SAFE WORKS: 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.
SAFE WORKS
Largest movements
- Tangible fixed assets +€36,618
up €36,618 (+6.2%), from €592,028 to €628,646
of which Land and buildings: +€62,705
- Current investments -€22,484
down €22,484 (-52.8%), from €42,588 to €20,105
- Receivables within one year -€7,458
down €7,458 (-33.5%), from €22,228 to €14,771
of which Trade receivables: -€11,917
- Reserves +€32,747
up €32,747 (+17.4%), from €188,142 to €220,889
- Other debts -€25,084
down €25,084 (-23.8%), from €105,229 to €80,145
- Tax, wage and social debts -€10,318
down €10,318 (-38.3%), from €26,967 to €16,648
- Gross operating margin +€5,370
up €5,370 (+4.5%), from €120,288 to €125,657
- Taxes +€2,325
up €2,325 (+16.8%), from €13,832 to €16,156
- Other operating charges +€1,623
up €1,623 (+157%), from €1,036 to €2,659
- Depreciation +€1,477
up €1,477 (+2.4%), from €60,845 to €62,322
- Financial charges -€1,268
down €1,268 (-9.6%), from €13,233 to €11,965
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 | €680,406 | €683,646 | +€3,240 | +0.5% |
| Fixed assets | 21/28 | €592,028 | €628,646 | +€36,618 | +6.2% |
| Tangible fixed assets | 22/27 | €592,028 | €628,646 | +€36,618 | +6.2% |
| Land and buildings | 22 | €485,259 | €547,964 | +€62,705 | +12.9% |
| Plant, machinery and equipment | 23 | €12,830 | €12,927 | +€97 | +0.8% |
| Furniture and vehicles | 24 | €92,455 | €67,014 | -€25,442 | -27.5% |
| Other tangible fixed assets | 26 | €1,483 | €742 | -€742 | -50.0% |
| Current assets | 29/58 | €88,379 | €55,000 | -€33,378 | -37.8% |
| Amounts receivable within one year | 40/41 | €22,228 | €14,771 | -€7,458 | -33.5% |
| Trade receivables | 40 | €19,462 | €7,545 | -€11,917 | -61.2% |
| Other amounts receivable | 41 | €2,767 | €7,226 | +€4,460 | +161% |
| Current investments | 50/53 | €42,588 | €20,105 | -€22,484 | -52.8% |
| Cash at bank and in hand | 54/58 | €19,795 | €16,372 | -€3,423 | -17.3% |
| Deferred charges and accrued income | 490/1 | €3,767 | €3,753 | -€14 | -0.4% |
| Total equity and liabilities | 10/49 | €680,406 | €683,646 | +€3,240 | +0.5% |
| Equity | 10/15 | €198,142 | €230,889 | +€32,747 | +16.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €188,142 | €220,889 | +€32,747 | +17.4% |
| Distributable reserves | 133 | €188,142 | €220,889 | +€32,747 | +17.4% |
| Amounts payable | 17/49 | €482,264 | €452,757 | -€29,508 | -6.1% |
| Amounts payable after more than one year | 17 | €285,330 | €286,841 | +€1,512 | +0.5% |
| Financial debts | 170/4 | €285,330 | €286,841 | +€1,512 | +0.5% |
| Amounts payable within one year | 42/48 | €195,901 | €165,315 | -€30,585 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €59,528 | €62,460 | +€2,932 | +4.9% |
| Trade debts | 44 | €4,178 | €6,062 | +€1,885 | +45.1% |
| Suppliers | 440/4 | €4,178 | €6,062 | +€1,885 | +45.1% |
| Taxes, remuneration and social security | 45 | €26,967 | €16,648 | -€10,318 | -38.3% |
| Taxes | 450/3 | €26,967 | €16,648 | -€10,318 | -38.3% |
| Other amounts payable | 47/48 | €105,229 | €80,145 | -€25,084 | -23.8% |
| Accrued charges and deferred income | 492/3 | €1,034 | €600 | -€434 | -41.9% |
| Non-recurring operating income | 76A | €16,500 | €0 | -€16,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,845 | €62,322 | +€1,477 | +2.4% |
| Other operating charges | 640/8 | €1,036 | €2,659 | +€1,623 | +157% |
| Gross operating margin | 9900 | €120,288 | €125,657 | +€5,370 | +4.5% |
| Operating profit (loss) | 9901 | €58,407 | €60,676 | +€2,269 | +3.9% |
| Financial income | 75/76B | €184 | €193 | +€10 | +5.2% |
| Recurring financial income | 75 | €184 | €193 | +€10 | +5.2% |
| Financial charges | 65/66B | €13,233 | €11,965 | -€1,268 | -9.6% |
| Recurring financial charges | 65 | €13,233 | €11,965 | -€1,268 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €45,357 | €48,904 | +€3,547 | +7.8% |
| Income taxes | 67/77 | €13,832 | €16,156 | +€2,325 | +16.8% |
| Profit (loss) for the period | 9904 | €31,525 | €32,747 | +€1,222 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,525 | €32,747 | +€1,222 | +3.9% |
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 24 October 2026 via checked.be.