SADEL: 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.
What changed
SADEL
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€911,397
2024 · €2.3m-€1.4m
Equity
€18.9m
2024 · €18.0m+€911,397
Cash
€4.5m
2024 · €7.1m-€2.6m
Balance sheet total
€24.8m
2024 · €23.3m+€1.5m
Largest movements
Assets
- Stocks and contracts +€4.1m
up €4.1m (+56.1%), from €7.3m to €11.3m
- Cash -€2.6m
down €2.6m (-36.1%), from €7.1m to €4.5m
mainly Stocks and contracts (-€4.1m) and Investment in fixed assets (net) (-€147,799)
Equity and liabilities
- Reserves +€911,397
up €911,397 (+5.1%), from €17.8m to €18.7m
of which Distributable reserves: +€911,397
- Tax, wage and social debts +€292,184
up €292,184 (+67.9%), from €430,026 to €722,211
of which Taxes: +€291,923
- Trade debts +€290,883
up €290,883 (+13.7%), from €2.1m to €2.4m
Income statement
- Turnover -€9.8m
down €9.8m (-21.3%), from €46.2m to €36.4m
- Goods and materials -€7.8m
down €7.8m (-22.2%), from €35.2m to €27.4m
of which Change in stocks: decrease (increase): -€8.3m
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.
Result 2024
€2.3m
Turnover
-€9.8m
Other operating income
+€173,536
Goods and materials
+€7.8m
Services and other goods
-€119,182
Staff costs
+€297,397
Depreciation
+€17,053
Provisions
-€9,395
Other operating charges
-€332
Financial income
-€224,635
Financial charges
+€10,756
Taxes
+€458,174
Result 2025
€911,397
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.
From operations
-€2.4m
Investment
-€147,799
Financing
€0
Cash 2024
€7.1m
From operations (derived)
-€2.4m
Net result for the year
+€911,397
Depreciation
+€59,046
Stocks and contracts
-€4.1m
Receivables within one year
+€156,760
Deferred charges and accrued income
-€4,057
Trade debts
+€290,883
Tax, wage and social debts
+€292,184
Advances received
+€13,774
Other debts
-€27,114
Accrued charges and deferred income
-€27,481
Investment (derived)
-€147,799
Investment in fixed assets (net)
-€147,799
Cash 2025
€4.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,323,713 | €24,777,356 | +€1.5m | +6.2% |
| Fixed assets | 21/28 | €3,384,440 | €3,473,194 | +€88,753 | +2.6% |
| Intangible fixed assets | 21 | €21,821 | €2,850 | -€18,971 | -86.9% |
| Tangible fixed assets | 22/27 | €48,712 | €156,437 | +€107,725 | +221.1% |
| Plant, machinery and equipment | 23 | €21,356 | €6,331 | -€15,025 | -70.4% |
| Furniture and vehicles | 24 | €27,356 | €150,106 | +€122,750 | +448.7% |
| Financial fixed assets | 28 | €3,313,907 | €3,313,907 | = | 0.0% |
| Affiliated companies | 280/1 | €37,184 | €37,184 | = | 0.0% |
| Participating interests | 280 | €37,184 | €37,184 | = | 0.0% |
| Other financial fixed assets | 284/8 | €3,276,723 | €3,276,723 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,276,723 | €3,276,723 | = | 0.0% |
| Current assets | 29/58 | €19,939,272 | €21,304,162 | +€1.4m | +6.8% |
| Stocks and contracts in progress | 3 | €7,257,802 | €11,328,268 | +€4.1m | +56.1% |
| Stocks | 30/36 | €7,257,802 | €11,328,268 | +€4.1m | +56.1% |
| Goods purchased for resale | 34 | €6,435,614 | €10,602,469 | +€4.2m | +64.7% |
| Advance payments | 36 | €822,188 | €725,799 | -€96,390 | -11.7% |
| Amounts receivable within one year | 40/41 | €5,590,172 | €5,433,412 | -€156,760 | -2.8% |
| Trade receivables | 40 | €5,546,906 | €5,390,554 | -€156,351 | -2.8% |
| Other amounts receivable | 41 | €43,267 | €42,858 | -€409 | -0.9% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €7,072,390 | €4,519,518 | -€2.6m | -36.1% |
| Deferred charges and accrued income | 490/1 | €18,908 | €22,964 | +€4,057 | +21.5% |
| Total equity and liabilities | 10/49 | €23,323,713 | €24,777,356 | +€1.5m | +6.2% |
| Equity | 10/15 | €17,993,170 | €18,904,568 | +€911,397 | +5.1% |
| Contributions | 10/11 | €238,260 | €238,260 | = | 0.0% |
| Capital | 10 | €238,260 | €238,260 | = | 0.0% |
| Issued capital | 100 | €238,260 | €238,260 | = | 0.0% |
| Reserves | 13 | €17,754,910 | €18,666,308 | +€911,397 | +5.1% |
| Non-distributable reserves | 130/1 | €23,826 | €23,826 | = | 0.0% |
| Legal reserve | 130 | €23,826 | €23,826 | = | 0.0% |
| Tax-exempt reserves | 132 | €536 | €536 | = | 0.0% |
| Distributable reserves | 133 | €17,730,548 | €18,641,945 | +€911,397 | +5.1% |
| Provisions and deferred taxes | 16 | €2,707,767 | €2,707,767 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €2,707,767 | €2,707,767 | = | 0.0% |
| Environmental obligations | 163 | €2,707,767 | €2,707,767 | = | 0.0% |
| Amounts payable | 17/49 | €2,622,775 | €3,165,021 | +€542,246 | +20.7% |
| Amounts payable within one year | 42/48 | €2,587,411 | €3,157,138 | +€569,727 | +22.0% |
| Trade debts | 44 | €2,126,591 | €2,417,473 | +€290,883 | +13.7% |
| Suppliers | 440/4 | €2,126,591 | €2,417,473 | +€290,883 | +13.7% |
| Advances received on contracts in progress | 46 | €0 | €13,774 | +€13,774 | |
| Taxes, remuneration and social security | 45 | €430,026 | €722,211 | +€292,184 | +67.9% |
| Taxes | 450/3 | €135,462 | €427,385 | +€291,923 | +215.5% |
| Remuneration and social security | 454/9 | €294,564 | €294,826 | +€261 | +0.1% |
| Other amounts payable | 47/48 | €30,794 | €3,680 | -€27,114 | -88.0% |
| Accrued charges and deferred income | 492/3 | €35,364 | €7,883 | -€27,481 | -77.7% |
| Operating income | 70/76A | €46,510,225 | €36,872,140 | -€9.6m | -20.7% |
| Turnover | 70 | €46,163,676 | €36,352,056 | -€9.8m | -21.3% |
| Other operating income | 74 | €346,549 | €520,084 | +€173,536 | +50.1% |
| Operating charges | 60/66A | €43,855,531 | €35,869,439 | -€8.0m | -18.2% |
| Goods for resale, raw materials and consumables | 60 | €35,185,040 | €27,384,490 | -€7.8m | -22.2% |
| Purchases | 600/8 | €31,069,111 | €31,551,345 | +€482,234 | +1.6% |
| Change in stocks: decrease (increase) | 609 | €4,115,929 | -€4,166,855 | -€8.3m | |
| Services and other goods | 61 | €6,064,480 | €6,183,662 | +€119,182 | +2.0% |
| Remuneration, social security and pensions | 62 | €2,513,046 | €2,215,649 | -€297,397 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,098 | €59,046 | -€17,053 | -22.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€9,395 | €0 | +€9,395 | |
| Other operating charges | 640/8 | €26,262 | €26,594 | +€332 | +1.3% |
| Operating profit (loss) | 9901 | €2,654,694 | €1,002,701 | -€1.7m | -62.2% |
| Financial income | 75/76B | €535,803 | €311,169 | -€224,635 | -41.9% |
| Recurring financial income | 75 | €535,803 | €238,475 | -€297,329 | -55.5% |
| Income from financial fixed assets | 750 | €150,804 | €68 | -€150,737 | -100.0% |
| Income from current assets | 751 | €1,633 | €6,614 | +€4,982 | +305.1% |
| Other financial income | 752/9 | €383,367 | €231,793 | -€151,574 | -39.5% |
| Non-recurring financial income | 76B | - | €72,694 | +€72,694 | |
| Financial charges | 65/66B | €66,474 | €55,719 | -€10,756 | -16.2% |
| Recurring financial charges | 65 | €66,474 | €55,719 | -€10,756 | -16.2% |
| Debt charges | 650 | €495 | €148 | -€347 | -70.1% |
| Other financial charges | 652/9 | €65,979 | €55,570 | -€10,409 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | €3,124,023 | €1,258,151 | -€1.9m | -59.7% |
| Income taxes | 67/77 | €804,927 | €346,753 | -€458,174 | -56.9% |
| Taxes | 670/3 | €804,935 | €346,753 | -€458,181 | -56.9% |
| Tax adjustments and reversals of tax provisions | 77 | €7 | €0 | -€7 | -100.0% |
| Profit (loss) for the period | 9904 | €2,319,096 | €911,397 | -€1.4m | -60.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,319,096 | €911,397 | -€1.4m | -60.7% |
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 11 October 2026 via checked.be.