SAFINCO: 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.
SAFINCO
Largest movements
- Receivables within one year +€181,337
up €181,337 (+10.8%), from €1.7m to €1.9m
of which Other amounts receivable: +€181,337
- Stocks and contracts -€133,087
down €133,087 (-47.3%), from €281,605 to €148,518
- Tangible fixed assets -€89,506
down €89,506 (-7.3%), from €1.2m to €1.1m
of which Land and buildings: -€122,124
- Cash -€60,377
down €60,377 (-80.5%), from €75,032 to €14,655
mainly Short-term financial debts (-€400,000) and Receivables within one year (-€181,337)
- Other debts +€485,072
up €485,072 (+690%), from €70,249 to €555,321
- Short-term financial debts -€400,000
down €400,000 (-53.3%), from €750,000 to €350,000
- Current portion of long-term debt -€86,218
down €86,218 (-54.4%), from €158,356 to €72,139
- Debts after one year -€59,500
down €59,500 (-7.9%), from €756,428 to €696,928
- Tax, wage and social debts -€35,933
down €35,933 (-100%), from €35,933 to €0
- Gross operating margin -€298,335
down €298,335 (-77.9%), from €382,811 to €84,476
- Other operating charges -€148,016
down €148,016 (-98.7%), from €150,036 to €2,020
- Taxes -€127,167
down €127,167 (-74.3%), from €171,188 to €44,021
- Financial charges -€14,506
down €14,506 (-25.1%), from €57,824 to €43,319
- Depreciation +€13,215
up €13,215 (+57.2%), from €23,088 to €36,304
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 | €3,351,343 | €3,236,709 | -€114,634 | -3.4% |
| Fixed assets | 21/28 | €1,317,650 | €1,215,143 | -€102,506 | -7.8% |
| Tangible fixed assets | 22/27 | €1,229,617 | €1,140,111 | -€89,506 | -7.3% |
| Land and buildings | 22 | €1,229,617 | €1,107,494 | -€122,124 | -9.9% |
| Furniture and vehicles | 24 | - | €32,617 | +€32,617 | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €88,032 | €75,032 | -€13,000 | -14.8% |
| Current assets | 29/58 | €2,033,694 | €2,021,566 | -€12,128 | -0.6% |
| Stocks and contracts in progress | 3 | €281,605 | €148,518 | -€133,087 | -47.3% |
| Stocks | 30/36 | €281,605 | €148,518 | -€133,087 | -47.3% |
| Amounts receivable within one year | 40/41 | €1,677,057 | €1,858,393 | +€181,337 | +10.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,677,057 | €1,858,393 | +€181,337 | +10.8% |
| Cash at bank and in hand | 54/58 | €75,032 | €14,655 | -€60,377 | -80.5% |
| Total equity and liabilities | 10/49 | €3,351,343 | €3,236,709 | -€114,634 | -3.4% |
| Equity | 10/15 | €1,437,521 | €1,457,670 | +€20,149 | +1.4% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €1,313,521 | €1,333,670 | +€20,149 | +1.5% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €332,068 | €230,914 | -€101,154 | -30.5% |
| Distributable reserves | 133 | €969,052 | €1,090,356 | +€121,303 | +12.5% |
| Provisions and deferred taxes | 16 | €139,123 | €104,351 | -€34,772 | -25.0% |
| Deferred taxes | 168 | €139,123 | €104,351 | -€34,772 | -25.0% |
| Amounts payable | 17/49 | €1,774,700 | €1,674,688 | -€100,012 | -5.6% |
| Amounts payable after more than one year | 17 | €756,428 | €696,928 | -€59,500 | -7.9% |
| Financial debts | 170/4 | €756,428 | €696,928 | -€59,500 | -7.9% |
| Amounts payable within one year | 42/48 | €1,018,272 | €977,760 | -€40,511 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €158,356 | €72,139 | -€86,218 | -54.4% |
| Financial debts | 43 | €750,000 | €350,000 | -€400,000 | -53.3% |
| Credit institutions | 430/8 | €750,000 | €350,000 | -€400,000 | -53.3% |
| Trade debts | 44 | €3,732 | €300 | -€3,432 | -92.0% |
| Suppliers | 440/4 | €3,732 | €300 | -€3,432 | -92.0% |
| Taxes, remuneration and social security | 45 | €35,933 | €0 | -€35,933 | -100% |
| Taxes | 450/3 | €35,933 | €0 | -€35,933 | -100% |
| Other amounts payable | 47/48 | €70,249 | €555,321 | +€485,072 | +690% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,088 | €36,304 | +€13,215 | +57.2% |
| Other operating charges | 640/8 | €150,036 | €2,020 | -€148,016 | -98.7% |
| Gross operating margin | 9900 | €382,811 | €84,476 | -€298,335 | -77.9% |
| Operating profit (loss) | 9901 | €209,686 | €46,152 | -€163,534 | -78.0% |
| Financial income | 75/76B | €23,719 | €26,565 | +€2,846 | +12.0% |
| Recurring financial income | 75 | €23,719 | €26,565 | +€2,846 | +12.0% |
| Financial charges | 65/66B | €57,824 | €43,319 | -€14,506 | -25.1% |
| Recurring financial charges | 65 | €57,824 | €43,319 | -€14,506 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €175,581 | €29,398 | -€146,183 | -83.3% |
| Transfer from deferred taxes | 780 | €193,513 | €34,772 | -€158,741 | -82.0% |
| Income taxes | 67/77 | €171,188 | €44,021 | -€127,167 | -74.3% |
| Profit (loss) for the period | 9904 | €197,906 | €20,149 | -€177,756 | -89.8% |
| Transfer from tax-exempt reserves | 789 | €391,251 | €101,154 | -€290,097 | -74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €589,157 | €121,303 | -€467,854 | -79.4% |
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 30 October 2026 via checked.be.