Sabrina Macaluso: 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.
Sabrina Macaluso
Largest movements
- Receivables within one year +€11,057
up €11,057 (+81.6%), from €13,551 to €24,608
of which Other amounts receivable: +€11,000
- Tangible fixed assets -€10,346
down €10,346 (-26.2%), from €39,495 to €29,149
of which Furniture and vehicles: -€9,872
- Cash +€2,304
up €2,304 (+3.5%), from €65,460 to €67,764
mainly Net result for the year (+€20,116) and Depreciation (+€10,346)
- Reserves +€20,116
up €20,116 (+43.9%), from €45,807 to €65,923
of which Distributable reserves: +€20,064
- Debts after one year -€8,340
down €8,340 (-35.3%), from €23,630 to €15,290
- Other debts -€5,923
down €5,923 (-61.0%), from €9,716 to €3,793
- Trade debts -€1,429
down €1,429 (-61.0%), from €2,343 to €914
- Tax, wage and social debts -€1,406
down €1,406 (-5.6%), from €25,246 to €23,840
of which Taxes: -€1,913
- Staff costs +€10,039
up €10,039 (+56.1%), from €17,910 to €27,949
- Gross operating margin +€6,552
up €6,552 (+10.7%), from €61,388 to €67,940
- Taxes -€2,839
down €2,839 (-26.7%), from €10,629 to €7,790
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.
Derived cash bridge
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 | €118,685 | €121,700 | +€3,015 | +2.5% |
| Fixed assets | 21/28 | €39,674 | €29,328 | -€10,346 | -26.1% |
| Tangible fixed assets | 22/27 | €39,495 | €29,149 | -€10,346 | -26.2% |
| Plant, machinery and equipment | 23 | €1,791 | €1,318 | -€474 | -26.4% |
| Furniture and vehicles | 24 | €37,704 | €27,832 | -€9,872 | -26.2% |
| Financial fixed assets | 28 | €179 | €179 | = | 0.0% |
| Current assets | 29/58 | €79,011 | €92,372 | +€13,361 | +16.9% |
| Amounts receivable within one year | 40/41 | €13,551 | €24,608 | +€11,057 | +81.6% |
| Trade receivables | 40 | €13,551 | €13,608 | +€57 | +0.4% |
| Other amounts receivable | 41 | - | €11,000 | +€11,000 | |
| Cash at bank and in hand | 54/58 | €65,460 | €67,764 | +€2,304 | +3.5% |
| Total equity and liabilities | 10/49 | €118,685 | €121,700 | +€3,015 | +2.5% |
| Equity | 10/15 | €49,407 | €69,523 | +€20,116 | +40.7% |
| Contributions | 10/11 | €3,600 | €3,600 | = | 0.0% |
| Reserves | 13 | €45,807 | €65,923 | +€20,116 | +43.9% |
| Tax-exempt reserves | 132 | €104 | €156 | +€52 | +50.0% |
| Distributable reserves | 133 | €45,703 | €65,767 | +€20,064 | +43.9% |
| Amounts payable | 17/49 | €69,278 | €52,177 | -€17,101 | -24.7% |
| Amounts payable after more than one year | 17 | €23,630 | €15,290 | -€8,340 | -35.3% |
| Financial debts | 170/4 | €23,630 | €15,290 | -€8,340 | -35.3% |
| Amounts payable within one year | 42/48 | €45,648 | €36,887 | -€8,761 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €8,340 | €8,340 | = | 0.0% |
| Financial debts | 43 | €2 | - | -€2 | |
| Credit institutions | 430/8 | €2 | - | -€2 | |
| Trade debts | 44 | €2,343 | €914 | -€1,429 | -61.0% |
| Suppliers | 440/4 | €2,343 | €914 | -€1,429 | -61.0% |
| Taxes, remuneration and social security | 45 | €25,246 | €23,840 | -€1,406 | -5.6% |
| Taxes | 450/3 | €22,234 | €20,321 | -€1,913 | -8.6% |
| Remuneration and social security | 454/9 | €3,013 | €3,519 | +€507 | +16.8% |
| Other amounts payable | 47/48 | €9,716 | €3,793 | -€5,923 | -61.0% |
| Remuneration, social security and pensions | 62 | €17,910 | €27,949 | +€10,039 | +56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,346 | €10,346 | = | 0.0% |
| Other operating charges | 640/8 | - | €465 | +€465 | |
| Gross operating margin | 9900 | €61,388 | €67,940 | +€6,552 | +10.7% |
| Operating profit (loss) | 9901 | €33,132 | €29,180 | -€3,952 | -11.9% |
| Financial charges | 65/66B | €1,076 | €1,274 | +€199 | +18.5% |
| Recurring financial charges | 65 | €1,076 | €1,274 | +€199 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €32,056 | €27,906 | -€4,151 | -12.9% |
| Income taxes | 67/77 | €10,629 | €7,790 | -€2,839 | -26.7% |
| Profit (loss) for the period | 9904 | €21,428 | €20,116 | -€1,312 | -6.1% |
| Transfer to tax-exempt reserves | 689 | €52 | €52 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,376 | €20,064 | -€1,312 | -6.1% |
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 24 October 2026 via checked.be.