SAEP. C: what changed
Two fiscal 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.
SAEP. C
Largest movements
- Receivables within one year +€498,176
up €498,176 (+21.1%), from €2.4m to €2.9m
of which Other amounts receivable: +€452,351
- Cash +€462,053
up €462,053 (+846.7%), from €54,572 to €516,626
mainly Other debts (+€1.1m) and Depreciation (+€75,830)
- Other debts +€1.1m
up €1.1m (+21.0%), from €5.4m to €6.5m
- Profit (loss) carried forward -€241,630
down €241,630 (-24.8%), from -€974,404 to -€1.2m
- Gross operating margin +€17,937
up €17,937 (+23.4%), from -€76,654 to -€58,717
- Financial income +€15,562
up €15,562 (+42.3%), from €36,826 to €52,388
- Staff costs +€6,851
up €6,851 (+5.2%), from €131,920 to €138,771
- Depreciation +€2,073
up €2,073 (+2.8%), from €73,757 to €75,830
- Other operating charges +€1,689
up €1,689 (+10.9%), from €15,479 to €17,168
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 | €4,521,076 | €5,406,286 | +€885,210 | +19.6% |
| Fixed assets | 21/28 | €1,847,751 | €1,771,921 | -€75,830 | -4.1% |
| Intangible fixed assets | 21 | €205,487 | €174,924 | -€30,564 | -14.9% |
| Tangible fixed assets | 22/27 | €1,617,264 | €1,571,997 | -€45,266 | -2.8% |
| Land and buildings | 22 | €1,610,007 | €1,567,386 | -€42,621 | -2.6% |
| Furniture and vehicles | 24 | €7,256 | €4,611 | -€2,645 | -36.5% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €2,673,326 | €3,634,365 | +€961,040 | +35.9% |
| Stocks and contracts in progress | 3 | €255,697 | €255,697 | = | 0.0% |
| Stocks | 30/36 | €255,697 | €255,697 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,361,847 | €2,860,024 | +€498,176 | +21.1% |
| Trade receivables | 40 | €352,962 | €398,787 | +€45,825 | +13.0% |
| Other amounts receivable | 41 | €2,008,885 | €2,461,237 | +€452,351 | +22.5% |
| Cash at bank and in hand | 54/58 | €54,572 | €516,626 | +€462,053 | +846.7% |
| Deferred charges and accrued income | 490/1 | €1,208 | €2,019 | +€810 | +67.0% |
| Total equity and liabilities | 10/49 | €4,521,076 | €5,406,286 | +€885,210 | +19.6% |
| Equity | 10/15 | -€949,404 | -€1,191,034 | -€241,630 | -25.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€974,404 | -€1,216,034 | -€241,630 | -24.8% |
| Amounts payable | 17/49 | €5,470,480 | €6,597,320 | +€1.1m | +20.6% |
| Amounts payable within one year | 42/48 | €5,470,480 | €6,597,295 | +€1.1m | +20.6% |
| Trade debts | 44 | €55,272 | €67,562 | +€12,290 | +22.2% |
| Suppliers | 440/4 | €55,272 | €67,562 | +€12,290 | +22.2% |
| Taxes, remuneration and social security | 45 | €36,343 | €22,429 | -€13,914 | -38.3% |
| Taxes | 450/3 | €14,701 | €11 | -€14,690 | -99.9% |
| Remuneration and social security | 454/9 | €21,642 | €22,418 | +€776 | +3.6% |
| Other amounts payable | 47/48 | €5,378,866 | €6,507,304 | +€1.1m | +21.0% |
| Accrued charges and deferred income | 492/3 | - | €26 | +€26 | |
| Remuneration, social security and pensions | 62 | €131,920 | €138,771 | +€6,851 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,757 | €75,830 | +€2,073 | +2.8% |
| Other operating charges | 640/8 | €15,479 | €17,168 | +€1,689 | +10.9% |
| Gross operating margin | 9900 | -€76,654 | -€58,717 | +€17,937 | +23.4% |
| Operating profit (loss) | 9901 | -€297,810 | -€290,485 | +€7,325 | +2.5% |
| Financial income | 75/76B | €36,826 | €52,388 | +€15,562 | +42.3% |
| Recurring financial income | 75 | €36,826 | €52,388 | +€15,562 | +42.3% |
| Financial charges | 65/66B | €2,763 | €2,825 | +€62 | +2.2% |
| Recurring financial charges | 65 | €2,763 | €2,825 | +€62 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | -€263,747 | -€240,922 | +€22,825 | +8.7% |
| Income taxes | 67/77 | €718 | €708 | -€10 | -1.3% |
| Profit (loss) for the period | 9904 | -€264,465 | -€241,630 | +€22,834 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€264,465 | -€241,630 | +€22,834 | +8.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.