SAFAE: 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.
SAFAE
Largest movements
- Tangible fixed assets +€94,165
up €94,165 (+15.3%), from €617,478 to €711,643
of which Land and buildings: +€60,371
- Cash +€32,345
up €32,345 (+197%), from €16,431 to €48,776
mainly Debts after one year (+€228,177) and Net result for the year (+€189,093)
- Receivables within one year +€17,684
up €17,684 (+2.5%), from €717,413 to €735,098
of which Trade receivables: +€53,896
- Debts after one year +€228,177
new in 2025: €228,177
- Profit (loss) carried forward +€160,522
up €160,522 (+38.4%), from €418,516 to €579,038
- Current portion of long-term debt -€132,556
down €132,556 (-68.4%), from €193,851 to €61,295
- Trade debts -€106,727
down €106,727 (-15.9%), from €670,959 to €564,231
- Gross operating margin +€95,900
up €95,900 (+17.9%), from €537,094 to €632,994
- Staff costs +€43,142
up €43,142 (+16.3%), from €264,367 to €307,509
- Financial charges +€9,461
up €9,461 (+94.9%), from €9,973 to €19,434
- Depreciation +€9,374
up €9,374 (+23.3%), from €40,173 to €49,547
- Taxes +€8,745
up €8,745 (+15.6%), from €55,905 to €64,650
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 | €1,428,559 | €1,574,043 | +€145,484 | +10.2% |
| Fixed assets | 21/28 | €638,873 | €733,038 | +€94,165 | +14.7% |
| Tangible fixed assets | 22/27 | €617,478 | €711,643 | +€94,165 | +15.3% |
| Land and buildings | 22 | €607,204 | €667,575 | +€60,371 | +9.9% |
| Plant, machinery and equipment | 23 | €2,156 | €1,031 | -€1,125 | -52.2% |
| Furniture and vehicles | 24 | €1,488 | €43,037 | +€41,549 | +2,793% |
| Other tangible fixed assets | 26 | €6,630 | - | -€6,630 | |
| Financial fixed assets | 28 | €21,395 | €21,395 | = | 0.0% |
| Current assets | 29/58 | €789,686 | €841,005 | +€51,319 | +6.5% |
| Stocks and contracts in progress | 3 | €55,842 | €57,131 | +€1,289 | +2.3% |
| Stocks | 30/36 | €55,842 | €57,131 | +€1,289 | +2.3% |
| Amounts receivable within one year | 40/41 | €717,413 | €735,098 | +€17,684 | +2.5% |
| Trade receivables | 40 | €611,515 | €665,410 | +€53,896 | +8.8% |
| Other amounts receivable | 41 | €105,899 | €69,687 | -€36,211 | -34.2% |
| Cash at bank and in hand | 54/58 | €16,431 | €48,776 | +€32,345 | +197% |
| Total equity and liabilities | 10/49 | €1,428,559 | €1,574,043 | +€145,484 | +10.2% |
| Equity | 10/15 | €450,968 | €611,490 | +€160,522 | +35.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €13,859 | €13,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €418,516 | €579,038 | +€160,522 | +38.4% |
| Amounts payable | 17/49 | €977,591 | €962,553 | -€15,038 | -1.5% |
| Amounts payable after more than one year | 17 | - | €228,177 | +€228,177 | |
| Financial debts | 170/4 | - | €228,177 | +€228,177 | |
| Amounts payable within one year | 42/48 | €977,591 | €734,376 | -€243,215 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | €193,851 | €61,295 | -€132,556 | -68.4% |
| Trade debts | 44 | €670,959 | €564,231 | -€106,727 | -15.9% |
| Suppliers | 440/4 | €670,959 | €564,231 | -€106,727 | -15.9% |
| Taxes, remuneration and social security | 45 | €102,067 | €100,278 | -€1,789 | -1.8% |
| Taxes | 450/3 | €102,067 | €95,450 | -€6,617 | -6.5% |
| Remuneration and social security | 454/9 | - | €4,828 | +€4,828 | |
| Other amounts payable | 47/48 | €10,714 | €8,571 | -€2,143 | -20.0% |
| Remuneration, social security and pensions | 62 | €264,367 | €307,509 | +€43,142 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,173 | €49,547 | +€9,374 | +23.3% |
| Other operating charges | 640/8 | €4,035 | €2,760 | -€1,275 | -31.6% |
| Gross operating margin | 9900 | €537,094 | €632,994 | +€95,900 | +17.9% |
| Operating profit (loss) | 9901 | €228,518 | €273,177 | +€44,659 | +19.5% |
| Financial charges | 65/66B | €9,973 | €19,434 | +€9,461 | +94.9% |
| Recurring financial charges | 65 | €9,973 | €19,434 | +€9,461 | +94.9% |
| Profit (loss) for the period before taxes | 9903 | €218,546 | €253,744 | +€35,198 | +16.1% |
| Income taxes | 67/77 | €55,905 | €64,650 | +€8,745 | +15.6% |
| Profit (loss) for the period | 9904 | €162,641 | €189,093 | +€26,453 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €162,641 | €189,093 | +€26,453 | +16.3% |
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 17 October 2026 via checked.be.