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
- Stocks and contracts -€83,116
down €83,116 (-77.0%), from €107,889 to €24,773
- Receivables within one year -€66,560
down €66,560 (-93.1%), from €71,461 to €4,901
of which Other amounts receivable: -€61,737
- Cash -€15,958
down €15,958 (-21.5%), from €74,297 to €58,340
mainly Net result for the year (-€116,124) and Trade debts (-€33,284)
- Deferred charges and accrued income +€7,246
up €7,246 (+433.9%), from €1,670 to €8,916
- Profit (loss) carried forward -€116,124
new in 2025: -€116,124
- Trade debts -€33,284
down €33,284 (-27.5%), from €120,956 to €87,672
- Accrued charges and deferred income -€8,720
down €8,720 (-100.0%), from €8,720 to €0
- Staff costs +€70,402
up €70,402 (+12.5%), from €561,793 to €632,195
- Gross operating margin -€65,523
down €65,523 (-11.0%), from €598,145 to €532,622
- Other operating charges +€9,778
up €9,778 (+634.7%), from €1,541 to €11,319
- Financial charges -€9,257
down €9,257 (-62.4%), from €14,834 to €5,576
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 | €258,789 | €98,562 | -€160,227 | -61.9% |
| Fixed assets | 21/28 | €3,472 | €1,632 | -€1,840 | -53.0% |
| Tangible fixed assets | 22/27 | €3,472 | €1,632 | -€1,840 | -53.0% |
| Furniture and vehicles | 24 | €3,472 | €1,632 | -€1,840 | -53.0% |
| Current assets | 29/58 | €255,317 | €96,930 | -€158,388 | -62.0% |
| Stocks and contracts in progress | 3 | €107,889 | €24,773 | -€83,116 | -77.0% |
| Stocks | 30/36 | €107,889 | €24,773 | -€83,116 | -77.0% |
| Amounts receivable within one year | 40/41 | €71,461 | €4,901 | -€66,560 | -93.1% |
| Trade receivables | 40 | €9,723 | €4,901 | -€4,822 | -49.6% |
| Other amounts receivable | 41 | €61,737 | €0 | -€61,737 | -100.0% |
| Cash at bank and in hand | 54/58 | €74,297 | €58,340 | -€15,958 | -21.5% |
| Deferred charges and accrued income | 490/1 | €1,670 | €8,916 | +€7,246 | +433.9% |
| Total equity and liabilities | 10/49 | €258,789 | €98,562 | -€160,227 | -61.9% |
| Equity | 10/15 | €55,927 | -€60,197 | -€116,124 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €37,327 | €37,327 | = | 0.0% |
| Distributable reserves | 133 | €37,327 | €37,327 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€116,124 | -€116,124 | |
| Amounts payable | 17/49 | €202,862 | €158,759 | -€44,103 | -21.7% |
| Amounts payable within one year | 42/48 | €194,143 | €158,759 | -€35,383 | -18.2% |
| Trade debts | 44 | €120,956 | €87,672 | -€33,284 | -27.5% |
| Suppliers | 440/4 | €120,956 | €87,672 | -€33,284 | -27.5% |
| Taxes, remuneration and social security | 45 | €73,187 | €71,088 | -€2,099 | -2.9% |
| Taxes | 450/3 | €11,435 | €10,777 | -€658 | -5.8% |
| Remuneration and social security | 454/9 | €61,752 | €60,311 | -€1,442 | -2.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €8,720 | €0 | -€8,720 | -100.0% |
| Non-recurring operating income | 76A | €50 | €1,650 | +€1,600 | +3200.0% |
| Remuneration, social security and pensions | 62 | €561,793 | €632,195 | +€70,402 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,060 | €1,781 | -€279 | -13.5% |
| Other operating charges | 640/8 | €1,541 | €11,319 | +€9,778 | +634.7% |
| Non-recurring operating charges | 66A | - | €59 | +€59 | |
| Gross operating margin | 9900 | €598,145 | €532,622 | -€65,523 | -11.0% |
| Operating profit (loss) | 9901 | €32,752 | -€112,731 | -€145,483 | |
| Financial income | 75/76B | €861 | €2,338 | +€1,477 | +171.5% |
| Recurring financial income | 75 | €861 | €2,338 | +€1,477 | +171.5% |
| Financial charges | 65/66B | €14,834 | €5,576 | -€9,257 | -62.4% |
| Recurring financial charges | 65 | €14,834 | €5,576 | -€9,257 | -62.4% |
| Profit (loss) for the period before taxes | 9903 | €18,779 | -€115,970 | -€134,749 | |
| Income taxes | 67/77 | €5,722 | €154 | -€5,568 | -97.3% |
| Profit (loss) for the period | 9904 | €13,056 | -€116,124 | -€129,181 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,056 | -€116,124 | -€129,181 |
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 4 October 2026 via checked.be.