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 -€110,142
down €110,142 (-5.9%), from €1.9m to €1.8m
of which Land and buildings: -€88,312
- Cash +€100,648
up €100,648 (+183.6%), from €54,830 to €155,477
mainly Net result for the year (+€179,987) and Advances received (+€161,639)
- Stocks and contracts +€86,344
up €86,344 (+6.1%), from €1.4m to €1.5m
- Receivables within one year +€66,533
up €66,533 (+28.9%), from €230,599 to €297,132
of which Trade receivables: +€64,750
- Reserves +€179,987
up €179,987 (+18.2%), from €989,577 to €1.2m
of which Distributable reserves: +€179,987
- Advances received +€161,639
up €161,639 (+29381.4%), from €550 to €162,189
- Debts after one year -€133,704
down €133,704 (-8.9%), from €1.5m to €1.4m
- Current portion of long-term debt -€71,661
down €71,661 (-12.7%), from €565,497 to €493,836
- Staff costs -€50,914
down €50,914 (-21.2%), from €239,720 to €188,806
- Gross operating margin -€31,684
down €31,684 (-4.8%), from €661,005 to €629,321
- Taxes +€7,251
up €7,251 (+9.8%), from €74,330 to €81,581
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 | €3,602,248 | €3,752,779 | +€150,532 | +4.2% |
| Fixed assets | 21/28 | €1,881,581 | €1,776,464 | -€105,117 | -5.6% |
| Intangible fixed assets | 21 | - | €5,025 | +€5,025 | |
| Tangible fixed assets | 22/27 | €1,881,581 | €1,771,439 | -€110,142 | -5.9% |
| Land and buildings | 22 | €1,774,028 | €1,685,717 | -€88,312 | -5.0% |
| Plant, machinery and equipment | 23 | €54,254 | €45,137 | -€9,117 | -16.8% |
| Furniture and vehicles | 24 | €53,299 | €40,586 | -€12,714 | -23.9% |
| Current assets | 29/58 | €1,720,666 | €1,976,315 | +€255,649 | +14.9% |
| Stocks and contracts in progress | 3 | €1,417,721 | €1,504,065 | +€86,344 | +6.1% |
| Stocks | 30/36 | €1,417,721 | €1,504,065 | +€86,344 | +6.1% |
| Amounts receivable within one year | 40/41 | €230,599 | €297,132 | +€66,533 | +28.9% |
| Trade receivables | 40 | €230,599 | €295,349 | +€64,750 | +28.1% |
| Other amounts receivable | 41 | €0 | €1,783 | +€1,783 | |
| Current investments | 50/53 | €482 | €512 | +€30 | +6.1% |
| Cash at bank and in hand | 54/58 | €54,830 | €155,477 | +€100,648 | +183.6% |
| Deferred charges and accrued income | 490/1 | €17,035 | €19,129 | +€2,095 | +12.3% |
| Total equity and liabilities | 10/49 | €3,602,248 | €3,752,779 | +€150,532 | +4.2% |
| Equity | 10/15 | €1,197,179 | €1,377,166 | +€179,987 | +15.0% |
| Contributions | 10/11 | €89,000 | €89,000 | = | 0.0% |
| Reserves | 13 | €989,577 | €1,169,564 | +€179,987 | +18.2% |
| Non-distributable reserves | 130/1 | €8,900 | €8,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,900 | €8,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €875,427 | €1,055,414 | +€179,987 | +20.6% |
| Profit (loss) carried forward | 14 | €118,602 | €118,602 | = | 0.0% |
| Amounts payable | 17/49 | €2,405,069 | €2,375,613 | -€29,456 | -1.2% |
| Amounts payable after more than one year | 17 | €1,507,981 | €1,374,278 | -€133,704 | -8.9% |
| Financial debts | 170/4 | €1,507,981 | €1,374,278 | -€133,704 | -8.9% |
| Amounts payable within one year | 42/48 | €891,931 | €996,695 | +€104,763 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €565,497 | €493,836 | -€71,661 | -12.7% |
| Trade debts | 44 | €214,285 | €210,691 | -€3,594 | -1.7% |
| Suppliers | 440/4 | €214,285 | €210,691 | -€3,594 | -1.7% |
| Advances received on contracts in progress | 46 | €550 | €162,189 | +€161,639 | +29381.4% |
| Taxes, remuneration and social security | 45 | €111,600 | €129,979 | +€18,380 | +16.5% |
| Taxes | 450/3 | €64,314 | €94,977 | +€30,662 | +47.7% |
| Remuneration and social security | 454/9 | €47,285 | €35,003 | -€12,283 | -26.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €5,156 | €4,641 | -€515 | -10.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €239,720 | €188,806 | -€50,914 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,328 | €122,314 | +€2,986 | +2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€56 | -€56 | |
| Other operating charges | 640/8 | €21,640 | €23,080 | +€1,440 | +6.7% |
| Gross operating margin | 9900 | €661,005 | €629,321 | -€31,684 | -4.8% |
| Operating profit (loss) | 9901 | €280,317 | €295,177 | +€14,860 | +5.3% |
| Financial income | 75/76B | €2,132 | €4,658 | +€2,527 | +118.5% |
| Recurring financial income | 75 | €2,132 | €4,658 | +€2,527 | +118.5% |
| Financial charges | 65/66B | €42,780 | €38,267 | -€4,513 | -10.5% |
| Recurring financial charges | 65 | €42,780 | €38,267 | -€4,513 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €239,668 | €261,568 | +€21,900 | +9.1% |
| Income taxes | 67/77 | €74,330 | €81,581 | +€7,251 | +9.8% |
| Profit (loss) for the period | 9904 | €165,339 | €179,987 | +€14,648 | +8.9% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €165,339 | €179,987 | +€14,648 | +8.9% |
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 9 October 2026 via checked.be.