SAEPISTA: 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.
SAEPISTA
Largest movements
- Stocks and contracts +€149,651
up €149,651 (+303%), from €49,392 to €199,042
- Cash +€9,257
up €9,257 (+44.8%), from €20,665 to €29,923
mainly Other debts (+€111,102) and Trade debts (+€30,290)
- Tangible fixed assets +€2,437
new in 2025: €2,437
- Other debts +€111,102
up €111,102 (+192%), from €57,801 to €168,903
- Trade debts +€30,290
up €30,290 (+100,133%), from €30 to €30,321
- Tax, wage and social debts +€14,596
up €14,596 (+34.7%), from €42,051 to €56,647
of which Remuneration and social security: +€20,101
- Profit (loss) carried forward +€6,095
up €6,095 (+15.3%), from -€39,746 to -€33,651
- Gross operating margin +€66,789
up €66,789 (+192%), from €34,820 to €101,609
- Financial charges +€5,394
up €5,394 (+465%), from €1,160 to €6,554
- Staff costs +€3,296
up €3,296 (+4.0%), from €81,539 to €84,835
- Taxes +€1,762
new in 2025: €1,762
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 | €80,597 | €242,680 | +€162,083 | +201% |
| Fixed assets | 21/28 | €9,440 | €10,377 | +€937 | +9.9% |
| Intangible fixed assets | 21 | €3,000 | €1,500 | -€1,500 | -50.0% |
| Tangible fixed assets | 22/27 | - | €2,437 | +€2,437 | |
| Plant, machinery and equipment | 23 | - | €2,437 | +€2,437 | |
| Financial fixed assets | 28 | €6,440 | €6,440 | = | 0.0% |
| Current assets | 29/58 | €71,157 | €232,303 | +€161,146 | +226% |
| Stocks and contracts in progress | 3 | €49,392 | €199,042 | +€149,651 | +303% |
| Stocks | 30/36 | €49,392 | €199,042 | +€149,651 | +303% |
| Amounts receivable within one year | 40/41 | €1,100 | €3,338 | +€2,239 | +204% |
| Other amounts receivable | 41 | €1,100 | €3,338 | +€2,239 | +204% |
| Cash at bank and in hand | 54/58 | €20,665 | €29,923 | +€9,257 | +44.8% |
| Total equity and liabilities | 10/49 | €80,597 | €242,680 | +€162,083 | +201% |
| Equity | 10/15 | -€19,286 | -€13,191 | +€6,095 | +31.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€39,746 | -€33,651 | +€6,095 | +15.3% |
| Amounts payable | 17/49 | €99,883 | €255,871 | +€155,988 | +156% |
| Amounts payable within one year | 42/48 | €99,883 | €255,871 | +€155,988 | +156% |
| Trade debts | 44 | €30 | €30,321 | +€30,290 | +100,133% |
| Suppliers | 440/4 | €30 | €30,321 | +€30,290 | +100,133% |
| Taxes, remuneration and social security | 45 | €42,051 | €56,647 | +€14,596 | +34.7% |
| Taxes | 450/3 | €10,625 | €5,119 | -€5,506 | -51.8% |
| Remuneration and social security | 454/9 | €31,426 | €51,528 | +€20,101 | +64.0% |
| Other amounts payable | 47/48 | €57,801 | €168,903 | +€111,102 | +192% |
| Remuneration, social security and pensions | 62 | €81,539 | €84,835 | +€3,296 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,449 | €1,763 | -€686 | -28.0% |
| Other operating charges | 640/8 | €1,305 | €600 | -€705 | -54.0% |
| Gross operating margin | 9900 | €34,820 | €101,609 | +€66,789 | +192% |
| Operating profit (loss) | 9901 | -€50,473 | €14,411 | +€64,884 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,160 | €6,554 | +€5,394 | +465% |
| Recurring financial charges | 65 | €1,160 | €6,554 | +€5,394 | +465% |
| Profit (loss) for the period before taxes | 9903 | -€51,632 | €7,857 | +€59,490 | |
| Income taxes | 67/77 | - | €1,762 | +€1,762 | |
| Profit (loss) for the period | 9904 | -€51,632 | €6,095 | +€57,727 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,632 | €6,095 | +€57,727 |
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 21 October 2026 via checked.be.