SAEM-4U: 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.
SAEM-4U
Largest movements
- Cash -€231,685
down €231,685 (-94.9%), from €244,249 to €12,564
mainly Other debts (-€171,066) and Debts after one year (-€49,334)
- Receivables within one year +€23,613
up €23,613 (+61.7%), from €38,275 to €61,888
of which Trade receivables: +€26,362
- Tangible fixed assets -€16,537
down €16,537 (-6.3%), from €262,052 to €245,515
of which Land and buildings: -€8,698
- Other debts -€171,066
down €171,066 (-65.9%), from €259,688 to €88,622
- Debts after one year -€49,334
down €49,334 (-27.5%), from €179,493 to €130,159
- Tax, wage and social debts -€26,787
down €26,787 (-77.0%), from €34,783 to €7,996
- Profit (loss) carried forward +€21,411
up €21,411, from -€21,411 to €0
- Financial charges -€78,230
down €78,230 (-93.3%), from €83,872 to €5,642
of which Financial charges: -€78,230
- Gross operating margin -€22,304
down €22,304 (-22.1%), from €100,697 to €78,393
- Taxes -€5,017
down €5,017 (-26.5%), from €18,916 to €13,899
- Depreciation -€2,554
down €2,554 (-13.4%), from €19,091 to €16,537
- Financial income -€1,110
down €1,110 (-64.8%), from €1,713 to €603
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 | €550,349 | €325,727 | -€224,622 | -40.8% |
| Fixed assets | 21/28 | €266,690 | €250,153 | -€16,537 | -6.2% |
| Tangible fixed assets | 22/27 | €262,052 | €245,515 | -€16,537 | -6.3% |
| Land and buildings | 22 | €253,404 | €244,705 | -€8,698 | -3.4% |
| Furniture and vehicles | 24 | €8,648 | €810 | -€7,838 | -90.6% |
| Financial fixed assets | 28 | €4,638 | €4,638 | = | 0.0% |
| Current assets | 29/58 | €283,660 | €75,574 | -€208,085 | -73.4% |
| Amounts receivable within one year | 40/41 | €38,275 | €61,888 | +€23,613 | +61.7% |
| Trade receivables | 40 | €15,981 | €42,344 | +€26,362 | +165% |
| Other amounts receivable | 41 | €22,293 | €19,544 | -€2,749 | -12.3% |
| Cash at bank and in hand | 54/58 | €244,249 | €12,564 | -€231,685 | -94.9% |
| Deferred charges and accrued income | 490/1 | €1,136 | €1,122 | -€13 | -1.2% |
| Total equity and liabilities | 10/49 | €550,349 | €325,727 | -€224,622 | -40.8% |
| Equity | 10/15 | €27,189 | €48,600 | +€21,411 | +78.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,411 | €0 | +€21,411 | |
| Amounts payable | 17/49 | €523,160 | €277,127 | -€246,033 | -47.0% |
| Amounts payable after more than one year | 17 | €179,493 | €130,159 | -€49,334 | -27.5% |
| Financial debts | 170/4 | €179,493 | €130,159 | -€49,334 | -27.5% |
| Amounts payable within one year | 42/48 | €343,667 | €146,968 | -€196,699 | -57.2% |
| Current portion of amounts payable after more than one year | 42 | €48,236 | €49,334 | +€1,098 | +2.3% |
| Trade debts | 44 | €960 | €1,017 | +€56 | +5.9% |
| Suppliers | 440/4 | €960 | €1,017 | +€56 | +5.9% |
| Taxes, remuneration and social security | 45 | €34,783 | €7,996 | -€26,787 | -77.0% |
| Taxes | 450/3 | €34,783 | €7,996 | -€26,787 | -77.0% |
| Other amounts payable | 47/48 | €259,688 | €88,622 | -€171,066 | -65.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,091 | €16,537 | -€2,554 | -13.4% |
| Other operating charges | 640/8 | €2,504 | €2,632 | +€128 | +5.1% |
| Gross operating margin | 9900 | €100,697 | €78,393 | -€22,304 | -22.1% |
| Operating profit (loss) | 9901 | €79,103 | €59,225 | -€19,878 | -25.1% |
| Financial income | 75/76B | €1,713 | €603 | -€1,110 | -64.8% |
| Recurring financial income | 75 | €1,713 | €603 | -€1,110 | -64.8% |
| Financial charges | 65/66B | €83,872 | €5,642 | -€78,230 | -93.3% |
| Recurring financial charges | 65 | €83,872 | €5,642 | -€78,230 | -93.3% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€3,056 | €54,186 | +€57,242 | |
| Income taxes | 67/77 | €18,916 | €13,899 | -€5,017 | -26.5% |
| Profit (loss) for the period | 9904 | -€21,972 | €40,287 | +€62,259 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,972 | €40,287 | +€62,259 |
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 23 October 2026 via checked.be.