SAFFREN: 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.
SAFFREN
Largest movements
- Cash +€22,929
up €22,929 (+20.8%), from €110,468 to €133,398
mainly Net result for the year (+€44,036) and Receivables after one year (+€20,059)
- Receivables after one year -€20,059
down €20,059 (-17.8%), from €112,827 to €92,768
- Receivables within one year +€5,500
up €5,500 (+33.9%), from €16,213 to €21,714
of which Trade receivables: +€5,500
- Reserves +€4,203
up €4,203 (+1.8%), from €231,850 to €236,053
- Gross operating margin -€15,229
down €15,229 (-18.9%), from €80,430 to €65,201
- Taxes -€2,423
down €2,423 (-10.7%), from €22,633 to €20,210
- Financial income +€1,219
up €1,219 (+44.8%), from €2,720 to €3,939
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 | €294,604 | €300,357 | +€5,753 | +2.0% |
| Fixed assets | 21/28 | €9,287 | €6,405 | -€2,882 | -31.0% |
| Tangible fixed assets | 22/27 | €9,287 | €6,405 | -€2,882 | -31.0% |
| Land and buildings | 22 | €3,020 | €2,681 | -€339 | -11.2% |
| Furniture and vehicles | 24 | €6,267 | €3,724 | -€2,543 | -40.6% |
| Current assets | 29/58 | €285,317 | €293,952 | +€8,635 | +3.0% |
| Amounts receivable after more than one year | 29 | €112,827 | €92,768 | -€20,059 | -17.8% |
| Other amounts receivable | 291 | €112,827 | €92,768 | -€20,059 | -17.8% |
| Amounts receivable within one year | 40/41 | €16,213 | €21,714 | +€5,500 | +33.9% |
| Trade receivables | 40 | €16,117 | €21,618 | +€5,500 | +34.1% |
| Other amounts receivable | 41 | €96 | €96 | = | 0.0% |
| Current investments | 50/53 | €45,507 | €45,507 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €110,468 | €133,398 | +€22,929 | +20.8% |
| Deferred charges and accrued income | 490/1 | €302 | €566 | +€264 | +87.6% |
| Total equity and liabilities | 10/49 | €294,604 | €300,357 | +€5,753 | +2.0% |
| Equity | 10/15 | €238,050 | €242,253 | +€4,203 | +1.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €231,850 | €236,053 | +€4,203 | +1.8% |
| Distributable reserves | 133 | €231,850 | €236,053 | +€4,203 | +1.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €56,554 | €58,105 | +€1,550 | +2.7% |
| Amounts payable within one year | 42/48 | €56,554 | €58,105 | +€1,550 | +2.7% |
| Trade debts | 44 | €3,768 | €6,675 | +€2,906 | +77.1% |
| Suppliers | 440/4 | €3,768 | €6,675 | +€2,906 | +77.1% |
| Taxes, remuneration and social security | 45 | €13,253 | €13,797 | +€544 | +4.1% |
| Taxes | 450/3 | €13,253 | €12,796 | -€456 | -3.4% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €39,533 | €37,633 | -€1,900 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,866 | €2,819 | -€47 | -1.6% |
| Other operating charges | 640/8 | €1,938 | €1,425 | -€514 | -26.5% |
| Gross operating margin | 9900 | €80,430 | €65,201 | -€15,229 | -18.9% |
| Operating profit (loss) | 9901 | €75,626 | €60,957 | -€14,669 | -19.4% |
| Financial income | 75/76B | €2,720 | €3,939 | +€1,219 | +44.8% |
| Recurring financial income | 75 | €2,720 | €3,939 | +€1,219 | +44.8% |
| Financial charges | 65/66B | €325 | €650 | +€325 | +99.9% |
| Recurring financial charges | 65 | €325 | €650 | +€325 | +99.9% |
| Profit (loss) for the period before taxes | 9903 | €78,020 | €64,246 | -€13,775 | -17.7% |
| Income taxes | 67/77 | €22,633 | €20,210 | -€2,423 | -10.7% |
| Profit (loss) for the period | 9904 | €55,388 | €44,036 | -€11,352 | -20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €55,388 | €44,036 | -€11,352 | -20.5% |
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 13 October 2026 via checked.be.