SADECHAF: what changed
Two fiscal 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.
SADECHAF
Largest movements
- Receivables within one year +€246,774
up €246,774 (+65.5%), from €376,987 to €623,761
of which Trade receivables: +€200,376
- Cash -€107,351
down €107,351 (-44.3%), from €242,098 to €134,747
mainly Receivables within one year (-€246,774) and Investment in fixed assets (net) (-€152,316)
- Tangible fixed assets -€82,329
down €82,329 (-36.3%), from €226,871 to €144,542
of which Plant, machinery and equipment: -€46,129
- Intangible fixed assets +€33,643
up €33,643 (+8.9%), from €377,500 to €411,143
- Advances received +€102,500
up €102,500, from €0 to €102,500
- Debts after one year -€45,862
down €45,862 (-51.9%), from €88,389 to €42,527
- Reserves +€42,246
up €42,246 (+5.0%), from €840,693 to €882,939
of which Distributable reserves: +€42,246
- Tax, wage and social debts +€26,462
up €26,462 (+14.7%), from €180,230 to €206,692
of which Taxes: +€17,867
- Investment grants +€24,986
up €24,986 (+12.0%), from €208,115 to €233,101
- Gross operating margin -€149,403
down €149,403 (-11.6%), from €1.3m to €1.1m
- Depreciation +€56,409
up €56,409 (+39.0%), from €144,592 to €201,001
- Taxes -€32,878
down €32,878 (-68.7%), from €47,879 to €15,001
- Staff costs +€22,690
up €22,690 (+2.6%), from €888,040 to €910,730
- Financial income +€22,506
up €22,506 (+47.8%), from €47,127 to €69,633
of which Financial income: +€22,506
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 | €1,836,465 | €1,935,744 | +€99,280 | +5.4% |
| Fixed assets | 21/28 | €604,401 | €555,715 | -€48,686 | -8.1% |
| Intangible fixed assets | 21 | €377,500 | €411,143 | +€33,643 | +8.9% |
| Tangible fixed assets | 22/27 | €226,871 | €144,542 | -€82,329 | -36.3% |
| Plant, machinery and equipment | 23 | €95,494 | €49,365 | -€46,129 | -48.3% |
| Furniture and vehicles | 24 | €7,604 | €4,766 | -€2,839 | -37.3% |
| Other tangible fixed assets | 26 | €123,773 | €90,411 | -€33,362 | -27.0% |
| Financial fixed assets | 28 | €31 | €31 | = | 0.0% |
| Current assets | 29/58 | €1,232,063 | €1,380,029 | +€147,966 | +12.0% |
| Stocks and contracts in progress | 3 | €571,708 | €568,838 | -€2,871 | -0.5% |
| Stocks | 30/36 | €527,653 | €568,838 | +€41,185 | +7.8% |
| Contracts in progress | 37 | €44,055 | €0 | -€44,055 | -100.0% |
| Amounts receivable within one year | 40/41 | €376,987 | €623,761 | +€246,774 | +65.5% |
| Trade receivables | 40 | €315,254 | €515,630 | +€200,376 | +63.6% |
| Other amounts receivable | 41 | €61,734 | €108,131 | +€46,397 | +75.2% |
| Cash at bank and in hand | 54/58 | €242,098 | €134,747 | -€107,351 | -44.3% |
| Deferred charges and accrued income | 490/1 | €41,270 | €52,683 | +€11,413 | +27.7% |
| Total equity and liabilities | 10/49 | €1,836,465 | €1,935,744 | +€99,280 | +5.4% |
| Equity | 10/15 | €1,067,408 | €1,134,641 | +€67,232 | +6.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €840,693 | €882,939 | +€42,246 | +5.0% |
| Non-distributable reserves | 130/1 | €12,260 | €12,260 | = | 0.0% |
| Other | 1319 | €12,260 | €12,260 | = | 0.0% |
| Distributable reserves | 133 | €828,433 | €870,679 | +€42,246 | +5.1% |
| Investment grants | 15 | €208,115 | €233,101 | +€24,986 | +12.0% |
| Amounts payable | 17/49 | €769,056 | €801,104 | +€32,047 | +4.2% |
| Amounts payable after more than one year | 17 | €88,389 | €42,527 | -€45,862 | -51.9% |
| Financial debts | 170/4 | €88,389 | €42,527 | -€45,862 | -51.9% |
| Amounts payable within one year | 42/48 | €665,822 | €739,915 | +€74,093 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €81,761 | €58,947 | -€22,814 | -27.9% |
| Financial debts | 43 | €12,204 | €0 | -€12,204 | -100.0% |
| Credit institutions | 430/8 | €12,204 | €0 | -€12,204 | -100.0% |
| Trade debts | 44 | €188,192 | €180,786 | -€7,407 | -3.9% |
| Suppliers | 440/4 | €188,192 | €180,786 | -€7,407 | -3.9% |
| Advances received on contracts in progress | 46 | €0 | €102,500 | +€102,500 | |
| Taxes, remuneration and social security | 45 | €180,230 | €206,692 | +€26,462 | +14.7% |
| Taxes | 450/3 | €39,334 | €57,201 | +€17,867 | +45.4% |
| Remuneration and social security | 454/9 | €140,895 | €149,490 | +€8,595 | +6.1% |
| Other amounts payable | 47/48 | €203,435 | €190,991 | -€12,444 | -6.1% |
| Accrued charges and deferred income | 492/3 | €14,846 | €18,662 | +€3,816 | +25.7% |
| Remuneration, social security and pensions | 62 | €888,040 | €910,730 | +€22,690 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,592 | €201,001 | +€56,409 | +39.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,369 | €6,913 | -€17,456 | -71.6% |
| Other operating charges | 640/8 | €12,685 | €2,731 | -€9,954 | -78.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,289,880 | €1,140,477 | -€149,403 | -11.6% |
| Operating profit (loss) | 9901 | €220,193 | €19,101 | -€201,093 | -91.3% |
| Financial income | 75/76B | €47,127 | €69,633 | +€22,506 | +47.8% |
| Recurring financial income | 75 | €47,127 | €69,633 | +€22,506 | +47.8% |
| Non-recurring financial income | 76B | - | €0 | +€0 | |
| Financial charges | 65/66B | €42,553 | €31,486 | -€11,067 | -26.0% |
| Recurring financial charges | 65 | €42,553 | €31,486 | -€11,067 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €224,767 | €57,247 | -€167,520 | -74.5% |
| Income taxes | 67/77 | €47,879 | €15,001 | -€32,878 | -68.7% |
| Profit (loss) for the period | 9904 | €176,888 | €42,246 | -€134,642 | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €176,888 | €42,246 | -€134,642 | -76.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.