SAJAMA: 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.
What changed
SAJAMA
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5.5m
2024 · €6.8m-€1.3m
Equity
€51.9m
2024 · €46.5m+€5.5m
Cash
€568,724
2024 · €115,433+€453,291
Balance sheet total
€145.3m
2024 · €144.3m+€986,628
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Reserves +€11.9m
new in 2025: €11.9m
- Profit (loss) carried forward -€6.5m
no longer reported in 2025 (was €6.5m)
- Debts after one year -€4.1m
down €4.1m (-4.7%), from €87.3m to €83.2m
Income statement
- Financial income -€2.0m
down €2.0m (-26.7%), from €7.5m to €5.5m
- Financial charges -€839,254
down €839,254 (-19.9%), from €4.2m to €3.4m
- Services and other goods +€101,378
up €101,378 (+8.4%), from €1.2m to €1.3m
- Turnover -€98,555
down €98,555 (-1.9%), from €5.3m to €5.2m
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.
Result 2024
€6.8m
Turnover
-€98,555
Other operating income
-€3,756
Services and other goods
-€101,378
Staff costs
+€51,313
Depreciation
-€0
Provisions
+€8,000
Other operating charges
+€69
Financial income
-€2.0m
Financial charges
+€839,254
Taxes
+€269
Result 2025
€5.5m
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.
From operations
+€4.6m
Investment
€0
Financing
-€4.1m
Cash 2024
€115,433
From operations (derived)
+€4.6m
Net result for the year
+€5.5m
Depreciation
+€75,651
Receivables within one year
-€608,799
Smaller working-capital items
+€10,558
Trade debts
-€209,029
Accrued charges and deferred income
-€161,211
Financing
-€4.1m
Debts after one year
-€4.1m
Cash 2025
€568,724
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €144,349,411 | €145,336,039 | +€986,628 | +0.7% |
| Formation expenses | 20 | €252,170 | €176,518 | -€75,651 | -30.0% |
| Fixed assets | 21/28 | €143,229,092 | €143,229,092 | = | 0.0% |
| Financial fixed assets | 28 | €143,229,092 | €143,229,092 | = | 0.0% |
| Affiliated companies | 280/1 | €143,229,092 | €143,229,092 | = | 0.0% |
| Participating interests | 280 | €143,229,092 | €143,229,092 | = | 0.0% |
| Current assets | 29/58 | €868,149 | €1,930,428 | +€1.1m | +122.4% |
| Amounts receivable within one year | 40/41 | €750,698 | €1,359,497 | +€608,799 | +81.1% |
| Trade receivables | 40 | €680,533 | €1,299,296 | +€618,763 | +90.9% |
| Other amounts receivable | 41 | €70,166 | €60,201 | -€9,964 | -14.2% |
| Cash at bank and in hand | 54/58 | €115,433 | €568,724 | +€453,291 | +392.7% |
| Deferred charges and accrued income | 490/1 | €2,018 | €2,207 | +€189 | +9.4% |
| Total equity and liabilities | 10/49 | €144,349,411 | €145,336,039 | +€986,628 | +0.7% |
| Equity | 10/15 | €46,453,043 | €51,905,565 | +€5.5m | +11.7% |
| Contributions | 10/11 | €40,000,000 | €40,000,000 | = | 0.0% |
| Capital | 10 | €40,000,000 | €40,000,000 | = | 0.0% |
| Issued capital | 100 | €40,000,000 | €40,000,000 | = | 0.0% |
| Reserves | 13 | - | €11,905,565 | +€11.9m | |
| Distributable reserves | 133 | - | €11,905,565 | +€11.9m | |
| Profit (loss) carried forward | 14 | €6,453,043 | - | -€6.5m | |
| Provisions and deferred taxes | 16 | €48,000 | €48,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €48,000 | €48,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €48,000 | €48,000 | = | 0.0% |
| Amounts payable | 17/49 | €97,848,368 | €93,382,474 | -€4.5m | -4.6% |
| Amounts payable after more than one year | 17 | €87,292,018 | €83,185,618 | -€4.1m | -4.7% |
| Financial debts | 170/4 | €87,292,018 | €83,185,618 | -€4.1m | -4.7% |
| Subordinated loans | 170 | €51,535,018 | €51,535,018 | = | 0.0% |
| Credit institutions | 173 | €35,757,000 | €31,650,600 | -€4.1m | -11.5% |
| Amounts payable within one year | 42/48 | €9,046,934 | €8,848,652 | -€198,282 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €3,998,400 | €3,998,400 | = | 0.0% |
| Trade debts | 44 | €341,098 | €132,068 | -€209,029 | -61.3% |
| Suppliers | 440/4 | €341,098 | €132,068 | -€209,029 | -61.3% |
| Taxes, remuneration and social security | 45 | €65,314 | €76,061 | +€10,747 | +16.5% |
| Taxes | 450/3 | €26,683 | €13,715 | -€12,969 | -48.6% |
| Remuneration and social security | 454/9 | €38,631 | €62,346 | +€23,716 | +61.4% |
| Other amounts payable | 47/48 | €4,642,123 | €4,642,123 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,509,415 | €1,348,204 | -€161,211 | -10.7% |
| Operating income | 70/76A | €5,301,982 | €5,199,672 | -€102,310 | -1.9% |
| Turnover | 70 | €5,290,351 | €5,191,796 | -€98,555 | -1.9% |
| Other operating income | 74 | €11,631 | €7,875 | -€3,756 | -32.3% |
| Operating charges | 60/66A | €1,836,080 | €1,878,076 | +€41,996 | +2.3% |
| Services and other goods | 61 | €1,201,693 | €1,303,072 | +€101,378 | +8.4% |
| Remuneration, social security and pensions | 62 | €548,968 | €497,655 | -€51,313 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,651 | €75,651 | +€0 | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €8,000 | - | -€8,000 | |
| Other operating charges | 640/8 | €1,767 | €1,698 | -€69 | -3.9% |
| Operating profit (loss) | 9901 | €3,465,902 | €3,321,595 | -€144,307 | -4.2% |
| Financial income | 75/76B | €7,507,619 | €5,500,000 | -€2.0m | -26.7% |
| Recurring financial income | 75 | €7,507,619 | €5,500,000 | -€2.0m | -26.7% |
| Income from financial fixed assets | 750 | €7,500,000 | €5,500,000 | -€2.0m | -26.7% |
| Other financial income | 752/9 | €7,619 | - | -€7,619 | |
| Financial charges | 65/66B | €4,207,582 | €3,368,328 | -€839,254 | -19.9% |
| Recurring financial charges | 65 | €4,207,582 | €3,368,328 | -€839,254 | -19.9% |
| Debt charges | 650 | €4,205,870 | €3,367,877 | -€837,993 | -19.9% |
| Other financial charges | 652/9 | €1,711 | €451 | -€1,260 | -73.7% |
| Profit (loss) for the period before taxes | 9903 | €6,765,939 | €5,453,267 | -€1.3m | -19.4% |
| Income taxes | 67/77 | €1,015 | €746 | -€269 | -26.5% |
| Taxes | 670/3 | €1,022 | €746 | -€277 | -27.1% |
| Tax adjustments and reversals of tax provisions | 77 | €7 | - | -€7 | |
| Profit (loss) for the period | 9904 | €6,764,924 | €5,452,522 | -€1.3m | -19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,764,924 | €5,452,522 | -€1.3m | -19.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.