SAFA: 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.
SAFA
Largest movements
- Cash +€44,659
up €44,659 (+30.6%), from €145,926 to €190,585
mainly Other debts (+€67,219) and Net result for the year (+€36,489)
- Tangible fixed assets -€27,608
down €27,608 (-46.8%), from €58,943 to €31,335
of which Furniture and vehicles: -€21,608
- Receivables within one year +€19,164
up €19,164 (+90.3%), from €21,228 to €40,392
of which Other amounts receivable: +€17,300
- Receivables after one year -€15,000
down €15,000 (-100.0%), from €15,000 to €0
- Intangible fixed assets -€5,500
down €5,500 (-33.3%), from €16,500 to €11,000
- Other debts +€67,219
up €67,219 (+657.0%), from €10,232 to €77,450
- Reserves -€43,898
down €43,898 (-24.1%), from €182,211 to €138,313
- Debts after one year -€13,913
down €13,913 (-100.0%), from €13,913 to €0
- Tax, wage and social debts +€12,170
up €12,170 (+41.5%), from €29,341 to €41,511
of which Remuneration and social security: +€7,092
- Current portion of long-term debt -€10,858
down €10,858 (-45.1%), from €24,070 to €13,213
- Gross operating margin +€24,772
up €24,772 (+17.2%), from €144,290 to €169,062
- Staff costs +€9,345
up €9,345 (+13.2%), from €70,772 to €80,117
- Taxes +€7,778
up €7,778 (+62.1%), from €12,518 to €20,295
- Financial charges -€4,230
down €4,230 (-86.9%), from €4,870 to €640
- Depreciation -€2,557
down €2,557 (-8.6%), from €29,637 to €27,080
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 | €272,575 | €288,290 | +€15,715 | +5.8% |
| Fixed assets | 21/28 | €75,443 | €42,335 | -€33,108 | -43.9% |
| Intangible fixed assets | 21 | €16,500 | €11,000 | -€5,500 | -33.3% |
| Tangible fixed assets | 22/27 | €58,943 | €31,335 | -€27,608 | -46.8% |
| Furniture and vehicles | 24 | €33,517 | €11,909 | -€21,608 | -64.5% |
| Leasing and similar rights | 25 | €25,426 | €19,426 | -€6,000 | -23.6% |
| Current assets | 29/58 | €197,131 | €245,955 | +€48,823 | +24.8% |
| Amounts receivable after more than one year | 29 | €15,000 | €0 | -€15,000 | -100.0% |
| Other amounts receivable | 291 | €15,000 | €0 | -€15,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €21,228 | €40,392 | +€19,164 | +90.3% |
| Trade receivables | 40 | €21,228 | €23,092 | +€1,864 | +8.8% |
| Other amounts receivable | 41 | - | €17,300 | +€17,300 | |
| Current investments | 50/53 | €14,977 | €14,977 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €145,926 | €190,585 | +€44,659 | +30.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €272,575 | €288,290 | +€15,715 | +5.8% |
| Equity | 10/15 | €188,409 | €144,510 | -€43,898 | -23.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €182,211 | €138,313 | -€43,898 | -24.1% |
| Distributable reserves | 133 | €182,211 | €138,313 | -€43,898 | -24.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €84,166 | €143,780 | +€59,614 | +70.8% |
| Amounts payable after more than one year | 17 | €13,913 | €0 | -€13,913 | -100.0% |
| Financial debts | 170/4 | €13,913 | €0 | -€13,913 | -100.0% |
| Amounts payable within one year | 42/48 | €70,253 | €141,380 | +€71,126 | +101.2% |
| Current portion of amounts payable after more than one year | 42 | €24,070 | €13,213 | -€10,858 | -45.1% |
| Financial debts | 43 | €1,142 | €2,125 | +€983 | +86.1% |
| Credit institutions | 430/8 | €1,142 | €2,125 | +€983 | +86.1% |
| Trade debts | 44 | €5,468 | €7,080 | +€1,612 | +29.5% |
| Suppliers | 440/4 | €5,468 | €7,080 | +€1,612 | +29.5% |
| Taxes, remuneration and social security | 45 | €29,341 | €41,511 | +€12,170 | +41.5% |
| Taxes | 450/3 | €17,603 | €22,682 | +€5,078 | +28.8% |
| Remuneration and social security | 454/9 | €11,738 | €18,830 | +€7,092 | +60.4% |
| Other amounts payable | 47/48 | €10,232 | €77,450 | +€67,219 | +657.0% |
| Accrued charges and deferred income | 492/3 | €0 | €2,400 | +€2,400 | |
| Remuneration, social security and pensions | 62 | €70,772 | €80,117 | +€9,345 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,637 | €27,080 | -€2,557 | -8.6% |
| Other operating charges | 640/8 | €5,420 | €5,384 | -€36 | -0.7% |
| Gross operating margin | 9900 | €144,290 | €169,062 | +€24,772 | +17.2% |
| Operating profit (loss) | 9901 | €38,461 | €56,481 | +€18,020 | +46.9% |
| Financial income | 75/76B | €1,226 | €943 | -€282 | -23.0% |
| Recurring financial income | 75 | €1,226 | €943 | -€282 | -23.0% |
| Financial charges | 65/66B | €4,870 | €640 | -€4,230 | -86.9% |
| Recurring financial charges | 65 | €4,870 | €640 | -€4,230 | -86.9% |
| Profit (loss) for the period before taxes | 9903 | €34,816 | €56,785 | +€21,968 | +63.1% |
| Income taxes | 67/77 | €12,518 | €20,295 | +€7,778 | +62.1% |
| Profit (loss) for the period | 9904 | €22,299 | €36,489 | +€14,191 | +63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,299 | €36,489 | +€14,191 | +63.6% |
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 30 September 2026 via checked.be.