SAHAN: what changed
Two fiscal 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.
SAHAN
Largest movements
- Receivables within one year +€64,468
up €64,468 (+37.5%), from €171,995 to €236,463
of which Trade receivables: +€68,329
- Tangible fixed assets -€47,703
down €47,703 (-4.6%), from €1.0m to €988,424
of which Land and buildings: -€38,063
- Stocks and contracts +€30,820
up €30,820 (+25.9%), from €118,816 to €149,636
- Cash +€30,073
up €30,073 (+436.6%), from €6,887 to €36,961
mainly Net result for the year (+€156,359) and Short-term financial debts (+€64,976)
- Reserves +€156,359
up €156,359 (+70.0%), from €223,371 to €379,730
of which Distributable reserves: +€158,219
- Debts after one year -€96,090
down €96,090 (-14.7%), from €652,529 to €556,438
- Short-term financial debts +€64,976
up €64,976 (+648.2%), from €10,024 to €75,000
- Current portion of long-term debt -€51,312
down €51,312 (-34.8%), from €147,402 to €96,090
- Gross operating margin +€133,007
up €133,007 (+42.0%), from €316,730 to €449,737
- Staff costs +€48,116
up €48,116 (+33.5%), from €143,814 to €191,930
- Taxes -€18,560
down €18,560 (-60.7%), from €30,560 to €12,000
- Depreciation -€4,623
down €4,623 (-8.3%), from €55,743 to €51,121
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.
Cash bridge derived
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 | €1,334,960 | €1,412,619 | +€77,658 | +5.8% |
| Fixed assets | 21/28 | €1,037,262 | €989,559 | -€47,703 | -4.6% |
| Tangible fixed assets | 22/27 | €1,036,127 | €988,424 | -€47,703 | -4.6% |
| Land and buildings | 22 | €999,233 | €961,170 | -€38,063 | -3.8% |
| Plant, machinery and equipment | 23 | €34,702 | €27,255 | -€7,447 | -21.5% |
| Furniture and vehicles | 24 | €2,193 | - | -€2,193 | |
| Financial fixed assets | 28 | €1,135 | €1,135 | = | 0.0% |
| Current assets | 29/58 | €297,698 | €423,059 | +€125,361 | +42.1% |
| Stocks and contracts in progress | 3 | €118,816 | €149,636 | +€30,820 | +25.9% |
| Stocks | 30/36 | €118,816 | €149,636 | +€30,820 | +25.9% |
| Amounts receivable within one year | 40/41 | €171,995 | €236,463 | +€64,468 | +37.5% |
| Trade receivables | 40 | €168,134 | €236,463 | +€68,329 | +40.6% |
| Other amounts receivable | 41 | €3,861 | - | -€3,861 | |
| Cash at bank and in hand | 54/58 | €6,887 | €36,961 | +€30,073 | +436.6% |
| Total equity and liabilities | 10/49 | €1,334,960 | €1,412,619 | +€77,658 | +5.8% |
| Equity | 10/15 | €241,971 | €398,330 | +€156,359 | +64.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €223,371 | €379,730 | +€156,359 | +70.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €221,511 | €379,730 | +€158,219 | +71.4% |
| Amounts payable | 17/49 | €1,092,989 | €1,014,289 | -€78,700 | -7.2% |
| Amounts payable after more than one year | 17 | €652,529 | €556,438 | -€96,090 | -14.7% |
| Financial debts | 170/4 | €652,529 | €556,438 | -€96,090 | -14.7% |
| Amounts payable within one year | 42/48 | €440,461 | €457,851 | +€17,390 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €147,402 | €96,090 | -€51,312 | -34.8% |
| Financial debts | 43 | €10,024 | €75,000 | +€64,976 | +648.2% |
| Credit institutions | 430/8 | €10,024 | €75,000 | +€64,976 | +648.2% |
| Trade debts | 44 | €270,670 | €261,491 | -€9,179 | -3.4% |
| Suppliers | 440/4 | €270,670 | €261,491 | -€9,179 | -3.4% |
| Taxes, remuneration and social security | 45 | €12,365 | €20,468 | +€8,103 | +65.5% |
| Taxes | 450/3 | - | €4,841 | +€4,841 | |
| Remuneration and social security | 454/9 | €12,365 | €15,627 | +€3,263 | +26.4% |
| Other amounts payable | 47/48 | - | €4,801 | +€4,801 | |
| Remuneration, social security and pensions | 62 | €143,814 | €191,930 | +€48,116 | +33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,743 | €51,121 | -€4,623 | -8.3% |
| Other operating charges | 640/8 | €18,662 | €14,871 | -€3,791 | -20.3% |
| Gross operating margin | 9900 | €316,730 | €449,737 | +€133,007 | +42.0% |
| Operating profit (loss) | 9901 | €98,511 | €191,816 | +€93,304 | +94.7% |
| Financial income | 75/76B | €2 | €70 | +€68 | +3427.6% |
| Recurring financial income | 75 | €2 | €70 | +€68 | +3427.6% |
| Financial charges | 65/66B | €27,519 | €23,527 | -€3,992 | -14.5% |
| Recurring financial charges | 65 | €27,519 | €23,527 | -€3,992 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €70,994 | €168,359 | +€97,365 | +137.1% |
| Income taxes | 67/77 | €30,560 | €12,000 | -€18,560 | -60.7% |
| Profit (loss) for the period | 9904 | €40,434 | €156,359 | +€115,925 | +286.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,434 | €156,359 | +€115,925 | +286.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.