SAF PROJECT: 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 PROJECT
Largest movements
- Receivables within one year +€53,899
up €53,899 (+361%), from €14,917 to €68,816
of which Trade receivables: +€46,631
- Receivables after one year +€13,356
new in 2025: €13,356
- Cash -€2,894
down €2,894 (-79.0%), from €3,664 to €770
mainly Receivables within one year (-€53,899) and Receivables after one year (-€13,356)
- Tangible fixed assets -€1,482
down €1,482 (-57.6%), from €2,572 to €1,090
of which Furniture and vehicles: -€1,267
- Profit (loss) carried forward +€46,141
up €46,141 (+611%), from €7,552 to €53,693
- Tax, wage and social debts +€16,533
up €16,533 (+777%), from €2,127 to €18,660
- Gross operating margin +€43,753
up €43,753 (+180%), from €24,346 to €68,100
- Taxes +€14,524
up €14,524 (+683%), from €2,127 to €16,651
- Write-downs -€5,141
no longer reported in 2025 (was €5,141)
- Financial charges -€926
down €926 (-57.0%), from €1,625 to €699
- Other operating charges +€718
up €718 (+29.8%), from €2,409 to €3,127
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 | €21,153 | €84,031 | +€62,878 | +297% |
| Fixed assets | 21/28 | €2,572 | €1,090 | -€1,482 | -57.6% |
| Tangible fixed assets | 22/27 | €2,572 | €1,090 | -€1,482 | -57.6% |
| Plant, machinery and equipment | 23 | €426 | €210 | -€215 | -50.6% |
| Furniture and vehicles | 24 | €2,146 | €879 | -€1,267 | -59.0% |
| Current assets | 29/58 | €18,581 | €82,942 | +€64,360 | +346% |
| Amounts receivable after more than one year | 29 | - | €13,356 | +€13,356 | |
| Other amounts receivable | 291 | - | €13,356 | +€13,356 | |
| Amounts receivable within one year | 40/41 | €14,917 | €68,816 | +€53,899 | +361% |
| Trade receivables | 40 | €12,020 | €58,651 | +€46,631 | +388% |
| Other amounts receivable | 41 | €2,897 | €10,165 | +€7,267 | +251% |
| Cash at bank and in hand | 54/58 | €3,664 | €770 | -€2,894 | -79.0% |
| Total equity and liabilities | 10/49 | €21,153 | €84,031 | +€62,878 | +297% |
| Equity | 10/15 | €12,552 | €58,693 | +€46,141 | +368% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,552 | €53,693 | +€46,141 | +611% |
| Amounts payable | 17/49 | €8,601 | €25,338 | +€16,737 | +195% |
| Amounts payable within one year | 42/48 | €8,601 | €25,338 | +€16,737 | +195% |
| Trade debts | 44 | €5,986 | €6,678 | +€692 | +11.6% |
| Suppliers | 440/4 | €5,986 | €6,678 | +€692 | +11.6% |
| Taxes, remuneration and social security | 45 | €2,127 | €18,660 | +€16,533 | +777% |
| Taxes | 450/3 | €2,127 | €18,660 | +€16,533 | +777% |
| Other amounts payable | 47/48 | €487 | - | -€487 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,875 | €1,482 | -€393 | -21.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,141 | - | -€5,141 | |
| Other operating charges | 640/8 | €2,409 | €3,127 | +€718 | +29.8% |
| Non-recurring operating charges | 66A | €3,618 | - | -€3,618 | |
| Gross operating margin | 9900 | €24,346 | €68,100 | +€43,753 | +180% |
| Operating profit (loss) | 9901 | €11,303 | €63,491 | +€52,188 | +462% |
| Financial income | 75/76B | €1 | €0 | -€1 | -99.2% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -99.2% |
| Financial charges | 65/66B | €1,625 | €699 | -€926 | -57.0% |
| Recurring financial charges | 65 | €1,625 | €699 | -€926 | -57.0% |
| Profit (loss) for the period before taxes | 9903 | €9,679 | €62,792 | +€53,112 | +549% |
| Income taxes | 67/77 | €2,127 | €16,651 | +€14,524 | +683% |
| Profit (loss) for the period | 9904 | €7,552 | €46,141 | +€38,589 | +511% |
| Profit (loss) for the period to be appropriated | 9905 | €7,552 | €46,141 | +€38,589 | +511% |
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 18 October 2026 via checked.be.