SADYS: 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
SADYS
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.9m
2024 · €4.0m-€156,468
Equity
€12.9m
2024 · €15.0m-€2.1m
Cash
€9.8m
2024 · €1.2m+€8.6m
Balance sheet total
€56.6m
2024 · €42.2m+€14.4m
Largest movements
Assets
- Cash +€8.6m
up €8.6m (+726.4%), from €1.2m to €9.8m
mainly Other debts (+€16.5m) and Net result for the year (+€3.9m)
- Current investments +€6.0m
up €6.0m (+20.3%), from €29.5m to €35.5m
Equity and liabilities
- Other debts +€16.5m
up €16.5m (+60.9%), from €27.0m to €43.4m
- Profit (loss) carried forward -€2.1m
down €2.1m (-18.8%), from €11.3m to €9.2m
Income statement
- Financial income -€214,821
down €214,821 (-4.2%), from €5.1m to €4.9m
- Financial charges -€183,763
down €183,763 (-15.5%), from €1.2m to €998,108
of which Financial charges: -€148,055
- Staff costs +€174,572
up €174,572 (+22.6%), from €772,560 to €947,132
- Turnover +€109,190
up €109,190 (+11.8%), from €926,281 to €1.0m
- Services and other goods +€98,935
up €98,935 (+139.3%), from €71,002 to €169,937
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
€4.0m
Turnover
+€109,190
Other operating income
+€3,637
Services and other goods
-€98,935
Staff costs
-€174,572
Depreciation
+€12,146
Other operating charges
+€635
Financial income
-€214,821
Financial charges
+€183,763
Taxes
+€22,489
Result 2025
€3.9m
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
+€20.2m
Investment
-€5.6m
Financing
-€6.0m
Cash 2024
€1.2m
From operations (derived)
+€20.2m
Net result for the year
+€3.9m
Depreciation
+€11,057
Receivables within one year
-€286,704
Deferred charges and accrued income
+€74,909
Smaller working-capital items
+€32,987
Other debts
+€16.5m
Investment (derived)
-€5.6m
Investment in fixed assets (net)
+€446,915
Current investments
-€6.0m
Financing
-€6.0m
Contributions, distributions and other
-€6.0m
Cash 2025
€9.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,198,833 | €56,554,036 | +€14.4m | +34.0% |
| Fixed assets | 21/28 | €10,223,085 | €9,765,113 | -€457,971 | -4.5% |
| Tangible fixed assets | 22/27 | €11,057 | - | -€11,057 | |
| Furniture and vehicles | 24 | €11,057 | - | -€11,057 | |
| Financial fixed assets | 28 | €10,212,028 | €9,765,113 | -€446,915 | -4.4% |
| Affiliated companies | 280/1 | €10,212,028 | €9,765,113 | -€446,915 | -4.4% |
| Participating interests | 280 | €10,212,028 | €9,765,113 | -€446,915 | -4.4% |
| Current assets | 29/58 | €31,975,748 | €46,788,923 | +€14.8m | +46.3% |
| Amounts receivable within one year | 40/41 | €1,093,917 | €1,380,622 | +€286,704 | +26.2% |
| Trade receivables | 40 | €1,274 | - | -€1,274 | |
| Other amounts receivable | 41 | €1,092,644 | €1,380,622 | +€287,978 | +26.4% |
| Current investments | 50/53 | €29,500,000 | €35,499,998 | +€6.0m | +20.3% |
| Other investments | 51/53 | €29,500,000 | €35,499,998 | +€6.0m | +20.3% |
| Cash at bank and in hand | 54/58 | €1,184,158 | €9,785,540 | +€8.6m | +726.4% |
| Deferred charges and accrued income | 490/1 | €197,672 | €122,763 | -€74,909 | -37.9% |
| Total equity and liabilities | 10/49 | €42,198,833 | €56,554,036 | +€14.4m | +34.0% |
| Equity | 10/15 | €15,045,790 | €12,917,724 | -€2.1m | -14.1% |
| Contributions | 10/11 | €2,163,460 | €2,163,460 | = | 0.0% |
| Capital | 10 | €2,163,460 | €2,163,460 | = | 0.0% |
| Issued capital | 100 | €2,163,460 | €2,163,460 | = | 0.0% |
| Reserves | 13 | €1,540,896 | €1,540,896 | = | 0.0% |
| Non-distributable reserves | 130/1 | €350,000 | €350,000 | = | 0.0% |
| Legal reserve | 130 | €350,000 | €350,000 | = | 0.0% |
| Distributable reserves | 133 | €1,190,896 | €1,190,896 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,341,434 | €9,213,368 | -€2.1m | -18.8% |
| Amounts payable | 17/49 | €27,153,042 | €43,636,313 | +€16.5m | +60.7% |
| Amounts payable within one year | 42/48 | €27,153,038 | €43,636,313 | +€16.5m | +60.7% |
| Trade debts | 44 | €11,801 | €14,032 | +€2,232 | +18.9% |
| Suppliers | 440/4 | €11,801 | €14,032 | +€2,232 | +18.9% |
| Taxes, remuneration and social security | 45 | €149,079 | €179,839 | +€30,760 | +20.6% |
| Taxes | 450/3 | €45,115 | €48,821 | +€3,706 | +8.2% |
| Remuneration and social security | 454/9 | €103,964 | €131,018 | +€27,054 | +26.0% |
| Other amounts payable | 47/48 | €26,992,158 | €43,442,442 | +€16.5m | +60.9% |
| Accrued charges and deferred income | 492/3 | €5 | - | -€5 | |
| Operating income | 70/76A | €1,024,394 | €1,172,929 | +€148,535 | +14.5% |
| Turnover | 70 | €926,281 | €1,035,471 | +€109,190 | +11.8% |
| Other operating income | 74 | €98,113 | €101,750 | +€3,637 | +3.7% |
| Non-recurring operating income | 76A | - | €35,708 | +€35,708 | |
| Operating charges | 60/66A | €869,683 | €1,166,117 | +€296,434 | +34.1% |
| Services and other goods | 61 | €71,002 | €169,937 | +€98,935 | +139.3% |
| Remuneration, social security and pensions | 62 | €772,560 | €947,132 | +€174,572 | +22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,203 | €11,057 | -€12,146 | -52.3% |
| Other operating charges | 640/8 | €2,918 | €2,283 | -€635 | -21.7% |
| Non-recurring operating charges | 66A | - | €35,708 | +€35,708 | |
| Operating profit (loss) | 9901 | €154,711 | €6,812 | -€147,899 | -95.6% |
| Financial income | 75/76B | €5,083,125 | €4,868,304 | -€214,821 | -4.2% |
| Recurring financial income | 75 | €5,083,125 | €4,868,304 | -€214,821 | -4.2% |
| Income from financial fixed assets | 750 | €4,000,290 | €4,000,290 | = | 0.0% |
| Income from current assets | 751 | €1,082,835 | €868,014 | -€214,821 | -19.8% |
| Financial charges | 65/66B | €1,181,871 | €998,108 | -€183,763 | -15.5% |
| Recurring financial charges | 65 | €1,146,163 | €998,108 | -€148,055 | -12.9% |
| Debt charges | 650 | €1,145,240 | €989,165 | -€156,075 | -13.6% |
| Other financial charges | 652/9 | €923 | €8,943 | +€8,020 | +868.5% |
| Non-recurring financial charges | 66B | €35,708 | - | -€35,708 | |
| Profit (loss) for the period before taxes | 9903 | €4,055,965 | €3,877,008 | -€178,957 | -4.4% |
| Income taxes | 67/77 | €26,161 | €3,672 | -€22,489 | -86.0% |
| Taxes | 670/3 | €26,161 | €3,672 | -€22,489 | -86.0% |
| Profit (loss) for the period | 9904 | €4,029,804 | €3,873,336 | -€156,468 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,029,804 | €3,873,336 | -€156,468 | -3.9% |
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 12 October 2026 via checked.be.