SADRI ELLOUZE: 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.
SADRI ELLOUZE
Largest movements
- Current investments -€60,000
down €60,000 (-16.7%), from €360,000 to €300,000
- Receivables within one year +€20,082
up €20,082 (+29.7%), from €67,688 to €87,770
of which Other amounts receivable: +€22,888
- Cash -€12,580
down €12,580 (-28.6%), from €43,993 to €31,413
mainly Contributions, distributions and other (-€214,275) and Receivables within one year (-€20,082)
- Reserves -€77,550
down €77,550 (-19.2%), from €403,515 to €325,965
- Tax, wage and social debts +€12,600
up €12,600 (+69.5%), from €18,122 to €30,722
- Trade debts +€7,240
up €7,240 (+147%), from €4,930 to €12,170
- Other debts +€6,760
up €6,760 (+10.1%), from €66,680 to €73,440
- Gross operating margin +€39,551
up €39,551 (+25.2%), from €157,241 to €196,792
- Taxes +€18,344
up €18,344 (+44.1%), from €41,580 to €59,924
- Write-downs -€13,857
down €13,857, from €9,257 to -€4,600
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 | €501,502 | €450,410 | -€51,092 | -10.2% |
| Fixed assets | 21/28 | €12,855 | €9,493 | -€3,361 | -26.1% |
| Tangible fixed assets | 22/27 | €12,855 | €9,393 | -€3,461 | -26.9% |
| Furniture and vehicles | 24 | €8,320 | €6,252 | -€2,068 | -24.9% |
| Other tangible fixed assets | 26 | €4,534 | €3,141 | -€1,393 | -30.7% |
| Financial fixed assets | 28 | - | €100 | +€100 | |
| Current assets | 29/58 | €488,647 | €440,916 | -€47,731 | -9.8% |
| Amounts receivable within one year | 40/41 | €67,688 | €87,770 | +€20,082 | +29.7% |
| Trade receivables | 40 | €15,341 | €12,536 | -€2,806 | -18.3% |
| Other amounts receivable | 41 | €52,347 | €75,235 | +€22,888 | +43.7% |
| Current investments | 50/53 | €360,000 | €300,000 | -€60,000 | -16.7% |
| Cash at bank and in hand | 54/58 | €43,993 | €31,413 | -€12,580 | -28.6% |
| Deferred charges and accrued income | 490/1 | €16,966 | €21,733 | +€4,767 | +28.1% |
| Total equity and liabilities | 10/49 | €501,502 | €450,410 | -€51,092 | -10.2% |
| Equity | 10/15 | €411,456 | €333,908 | -€77,548 | -18.8% |
| Contributions | 10/11 | €7,630 | €7,630 | = | 0.0% |
| Reserves | 13 | €403,515 | €325,965 | -€77,550 | -19.2% |
| Distributable reserves | 133 | €403,515 | €325,965 | -€77,550 | -19.2% |
| Profit (loss) carried forward | 14 | €311 | €313 | +€2 | +0.6% |
| Amounts payable | 17/49 | €90,045 | €116,501 | +€26,456 | +29.4% |
| Amounts payable within one year | 42/48 | €89,731 | €116,332 | +€26,601 | +29.6% |
| Trade debts | 44 | €4,930 | €12,170 | +€7,240 | +147% |
| Suppliers | 440/4 | €4,930 | €12,170 | +€7,240 | +147% |
| Taxes, remuneration and social security | 45 | €18,122 | €30,722 | +€12,600 | +69.5% |
| Taxes | 450/3 | €18,122 | €30,722 | +€12,600 | +69.5% |
| Other amounts payable | 47/48 | €66,680 | €73,440 | +€6,760 | +10.1% |
| Accrued charges and deferred income | 492/3 | €314 | €170 | -€144 | -45.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,445 | €6,881 | -€1,563 | -18.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,257 | -€4,600 | -€13,857 | |
| Other operating charges | 640/8 | €968 | €994 | +€26 | +2.6% |
| Gross operating margin | 9900 | €157,241 | €196,792 | +€39,551 | +25.2% |
| Operating profit (loss) | 9901 | €138,572 | €193,517 | +€54,945 | +39.7% |
| Financial income | 75/76B | €4,236 | €4,902 | +€666 | +15.7% |
| Recurring financial income | 75 | €4,236 | €4,902 | +€666 | +15.7% |
| Financial charges | 65/66B | €1,983 | €1,769 | -€214 | -10.8% |
| Recurring financial charges | 65 | €1,983 | €1,769 | -€214 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €140,825 | €196,650 | +€55,825 | +39.6% |
| Income taxes | 67/77 | €41,580 | €59,924 | +€18,344 | +44.1% |
| Profit (loss) for the period | 9904 | €99,245 | €136,727 | +€37,481 | +37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €99,245 | €136,727 | +€37,481 | +37.8% |
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 18 October 2026 via checked.be.