SAKE: 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.
What changed
SAKE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€18,786
2024 · €198,250-€179,464
Equity
€1.7m
2024 · €1.6m+€18,786
Cash
€100,664
2024 · €140,162-€39,498
Balance sheet total
€4.3m
2024 · €4.5m-€263,000
Largest movements
Assets
- Tangible fixed assets -€218,399
down €218,399 (-5.0%), from €4.4m to €4.2m
of which Land and buildings: -€265,750
Equity and liabilities
- Revaluation surpluses -€304,041
down €304,041 (-9.7%), from €3.1m to €2.8m
- Reserves +€292,477
up €292,477 (+13.7%), from €2.1m to €2.4m
of which Distributable reserves: +€304,041
- Debts after one year -€250,072
down €250,072 (-10.2%), from €2.5m to €2.2m
of which Financial debts: -€294,430
Income statement
- Gross operating margin -€161,948
down €161,948 (-23.6%), from €685,094 to €523,146
- Other operating charges +€39,571
up €39,571 (+242%), from €16,343 to €55,915
- Financial charges -€16,377
down €16,377 (-20.3%), from €80,585 to €64,209
- Depreciation -€9,664
down €9,664 (-2.5%), from €393,848 to €384,183
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
€198,250
Gross operating margin
-€161,948
Staff costs
+€252
Depreciation
+€9,664
Other operating charges
-€39,571
Other operating items
-€3,984
Financial income
-€3
Financial charges
+€16,377
Taxes
-€2
Deferred taxes and other
-€249
Result 2025
€18,786
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€384,586
Investment
-€171,407
Financing
-€252,677
Cash 2024
€140,162
From operations (derived)
+€384,586
Net result for the year
+€18,786
Depreciation
+€384,183
Receivables within one year
+€13,073
Deferred charges and accrued income
-€2,347
Provisions
-€3,855
Trade debts
-€5,829
Tax, wage and social debts
+€5,866
Other debts
-€1,025
Accrued charges and deferred income
-€24,267
Investment (derived)
-€171,407
Investment in fixed assets (net)
-€171,407
Financing
-€252,677
Debts after one year
-€250,072
Current portion of long-term debt
-€2,605
Cash 2025
€100,664
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,543,711 | €4,280,712 | -€263,000 | -5.8% |
| Fixed assets | 21/28 | €4,387,625 | €4,174,849 | -€212,776 | -4.8% |
| Intangible fixed assets | 21 | - | €5,623 | +€5,623 | |
| Tangible fixed assets | 22/27 | €4,387,262 | €4,168,863 | -€218,399 | -5.0% |
| Land and buildings | 22 | €4,190,852 | €3,925,102 | -€265,750 | -6.3% |
| Plant, machinery and equipment | 23 | €1,391 | €309 | -€1,081 | -77.8% |
| Furniture and vehicles | 24 | €195,019 | €243,451 | +€48,432 | +24.8% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €156,086 | €105,863 | -€50,224 | -32.2% |
| Amounts receivable within one year | 40/41 | €13,648 | €575 | -€13,073 | -95.8% |
| Trade receivables | 40 | €13,505 | - | -€13,505 | |
| Other amounts receivable | 41 | €143 | €575 | +€432 | +302% |
| Cash at bank and in hand | 54/58 | €140,162 | €100,664 | -€39,498 | -28.2% |
| Deferred charges and accrued income | 490/1 | €2,276 | €4,624 | +€2,347 | +103% |
| Total equity and liabilities | 10/49 | €4,543,711 | €4,280,712 | -€263,000 | -5.8% |
| Equity | 10/15 | €1,631,274 | €1,650,060 | +€18,786 | +1.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €3,148,056 | €2,844,015 | -€304,041 | -9.7% |
| Reserves | 13 | €2,134,434 | €2,426,911 | +€292,477 | +13.7% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €164,812 | €153,247 | -€11,564 | -7.0% |
| Distributable reserves | 133 | €1,963,425 | €2,267,466 | +€304,041 | +15.5% |
| Profit (loss) carried forward | 14 | -€3,713,189 | -€3,682,839 | +€30,350 | +0.8% |
| Provisions and deferred taxes | 16 | €125,509 | €121,654 | -€3,855 | -3.1% |
| Deferred taxes | 168 | €125,509 | €121,654 | -€3,855 | -3.1% |
| Amounts payable | 17/49 | €2,786,928 | €2,508,997 | -€277,931 | -10.0% |
| Amounts payable after more than one year | 17 | €2,452,086 | €2,202,014 | -€250,072 | -10.2% |
| Financial debts | 170/4 | €2,451,259 | €2,156,829 | -€294,430 | -12.0% |
| Other amounts payable | 178/9 | €827 | €45,185 | +€44,358 | +5,363% |
| Amounts payable within one year | 42/48 | €288,342 | €284,750 | -€3,592 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €264,337 | €261,732 | -€2,605 | -1.0% |
| Trade debts | 44 | €21,433 | €15,605 | -€5,829 | -27.2% |
| Suppliers | 440/4 | €21,433 | €15,605 | -€5,829 | -27.2% |
| Taxes, remuneration and social security | 45 | €1,547 | €7,414 | +€5,866 | +379% |
| Taxes | 450/3 | €1,322 | €7,414 | +€6,091 | +461% |
| Remuneration and social security | 454/9 | €225 | - | -€225 | |
| Other amounts payable | 47/48 | €1,025 | - | -€1,025 | |
| Accrued charges and deferred income | 492/3 | €46,500 | €22,233 | -€24,267 | -52.2% |
| Non-recurring operating income | 76A | - | €41,140 | +€41,140 | |
| Remuneration, social security and pensions | 62 | - | -€252 | -€252 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €393,848 | €384,183 | -€9,664 | -2.5% |
| Other operating charges | 640/8 | €16,343 | €55,915 | +€39,571 | +242% |
| Non-recurring operating charges | 66A | - | €3,984 | +€3,984 | |
| Gross operating margin | 9900 | €685,094 | €523,146 | -€161,948 | -23.6% |
| Operating profit (loss) | 9901 | €274,904 | €79,316 | -€195,587 | -71.1% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €80,585 | €64,209 | -€16,377 | -20.3% |
| Recurring financial charges | 65 | €80,585 | €64,209 | -€16,377 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €194,321 | €15,108 | -€179,214 | -92.2% |
| Transfer from deferred taxes | 780 | €4,103 | €3,855 | -€249 | -6.1% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | €198,250 | €18,786 | -€179,464 | -90.5% |
| Transfer from tax-exempt reserves | 789 | €12,310 | €11,564 | -€746 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €210,560 | €30,350 | -€180,210 | -85.6% |
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 28 October 2026 via checked.be.