SADEL: 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.
SADEL
Largest movements
- Cash -€116,232
down €116,232 (-39.8%), from €292,391 to €176,159
mainly Other debts (-€201,846) and Contributions, distributions and other (-€65,000)
- Tangible fixed assets -€67,174
down €67,174 (-54.8%), from €122,574 to €55,401
- Receivables within one year +€47,099
up €47,099 (+24.5%), from €192,187 to €239,287
of which Trade receivables: +€25,842
- Deferred charges and accrued income -€10,531
down €10,531 (-85.6%), from €12,309 to €1,778
- Other debts -€201,846
down €201,846 (-75.6%), from €266,846 to €65,000
- Trade debts +€46,981
up €46,981 (+122.8%), from €38,264 to €85,245
- Tax, wage and social debts +€6,418
up €6,418 (+26.3%), from €24,443 to €30,861
of which Taxes: +€10,323
- Gross operating margin -€221,029
down €221,029 (-40.1%), from €551,316 to €330,287
- Staff costs -€35,873
down €35,873 (-16.8%), from €213,147 to €177,275
- Taxes +€14,750
up €14,750 (+173.7%), from €8,490 to €23,240
- Depreciation -€7,367
down €7,367 (-12.5%), from €58,850 to €51,483
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 | €620,481 | €472,874 | -€147,607 | -23.8% |
| Fixed assets | 21/28 | €123,595 | €55,651 | -€67,944 | -55.0% |
| Intangible fixed assets | 21 | €1,020 | €250 | -€770 | -75.5% |
| Tangible fixed assets | 22/27 | €122,574 | €55,401 | -€67,174 | -54.8% |
| Land and buildings | 22 | €26,118 | €5,472 | -€20,646 | -79.1% |
| Plant, machinery and equipment | 23 | €45,639 | €26,169 | -€19,471 | -42.7% |
| Furniture and vehicles | 24 | €50,817 | €23,760 | -€27,057 | -53.2% |
| Current assets | 29/58 | €496,887 | €417,223 | -€79,664 | -16.0% |
| Amounts receivable within one year | 40/41 | €192,187 | €239,287 | +€47,099 | +24.5% |
| Trade receivables | 40 | €190,612 | €216,454 | +€25,842 | +13.6% |
| Other amounts receivable | 41 | €1,575 | €22,832 | +€21,257 | +1349.6% |
| Cash at bank and in hand | 54/58 | €292,391 | €176,159 | -€116,232 | -39.8% |
| Deferred charges and accrued income | 490/1 | €12,309 | €1,778 | -€10,531 | -85.6% |
| Total equity and liabilities | 10/49 | €620,481 | €472,874 | -€147,607 | -23.8% |
| Equity | 10/15 | €289,773 | €290,613 | +€840 | +0.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €262,000 | €262,000 | = | 0.0% |
| Distributable reserves | 133 | €262,000 | €262,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,773 | €8,613 | +€840 | +10.8% |
| Amounts payable | 17/49 | €330,709 | €182,261 | -€148,448 | -44.9% |
| Amounts payable within one year | 42/48 | €329,554 | €181,106 | -€148,448 | -45.0% |
| Trade debts | 44 | €38,264 | €85,245 | +€46,981 | +122.8% |
| Suppliers | 440/4 | €38,264 | €85,245 | +€46,981 | +122.8% |
| Taxes, remuneration and social security | 45 | €24,443 | €30,861 | +€6,418 | +26.3% |
| Taxes | 450/3 | €3,158 | €13,481 | +€10,323 | +326.9% |
| Remuneration and social security | 454/9 | €21,286 | €17,381 | -€3,905 | -18.3% |
| Other amounts payable | 47/48 | €266,846 | €65,000 | -€201,846 | -75.6% |
| Accrued charges and deferred income | 492/3 | €1,155 | €1,155 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €213,147 | €177,275 | -€35,873 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,850 | €51,483 | -€7,367 | -12.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €37 | +€37 | |
| Other operating charges | 640/8 | €3,780 | €1,935 | -€1,846 | -48.8% |
| Non-recurring operating charges | 66A | - | €10,108 | +€10,108 | |
| Gross operating margin | 9900 | €551,316 | €330,287 | -€221,029 | -40.1% |
| Operating profit (loss) | 9901 | €275,539 | €89,450 | -€186,088 | -67.5% |
| Financial income | 75/76B | €217 | €574 | +€357 | +165.0% |
| Recurring financial income | 75 | €217 | €574 | +€357 | +165.0% |
| Financial charges | 65/66B | €419 | €944 | +€525 | +125.3% |
| Recurring financial charges | 65 | €419 | €944 | +€525 | +125.3% |
| Profit (loss) for the period before taxes | 9903 | €275,336 | €89,080 | -€186,256 | -67.6% |
| Income taxes | 67/77 | €8,490 | €23,240 | +€14,750 | +173.7% |
| Profit (loss) for the period | 9904 | €266,846 | €65,840 | -€201,006 | -75.3% |
| Profit (loss) for the period to be appropriated | 9905 | €266,846 | €65,840 | -€201,006 | -75.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.