SAFRA: 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.
SAFRA
Largest movements
- Financial fixed assets -€518,700
no longer reported in 2025 (was €518,700)
- Tangible fixed assets +€396,013
up €396,013 (+146%), from €271,272 to €667,285
of which Land and buildings: +€310,283
- Intangible fixed assets +€136,683
new in 2025: €136,683
- Receivables within one year -€40,192
down €40,192 (-57.1%), from €70,424 to €30,232
of which Trade receivables: -€31,817
- Cash -€24,052
down €24,052 (-6.1%), from €393,638 to €369,586
mainly Contributions, distributions and other (-€154,103) and Investment in fixed assets (net) (-€104,344)
- Reserves -€51,760
down €51,760 (-8.9%), from €583,460 to €531,700
of which Distributable reserves: -€49,900
- Other debts +€23,131
up €23,131 (+664%), from €3,485 to €26,616
- Debts after one year -€18,000
down €18,000 (-3.5%), from €518,700 to €500,700
- Gross operating margin +€107,849
up €107,849 (+25.9%), from €416,761 to €524,610
- Staff costs +€104,794
up €104,794 (+60.8%), from €172,254 to €277,047
- Depreciation +€45,628
up €45,628 (+102%), from €44,720 to €90,348
- Taxes -€15,140
down €15,140 (-26.7%), from €56,692 to €41,552
- Other operating charges +€7,800
up €7,800 (+97.3%), from €8,013 to €15,813
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 | €1,266,816 | €1,222,223 | -€44,594 | -3.5% |
| Fixed assets | 21/28 | €789,972 | €803,968 | +€13,996 | +1.8% |
| Intangible fixed assets | 21 | - | €136,683 | +€136,683 | |
| Tangible fixed assets | 22/27 | €271,272 | €667,285 | +€396,013 | +146% |
| Land and buildings | 22 | €54,913 | €365,196 | +€310,283 | +565% |
| Plant, machinery and equipment | 23 | €83,348 | €140,002 | +€56,654 | +68.0% |
| Furniture and vehicles | 24 | €46,183 | €75,980 | +€29,797 | +64.5% |
| Other tangible fixed assets | 26 | €86,828 | €86,108 | -€721 | -0.8% |
| Financial fixed assets | 28 | €518,700 | - | -€518,700 | |
| Current assets | 29/58 | €476,844 | €418,255 | -€58,589 | -12.3% |
| Stocks and contracts in progress | 3 | €8,651 | €12,048 | +€3,398 | +39.3% |
| Stocks | 30/36 | €8,651 | €12,048 | +€3,398 | +39.3% |
| Amounts receivable within one year | 40/41 | €70,424 | €30,232 | -€40,192 | -57.1% |
| Trade receivables | 40 | €58,664 | €26,846 | -€31,817 | -54.2% |
| Other amounts receivable | 41 | €11,760 | €3,386 | -€8,374 | -71.2% |
| Cash at bank and in hand | 54/58 | €393,638 | €369,586 | -€24,052 | -6.1% |
| Deferred charges and accrued income | 490/1 | €4,132 | €6,389 | +€2,256 | +54.6% |
| Total equity and liabilities | 10/49 | €1,266,816 | €1,222,223 | -€44,594 | -3.5% |
| Equity | 10/15 | €624,907 | €571,810 | -€53,097 | -8.5% |
| Contributions | 10/11 | €18,600 | €20,460 | +€1,860 | +10.0% |
| Reserves | 13 | €583,460 | €531,700 | -€51,760 | -8.9% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €581,600 | €531,700 | -€49,900 | -8.6% |
| Profit (loss) carried forward | 14 | €603 | €609 | +€6 | +0.9% |
| Investment grants | 15 | €22,244 | €19,041 | -€3,203 | -14.4% |
| Amounts payable | 17/49 | €641,909 | €650,413 | +€8,504 | +1.3% |
| Amounts payable after more than one year | 17 | €518,700 | €500,700 | -€18,000 | -3.5% |
| Other amounts payable | 178/9 | €518,700 | €500,700 | -€18,000 | -3.5% |
| Amounts payable within one year | 42/48 | €72,063 | €97,635 | +€25,573 | +35.5% |
| Trade debts | 44 | €17,511 | €12,916 | -€4,595 | -26.2% |
| Suppliers | 440/4 | €17,511 | €12,916 | -€4,595 | -26.2% |
| Taxes, remuneration and social security | 45 | €51,067 | €58,103 | +€7,036 | +13.8% |
| Taxes | 450/3 | €31,082 | €16,822 | -€14,260 | -45.9% |
| Remuneration and social security | 454/9 | €19,985 | €41,281 | +€21,297 | +107% |
| Other amounts payable | 47/48 | €3,485 | €26,616 | +€23,131 | +664% |
| Accrued charges and deferred income | 492/3 | €51,146 | €52,077 | +€931 | +1.8% |
| Non-recurring operating income | 76A | €19,781 | - | -€19,781 | |
| Remuneration, social security and pensions | 62 | €172,254 | €277,047 | +€104,794 | +60.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,720 | €90,348 | +€45,628 | +102% |
| Other operating charges | 640/8 | €8,013 | €15,813 | +€7,800 | +97.3% |
| Gross operating margin | 9900 | €416,761 | €524,610 | +€107,849 | +25.9% |
| Operating profit (loss) | 9901 | €191,774 | €141,402 | -€50,372 | -26.3% |
| Financial income | 75/76B | €6,121 | €3,417 | -€2,705 | -44.2% |
| Recurring financial income | 75 | €6,121 | €3,417 | -€2,705 | -44.2% |
| Financial charges | 65/66B | €1,269 | €2,261 | +€992 | +78.2% |
| Recurring financial charges | 65 | €1,269 | €2,261 | +€992 | +78.2% |
| Profit (loss) for the period before taxes | 9903 | €196,627 | €142,558 | -€54,069 | -27.5% |
| Income taxes | 67/77 | €56,692 | €41,552 | -€15,140 | -26.7% |
| Profit (loss) for the period | 9904 | €139,935 | €101,006 | -€38,929 | -27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €139,935 | €101,006 | -€38,929 | -27.8% |
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 26 October 2026 via checked.be.