SADEMAX: 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.
SADEMAX
Largest movements
- Receivables within one year +€1,727
up €1,727 (+181%), from €956 to €2,683
of which Trade receivables: +€1,658
- Cash +€685
up €685 (+50.2%), from €1,366 to €2,051
mainly Trade debts (+€3,341) and Depreciation (+€502)
- Tangible fixed assets -€502
down €502 (-44.5%), from €1,128 to €626
- Trade debts +€3,341
up €3,341 (+57.6%), from €5,798 to €9,139
- Profit (loss) carried forward -€991
down €991 (-5.3%), from -€18,610 to -€19,601
- Other debts -€532
down €532 (-8.1%), from €6,543 to €6,011
- Accrued charges and deferred income +€235
up €235 (+412%), from €57 to €292
- Tax, wage and social debts -€143
down €143 (-16.7%), from €853 to €710
- Gross operating margin +€823
up €823, from -€245 to €578
- Other operating charges -€142
down €142 (-15.8%), from €898 to €756
- Taxes +€46
up €46 (+31.0%), from €149 to €196
- Financial charges +€9
up €9 (+8.5%), from €109 to €118
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 | €3,450 | €5,360 | +€1,910 | +55.4% |
| Fixed assets | 21/28 | €1,128 | €626 | -€502 | -44.5% |
| Tangible fixed assets | 22/27 | €1,128 | €626 | -€502 | -44.5% |
| Plant, machinery and equipment | 23 | €1,128 | €626 | -€502 | -44.5% |
| Current assets | 29/58 | €2,322 | €4,734 | +€2,412 | +104% |
| Amounts receivable within one year | 40/41 | €956 | €2,683 | +€1,727 | +181% |
| Trade receivables | 40 | €956 | €2,614 | +€1,658 | +173% |
| Other amounts receivable | 41 | - | €69 | +€69 | |
| Cash at bank and in hand | 54/58 | €1,366 | €2,051 | +€685 | +50.2% |
| Total equity and liabilities | 10/49 | €3,450 | €5,360 | +€1,910 | +55.4% |
| Equity | 10/15 | -€9,801 | -€10,792 | -€991 | -10.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,608 | €2,608 | = | 0.0% |
| Distributable reserves | 133 | €2,608 | €2,608 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,610 | -€19,601 | -€991 | -5.3% |
| Amounts payable | 17/49 | €13,251 | €16,152 | +€2,901 | +21.9% |
| Amounts payable within one year | 42/48 | €13,194 | €15,860 | +€2,666 | +20.2% |
| Trade debts | 44 | €5,798 | €9,139 | +€3,341 | +57.6% |
| Suppliers | 440/4 | €5,798 | €9,139 | +€3,341 | +57.6% |
| Taxes, remuneration and social security | 45 | €853 | €710 | -€143 | -16.7% |
| Taxes | 450/3 | €853 | €710 | -€143 | -16.7% |
| Other amounts payable | 47/48 | €6,543 | €6,011 | -€532 | -8.1% |
| Accrued charges and deferred income | 492/3 | €57 | €292 | +€235 | +412% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €502 | €502 | = | 0.0% |
| Other operating charges | 640/8 | €898 | €756 | -€142 | -15.8% |
| Gross operating margin | 9900 | -€245 | €578 | +€823 | |
| Operating profit (loss) | 9901 | -€1,645 | -€680 | +€965 | +58.7% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €109 | €118 | +€9 | +8.5% |
| Recurring financial charges | 65 | €109 | €118 | +€9 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,754 | -€795 | +€958 | +54.6% |
| Income taxes | 67/77 | €149 | €196 | +€46 | +31.0% |
| Profit (loss) for the period | 9904 | -€1,903 | -€991 | +€912 | +47.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,903 | -€991 | +€912 | +47.9% |
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 27 October 2026 via checked.be.