SAEY: 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.
What changed
SAEY
NACE 46.841, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€529,819
2024 · €7.9m-€7.4m
Equity
€63.3m
2024 · €62.8m+€529,819
Cash
€1.2m
2024 · €562,193+€589,121
Balance sheet total
€75.2m
2024 · €74.9m+€319,817
Largest movements
Assets
- Receivables within one year -€2.5m
down €2.5m (-5.2%), from €48.3m to €45.8m
of which Trade receivables: -€2.7m
- Tangible fixed assets +€1.2m
up €1.2m (+34.7%), from €3.3m to €4.5m
of which Plant, machinery and equipment: +€1.1m
- Stocks and contracts +€1.1m
up €1.1m (+5.0%), from €22.4m to €23.5m
Equity and liabilities
- Tax, wage and social debts -€1.2m
down €1.2m (-45.1%), from €2.7m to €1.5m
of which Taxes: -€1.3m
- Trade debts +€1.0m
up €1.0m (+10.9%), from €9.3m to €10.4m
Income statement
- Turnover -€11.2m
down €11.2m (-9.5%), from €117.7m to €106.5m
- Goods and materials -€2.7m
down €2.7m (-2.9%), from €93.2m to €90.4m
of which Change in stocks: decrease (increase): -€7.0m
- Taxes -€1.4m
down €1.4m (-87.3%), from €1.6m to €204,603
of which Taxes: -€1.4m
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.
Result 2024
€7.9m
Turnover
-€11.2m
Other operating income
-€226,546
Goods and materials
+€2.7m
Services and other goods
+€422,456
Staff costs
-€118,461
Depreciation
-€193,716
Write-downs
+€131,510
Other operating charges
-€1,746
Other operating items
-€156,878
Financial income
-€679,545
Financial charges
+€482,763
Taxes
+€1.4m
Deferred taxes and other
-€8,083
Result 2025
€529,819
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.
From operations
+€2.4m
Investment
-€1.9m
Financing
€0
Cash 2024
€562,193
From operations (derived)
+€2.4m
Net result for the year
+€529,819
Depreciation
+€720,198
Stocks and contracts
-€1.1m
Receivables within one year
+€2.5m
Deferred charges and accrued income
+€32,223
Trade debts
+€1.0m
Tax, wage and social debts
-€1.2m
Accrued charges and deferred income
-€21,483
Investment (derived)
-€1.9m
Investment in fixed assets (net)
-€1.9m
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €74,867,730 | €75,187,547 | +€319,817 | +0.4% |
| Fixed assets | 21/28 | €3,550,514 | €4,686,208 | +€1.1m | +32.0% |
| Intangible fixed assets | 21 | €135,499 | €113,461 | -€22,037 | -16.3% |
| Tangible fixed assets | 22/27 | €3,341,144 | €4,498,877 | +€1.2m | +34.7% |
| Land and buildings | 22 | €2,084,462 | €2,204,964 | +€120,502 | +5.8% |
| Plant, machinery and equipment | 23 | €986,584 | €2,080,837 | +€1.1m | +110.9% |
| Furniture and vehicles | 24 | €270,099 | €213,075 | -€57,024 | -21.1% |
| Financial fixed assets | 28 | €73,871 | €73,871 | = | 0.0% |
| Other financial fixed assets | 284/8 | €73,871 | €73,871 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €73,871 | €73,871 | = | 0.0% |
| Current assets | 29/58 | €71,317,216 | €70,501,338 | -€815,877 | -1.1% |
| Stocks and contracts in progress | 3 | €22,392,156 | €23,519,729 | +€1.1m | +5.0% |
| Stocks | 30/36 | €22,392,156 | €23,519,729 | +€1.1m | +5.0% |
| Raw materials and consumables | 30/31 | €22,392,156 | €23,519,729 | +€1.1m | +5.0% |
| Amounts receivable within one year | 40/41 | €48,316,346 | €45,815,997 | -€2.5m | -5.2% |
| Trade receivables | 40 | €16,547,255 | €13,856,789 | -€2.7m | -16.3% |
| Other amounts receivable | 41 | €31,769,091 | €31,959,209 | +€190,118 | +0.6% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €562,193 | €1,151,313 | +€589,121 | +104.8% |
| Deferred charges and accrued income | 490/1 | €46,521 | €14,298 | -€32,223 | -69.3% |
| Total equity and liabilities | 10/49 | €74,867,730 | €75,187,547 | +€319,817 | +0.4% |
| Equity | 10/15 | €62,762,786 | €63,292,605 | +€529,819 | +0.8% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Capital | 10 | €2,000,000 | €2,000,000 | = | 0.0% |
| Issued capital | 100 | €2,000,000 | €2,000,000 | = | 0.0% |
| Reserves | 13 | €8,981,974 | €8,981,974 | = | 0.0% |
| Non-distributable reserves | 130/1 | €736,849 | €736,849 | = | 0.0% |
| Legal reserve | 130 | €736,849 | €736,849 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,102,050 | €1,817,875 | -€284,175 | -13.5% |
| Distributable reserves | 133 | €6,143,076 | €6,427,251 | +€284,175 | +4.6% |
| Profit (loss) carried forward | 14 | €51,780,812 | €52,310,631 | +€529,819 | +1.0% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €12,104,943 | €11,894,942 | -€210,002 | -1.7% |
| Amounts payable within one year | 42/48 | €12,004,742 | €11,816,224 | -€188,518 | -1.6% |
| Trade debts | 44 | €9,338,697 | €10,353,780 | +€1.0m | +10.9% |
| Suppliers | 440/4 | €9,338,697 | €10,353,780 | +€1.0m | +10.9% |
| Taxes, remuneration and social security | 45 | €2,666,045 | €1,462,444 | -€1.2m | -45.1% |
| Taxes | 450/3 | €1,934,913 | €661,167 | -€1.3m | -65.8% |
| Remuneration and social security | 454/9 | €731,132 | €801,277 | +€70,145 | +9.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €100,202 | €78,718 | -€21,483 | -21.4% |
| Operating income | 70/76A | €119,529,078 | €107,890,500 | -€11.6m | -9.7% |
| Turnover | 70 | €117,673,772 | €106,490,087 | -€11.2m | -9.5% |
| Other operating income | 74 | €1,626,958 | €1,400,412 | -€226,546 | -13.9% |
| Non-recurring operating income | 76A | €228,348 | - | -€228,348 | |
| Operating charges | 60/66A | €111,510,342 | €108,464,005 | -€3.0m | -2.7% |
| Goods for resale, raw materials and consumables | 60 | €93,156,198 | €90,421,374 | -€2.7m | -2.9% |
| Purchases | 600/8 | €87,237,632 | €91,529,184 | +€4.3m | +4.9% |
| Change in stocks: decrease (increase) | 609 | €5,918,566 | -€1,107,810 | -€7.0m | |
| Services and other goods | 61 | €11,151,449 | €10,728,993 | -€422,456 | -3.8% |
| Remuneration, social security and pensions | 62 | €6,271,879 | €6,390,340 | +€118,461 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €526,482 | €720,198 | +€193,716 | +36.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €146,592 | €15,083 | -€131,510 | -89.7% |
| Other operating charges | 640/8 | €182,023 | €183,769 | +€1,746 | +1.0% |
| Non-recurring operating charges | 66A | €75,719 | €4,249 | -€71,470 | -94.4% |
| Operating profit (loss) | 9901 | €8,018,736 | -€573,506 | -€8.6m | |
| Financial income | 75/76B | €2,021,212 | €1,341,667 | -€679,545 | -33.6% |
| Recurring financial income | 75 | €2,021,212 | €1,341,667 | -€679,545 | -33.6% |
| Income from current assets | 751 | €1,053,414 | €1,046,844 | -€6,570 | -0.6% |
| Other financial income | 752/9 | €967,798 | €294,823 | -€672,975 | -69.5% |
| Financial charges | 65/66B | €516,503 | €33,740 | -€482,763 | -93.5% |
| Recurring financial charges | 65 | €516,503 | €33,740 | -€482,763 | -93.5% |
| Debt charges | 650 | €3 | - | -€3 | |
| Other financial charges | 652/9 | €516,500 | €33,740 | -€482,760 | -93.5% |
| Profit (loss) for the period before taxes | 9903 | €9,523,445 | €734,422 | -€8.8m | -92.3% |
| Transfer from deferred taxes | 780 | €8,083 | - | -€8,083 | |
| Income taxes | 67/77 | €1,614,414 | €204,603 | -€1.4m | -87.3% |
| Taxes | 670/3 | €1,614,414 | €205,000 | -€1.4m | -87.3% |
| Tax adjustments and reversals of tax provisions | 77 | - | €397 | +€397 | |
| Profit (loss) for the period | 9904 | €7,917,114 | €529,819 | -€7.4m | -93.3% |
| Transfer from tax-exempt reserves | 789 | €1,431,400 | €284,175 | -€1.1m | -80.1% |
| Transfer to tax-exempt reserves | 689 | €3,876 | - | -€3,876 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,344,638 | €813,994 | -€8.5m | -91.3% |
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 8 October 2026 via checked.be.