SAHE: 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.
SAHE
Largest movements
- Cash -€70,992
down €70,992 (-88.4%), from €80,274 to €9,281
mainly Debts after one year (-€84,704) and Receivables within one year (-€26,053)
- Receivables within one year +€26,053
new in 2025: €26,053
- Debts after one year -€84,704
down €84,704 (-70.6%), from €119,921 to €35,217
- Profit (loss) carried forward +€50,543
up €50,543 (+27.8%), from €181,730 to €232,273
- Current portion of long-term debt -€9,494
down €9,494 (-21.5%), from €44,198 to €34,704
- Gross operating margin -€10,063
down €10,063 (-12.3%), from €81,779 to €71,715
- Staff costs +€1,728
new in 2025: €1,728
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 | €416,506 | €371,566 | -€44,940 | -10.8% |
| Fixed assets | 21/28 | €336,232 | €336,232 | = | 0.0% |
| Financial fixed assets | 28 | €336,232 | €336,232 | = | 0.0% |
| Current assets | 29/58 | €80,274 | €35,334 | -€44,940 | -56.0% |
| Amounts receivable within one year | 40/41 | - | €26,053 | +€26,053 | |
| Trade receivables | 40 | - | €26,053 | +€26,053 | |
| Cash at bank and in hand | 54/58 | €80,274 | €9,281 | -€70,992 | -88.4% |
| Total equity and liabilities | 10/49 | €416,506 | €371,566 | -€44,940 | -10.8% |
| Equity | 10/15 | €217,730 | €268,273 | +€50,543 | +23.2% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €181,730 | €232,273 | +€50,543 | +27.8% |
| Amounts payable | 17/49 | €198,775 | €103,293 | -€95,482 | -48.0% |
| Amounts payable after more than one year | 17 | €119,921 | €35,217 | -€84,704 | -70.6% |
| Financial debts | 170/4 | €119,921 | €35,217 | -€84,704 | -70.6% |
| Amounts payable within one year | 42/48 | €78,854 | €68,076 | -€10,778 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €44,198 | €34,704 | -€9,494 | -21.5% |
| Trade debts | 44 | €322 | €324 | +€2 | +0.6% |
| Suppliers | 440/4 | €322 | €324 | +€2 | +0.6% |
| Taxes, remuneration and social security | 45 | €34,310 | €33,024 | -€1,286 | -3.7% |
| Taxes | 450/3 | €34,310 | €27,931 | -€6,379 | -18.6% |
| Remuneration and social security | 454/9 | €0 | €5,092 | +€5,092 | +7274657.1% |
| Other amounts payable | 47/48 | €23 | €23 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €1,728 | +€1,728 | |
| Other operating charges | 640/8 | €398 | €400 | +€2 | +0.4% |
| Gross operating margin | 9900 | €81,779 | €71,715 | -€10,063 | -12.3% |
| Operating profit (loss) | 9901 | €81,381 | €69,588 | -€11,793 | -14.5% |
| Financial charges | 65/66B | €1,976 | €1,491 | -€484 | -24.5% |
| Recurring financial charges | 65 | €1,976 | €1,491 | -€484 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €79,405 | €68,097 | -€11,308 | -14.2% |
| Income taxes | 67/77 | €17,500 | €17,554 | +€54 | +0.3% |
| Profit (loss) for the period | 9904 | €61,905 | €50,543 | -€11,362 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €61,905 | €50,543 | -€11,362 | -18.4% |
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 4 October 2026 via checked.be.