SAHAR: 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.
SAHAR
Largest movements
- Intangible fixed assets +€61,781
new in 2025: €61,781
- Stocks and contracts -€36,559
down €36,559 (-76.3%), from €47,902 to €11,342
- Tangible fixed assets -€13,811
down €13,811 (-64.8%), from €21,318 to €7,507
of which Furniture and vehicles: -€12,567
- Receivables within one year +€8,295
up €8,295 (+459%), from €1,806 to €10,101
of which Trade receivables: +€8,531
- Financial fixed assets +€4,410
new in 2025: €4,410
- Other debts +€32,473
up €32,473 (+156%), from €20,838 to €53,311
- Profit (loss) carried forward +€11,773
up €11,773 (+73.4%), from -€16,033 to -€4,260
- Trade debts -€10,918
down €10,918 (-42.6%), from €25,605 to €14,688
- Tax, wage and social debts -€5,148
down €5,148 (-62.7%), from €8,214 to €3,066
of which Remuneration and social security: -€4,587
- Debts after one year -€4,990
down €4,990 (-55.9%), from €8,933 to €3,943
- Gross operating margin +€13,040
up €13,040 (+35.1%), from €37,101 to €50,141
- Depreciation -€2,108
down €2,108 (-24.3%), from €8,661 to €6,553
- Staff costs -€2,055
down €2,055 (-9.4%), from €21,775 to €19,720
- Other operating charges +€1,539
up €1,539 (+36.7%), from €4,191 to €5,731
- Taxes +€1,500
up €1,500 (+2,959%), from €51 to €1,551
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 | €72,718 | €96,197 | +€23,479 | +32.3% |
| Fixed assets | 21/28 | €21,318 | €73,698 | +€52,380 | +246% |
| Intangible fixed assets | 21 | - | €61,781 | +€61,781 | |
| Tangible fixed assets | 22/27 | €21,318 | €7,507 | -€13,811 | -64.8% |
| Plant, machinery and equipment | 23 | €5,075 | €3,830 | -€1,244 | -24.5% |
| Furniture and vehicles | 24 | €16,243 | €3,676 | -€12,567 | -77.4% |
| Financial fixed assets | 28 | - | €4,410 | +€4,410 | |
| Current assets | 29/58 | €51,401 | €22,499 | -€28,901 | -56.2% |
| Stocks and contracts in progress | 3 | €47,902 | €11,342 | -€36,559 | -76.3% |
| Stocks | 30/36 | €47,902 | €11,342 | -€36,559 | -76.3% |
| Amounts receivable within one year | 40/41 | €1,806 | €10,101 | +€8,295 | +459% |
| Trade receivables | 40 | €1,546 | €10,076 | +€8,531 | +552% |
| Other amounts receivable | 41 | €261 | €25 | -€236 | -90.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,693 | €1,056 | -€637 | -37.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €72,718 | €96,197 | +€23,479 | +32.3% |
| Equity | 10/15 | €4,427 | €16,200 | +€11,773 | +266% |
| 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 | -€16,033 | -€4,260 | +€11,773 | +73.4% |
| Amounts payable | 17/49 | €68,291 | €79,997 | +€11,706 | +17.1% |
| Amounts payable after more than one year | 17 | €8,933 | €3,943 | -€4,990 | -55.9% |
| Financial debts | 170/4 | €8,933 | €3,943 | -€4,990 | -55.9% |
| Amounts payable within one year | 42/48 | €59,358 | €76,054 | +€16,696 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €4,701 | €4,990 | +€289 | +6.2% |
| Trade debts | 44 | €25,605 | €14,688 | -€10,918 | -42.6% |
| Suppliers | 440/4 | €25,605 | €14,688 | -€10,918 | -42.6% |
| Taxes, remuneration and social security | 45 | €8,214 | €3,066 | -€5,148 | -62.7% |
| Taxes | 450/3 | €2,209 | €1,647 | -€562 | -25.4% |
| Remuneration and social security | 454/9 | €6,006 | €1,419 | -€4,587 | -76.4% |
| Other amounts payable | 47/48 | €20,838 | €53,311 | +€32,473 | +156% |
| Non-recurring operating income | 76A | - | €34,080 | +€34,080 | |
| Remuneration, social security and pensions | 62 | €21,775 | €19,720 | -€2,055 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,661 | €6,553 | -€2,108 | -24.3% |
| Other operating charges | 640/8 | €4,191 | €5,731 | +€1,539 | +36.7% |
| Non-recurring operating charges | 66A | €10,000 | €2,600 | -€7,400 | -74.0% |
| Gross operating margin | 9900 | €37,101 | €50,141 | +€13,040 | +35.1% |
| Operating profit (loss) | 9901 | -€7,526 | €15,539 | +€23,065 | |
| Financial income | 75/76B | €3 | €2 | -€1 | -27.1% |
| Recurring financial income | 75 | €3 | €2 | -€1 | -27.1% |
| Financial charges | 65/66B | €2,942 | €2,217 | -€725 | -24.7% |
| Recurring financial charges | 65 | €2,942 | €2,217 | -€725 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,466 | €13,324 | +€23,789 | |
| Income taxes | 67/77 | €51 | €1,551 | +€1,500 | +2,959% |
| Profit (loss) for the period | 9904 | -€10,516 | €11,773 | +€22,289 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,516 | €11,773 | +€22,289 |
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 13 October 2026 via checked.be.