SAERDOAS: 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.
SAERDOAS
Largest movements
- Tangible fixed assets +€171,991
up €171,991 (+107.9%), from €159,432 to €331,423
of which Land and buildings: +€175,859
- Receivables within one year +€132,314
up €132,314 (+387.0%), from €34,186 to €166,500
of which Other amounts receivable: +€132,115
- Current investments -€30,141
down €30,141 (-100.0%), from €30,141 to €0
- Debts after one year +€261,268
up €261,268 (+491.3%), from €53,178 to €314,445
- Other debts +€78,448
up €78,448 (+2875.2%), from €2,728 to €81,177
- Reserves -€78,241
down €78,241 (-45.5%), from €171,821 to €93,581
- Trade debts +€6,186
up €6,186 (+96.6%), from €6,406 to €12,592
- Depreciation +€19,348
up €19,348 (+292.4%), from €6,616 to €25,964
- Gross operating margin -€12,761
down €12,761 (-23.3%), from €54,858 to €42,097
- Taxes -€6,513
down €6,513 (-76.5%), from €8,515 to €2,001
- Financial charges +€2,481
up €2,481 (+57.6%), from €4,307 to €6,788
- Financial income +€1,038
up €1,038 (+125.8%), from €825 to €1,863
of which Non-recurring financial income: +€660
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 | €255,393 | €526,475 | +€271,082 | +106.1% |
| Fixed assets | 21/28 | €159,432 | €331,423 | +€171,991 | +107.9% |
| Tangible fixed assets | 22/27 | €159,432 | €331,423 | +€171,991 | +107.9% |
| Land and buildings | 22 | €150,473 | €326,332 | +€175,859 | +116.9% |
| Plant, machinery and equipment | 23 | €883 | €515 | -€368 | -41.7% |
| Furniture and vehicles | 24 | €8,076 | €4,575 | -€3,501 | -43.3% |
| Current assets | 29/58 | €95,961 | €195,053 | +€99,092 | +103.3% |
| Amounts receivable within one year | 40/41 | €34,186 | €166,500 | +€132,314 | +387.0% |
| Trade receivables | 40 | €29,491 | €29,691 | +€199 | +0.7% |
| Other amounts receivable | 41 | €4,694 | €136,809 | +€132,115 | +2814.3% |
| Current investments | 50/53 | €30,141 | €0 | -€30,141 | -100.0% |
| Cash at bank and in hand | 54/58 | €30,629 | €27,379 | -€3,249 | -10.6% |
| Deferred charges and accrued income | 490/1 | €1,006 | €1,174 | +€168 | +16.7% |
| Total equity and liabilities | 10/49 | €255,393 | €526,475 | +€271,082 | +106.1% |
| Equity | 10/15 | €176,821 | €98,581 | -€78,241 | -44.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €171,821 | €93,581 | -€78,241 | -45.5% |
| Distributable reserves | 133 | €171,821 | €93,581 | -€78,241 | -45.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €78,572 | €427,895 | +€349,323 | +444.6% |
| Amounts payable after more than one year | 17 | €53,178 | €314,445 | +€261,268 | +491.3% |
| Financial debts | 170/4 | €53,178 | €314,445 | +€261,268 | +491.3% |
| Amounts payable within one year | 42/48 | €25,075 | €113,077 | +€88,001 | +350.9% |
| Current portion of amounts payable after more than one year | 42 | €8,414 | €8,732 | +€318 | +3.8% |
| Financial debts | 43 | €497 | €13 | -€484 | -97.4% |
| Credit institutions | 430/8 | €497 | €13 | -€484 | -97.4% |
| Trade debts | 44 | €6,406 | €12,592 | +€6,186 | +96.6% |
| Suppliers | 440/4 | €6,406 | €12,592 | +€6,186 | +96.6% |
| Taxes, remuneration and social security | 45 | €7,030 | €10,562 | +€3,532 | +50.2% |
| Taxes | 450/3 | €7,030 | €10,562 | +€3,532 | +50.2% |
| Other amounts payable | 47/48 | €2,728 | €81,177 | +€78,448 | +2875.2% |
| Accrued charges and deferred income | 492/3 | €319 | €373 | +€54 | +17.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,616 | €25,964 | +€19,348 | +292.4% |
| Other operating charges | 640/8 | €1,620 | €947 | -€673 | -41.6% |
| Gross operating margin | 9900 | €54,858 | €42,097 | -€12,761 | -23.3% |
| Operating profit (loss) | 9901 | €46,621 | €15,185 | -€31,436 | -67.4% |
| Financial income | 75/76B | €825 | €1,863 | +€1,038 | +125.8% |
| Recurring financial income | 75 | €825 | €1,203 | +€378 | +45.8% |
| Non-recurring financial income | 76B | - | €660 | +€660 | |
| Financial charges | 65/66B | €4,307 | €6,788 | +€2,481 | +57.6% |
| Recurring financial charges | 65 | €4,307 | €6,788 | +€2,481 | +57.6% |
| Profit (loss) for the period before taxes | 9903 | €43,139 | €10,260 | -€32,879 | -76.2% |
| Income taxes | 67/77 | €8,515 | €2,001 | -€6,513 | -76.5% |
| Profit (loss) for the period | 9904 | €34,625 | €8,259 | -€26,366 | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,625 | €8,259 | -€26,366 | -76.1% |
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.