Sacré Maxim: 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.
Sacré Maxim
Largest movements
- Receivables within one year +€76,104
up €76,104 (+102%), from €74,633 to €150,737
of which Trade receivables: +€64,689
- Stocks and contracts -€36,664
down €36,664 (-25.2%), from €145,261 to €108,597
- Tangible fixed assets -€25,330
down €25,330 (-16.3%), from €155,122 to €129,792
of which Furniture and vehicles: -€18,417
- Other debts +€47,249
up €47,249 (+138%), from €34,264 to €81,513
- Debts after one year -€24,729
down €24,729 (-19.3%), from €127,929 to €103,200
of which Financial debts: -€24,729
- Current portion of long-term debt -€7,132
down €7,132 (-22.4%), from €31,861 to €24,729
- Gross operating margin +€15,498
up €15,498 (+8.8%), from €176,021 to €191,519
- Staff costs +€13,084
up €13,084 (+28.7%), from €45,653 to €58,737
- Taxes -€6,161
down €6,161 (-32.0%), from €19,277 to €13,116
- Other operating charges -€3,222
down €3,222 (-57.1%), from €5,644 to €2,422
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 | €475,675 | €486,161 | +€10,485 | +2.2% |
| Fixed assets | 21/28 | €159,502 | €134,472 | -€25,030 | -15.7% |
| Tangible fixed assets | 22/27 | €155,122 | €129,792 | -€25,330 | -16.3% |
| Plant, machinery and equipment | 23 | €35,738 | €37,025 | +€1,287 | +3.6% |
| Furniture and vehicles | 24 | €100,176 | €81,759 | -€18,417 | -18.4% |
| Leasing and similar rights | 25 | €19,208 | €11,008 | -€8,200 | -42.7% |
| Financial fixed assets | 28 | €4,380 | €4,680 | +€300 | +6.8% |
| Current assets | 29/58 | €316,174 | €351,689 | +€35,515 | +11.2% |
| Stocks and contracts in progress | 3 | €145,261 | €108,597 | -€36,664 | -25.2% |
| Stocks | 30/36 | €145,261 | €108,597 | -€36,664 | -25.2% |
| Amounts receivable within one year | 40/41 | €74,633 | €150,737 | +€76,104 | +102% |
| Trade receivables | 40 | €74,195 | €138,884 | +€64,689 | +87.2% |
| Other amounts receivable | 41 | €437 | €11,853 | +€11,415 | +2,609% |
| Cash at bank and in hand | 54/58 | €87,755 | €84,693 | -€3,062 | -3.5% |
| Deferred charges and accrued income | 490/1 | €8,525 | €7,662 | -€864 | -10.1% |
| Total equity and liabilities | 10/49 | €475,675 | €486,161 | +€10,485 | +2.2% |
| Equity | 10/15 | €226,193 | €225,300 | -€893 | -0.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €220,300 | €220,300 | = | 0.0% |
| Distributable reserves | 133 | €220,300 | €220,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €893 | - | -€893 | |
| Amounts payable | 17/49 | €249,482 | €260,861 | +€11,379 | +4.6% |
| Amounts payable after more than one year | 17 | €127,929 | €103,200 | -€24,729 | -19.3% |
| Financial debts | 170/4 | €37,929 | €13,200 | -€24,729 | -65.2% |
| Other amounts payable | 178/9 | €90,000 | €90,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €118,133 | €153,263 | +€35,130 | +29.7% |
| Current portion of amounts payable after more than one year | 42 | €31,861 | €24,729 | -€7,132 | -22.4% |
| Trade debts | 44 | €13,181 | €9,823 | -€3,358 | -25.5% |
| Suppliers | 440/4 | €13,181 | €9,823 | -€3,358 | -25.5% |
| Advances received on contracts in progress | 46 | €4,730 | €6,137 | +€1,407 | +29.7% |
| Taxes, remuneration and social security | 45 | €34,097 | €31,061 | -€3,036 | -8.9% |
| Taxes | 450/3 | €29,348 | €23,442 | -€5,907 | -20.1% |
| Remuneration and social security | 454/9 | €4,749 | €7,620 | +€2,871 | +60.5% |
| Other amounts payable | 47/48 | €34,264 | €81,513 | +€47,249 | +138% |
| Accrued charges and deferred income | 492/3 | €3,420 | €4,398 | +€977 | +28.6% |
| Remuneration, social security and pensions | 62 | €45,653 | €58,737 | +€13,084 | +28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,268 | €63,510 | -€1,758 | -2.7% |
| Other operating charges | 640/8 | €5,644 | €2,422 | -€3,222 | -57.1% |
| Gross operating margin | 9900 | €176,021 | €191,519 | +€15,498 | +8.8% |
| Operating profit (loss) | 9901 | €59,457 | €66,851 | +€7,394 | +12.4% |
| Financial income | 75/76B | €4 | €5 | +€1 | +30.6% |
| Recurring financial income | 75 | €4 | €5 | +€1 | +30.6% |
| Financial charges | 65/66B | €7,018 | €6,038 | -€980 | -14.0% |
| Recurring financial charges | 65 | €7,018 | €6,038 | -€980 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €52,442 | €60,818 | +€8,376 | +16.0% |
| Income taxes | 67/77 | €19,277 | €13,116 | -€6,161 | -32.0% |
| Profit (loss) for the period | 9904 | €33,166 | €47,702 | +€14,536 | +43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,166 | €47,702 | +€14,536 | +43.8% |
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 1 November 2026 via checked.be.