SAFRINVEST: what changed
What changed
SAFRINVEST
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€105,987
2025 · €165,804-€59,817
Equity
€1.1m
2025 · €1.3m-€191,587
Cash
€250,639
2025 · €204,174+€46,465
Balance sheet total
€4.3m
2025 · €4.4m-€47,728
Largest movements
Assets
- Tangible fixed assets -€95,754
down €95,754 (-2.3%), from €4.1m to €4.0m
- Cash +€46,465
up €46,465 (+22.8%), from €204,174 to €250,639
mainly Other debts (+€295,845) and Depreciation (+€151,059)
Equity and liabilities
- Investment grants -€297,574
down €297,574 (-29.0%), from €1.0m to €727,824
- Other debts +€295,845
up €295,845 (+17,125%), from €1,728 to €297,572
- Debts after one year -€170,559
down €170,559 (-6.0%), from €2.8m to €2.7m
- Profit (loss) carried forward +€105,987
up €105,987 (+34.2%), from €309,797 to €415,785
Income statement
- Financial income -€61,900
down €61,900 (-100%), from €61,900 to €0
- Financial charges -€9,072
down €9,072 (-16.8%), from €53,911 to €44,839
- Depreciation +€9,042
up €9,042 (+6.4%), from €142,017 to €151,059
- Gross operating margin +€6,664
up €6,664 (+2.0%), from €330,893 to €337,557
- Taxes +€4,577
up €4,577 (+15.3%), from €30,000 to €34,577
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€165,804
Gross operating margin
+€6,664
Depreciation
-€9,042
Other operating charges
-€33
Financial income
-€61,900
Financial charges
+€9,072
Taxes
-€4,577
Result 2026
€105,987
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€557,920
Investment
-€56,896
Financing
-€454,560
Cash 2025
€204,174
From operations (derived)
+€557,920
Net result for the year
+€105,987
Depreciation
+€151,059
Receivables within one year
+€29
Tax, wage and social debts
+€5,000
Other debts
+€295,845
Investment (derived)
-€56,896
Investment in fixed assets (net)
-€56,896
Financing
-€454,560
Debts after one year
-€170,559
Current portion of long-term debt
+€13,616
Short-term financial debts
-€42
Contributions, distributions and other
-€297,574
Cash 2026
€250,639
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,386,462 | €4,338,734 | -€47,728 | -1.1% |
| Formation expenses | 20 | €76 | €0 | -€76 | -100% |
| Fixed assets | 21/28 | €4,182,012 | €4,087,925 | -€94,087 | -2.2% |
| Tangible fixed assets | 22/27 | €4,122,012 | €4,026,258 | -€95,754 | -2.3% |
| Land and buildings | 22 | €4,122,012 | €4,026,258 | -€95,754 | -2.3% |
| Financial fixed assets | 28 | €60,000 | €61,667 | +€1,667 | +2.8% |
| Current assets | 29/58 | €204,374 | €250,810 | +€46,436 | +22.7% |
| Amounts receivable within one year | 40/41 | €200 | €170 | -€29 | -14.6% |
| Other amounts receivable | 41 | €200 | €170 | -€29 | -14.6% |
| Cash at bank and in hand | 54/58 | €204,174 | €250,639 | +€46,465 | +22.8% |
| Total equity and liabilities | 10/49 | €4,386,462 | €4,338,734 | -€47,728 | -1.1% |
| Equity | 10/15 | €1,336,195 | €1,144,608 | -€191,587 | -14.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €309,797 | €415,785 | +€105,987 | +34.2% |
| Investment grants | 15 | €1,025,398 | €727,824 | -€297,574 | -29.0% |
| Amounts payable | 17/49 | €3,050,267 | €3,194,126 | +€143,860 | +4.7% |
| Amounts payable after more than one year | 17 | €2,828,716 | €2,658,157 | -€170,559 | -6.0% |
| Financial debts | 170/4 | €2,828,716 | €2,658,157 | -€170,559 | -6.0% |
| Amounts payable within one year | 42/48 | €221,550 | €535,969 | +€314,419 | +142% |
| Current portion of amounts payable after more than one year | 42 | €206,367 | €219,983 | +€13,616 | +6.6% |
| Financial debts | 43 | €8,456 | €8,414 | -€42 | -0.5% |
| Credit institutions | 430/8 | €8,456 | €8,414 | -€42 | -0.5% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,000 | €10,000 | +€5,000 | +100% |
| Taxes | 450/3 | €5,000 | €10,000 | +€5,000 | +100% |
| Other amounts payable | 47/48 | €1,728 | €297,572 | +€295,845 | +17,125% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,017 | €151,059 | +€9,042 | +6.4% |
| Other operating charges | 640/8 | €1,061 | €1,095 | +€33 | +3.1% |
| Gross operating margin | 9900 | €330,893 | €337,557 | +€6,664 | +2.0% |
| Operating profit (loss) | 9901 | €187,815 | €185,403 | -€2,412 | -1.3% |
| Financial income | 75/76B | €61,900 | €0 | -€61,900 | -100% |
| Recurring financial income | 75 | €61,900 | €0 | -€61,900 | -100% |
| Financial charges | 65/66B | €53,911 | €44,839 | -€9,072 | -16.8% |
| Recurring financial charges | 65 | €53,911 | €44,839 | -€9,072 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €195,804 | €140,564 | -€55,240 | -28.2% |
| Income taxes | 67/77 | €30,000 | €34,577 | +€4,577 | +15.3% |
| Profit (loss) for the period | 9904 | €165,804 | €105,987 | -€59,817 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €165,804 | €105,987 | -€59,817 | -36.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.