SABRE: 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.
SABRE
Largest movements
- Receivables within one year +€2.0m
up €2.0m (+32.1%), from €6.2m to €8.1m
of which Other amounts receivable: +€2.0m
- Stocks and contracts -€974,422
down €974,422 (-25.2%), from €3.9m to €2.9m
- Cash +€629,162
up €629,162 (+140.4%), from €448,129 to €1.1m
mainly Other debts (+€1.2m) and Stocks and contracts (+€974,422)
- Other debts +€1.2m
up €1.2m (+83.3%), from €1.5m to €2.7m
- Reserves +€296,574
up €296,574 (+3.4%), from €8.8m to €9.1m
- Gross operating margin +€186,689
up €186,689 (+43.6%), from €427,746 to €614,435
- Financial income -€184,989
down €184,989 (-84.8%), from €218,232 to €33,243
of which Non-recurring financial income: -€167,514
- Financial charges +€94,610
up €94,610 (+99.9%), from €94,749 to €189,358
- Other operating charges +€12,329
up €12,329 (+270.7%), from €4,555 to €16,883
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 | €12,322,017 | €13,948,432 | +€1.6m | +13.2% |
| Fixed assets | 21/28 | €705,429 | €698,968 | -€6,462 | -0.9% |
| Tangible fixed assets | 22/27 | €102,027 | €95,566 | -€6,462 | -6.3% |
| Land and buildings | 22 | €102,027 | €95,566 | -€6,462 | -6.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €603,402 | €603,402 | = | 0.0% |
| Current assets | 29/58 | €11,616,588 | €13,249,465 | +€1.6m | +14.1% |
| Stocks and contracts in progress | 3 | €3,867,342 | €2,892,920 | -€974,422 | -25.2% |
| Stocks | 30/36 | €3,867,342 | €2,892,920 | -€974,422 | -25.2% |
| Amounts receivable within one year | 40/41 | €6,162,688 | €8,140,805 | +€2.0m | +32.1% |
| Trade receivables | 40 | €25,557 | €5,655 | -€19,902 | -77.9% |
| Other amounts receivable | 41 | €6,137,131 | €8,135,150 | +€2.0m | +32.6% |
| Current investments | 50/53 | €1,136,958 | €1,136,958 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €448,129 | €1,077,291 | +€629,162 | +140.4% |
| Deferred charges and accrued income | 490/1 | €1,470 | €1,491 | +€21 | +1.4% |
| Total equity and liabilities | 10/49 | €12,322,017 | €13,948,432 | +€1.6m | +13.2% |
| Equity | 10/15 | €10,023,936 | €10,320,510 | +€296,574 | +3.0% |
| Contributions | 10/11 | €1,180,038 | €1,180,038 | = | 0.0% |
| Reserves | 13 | €8,843,898 | €9,140,472 | +€296,574 | +3.4% |
| Distributable reserves | 133 | €8,843,898 | €9,140,472 | +€296,574 | +3.4% |
| Provisions and deferred taxes | 16 | €125,000 | €125,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €125,000 | €125,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable | 17/49 | €2,173,081 | €3,502,923 | +€1.3m | +61.2% |
| Amounts payable within one year | 42/48 | €2,173,081 | €3,502,923 | +€1.3m | +61.2% |
| Financial debts | 43 | €677,543 | €677,543 | = | 0.0% |
| Credit institutions | 430/8 | €677,543 | €677,543 | = | 0.0% |
| Trade debts | 44 | €1,560 | €2,553 | +€994 | +63.7% |
| Suppliers | 440/4 | €1,560 | €2,553 | +€994 | +63.7% |
| Taxes, remuneration and social security | 45 | €0 | €84,573 | +€84,573 | |
| Taxes | 450/3 | €0 | €84,573 | +€84,573 | |
| Other amounts payable | 47/48 | €1,493,978 | €2,738,253 | +€1.2m | +83.3% |
| Non-recurring operating income | 76A | €95,750 | €0 | -€95,750 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,097 | €6,462 | -€2,636 | -29.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €4,555 | €16,883 | +€12,329 | +270.7% |
| Gross operating margin | 9900 | €427,746 | €614,435 | +€186,689 | +43.6% |
| Operating profit (loss) | 9901 | €414,094 | €591,090 | +€176,996 | +42.7% |
| Financial income | 75/76B | €218,232 | €33,243 | -€184,989 | -84.8% |
| Recurring financial income | 75 | €50,718 | €33,243 | -€17,475 | -34.5% |
| Non-recurring financial income | 76B | €167,514 | €0 | -€167,514 | -100.0% |
| Financial charges | 65/66B | €94,749 | €189,358 | +€94,610 | +99.9% |
| Recurring financial charges | 65 | €94,749 | €189,358 | +€94,610 | +99.9% |
| Profit (loss) for the period before taxes | 9903 | €537,577 | €434,975 | -€102,602 | -19.1% |
| Income taxes | 67/77 | €132,998 | €138,401 | +€5,403 | +4.1% |
| Profit (loss) for the period | 9904 | €404,579 | €296,574 | -€108,006 | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €404,579 | €296,574 | -€108,006 | -26.7% |
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 9 October 2026 via checked.be.