SAELENS: 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.
SAELENS
Largest movements
- Tangible fixed assets -€61,466
down €61,466 (-4.0%), from €1.5m to €1.5m
of which Land and buildings: -€60,326
- Other debts -€30,915
down €30,915 (-20.2%), from €153,013 to €122,098
- Reserves -€15,431
down €15,431 (-2.0%), from €786,101 to €770,670
of which Tax-exempt reserves: -€19,555
- Gross operating margin +€5,066
up €5,066 (+7.6%), from €66,589 to €71,656
- Financial charges -€2,409
down €2,409 (-19.7%), from €12,241 to €9,832
- Depreciation +€1,910
up €1,910 (+2.9%), from €66,912 to €68,822
- Other operating charges +€1,622
up €1,622 (+14.7%), from €11,035 to €12,657
- Taxes +€1,239
up €1,239 (+117%), from €1,056 to €2,295
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 | €1,537,451 | €1,484,542 | -€52,908 | -3.4% |
| Fixed assets | 21/28 | €1,533,356 | €1,471,889 | -€61,466 | -4.0% |
| Tangible fixed assets | 22/27 | €1,533,356 | €1,471,889 | -€61,466 | -4.0% |
| Land and buildings | 22 | €1,511,206 | €1,450,880 | -€60,326 | -4.0% |
| Plant, machinery and equipment | 23 | - | €6,779 | +€6,779 | |
| Furniture and vehicles | 24 | €22,150 | €14,230 | -€7,920 | -35.8% |
| Current assets | 29/58 | €4,095 | €12,653 | +€8,558 | +209% |
| Amounts receivable within one year | 40/41 | €1,607 | €128 | -€1,479 | -92.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,607 | €128 | -€1,479 | -92.1% |
| Cash at bank and in hand | 54/58 | €2,488 | €9,759 | +€7,271 | +292% |
| Deferred charges and accrued income | 490/1 | - | €2,766 | +€2,766 | |
| Total equity and liabilities | 10/49 | €1,537,451 | €1,484,542 | -€52,908 | -3.4% |
| Equity | 10/15 | €1,261,101 | €1,245,670 | -€15,431 | -1.2% |
| Contributions | 10/11 | €475,000 | €475,000 | = | 0.0% |
| Reserves | 13 | €786,101 | €770,670 | -€15,431 | -2.0% |
| Tax-exempt reserves | 132 | €389,662 | €370,107 | -€19,555 | -5.0% |
| Distributable reserves | 133 | €396,439 | €400,563 | +€4,124 | +1.0% |
| Provisions and deferred taxes | 16 | €109,616 | €103,098 | -€6,518 | -5.9% |
| Deferred taxes | 168 | €109,616 | €103,098 | -€6,518 | -5.9% |
| Amounts payable | 17/49 | €166,734 | €135,775 | -€30,959 | -18.6% |
| Amounts payable within one year | 42/48 | €154,515 | €125,647 | -€28,868 | -18.7% |
| Trade debts | 44 | €193 | €250 | +€57 | +29.5% |
| Suppliers | 440/4 | €193 | €250 | +€57 | +29.5% |
| Taxes, remuneration and social security | 45 | €1,309 | €3,298 | +€1,989 | +152% |
| Taxes | 450/3 | €1,309 | €3,298 | +€1,989 | +152% |
| Other amounts payable | 47/48 | €153,013 | €122,098 | -€30,915 | -20.2% |
| Accrued charges and deferred income | 492/3 | €12,218 | €10,128 | -€2,091 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,912 | €68,822 | +€1,910 | +2.9% |
| Other operating charges | 640/8 | €11,035 | €12,657 | +€1,622 | +14.7% |
| Gross operating margin | 9900 | €66,589 | €71,656 | +€5,066 | +7.6% |
| Operating profit (loss) | 9901 | -€11,357 | -€9,823 | +€1,534 | +13.5% |
| Financial income | 75/76B | €0 | €1 | +€1 | +8,000% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +8,000% |
| Financial charges | 65/66B | €12,241 | €9,832 | -€2,409 | -19.7% |
| Recurring financial charges | 65 | €12,241 | €9,832 | -€2,409 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | -€23,598 | -€19,654 | +€3,944 | +16.7% |
| Transfer from deferred taxes | 780 | €6,518 | €6,518 | = | 0.0% |
| Income taxes | 67/77 | €1,056 | €2,295 | +€1,239 | +117% |
| Profit (loss) for the period | 9904 | -€18,136 | -€15,431 | +€2,705 | +14.9% |
| Transfer from tax-exempt reserves | 789 | €19,555 | €19,555 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,418 | €4,124 | +€2,705 | +191% |
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 26 October 2026 via checked.be.