SAFEX: 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.
SAFEX
Largest movements
- Stocks and contracts -€1,603
down €1,603 (-8.9%), from €17,952 to €16,349
- Receivables within one year +€449
up €449 (+5.2%), from €8,619 to €9,068
of which Trade receivables: +€603
- Cash -€448
down €448 (-3.0%), from €15,107 to €14,660
mainly Other debts (-€3,963) and Tax, wage and social debts (-€755)
- Other debts -€3,963
down €3,963 (-22.1%), from €17,895 to €13,933
- Profit (loss) carried forward +€2,533
up €2,533 (+87.7%), from €2,886 to €5,419
- Tax, wage and social debts -€755
down €755 (-20.8%), from €3,621 to €2,867
of which Remuneration and social security: -€550
- Trade debts +€562
new in 2025: €562
- Taxes +€1,848
up €1,848 (+368%), from €502 to €2,350
- Financial charges -€1,378
down €1,378 (-82.5%), from €1,670 to €292
- Other operating charges +€1,090
up €1,090 (+235%), from €464 to €1,554
- Financial income +€261
new in 2025: €261
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 | €42,995 | €41,372 | -€1,623 | -3.8% |
| Fixed assets | 21/28 | €1,200 | €1,200 | = | 0.0% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €41,795 | €40,172 | -€1,623 | -3.9% |
| Stocks and contracts in progress | 3 | €17,952 | €16,349 | -€1,603 | -8.9% |
| Stocks | 30/36 | €17,952 | €16,349 | -€1,603 | -8.9% |
| Amounts receivable within one year | 40/41 | €8,619 | €9,068 | +€449 | +5.2% |
| Trade receivables | 40 | €2,003 | €2,606 | +€603 | +30.1% |
| Other amounts receivable | 41 | €6,616 | €6,462 | -€154 | -2.3% |
| Cash at bank and in hand | 54/58 | €15,107 | €14,660 | -€448 | -3.0% |
| Deferred charges and accrued income | 490/1 | €116 | €95 | -€21 | -18.4% |
| Total equity and liabilities | 10/49 | €42,995 | €41,372 | -€1,623 | -3.8% |
| Equity | 10/15 | €21,478 | €24,011 | +€2,533 | +11.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,886 | €5,419 | +€2,533 | +87.7% |
| Amounts payable | 17/49 | €21,517 | €17,361 | -€4,156 | -19.3% |
| Amounts payable within one year | 42/48 | €21,517 | €17,361 | -€4,156 | -19.3% |
| Trade debts | 44 | - | €562 | +€562 | |
| Suppliers | 440/4 | - | €562 | +€562 | |
| Taxes, remuneration and social security | 45 | €3,621 | €2,867 | -€755 | -20.8% |
| Taxes | 450/3 | €3,071 | €2,867 | -€205 | -6.7% |
| Remuneration and social security | 454/9 | €550 | - | -€550 | |
| Other amounts payable | 47/48 | €17,895 | €13,933 | -€3,963 | -22.1% |
| Other operating charges | 640/8 | €464 | €1,554 | +€1,090 | +235% |
| Gross operating margin | 9900 | €6,498 | €6,468 | -€30 | -0.5% |
| Operating profit (loss) | 9901 | €6,033 | €4,914 | -€1,120 | -18.6% |
| Financial income | 75/76B | - | €261 | +€261 | |
| Recurring financial income | 75 | - | €261 | +€261 | |
| Financial charges | 65/66B | €1,670 | €292 | -€1,378 | -82.5% |
| Recurring financial charges | 65 | €1,670 | €292 | -€1,378 | -82.5% |
| Profit (loss) for the period before taxes | 9903 | €4,364 | €4,883 | +€519 | +11.9% |
| Income taxes | 67/77 | €502 | €2,350 | +€1,848 | +368% |
| Profit (loss) for the period | 9904 | €3,861 | €2,533 | -€1,329 | -34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,861 | €2,533 | -€1,329 | -34.4% |
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 22 October 2026 via checked.be.