SAERINVEST: 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.
SAERINVEST
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Deferred charges and accrued income -€62,514
down €62,514 (-54.8%), from €114,114 to €51,600
- Cash -€51,797
down €51,797 (-28.8%), from €180,139 to €128,341
mainly Current investments (-€100,000) and Investment in fixed assets (net) (-€63,917)
- Tangible fixed assets +€47,650
up €47,650 (+164%), from €29,077 to €76,728
of which Furniture and vehicles: +€49,417
- Receivables within one year -€33,655
down €33,655 (-35.0%), from €96,284 to €62,629
of which Trade receivables: -€31,359
- Debts after one year +€40,517
new in 2025: €40,517
- Other debts -€24,200
down €24,200 (-51.3%), from €47,164 to €22,964
- Trade debts -€12,079
down €12,079 (-94.0%), from €12,854 to €776
- Current portion of long-term debt +€8,782
up €8,782 (+107%), from €8,203 to €16,985
- Reserves +€6,078
up €6,078 (+1.9%), from €327,584 to €333,661
of which Distributable reserves: +€7,758
- Gross operating margin +€46,269
up €46,269 (+123%), from €37,480 to €83,750
- Taxes -€6,091
down €6,091 (-54.5%), from €11,174 to €5,083
- Other operating charges -€2,904
down €2,904 (-60.3%), from €4,813 to €1,910
- Depreciation +€2,117
up €2,117 (+15.0%), from €14,150 to €16,266
- Financial charges +€1,953
up €1,953 (+86.5%), from €2,257 to €4,210
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 | €508,540 | €532,224 | +€23,684 | +4.7% |
| Fixed assets | 21/28 | €29,077 | €76,728 | +€47,650 | +164% |
| Tangible fixed assets | 22/27 | €29,077 | €76,728 | +€47,650 | +164% |
| Plant, machinery and equipment | 23 | €6,440 | €4,673 | -€1,767 | -27.4% |
| Furniture and vehicles | 24 | €22,637 | €72,054 | +€49,417 | +218% |
| Current assets | 29/58 | €479,463 | €455,497 | -€23,966 | -5.0% |
| Amounts receivable after more than one year | 29 | €88,926 | €112,926 | +€24,000 | +27.0% |
| Trade receivables | 290 | €150 | €150 | = | 0.0% |
| Other amounts receivable | 291 | €88,776 | €112,776 | +€24,000 | +27.0% |
| Amounts receivable within one year | 40/41 | €96,284 | €62,629 | -€33,655 | -35.0% |
| Trade receivables | 40 | €47,836 | €16,477 | -€31,359 | -65.6% |
| Other amounts receivable | 41 | €48,449 | €46,152 | -€2,297 | -4.7% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €180,139 | €128,341 | -€51,797 | -28.8% |
| Deferred charges and accrued income | 490/1 | €114,114 | €51,600 | -€62,514 | -54.8% |
| Total equity and liabilities | 10/49 | €508,540 | €532,224 | +€23,684 | +4.7% |
| Equity | 10/15 | €389,584 | €395,661 | +€6,078 | +1.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €327,584 | €333,661 | +€6,078 | +1.9% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €140,661 | €138,981 | -€1,680 | -1.2% |
| Distributable reserves | 133 | €174,523 | €182,280 | +€7,758 | +4.4% |
| Provisions and deferred taxes | 16 | €46,467 | €46,047 | -€420 | -0.9% |
| Deferred taxes | 168 | €46,467 | €46,047 | -€420 | -0.9% |
| Amounts payable | 17/49 | €72,490 | €90,516 | +€18,026 | +24.9% |
| Amounts payable after more than one year | 17 | - | €40,517 | +€40,517 | |
| Financial debts | 170/4 | - | €40,517 | +€40,517 | |
| Amounts payable within one year | 42/48 | €72,490 | €48,031 | -€24,459 | -33.7% |
| Current portion of amounts payable after more than one year | 42 | €8,203 | €16,985 | +€8,782 | +107% |
| Trade debts | 44 | €12,854 | €776 | -€12,079 | -94.0% |
| Suppliers | 440/4 | €12,854 | €776 | -€12,079 | -94.0% |
| Taxes, remuneration and social security | 45 | €4,268 | €7,306 | +€3,039 | +71.2% |
| Taxes | 450/3 | €696 | €3,734 | +€3,039 | +437% |
| Remuneration and social security | 454/9 | €3,572 | €3,572 | = | 0.0% |
| Other amounts payable | 47/48 | €47,164 | €22,964 | -€24,200 | -51.3% |
| Accrued charges and deferred income | 492/3 | - | €1,968 | +€1,968 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,150 | €16,266 | +€2,117 | +15.0% |
| Other operating charges | 640/8 | €4,813 | €1,910 | -€2,904 | -60.3% |
| Non-recurring operating charges | 66A | €7,329 | €50,658 | +€43,329 | +591% |
| Gross operating margin | 9900 | €37,480 | €83,750 | +€46,269 | +123% |
| Operating profit (loss) | 9901 | €11,189 | €14,916 | +€3,727 | +33.3% |
| Financial income | 75/76B | - | €35 | +€35 | |
| Recurring financial income | 75 | - | €35 | +€35 | |
| Financial charges | 65/66B | €2,257 | €4,210 | +€1,953 | +86.5% |
| Recurring financial charges | 65 | €2,257 | €4,210 | +€1,953 | +86.5% |
| Profit (loss) for the period before taxes | 9903 | €8,931 | €10,741 | +€1,810 | +20.3% |
| Transfer from deferred taxes | 780 | €570 | €420 | -€150 | -26.3% |
| Income taxes | 67/77 | €11,174 | €5,083 | -€6,091 | -54.5% |
| Profit (loss) for the period | 9904 | -€1,673 | €6,078 | +€7,750 | |
| Transfer from tax-exempt reserves | 789 | €2,130 | €1,680 | -€450 | -21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €458 | €7,758 | +€7,300 | +1,596% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.