SAH ART: what changed
SAH ART
Largest movements
- Tangible fixed assets -€13,614
down €13,614 (-30.5%), from €44,637 to €31,023
of which Leasing and similar rights: -€7,840
- Cash +€7,713
up €7,713 (+27.4%), from €28,182 to €35,895
mainly Depreciation (+€13,614) and Receivables within one year (+€4,559)
- Receivables within one year -€4,559
down €4,559 (-33.8%), from €13,476 to €8,917
of which Trade receivables: -€3,873
- Stocks and contracts -€2,897
no longer reported in 2025 (was €2,897)
- Other debts -€10,143
down €10,143 (-57.2%), from €17,740 to €7,597
- Debts after one year -€6,332
down €6,332 (-46.4%), from €13,633 to €7,301
- Profit (loss) carried forward +€4,388
up €4,388 (+23.5%), from €18,650 to €23,039
- Current portion of long-term debt -€1,614
down €1,614 (-20.3%), from €7,945 to €6,332
- Tax, wage and social debts -€1,228
down €1,228 (-15.4%), from €7,951 to €6,722
of which Remuneration and social security: -€1,192
- Gross operating margin +€8,650
up €8,650 (+21.4%), from €40,418 to €49,068
- Staff costs +€3,428
up €3,428 (+15.8%), from €21,704 to €25,132
- Write-downs +€2,534
new in 2025: €2,534
- Taxes +€640
up €640 (+52.6%), from €1,218 to €1,859
- Depreciation +€514
up €514 (+3.9%), from €13,100 to €13,614
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €91,559 | €77,402 | -€14,157 | -15.5% |
| Fixed assets | 21/28 | €44,637 | €31,023 | -€13,614 | -30.5% |
| Tangible fixed assets | 22/27 | €44,637 | €31,023 | -€13,614 | -30.5% |
| Plant, machinery and equipment | 23 | €1,104 | €312 | -€791 | -71.7% |
| Furniture and vehicles | 24 | €12,280 | €7,298 | -€4,982 | -40.6% |
| Leasing and similar rights | 25 | €31,253 | €23,413 | -€7,840 | -25.1% |
| Current assets | 29/58 | €46,922 | €46,379 | -€543 | -1.2% |
| Stocks and contracts in progress | 3 | €2,897 | - | -€2,897 | |
| Stocks | 30/36 | €2,897 | - | -€2,897 | |
| Amounts receivable within one year | 40/41 | €13,476 | €8,917 | -€4,559 | -33.8% |
| Trade receivables | 40 | €11,552 | €7,679 | -€3,873 | -33.5% |
| Other amounts receivable | 41 | €1,924 | €1,238 | -€686 | -35.7% |
| Cash at bank and in hand | 54/58 | €28,182 | €35,895 | +€7,713 | +27.4% |
| Deferred charges and accrued income | 490/1 | €2,367 | €1,567 | -€800 | -33.8% |
| Total equity and liabilities | 10/49 | €91,559 | €77,402 | -€14,157 | -15.5% |
| Equity | 10/15 | €39,110 | €43,499 | +€4,388 | +11.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,650 | €23,039 | +€4,388 | +23.5% |
| Amounts payable | 17/49 | €52,449 | €33,904 | -€18,545 | -35.4% |
| Amounts payable after more than one year | 17 | €13,633 | €7,301 | -€6,332 | -46.4% |
| Financial debts | 170/4 | €13,633 | €7,301 | -€6,332 | -46.4% |
| Amounts payable within one year | 42/48 | €38,816 | €26,603 | -€12,214 | -31.5% |
| Current portion of amounts payable after more than one year | 42 | €7,945 | €6,332 | -€1,614 | -20.3% |
| Trade debts | 44 | €5,181 | €5,952 | +€771 | +14.9% |
| Suppliers | 440/4 | €5,181 | €5,952 | +€771 | +14.9% |
| Taxes, remuneration and social security | 45 | €7,951 | €6,722 | -€1,228 | -15.4% |
| Taxes | 450/3 | €3,728 | €3,691 | -€37 | -1.0% |
| Remuneration and social security | 454/9 | €4,223 | €3,031 | -€1,192 | -28.2% |
| Other amounts payable | 47/48 | €17,740 | €7,597 | -€10,143 | -57.2% |
| Remuneration, social security and pensions | 62 | €21,704 | €25,132 | +€3,428 | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,100 | €13,614 | +€514 | +3.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,534 | +€2,534 | |
| Other operating charges | 640/8 | €1,494 | €1,378 | -€115 | -7.7% |
| Gross operating margin | 9900 | €40,418 | €49,068 | +€8,650 | +21.4% |
| Operating profit (loss) | 9901 | €4,121 | €6,411 | +€2,290 | +55.6% |
| Financial income | 75/76B | €0 | €0 | +€0 | +420% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +420% |
| Financial charges | 65/66B | €441 | €164 | -€277 | -62.9% |
| Recurring financial charges | 65 | €441 | €164 | -€277 | -62.9% |
| Profit (loss) for the period before taxes | 9903 | €3,680 | €6,247 | +€2,568 | +69.8% |
| Income taxes | 67/77 | €1,218 | €1,859 | +€640 | +52.6% |
| Profit (loss) for the period | 9904 | €2,461 | €4,388 | +€1,927 | +78.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,461 | €4,388 | +€1,927 | +78.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.