SACM: 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.
SACM
Largest movements
- Stocks and contracts +€1.0m
up €1.0m (+241%), from €421,383 to €1.4m
- Receivables within one year -€67,276
down €67,276 (-79.1%), from €85,062 to €17,787
of which Trade receivables: -€74,276
- Tangible fixed assets -€38,192
down €38,192 (-5.8%), from €662,230 to €624,039
of which Land and buildings: -€37,902
- Debts after one year +€931,640
up €931,640 (+129%), from €723,680 to €1.7m
- Profit (loss) carried forward -€163,099
down €163,099, from €4,238 to -€158,861
- Trade debts +€110,371
up €110,371 (+60.1%), from €183,734 to €294,105
- Other debts +€104,821
up €104,821 (+239%), from €43,807 to €148,628
- Accrued charges and deferred income -€49,478
down €49,478 (-99.0%), from €50,000 to €522
- Financial charges +€111,779
up €111,779 (+503%), from €22,228 to €134,007
- Gross operating margin -€61,214
down €61,214, from €57,909 to -€3,304
- Other operating charges +€7,018
up €7,018 (+2,873%), from €244 to €7,262
- Taxes -€2,148
down €2,148 (-90.3%), from €2,377 to €230
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,171,874 | €2,081,516 | +€909,643 | +77.6% |
| Fixed assets | 21/28 | €662,230 | €624,039 | -€38,192 | -5.8% |
| Tangible fixed assets | 22/27 | €662,230 | €624,039 | -€38,192 | -5.8% |
| Land and buildings | 22 | €661,464 | €623,563 | -€37,902 | -5.7% |
| Furniture and vehicles | 24 | €766 | €476 | -€290 | -37.9% |
| Current assets | 29/58 | €509,643 | €1,457,478 | +€947,835 | +186% |
| Stocks and contracts in progress | 3 | €421,383 | €1,434,858 | +€1.0m | +241% |
| Stocks | 30/36 | €421,383 | €1,434,858 | +€1.0m | +241% |
| Amounts receivable within one year | 40/41 | €85,062 | €17,787 | -€67,276 | -79.1% |
| Trade receivables | 40 | €85,062 | €10,787 | -€74,276 | -87.3% |
| Other amounts receivable | 41 | - | €7,000 | +€7,000 | |
| Current investments | 50/53 | €2 | - | -€2 | |
| Cash at bank and in hand | 54/58 | - | €15 | +€15 | |
| Deferred charges and accrued income | 490/1 | €3,196 | €4,818 | +€1,622 | +50.8% |
| Total equity and liabilities | 10/49 | €1,171,874 | €2,081,516 | +€909,643 | +77.6% |
| Equity | 10/15 | €66,950 | -€96,149 | -€163,099 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €59,712 | €59,712 | = | 0.0% |
| Distributable reserves | 133 | €59,712 | €59,712 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,238 | -€158,861 | -€163,099 | |
| Amounts payable | 17/49 | €1,104,924 | €2,177,666 | +€1.1m | +97.1% |
| Amounts payable after more than one year | 17 | €723,680 | €1,655,320 | +€931,640 | +129% |
| Financial debts | 170/4 | €723,680 | €1,655,320 | +€931,640 | +129% |
| Amounts payable within one year | 42/48 | €331,243 | €521,824 | +€190,580 | +57.5% |
| Current portion of amounts payable after more than one year | 42 | €28,180 | €32,760 | +€4,579 | +16.2% |
| Financial debts | 43 | €30,373 | €10,023 | -€20,351 | -67.0% |
| Credit institutions | 430/8 | €30,373 | €10,023 | -€20,351 | -67.0% |
| Trade debts | 44 | €183,734 | €294,105 | +€110,371 | +60.1% |
| Suppliers | 440/4 | €183,734 | €294,105 | +€110,371 | +60.1% |
| Taxes, remuneration and social security | 45 | €45,149 | €36,308 | -€8,841 | -19.6% |
| Taxes | 450/3 | €43,649 | €28,308 | -€15,341 | -35.1% |
| Remuneration and social security | 454/9 | €1,500 | €8,000 | +€6,500 | +433% |
| Other amounts payable | 47/48 | €43,807 | €148,628 | +€104,821 | +239% |
| Accrued charges and deferred income | 492/3 | €50,000 | €522 | -€49,478 | -99.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,056 | €18,295 | +€239 | +1.3% |
| Other operating charges | 640/8 | €244 | €7,262 | +€7,018 | +2,873% |
| Non-recurring operating charges | 66A | €11,570 | - | -€11,570 | |
| Gross operating margin | 9900 | €57,909 | -€3,304 | -€61,214 | |
| Operating profit (loss) | 9901 | €28,039 | -€28,862 | -€56,901 | |
| Financial charges | 65/66B | €22,228 | €134,007 | +€111,779 | +503% |
| Recurring financial charges | 65 | €22,228 | €134,007 | +€111,779 | +503% |
| Profit (loss) for the period before taxes | 9903 | €5,811 | -€162,869 | -€168,680 | |
| Income taxes | 67/77 | €2,377 | €230 | -€2,148 | -90.3% |
| Profit (loss) for the period | 9904 | €3,434 | -€163,099 | -€166,533 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,434 | -€163,099 | -€166,533 |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.