Said Group: 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.
Said Group
Largest movements
- Cash +€85,531
up €85,531 (+109%), from €78,488 to €164,018
mainly Net result for the year (+€77,687) and Tax, wage and social debts (+€20,806)
- Receivables within one year +€7,801
up €7,801 (+7.6%), from €102,222 to €110,023
of which Trade receivables: +€10,055
- Stocks and contracts +€5,587
up €5,587 (+236%), from €2,368 to €7,955
- Reserves +€77,687
up €77,687 (+95.5%), from €81,385 to €159,071
- Advances received -€23,228
down €23,228 (-100%), from €23,228 to €0
- Tax, wage and social debts +€20,806
up €20,806 (+92.1%), from €22,602 to €43,408
of which Taxes: +€17,237
- Trade debts +€18,840
up €18,840 (+36.6%), from €51,507 to €70,347
- Other debts +€4,136
up €4,136 (+71.7%), from €5,765 to €9,900
- Gross operating margin +€52,572
up €52,572 (+60.2%), from €87,313 to €139,885
- Staff costs +€31,501
up €31,501 (+2,191%), from €1,438 to €32,938
- Depreciation -€8,046
down €8,046 (-88.6%), from €9,083 to €1,037
- Taxes +€5,559
up €5,559 (+38.8%), from €14,324 to €19,883
- Other operating charges +€2,342
up €2,342 (+44.6%), from €5,246 to €7,588
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 | €189,499 | €287,726 | +€98,228 | +51.8% |
| Fixed assets | 21/28 | €4,099 | €3,349 | -€750 | -18.3% |
| Tangible fixed assets | 22/27 | €3,099 | €3,349 | +€250 | +8.1% |
| Plant, machinery and equipment | 23 | €2,642 | €2,068 | -€574 | -21.7% |
| Furniture and vehicles | 24 | €457 | €1,281 | +€824 | +180% |
| Financial fixed assets | 28 | €1,000 | €0 | -€1,000 | -100% |
| Current assets | 29/58 | €185,400 | €284,378 | +€98,978 | +53.4% |
| Stocks and contracts in progress | 3 | €2,368 | €7,955 | +€5,587 | +236% |
| Stocks | 30/36 | €2,368 | €7,955 | +€5,587 | +236% |
| Amounts receivable within one year | 40/41 | €102,222 | €110,023 | +€7,801 | +7.6% |
| Trade receivables | 40 | €99,637 | €109,691 | +€10,055 | +10.1% |
| Other amounts receivable | 41 | €2,585 | €332 | -€2,253 | -87.2% |
| Cash at bank and in hand | 54/58 | €78,488 | €164,018 | +€85,531 | +109% |
| Deferred charges and accrued income | 490/1 | €2,323 | €2,381 | +€58 | +2.5% |
| Total equity and liabilities | 10/49 | €189,499 | €287,726 | +€98,228 | +51.8% |
| Equity | 10/15 | €86,385 | €164,071 | +€77,687 | +89.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €81,385 | €159,071 | +€77,687 | +95.5% |
| Distributable reserves | 133 | €81,385 | €159,071 | +€77,687 | +95.5% |
| Amounts payable | 17/49 | €103,114 | €123,655 | +€20,541 | +19.9% |
| Amounts payable within one year | 42/48 | €103,101 | €123,655 | +€20,554 | +19.9% |
| Trade debts | 44 | €51,507 | €70,347 | +€18,840 | +36.6% |
| Suppliers | 440/4 | €51,507 | €70,347 | +€18,840 | +36.6% |
| Advances received on contracts in progress | 46 | €23,228 | €0 | -€23,228 | -100% |
| Taxes, remuneration and social security | 45 | €22,602 | €43,408 | +€20,806 | +92.1% |
| Taxes | 450/3 | €20,602 | €37,839 | +€17,237 | +83.7% |
| Remuneration and social security | 454/9 | €2,000 | €5,569 | +€3,569 | +178% |
| Other amounts payable | 47/48 | €5,765 | €9,900 | +€4,136 | +71.7% |
| Accrued charges and deferred income | 492/3 | €13 | €0 | -€13 | -100% |
| Non-recurring operating income | 76A | €750 | €0 | -€750 | -100% |
| Remuneration, social security and pensions | 62 | €1,438 | €32,938 | +€31,501 | +2,191% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,083 | €1,037 | -€8,046 | -88.6% |
| Other operating charges | 640/8 | €5,246 | €7,588 | +€2,342 | +44.6% |
| Gross operating margin | 9900 | €87,313 | €139,885 | +€52,572 | +60.2% |
| Operating profit (loss) | 9901 | €71,546 | €98,321 | +€26,775 | +37.4% |
| Financial income | 75/76B | €41 | €10 | -€30 | -74.6% |
| Recurring financial income | 75 | €41 | €10 | -€30 | -74.6% |
| Financial charges | 65/66B | €810 | €762 | -€49 | -6.0% |
| Recurring financial charges | 65 | €810 | €762 | -€49 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €70,776 | €97,570 | +€26,794 | +37.9% |
| Income taxes | 67/77 | €14,324 | €19,883 | +€5,559 | +38.8% |
| Profit (loss) for the period | 9904 | €56,452 | €77,687 | +€21,234 | +37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €56,452 | €77,687 | +€21,234 | +37.6% |
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 19 October 2026 via checked.be.