SAFEMS: 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.
SAFEMS
Largest movements
- Tangible fixed assets -€24,929
down €24,929 (-20.2%), from €123,577 to €98,648
of which Other tangible fixed assets: -€32,663
- Receivables after one year -€19,537
down €19,537 (-35.6%), from €54,831 to €35,294
- Cash -€2,618
down €2,618 (-20.4%), from €12,855 to €10,237
mainly Debts after one year (-€29,769) and Investment in fixed assets (net) (-€23,990)
- Debts after one year -€29,769
down €29,769 (-32.7%), from €91,173 to €61,404
- Tax, wage and social debts -€13,604
down €13,604 (-42.5%), from €31,986 to €18,382
- Current portion of long-term debt -€3,027
down €3,027 (-9.2%), from €32,796 to €29,769
- Staff costs -€72,346
down €72,346 (-35.7%), from €202,659 to €130,313
- Gross operating margin -€25,807
down €25,807 (-12.1%), from €213,434 to €187,626
- Depreciation +€6,761
up €6,761 (+16.0%), from €42,158 to €48,919
- Taxes -€5,055
no longer reported in 2025 (was €5,055)
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 | €193,313 | €145,779 | -€47,534 | -24.6% |
| Fixed assets | 21/28 | €123,757 | €98,828 | -€24,929 | -20.1% |
| Tangible fixed assets | 22/27 | €123,577 | €98,648 | -€24,929 | -20.2% |
| Plant, machinery and equipment | 23 | €7,581 | €6,108 | -€1,474 | -19.4% |
| Furniture and vehicles | 24 | €38,640 | €47,847 | +€9,207 | +23.8% |
| Other tangible fixed assets | 26 | €77,356 | €44,694 | -€32,663 | -42.2% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €69,555 | €46,950 | -€22,605 | -32.5% |
| Amounts receivable after more than one year | 29 | €54,831 | €35,294 | -€19,537 | -35.6% |
| Trade receivables | 290 | €54,831 | €35,294 | -€19,537 | -35.6% |
| Amounts receivable within one year | 40/41 | €500 | - | -€500 | |
| Trade receivables | 40 | €500 | - | -€500 | |
| Cash at bank and in hand | 54/58 | €12,855 | €10,237 | -€2,618 | -20.4% |
| Deferred charges and accrued income | 490/1 | €1,369 | €1,419 | +€50 | +3.7% |
| Total equity and liabilities | 10/49 | €193,313 | €145,779 | -€47,534 | -24.6% |
| Equity | 10/15 | €14,788 | €15,458 | +€671 | +4.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,728 | €7,398 | +€671 | +10.0% |
| Amounts payable | 17/49 | €178,525 | €130,320 | -€48,205 | -27.0% |
| Amounts payable after more than one year | 17 | €91,173 | €61,404 | -€29,769 | -32.7% |
| Financial debts | 170/4 | €91,173 | €61,404 | -€29,769 | -32.7% |
| Amounts payable within one year | 42/48 | €87,353 | €68,917 | -€18,436 | -21.1% |
| Current portion of amounts payable after more than one year | 42 | €32,796 | €29,769 | -€3,027 | -9.2% |
| Trade debts | 44 | €22,570 | €20,766 | -€1,804 | -8.0% |
| Suppliers | 440/4 | €22,570 | €20,766 | -€1,804 | -8.0% |
| Taxes, remuneration and social security | 45 | €31,986 | €18,382 | -€13,604 | -42.5% |
| Remuneration and social security | 454/9 | €31,986 | €18,382 | -€13,604 | -42.5% |
| Remuneration, social security and pensions | 62 | €202,659 | €130,313 | -€72,346 | -35.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,158 | €48,919 | +€6,761 | +16.0% |
| Other operating charges | 640/8 | €3,690 | €4,109 | +€419 | +11.3% |
| Gross operating margin | 9900 | €213,434 | €187,626 | -€25,807 | -12.1% |
| Operating profit (loss) | 9901 | -€35,074 | €4,286 | +€39,360 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €4,760 | €3,615 | -€1,146 | -24.1% |
| Recurring financial charges | 65 | €4,760 | €3,615 | -€1,146 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | -€39,835 | €671 | +€40,505 | |
| Income taxes | 67/77 | €5,055 | - | -€5,055 | |
| Profit (loss) for the period | 9904 | -€44,889 | €671 | +€45,560 | |
| Profit (loss) for the period to be appropriated | 9905 | -€44,889 | €671 | +€45,560 |
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 22 October 2026 via checked.be.