SAF-LOGIS: 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.
SAF-LOGIS
Largest movements
- Cash +€412,255
up €412,255 (+144%), from €286,538 to €698,793
mainly Other debts (+€271,766) and Net result for the year (+€81,044)
- Tangible fixed assets -€77,319
down €77,319 (-5.6%), from €1.4m to €1.3m
- Receivables within one year -€47,628
down €47,628 (-95.4%), from €49,933 to €2,305
of which Trade receivables: -€47,528
- Other debts +€271,766
up €271,766 (+43.3%), from €628,129 to €899,895
- Reserves +€81,034
up €81,034 (+249%), from €32,536 to €113,570
of which Distributable reserves: +€80,770
- Debts after one year -€37,454
down €37,454 (-36.7%), from €102,102 to €64,649
- Other operating charges +€10,753
up €10,753 (+101%), from €10,627 to €21,381
- Financial charges -€7,552
down €7,552 (-67.7%), from €11,152 to €3,599
- Taxes +€5,983
up €5,983 (+18.8%), from €31,801 to €37,784
- Gross operating margin -€4,994
down €4,994 (-2.2%), from €226,121 to €221,127
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 | €1,708,017 | €1,995,065 | +€287,048 | +16.8% |
| Fixed assets | 21/28 | €1,370,770 | €1,293,451 | -€77,319 | -5.6% |
| Tangible fixed assets | 22/27 | €1,370,770 | €1,293,451 | -€77,319 | -5.6% |
| Land and buildings | 22 | €1,370,770 | €1,293,451 | -€77,319 | -5.6% |
| Current assets | 29/58 | €337,248 | €701,614 | +€364,367 | +108% |
| Amounts receivable within one year | 40/41 | €49,933 | €2,305 | -€47,628 | -95.4% |
| Trade receivables | 40 | €49,833 | €2,305 | -€47,528 | -95.4% |
| Other amounts receivable | 41 | €100 | - | -€100 | |
| Cash at bank and in hand | 54/58 | €286,538 | €698,793 | +€412,255 | +144% |
| Deferred charges and accrued income | 490/1 | €776 | €516 | -€260 | -33.4% |
| Total equity and liabilities | 10/49 | €1,708,017 | €1,995,065 | +€287,048 | +16.8% |
| Equity | 10/15 | €886,415 | €967,459 | +€81,044 | +9.1% |
| Contributions | 10/11 | €328,000 | €328,000 | = | 0.0% |
| Capital | 10 | €328,000 | €328,000 | = | 0.0% |
| Issued capital | 100 | €328,000 | €328,000 | = | 0.0% |
| Reserves | 13 | €32,536 | €113,570 | +€81,034 | +249% |
| Non-distributable reserves | 130/1 | €32,536 | €32,800 | +€264 | +0.8% |
| Legal reserve | 130 | €32,536 | €32,800 | +€264 | +0.8% |
| Distributable reserves | 133 | - | €80,770 | +€80,770 | |
| Profit (loss) carried forward | 14 | €525,879 | €525,889 | +€10 | 0.0% |
| Amounts payable | 17/49 | €821,602 | €1,027,606 | +€206,004 | +25.1% |
| Amounts payable after more than one year | 17 | €102,102 | €64,649 | -€37,454 | -36.7% |
| Financial debts | 170/4 | €102,102 | €64,649 | -€37,454 | -36.7% |
| Amounts payable within one year | 42/48 | €707,229 | €959,842 | +€252,614 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | €57,313 | €38,737 | -€18,576 | -32.4% |
| Trade debts | 44 | €11,188 | €3,335 | -€7,854 | -70.2% |
| Suppliers | 440/4 | €11,188 | €3,335 | -€7,854 | -70.2% |
| Taxes, remuneration and social security | 45 | €10,598 | €17,875 | +€7,277 | +68.7% |
| Taxes | 450/3 | €10,598 | €17,875 | +€7,277 | +68.7% |
| Other amounts payable | 47/48 | €628,129 | €899,895 | +€271,766 | +43.3% |
| Accrued charges and deferred income | 492/3 | €12,271 | €3,115 | -€9,156 | -74.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,138 | €77,319 | +€181 | +0.2% |
| Other operating charges | 640/8 | €10,627 | €21,381 | +€10,753 | +101% |
| Gross operating margin | 9900 | €226,121 | €221,127 | -€4,994 | -2.2% |
| Operating profit (loss) | 9901 | €138,355 | €122,427 | -€15,928 | -11.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €11,152 | €3,599 | -€7,552 | -67.7% |
| Recurring financial charges | 65 | €11,152 | €3,599 | -€7,552 | -67.7% |
| Profit (loss) for the period before taxes | 9903 | €127,203 | €118,827 | -€8,376 | -6.6% |
| Income taxes | 67/77 | €31,801 | €37,784 | +€5,983 | +18.8% |
| Profit (loss) for the period | 9904 | €95,403 | €81,044 | -€14,359 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €95,403 | €81,044 | -€14,359 | -15.1% |
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 30 October 2026 via checked.be.