SAJO: 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.
SAJO
Largest movements
- Receivables within one year -€92,859
down €92,859 (-92.7%), from €100,183 to €7,324
of which Trade receivables: -€46,485
- Cash -€42,935
down €42,935 (-21.9%), from €196,134 to €153,199
mainly Net result for the year (-€95,468) and Trade debts (-€26,079)
- Tangible fixed assets -€24,749
down €24,749 (-4.4%), from €563,094 to €538,346
of which Land and buildings: -€35,537
- Reserves -€72,880
down €72,880 (-51.9%), from €140,479 to €67,598
of which Distributable reserves: -€57,827
- Trade debts -€26,079
down €26,079 (-41.0%), from €63,559 to €37,480
- Profit (loss) carried forward -€22,588
down €22,588 (-100%), from €22,588 to €0
- Debts after one year -€17,663
down €17,663 (-32.0%), from €55,154 to €37,491
of which Financial debts: -€15,804
- Other debts -€11,013
down €11,013 (-16.3%), from €67,645 to €56,632
- Other operating charges +€104,853
up €104,853 (+10,418%), from €1,007 to €105,859
- Gross operating margin +€45,418
up €45,418 (+578%), from €7,860 to €53,278
- Financial charges +€8,536
up €8,536 (+226%), from €3,769 to €12,306
- Depreciation +€2,117
up €2,117 (+5.5%), from €38,661 to €40,779
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 | €859,436 | €699,004 | -€160,432 | -18.7% |
| Fixed assets | 21/28 | €563,094 | €538,346 | -€24,749 | -4.4% |
| Tangible fixed assets | 22/27 | €563,094 | €538,346 | -€24,749 | -4.4% |
| Land and buildings | 22 | €557,139 | €521,602 | -€35,537 | -6.4% |
| Plant, machinery and equipment | 23 | €1,468 | €13,881 | +€12,412 | +845% |
| Furniture and vehicles | 24 | €4,487 | €2,863 | -€1,624 | -36.2% |
| Current assets | 29/58 | €296,342 | €160,659 | -€135,683 | -45.8% |
| Amounts receivable within one year | 40/41 | €100,183 | €7,324 | -€92,859 | -92.7% |
| Trade receivables | 40 | €46,485 | €0 | -€46,485 | -100% |
| Other amounts receivable | 41 | €53,697 | €7,324 | -€46,373 | -86.4% |
| Current investments | 50/53 | €25 | €25 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €196,134 | €153,199 | -€42,935 | -21.9% |
| Deferred charges and accrued income | 490/1 | - | €110 | +€110 | |
| Total equity and liabilities | 10/49 | €859,436 | €699,004 | -€160,432 | -18.7% |
| Equity | 10/15 | €647,067 | €551,598 | -€95,468 | -14.8% |
| Contributions | 10/11 | €484,000 | €484,000 | = | 0.0% |
| Capital | 10 | €484,000 | €484,000 | = | 0.0% |
| Issued capital | 100 | €484,000 | €484,000 | = | 0.0% |
| Reserves | 13 | €140,479 | €67,598 | -€72,880 | -51.9% |
| Non-distributable reserves | 130/1 | €48,365 | €48,365 | = | 0.0% |
| Legal reserve | 130 | €48,340 | €48,340 | = | 0.0% |
| Own shares acquired | 1312 | €25 | €25 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,053 | €0 | -€15,053 | -100% |
| Distributable reserves | 133 | €77,061 | €19,234 | -€57,827 | -75.0% |
| Profit (loss) carried forward | 14 | €22,588 | €0 | -€22,588 | -100% |
| Provisions and deferred taxes | 16 | €10,197 | €0 | -€10,197 | -100% |
| Deferred taxes | 168 | €10,197 | €0 | -€10,197 | -100% |
| Amounts payable | 17/49 | €202,173 | €147,406 | -€54,767 | -27.1% |
| Amounts payable after more than one year | 17 | €55,154 | €37,491 | -€17,663 | -32.0% |
| Financial debts | 170/4 | €53,294 | €37,491 | -€15,804 | -29.7% |
| Other amounts payable | 178/9 | €1,859 | €0 | -€1,859 | -100% |
| Amounts payable within one year | 42/48 | €147,019 | €109,915 | -€37,104 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €15,647 | €15,804 | +€156 | +1.0% |
| Trade debts | 44 | €63,559 | €37,480 | -€26,079 | -41.0% |
| Suppliers | 440/4 | €63,559 | €37,480 | -€26,079 | -41.0% |
| Taxes, remuneration and social security | 45 | €168 | €0 | -€168 | -100% |
| Taxes | 450/3 | €168 | €0 | -€168 | -100% |
| Other amounts payable | 47/48 | €67,645 | €56,632 | -€11,013 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,661 | €40,779 | +€2,117 | +5.5% |
| Other operating charges | 640/8 | €1,007 | €105,859 | +€104,853 | +10,418% |
| Non-recurring operating charges | 66A | €58,314 | €0 | -€58,314 | -100% |
| Gross operating margin | 9900 | €7,860 | €53,278 | +€45,418 | +578% |
| Operating profit (loss) | 9901 | -€90,122 | -€93,359 | -€3,238 | -3.6% |
| Financial income | 75/76B | €44 | €0 | -€44 | -100% |
| Recurring financial income | 75 | €44 | €0 | -€44 | -100% |
| Financial charges | 65/66B | €3,769 | €12,306 | +€8,536 | +226% |
| Recurring financial charges | 65 | €3,769 | €12,306 | +€8,536 | +226% |
| Profit (loss) for the period before taxes | 9903 | -€93,847 | -€105,665 | -€11,818 | -12.6% |
| Transfer from deferred taxes | 780 | €1,963 | €10,197 | +€8,234 | +420% |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | -€91,884 | -€95,468 | -€3,584 | -3.9% |
| Transfer from tax-exempt reserves | 789 | €2,923 | €15,053 | +€12,129 | +415% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,961 | -€80,416 | +€8,545 | +9.6% |
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 18 October 2026 via checked.be.