SAHMA: 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.
SAHMA
Largest movements
- Tangible fixed assets -€497,650
down €497,650 (-2.8%), from €17.9m to €17.4m
of which Land and buildings: -€496,605
- Cash +€339,025
up €339,025 (+123.0%), from €275,552 to €614,577
mainly Depreciation (+€503,495) and Net result for the year (+€214,030)
- Debts after one year -€466,446
down €466,446 (-2.8%), from €16.6m to €16.1m
- Profit (loss) carried forward +€214,030
up €214,030 (+26.6%), from €804,767 to €1.0m
- Taxes +€151,634
up €151,634 (+214.8%), from €70,597 to €222,231
- Financial charges -€125,842
down €125,842 (-15.7%), from €800,437 to €674,595
- Gross operating margin +€66,718
up €66,718 (+4.2%), from €1.6m to €1.7m
- Write-downs +€35,581
new in 2025: €35,581
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 | €18,688,058 | €18,380,556 | -€307,503 | -1.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €17,941,536 | €17,443,885 | -€497,650 | -2.8% |
| Tangible fixed assets | 22/27 | €17,941,536 | €17,443,885 | -€497,650 | -2.8% |
| Land and buildings | 22 | €17,932,450 | €17,435,846 | -€496,605 | -2.8% |
| Plant, machinery and equipment | 23 | €9,085 | €8,039 | -€1,046 | -11.5% |
| Current assets | 29/58 | €746,523 | €936,670 | +€190,148 | +25.5% |
| Amounts receivable within one year | 40/41 | €470,915 | €307,089 | -€163,827 | -34.8% |
| Trade receivables | 40 | €470,915 | €302,836 | -€168,079 | -35.7% |
| Other amounts receivable | 41 | €0 | €4,252 | +€4,252 | |
| Cash at bank and in hand | 54/58 | €275,552 | €614,577 | +€339,025 | +123.0% |
| Deferred charges and accrued income | 490/1 | €56 | €15,005 | +€14,949 | +26679.9% |
| Total equity and liabilities | 10/49 | €18,688,058 | €18,380,556 | -€307,503 | -1.6% |
| Equity | 10/15 | €1,134,767 | €1,348,797 | +€214,030 | +18.9% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €804,767 | €1,018,797 | +€214,030 | +26.6% |
| Amounts payable | 17/49 | €17,553,291 | €17,031,759 | -€521,532 | -3.0% |
| Amounts payable after more than one year | 17 | €16,573,615 | €16,107,169 | -€466,446 | -2.8% |
| Financial debts | 170/4 | €16,573,615 | €16,107,169 | -€466,446 | -2.8% |
| Amounts payable within one year | 42/48 | €691,732 | €621,047 | -€70,685 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €438,219 | €497,438 | +€59,219 | +13.5% |
| Trade debts | 44 | €149,105 | €35,173 | -€113,933 | -76.4% |
| Suppliers | 440/4 | €149,105 | €35,173 | -€113,933 | -76.4% |
| Taxes, remuneration and social security | 45 | €104,408 | €88,437 | -€15,971 | -15.3% |
| Taxes | 450/3 | €104,408 | €88,437 | -€15,971 | -15.3% |
| Accrued charges and deferred income | 492/3 | €287,944 | €303,543 | +€15,598 | +5.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €503,801 | €503,495 | -€306 | -0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €35,581 | +€35,581 | |
| Other operating charges | 640/8 | €159 | €2,242 | +€2,083 | +1310.4% |
| Gross operating margin | 9900 | €1,585,415 | €1,652,132 | +€66,718 | +4.2% |
| Operating profit (loss) | 9901 | €1,081,455 | €1,110,814 | +€29,359 | +2.7% |
| Financial income | 75/76B | €73 | €42 | -€31 | -42.4% |
| Recurring financial income | 75 | €73 | €42 | -€31 | -42.4% |
| Financial charges | 65/66B | €800,437 | €674,595 | -€125,842 | -15.7% |
| Recurring financial charges | 65 | €800,437 | €674,595 | -€125,842 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €281,090 | €436,261 | +€155,171 | +55.2% |
| Income taxes | 67/77 | €70,597 | €222,231 | +€151,634 | +214.8% |
| Profit (loss) for the period | 9904 | €210,493 | €214,030 | +€3,537 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €210,493 | €214,030 | +€3,537 | +1.7% |
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 5 October 2026 via checked.be.