 | €449,853 | +€56,493 | +14.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €346,977 | €403,470 | +€56,493 | +16.3% |
| Tax-exempt reserves | 132 | €49,105 | €44,369 | -€4,735 | -9.6% |
| Distributable reserves | 133 | €297,873 | €359,101 | +€61,228 | +20.6% |
| Profit (loss) carried forward | 14 | €21,382 | €21,382 | = | 0.0% |
| Provisions and deferred taxes | 16 | €12,276 | €11,092 | -€1,184 | -9.6% |
| Deferred taxes | 168 | €12,276 | €11,092 | -€1,184 | -9.6% |
| Amounts payable | 17/49 | €293,317 | €334,262 | +€40,945 | +14.0% |
| Amounts payable after more than one year | 17 | €160,890 | €167,960 | +€7,070 | +4.4% |
| Financial debts | 170/4 | €160,890 | €167,960 | +€7,070 | +4.4% |
| Amounts payable within one year | 42/48 | €132,427 | €166,302 | +€33,875 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €15,457 | €28,680 | +€13,223 | +85.5% |
| Financial debts | 43 | €973 | €0 | -€973 | -100.0% |
| Credit institutions | 430/8 | €973 | €0 | -€973 | -100.0% |
| Trade debts | 44 | €31,281 | €23,030 | -€8,251 | -26.4% |
| Suppliers | 440/4 | €31,281 | €23,030 | -€8,251 | -26.4% |
| Taxes, remuneration and social security | 45 | €79,112 | €105,492 | +€26,379 | +33.3% |
| Taxes | 450/3 | €35,009 | €59,018 | +€24,009 | +68.6% |
| Remuneration and social security | 454/9 | €44,103 | €46,474 | +€2,371 | +5.4% |
| Other amounts payable | 47/48 | €5,603 | €9,100 | +€3,497 | +62.4% |
| Non-recurring operating income | 76A | €4,959 | €18,595 | +€13,636 | +275.0% |
| Remuneration, social security and pensions | 62 | €442,957 | €466,331 | +€23,373 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,007 | €49,110 | -€8,897 | -15.3% |
| Other operating charges | 640/8 | €3,035 | €2,824 | -€210 | -6.9% |
| Non-recurring operating charges | 66A | - | €1,067 | +€1,067 | |
| Gross operating margin | 9900 | €558,204 | €617,986 | +€59,782 | +10.7% |
| Operating profit (loss) | 9901 | €54,205 | €98,654 | +€44,449 | +82.0% |
| Financial income | 75/76B | €14,910 | €8,285 | -€6,625 | -44.4% |
| Recurring financial income | 75 | €14,910 | €8,285 | -€6,625 | -44.4% |
| Financial charges | 65/66B | €16,206 | €15,449 | -€757 | -4.7% |
| Recurring financial charges | 65 | €16,206 | €15,449 | -€757 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €52,909 | €91,489 | +€38,581 | +72.9% |
| Transfer from deferred taxes | 780 | €1,184 | €1,184 | = | 0.0% |
| Income taxes | 67/77 | €19,621 | €32,180 | +€12,560 | +64.0% |
| Profit (loss) for the period | 9904 | €34,472 | €60,493 | +€26,021 | +75.5% |
| Transfer from tax-exempt reserves | 789 | €4,735 | €4,735 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €39,207 | €65,228 | +€26,021 | +66.4% |
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 11 October 2026 via checked.be.