SAH TEGELS: what changed
SAH TEGELS
Largest movements
- Receivables within one year -€26,791
down €26,791 (-53.5%), from €50,059 to €23,268
of which Trade receivables: -€34,740
- Tangible fixed assets -€18,717
down €18,717 (-8.8%), from €213,255 to €194,538
of which Furniture and vehicles: -€12,717
- Cash +€2,950
up €2,950 (+128%), from €2,302 to €5,252
mainly Receivables within one year (+€26,791) and Depreciation (+€18,717)
- Other debts -€31,220
no longer reported in 2025 (was €31,220)
- Tax, wage and social debts -€14,235
down €14,235 (-61.8%), from €23,034 to €8,799
of which Remuneration and social security: -€16,275
- Profit (loss) carried forward +€10,524
up €10,524 (+15.4%), from €68,501 to €79,024
- Debts after one year -€5,178
down €5,178 (-4.4%), from €118,440 to €113,262
of which Financial debts: -€6,778
- Trade debts -€3,558
down €3,558 (-98.8%), from €3,602 to €44
- Gross operating margin -€69,971
down €69,971 (-41.0%), from €170,491 to €100,520
- Staff costs -€64,051
down €64,051 (-52.7%), from €121,431 to €57,380
- Other operating charges -€30,085
down €30,085 (-97.8%), from €30,748 to €663
- Financial charges +€9,709
up €9,709 (+1,290%), from €752 to €10,462
- Depreciation +€5,782
up €5,782 (+44.7%), from €12,935 to €18,717
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 | €265,617 | €223,058 | -€42,558 | -16.0% |
| Fixed assets | 21/28 | €213,255 | €194,538 | -€18,717 | -8.8% |
| Tangible fixed assets | 22/27 | €213,255 | €194,538 | -€18,717 | -8.8% |
| Land and buildings | 22 | €179,500 | €173,500 | -€6,000 | -3.3% |
| Furniture and vehicles | 24 | €33,755 | €21,038 | -€12,717 | -37.7% |
| Current assets | 29/58 | €52,361 | €28,520 | -€23,841 | -45.5% |
| Amounts receivable within one year | 40/41 | €50,059 | €23,268 | -€26,791 | -53.5% |
| Trade receivables | 40 | €43,238 | €8,498 | -€34,740 | -80.3% |
| Other amounts receivable | 41 | €6,822 | €14,770 | +€7,949 | +117% |
| Cash at bank and in hand | 54/58 | €2,302 | €5,252 | +€2,950 | +128% |
| Total equity and liabilities | 10/49 | €265,617 | €223,058 | -€42,558 | -16.0% |
| Equity | 10/15 | €82,761 | €93,284 | +€10,524 | +12.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 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 | €68,501 | €79,024 | +€10,524 | +15.4% |
| Amounts payable | 17/49 | €182,856 | €129,774 | -€53,082 | -29.0% |
| Amounts payable after more than one year | 17 | €118,440 | €113,262 | -€5,178 | -4.4% |
| Financial debts | 170/4 | €118,440 | €111,662 | -€6,778 | -5.7% |
| Other amounts payable | 178/9 | - | €1,600 | +€1,600 | |
| Amounts payable within one year | 42/48 | €64,416 | €16,512 | -€47,904 | -74.4% |
| Current portion of amounts payable after more than one year | 42 | €6,560 | €7,669 | +€1,109 | +16.9% |
| Trade debts | 44 | €3,602 | €44 | -€3,558 | -98.8% |
| Suppliers | 440/4 | €3,602 | €44 | -€3,558 | -98.8% |
| Taxes, remuneration and social security | 45 | €23,034 | €8,799 | -€14,235 | -61.8% |
| Taxes | 450/3 | €6,759 | €8,799 | +€2,040 | +30.2% |
| Remuneration and social security | 454/9 | €16,275 | - | -€16,275 | |
| Other amounts payable | 47/48 | €31,220 | - | -€31,220 | |
| Remuneration, social security and pensions | 62 | €121,431 | €57,380 | -€64,051 | -52.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,935 | €18,717 | +€5,782 | +44.7% |
| Other operating charges | 640/8 | €30,748 | €663 | -€30,085 | -97.8% |
| Non-recurring operating charges | 66A | €6,732 | - | -€6,732 | |
| Gross operating margin | 9900 | €170,491 | €100,520 | -€69,971 | -41.0% |
| Operating profit (loss) | 9901 | -€1,354 | €23,759 | +€25,113 | |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €752 | €10,462 | +€9,709 | +1,290% |
| Recurring financial charges | 65 | €752 | €10,462 | +€9,709 | +1,290% |
| Profit (loss) for the period before taxes | 9903 | -€2,107 | €13,302 | +€15,408 | |
| Income taxes | 67/77 | - | €2,778 | +€2,778 | |
| Profit (loss) for the period | 9904 | -€2,107 | €10,524 | +€12,630 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,107 | €10,524 | +€12,630 |
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 2 November 2026 via checked.be.