SAFITRA: 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.
SAFITRA
Largest movements
- Tangible fixed assets +€327,163
up €327,163 (+84.3%), from €387,945 to €715,108
of which Assets under construction and advance payments: +€341,847
- Current investments -€265,960
down €265,960 (-14.8%), from €1.8m to €1.5m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€1.9m
down €1.9m (-96.2%), from €2.0m to €76,627
- Taxes -€178,549
down €178,549 (-99.5%), from €179,357 to €808
- Gross operating margin -€19,961
down €19,961, from €2,945 to -€17,017
- Depreciation +€6,819
up €6,819 (+66.0%), from €10,336 to €17,155
- Other operating charges +€2,989
up €2,989 (+65.5%), from €4,565 to €7,554
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 | €2,767,486 | €2,828,334 | +€60,848 | +2.2% |
| Fixed assets | 21/28 | €497,532 | €836,175 | +€338,643 | +68.1% |
| Tangible fixed assets | 22/27 | €387,945 | €715,108 | +€327,163 | +84.3% |
| Land and buildings | 22 | €98,081 | €95,725 | -€2,355 | -2.4% |
| Furniture and vehicles | 24 | €64,166 | €51,838 | -€12,328 | -19.2% |
| Assets under construction and advance payments | 27 | €225,698 | €567,545 | +€341,847 | +151% |
| Financial fixed assets | 28 | €109,587 | €121,067 | +€11,480 | +10.5% |
| Current assets | 29/58 | €2,269,954 | €1,992,159 | -€277,795 | -12.2% |
| Amounts receivable within one year | 40/41 | €14,681 | €23,821 | +€9,140 | +62.3% |
| Trade receivables | 40 | €6,879 | €2,572 | -€4,307 | -62.6% |
| Other amounts receivable | 41 | €7,802 | €21,249 | +€13,447 | +172% |
| Current investments | 50/53 | €1,799,725 | €1,533,765 | -€265,960 | -14.8% |
| Cash at bank and in hand | 54/58 | €451,373 | €432,457 | -€18,916 | -4.2% |
| Deferred charges and accrued income | 490/1 | €4,175 | €2,117 | -€2,058 | -49.3% |
| Total equity and liabilities | 10/49 | €2,767,486 | €2,828,334 | +€60,848 | +2.2% |
| Equity | 10/15 | €2,576,490 | €2,609,647 | +€33,158 | +1.3% |
| Contributions | 10/11 | €376,770 | €376,770 | = | 0.0% |
| Capital | 10 | €376,770 | €376,770 | = | 0.0% |
| Issued capital | 100 | €376,770 | €376,770 | = | 0.0% |
| Revaluation surpluses | 12 | - | €11,480 | +€11,480 | |
| Reserves | 13 | €2,199,719 | €2,221,397 | +€21,678 | +1.0% |
| Non-distributable reserves | 130/1 | €37,677 | €37,677 | = | 0.0% |
| Legal reserve | 130 | €37,677 | €37,677 | = | 0.0% |
| Tax-exempt reserves | 132 | €43,237 | €43,422 | +€186 | +0.4% |
| Distributable reserves | 133 | €2,118,806 | €2,140,298 | +€21,493 | +1.0% |
| Amounts payable | 17/49 | €190,997 | €218,687 | +€27,690 | +14.5% |
| Amounts payable after more than one year | 17 | €2,640 | - | -€2,640 | |
| Other amounts payable | 178/9 | €2,640 | - | -€2,640 | |
| Amounts payable within one year | 42/48 | €188,357 | €218,687 | +€30,330 | +16.1% |
| Trade debts | 44 | €12,208 | €40,267 | +€28,059 | +230% |
| Suppliers | 440/4 | €12,208 | €40,267 | +€28,059 | +230% |
| Taxes, remuneration and social security | 45 | €176,148 | €178,420 | +€2,272 | +1.3% |
| Taxes | 450/3 | €176,148 | €178,420 | +€2,272 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,336 | €17,155 | +€6,819 | +66.0% |
| Other operating charges | 640/8 | €4,565 | €7,554 | +€2,989 | +65.5% |
| Gross operating margin | 9900 | €2,945 | -€17,017 | -€19,961 | |
| Operating profit (loss) | 9901 | -€11,956 | -€41,726 | -€29,770 | -249% |
| Financial income | 75/76B | €1,995,182 | €76,627 | -€1.9m | -96.2% |
| Recurring financial income | 75 | €1,995,182 | €76,627 | -€1.9m | -96.2% |
| Financial charges | 65/66B | €12,238 | €12,415 | +€177 | +1.4% |
| Recurring financial charges | 65 | €12,238 | €12,415 | +€177 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €1,970,988 | €22,486 | -€1.9m | -98.9% |
| Income taxes | 67/77 | €179,357 | €808 | -€178,549 | -99.5% |
| Profit (loss) for the period | 9904 | €1,791,631 | €21,678 | -€1.8m | -98.8% |
| Transfer to tax-exempt reserves | 689 | €63 | €186 | +€122 | +193% |
| Profit (loss) for the period to be appropriated | 9905 | €1,791,567 | €21,493 | -€1.8m | -98.8% |
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 29 October 2026 via checked.be.