SAJ: 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.
SAJ
Largest movements
- Tangible fixed assets +€356,320
up €356,320 (+35.7%), from €998,569 to €1.4m
of which Land and buildings: +€291,297
- Other debts +€337,787
up €337,787 (+64.2%), from €526,509 to €864,296
- Current portion of long-term debt +€30,969
up €30,969 (+37.0%), from €83,758 to €114,727
- Debts after one year +€30,622
up €30,622 (+5.6%), from €549,240 to €579,862
of which Financial debts: +€80,622
- Depreciation +€31,634
up €31,634 (+44.1%), from €71,800 to €103,434
- Gross operating margin -€7,789
down €7,789 (-6.3%), from €124,158 to €116,369
- Taxes -€7,559
down €7,559 (-97.7%), from €7,735 to €176
- Financial charges +€6,503
up €6,503 (+37.0%), from €17,597 to €24,100
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 | €2,471,815 | €2,834,611 | +€362,796 | +14.7% |
| Fixed assets | 21/28 | €2,411,682 | €2,768,002 | +€356,320 | +14.8% |
| Tangible fixed assets | 22/27 | €998,569 | €1,354,888 | +€356,320 | +35.7% |
| Land and buildings | 22 | €985,480 | €1,276,776 | +€291,297 | +29.6% |
| Furniture and vehicles | 24 | €13,089 | €78,112 | +€65,023 | +496.8% |
| Financial fixed assets | 28 | €1,413,113 | €1,413,113 | = | 0.0% |
| Current assets | 29/58 | €60,133 | €66,609 | +€6,476 | +10.8% |
| Amounts receivable within one year | 40/41 | €50,312 | €54,117 | +€3,804 | +7.6% |
| Trade receivables | 40 | €14,393 | €0 | -€14,393 | -100.0% |
| Other amounts receivable | 41 | €35,920 | €54,117 | +€18,197 | +50.7% |
| Cash at bank and in hand | 54/58 | €9,716 | €12,319 | +€2,603 | +26.8% |
| Deferred charges and accrued income | 490/1 | €105 | €174 | +€69 | +65.9% |
| Total equity and liabilities | 10/49 | €2,471,815 | €2,834,611 | +€362,796 | +14.7% |
| Equity | 10/15 | €1,275,882 | €1,257,112 | -€18,770 | -1.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,263,482 | €1,244,712 | -€18,770 | -1.5% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,244,732 | €1,225,962 | -€18,770 | -1.5% |
| Amounts payable | 17/49 | €1,195,933 | €1,577,499 | +€381,566 | +31.9% |
| Amounts payable after more than one year | 17 | €549,240 | €579,862 | +€30,622 | +5.6% |
| Financial debts | 170/4 | €410,240 | €490,862 | +€80,622 | +19.7% |
| Other amounts payable | 178/9 | €139,000 | €89,000 | -€50,000 | -36.0% |
| Amounts payable within one year | 42/48 | €640,221 | €989,506 | +€349,285 | +54.6% |
| Current portion of amounts payable after more than one year | 42 | €83,758 | €114,727 | +€30,969 | +37.0% |
| Trade debts | 44 | €15,486 | €3,930 | -€11,556 | -74.6% |
| Suppliers | 440/4 | €15,486 | €3,930 | -€11,556 | -74.6% |
| Taxes, remuneration and social security | 45 | €14,468 | €6,553 | -€7,915 | -54.7% |
| Taxes | 450/3 | €14,468 | €6,461 | -€8,007 | -55.3% |
| Remuneration and social security | 454/9 | - | €92 | +€92 | |
| Other amounts payable | 47/48 | €526,509 | €864,296 | +€337,787 | +64.2% |
| Accrued charges and deferred income | 492/3 | €6,472 | €8,131 | +€1,659 | +25.6% |
| Non-recurring operating income | 76A | €807 | €11,704 | +€10,897 | +1350.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,800 | €103,434 | +€31,634 | +44.1% |
| Other operating charges | 640/8 | €6,996 | €7,497 | +€501 | +7.2% |
| Gross operating margin | 9900 | €124,158 | €116,369 | -€7,789 | -6.3% |
| Operating profit (loss) | 9901 | €45,363 | €5,438 | -€39,924 | -88.0% |
| Financial income | 75/76B | - | €67 | +€67 | |
| Recurring financial income | 75 | - | €67 | +€67 | |
| Financial charges | 65/66B | €17,597 | €24,100 | +€6,503 | +37.0% |
| Recurring financial charges | 65 | €17,597 | €24,100 | +€6,503 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | €27,766 | -€18,594 | -€46,360 | |
| Income taxes | 67/77 | €7,735 | €176 | -€7,559 | -97.7% |
| Profit (loss) for the period | 9904 | €20,031 | -€18,770 | -€38,801 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,031 | -€18,770 | -€38,801 |
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 9 October 2026 via checked.be.