SAKOLAKI: 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
SAKOLAKI
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8.0m
2024 · €60.8m-€52.8m
Equity
€371.1m
2024 · €363.1m+€8.0m
Cash
€10.1m
2024 · €13.9m-€3.8m
Balance sheet total
€372.3m
2024 · €370.8m+€1.5m
Largest movements
Assets
- Current investments -€24.6m
down €24.6m (-31.0%), from €79.5m to €54.9m
- Financial fixed assets +€19.3m
up €19.3m (+8.6%), from €223.9m to €243.2m
of which Other financial fixed assets: +€23.7m
- Tangible fixed assets +€10.6m
up €10.6m (+22.1%), from €47.8m to €58.4m
of which Land and buildings: +€7.0m
- Cash -€3.8m
down €3.8m (-27.5%), from €13.9m to €10.1m
mainly Investment in fixed assets (net) (-€30.7m) and Short-term financial debts (-€6.4m)
Equity and liabilities
- Reserves +€8.0m
up €8.0m (+2.8%), from €288.4m to €296.4m
of which Distributable reserves: +€8.0m
- Short-term financial debts -€6.4m
down €6.4m (-100%), from €6.4m to €0
Income statement
- Financial income -€80.8m
down €80.8m (-87.8%), from €92.0m to €11.2m
of which Non-recurring financial income: -€79.7m
- Financial charges -€28.6m
down €28.6m (-95.0%), from €30.2m to €1.5m
of which Non-recurring financial charges: -€29.4m
- Services and other goods +€290,284
up €290,284 (+23.8%), from €1.2m to €1.5m
- Depreciation +€211,163
up €211,163 (+30.2%), from €699,739 to €910,902
- Taxes +€197,484
up €197,484, from -€2,647 to €194,837
of which Taxes: +€194,357
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
€60.8m
Turnover
+€49,235
Other operating income
+€37,704
Services and other goods
-€290,284
Staff costs
-€32,868
Depreciation
-€211,163
Other operating charges
+€2,539
Financial income
-€80.8m
Financial charges
+€28.6m
Taxes
-€197,484
Result 2025
€8.0m
raises the resultlowers the result
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
+€8.8m
Investment
-€6.1m
Financing
-€6.5m
Cash 2024
€13.9m
From operations (derived)
+€8.8m
Net result for the year
+€8.0m
Depreciation
+€910,902
Receivables after one year
+€971,000
Smaller working-capital items
-€42,425
Receivables within one year
-€1.1m
Tax, wage and social debts
+€93,894
Investment (derived)
-€6.1m
Investment in fixed assets (net)
-€30.7m
Current investments
+€24.6m
Financing
-€6.5m
Debts after one year
-€170,670
Current portion of long-term debt
+€15,074
Short-term financial debts
-€6.4m
Contributions, distributions and other
-€0
Not broken down
+€1
Cash 2025
€10.1m
brings cash intakes cash outdifference the filed balance sheets leave
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €370,825,973 | €372,303,134 | +€1.5m | +0.4% |
| Formation expenses | 20 | €7,057 | €4,636 | -€2,421 | -34.3% |
| Fixed assets | 21/28 | €271,739,144 | €301,560,060 | +€29.8m | +11.0% |
| Tangible fixed assets | 22/27 | €47,796,876 | €58,365,108 | +€10.6m | +22.1% |
| Land and buildings | 22 | €40,872,419 | €47,896,060 | +€7.0m | +17.2% |
| Furniture and vehicles | 24 | €6,924,456 | €10,469,047 | +€3.5m | +51.2% |
| Financial fixed assets | 28 | €223,942,268 | €243,194,952 | +€19.3m | +8.6% |
| Affiliated companies | 280/1 | €125,604,696 | €122,155,270 | -€3.4m | -2.7% |
| Participating interests | 280 | €113,684,343 | €110,591,485 | -€3.1m | -2.7% |
| Amounts receivable | 281 | €11,920,353 | €11,563,785 | -€356,568 | -3.0% |
| Companies linked by participating interests | 282/3 | €70,456,994 | €69,508,532 | -€948,462 | -1.3% |
| Participating interests | 282 | €60,692,620 | €61,615,239 | +€922,619 | +1.5% |
| Amounts receivable | 283 | €9,764,374 | €7,893,293 | -€1.9m | -19.2% |
| Other financial fixed assets | 284/8 | €27,880,578 | €51,531,150 | +€23.7m | +84.8% |
| Shares | 284 | €27,880,009 | €51,530,245 | +€23.7m | +84.8% |
| Amounts receivable and cash guarantees | 285/8 | €569 | €905 | +€336 | +59.1% |
| Current assets | 29/58 | €99,079,772 | €70,738,437 | -€28.3m | -28.6% |
| Amounts receivable after more than one year | 29 | €3,471,000 | €2,500,000 | -€971,000 | -28.0% |
| Other amounts receivable | 291 | €3,471,000 | €2,500,000 | -€971,000 | -28.0% |
| Stocks and contracts in progress | 3 | €522,919 | €522,919 | +€0 | 0.0% |
| Stocks | 30/36 | €522,919 | €522,919 | +€0 | 0.0% |
| Property held for sale | 35 | €522,919 | €522,919 | +€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €1,228,989 | €2,377,036 | +€1.1m | +93.4% |
| Trade receivables | 40 | €35,520 | €134,436 | +€98,916 | +278% |
| Other amounts receivable | 41 | €1,193,469 | €2,242,600 | +€1.0m | +87.9% |
| Current investments | 50/53 | €79,500,000 | €54,866,424 | -€24.6m | -31.0% |
| Other investments | 51/53 | €79,500,000 | €54,866,424 | -€24.6m | -31.0% |
| Cash at bank and in hand | 54/58 | €13,926,211 | €10,096,660 | -€3.8m | -27.5% |
| Deferred charges and accrued income | 490/1 | €430,653 | €375,399 | -€55,254 | -12.8% |
| Total equity and liabilities | 10/49 | €370,825,973 | €372,303,134 | +€1.5m | +0.4% |
| Equity | 10/15 | €363,060,630 | €371,072,172 | +€8.0m | +2.2% |
| Contributions | 10/11 | €36,099,268 | €36,099,268 | -€0 | 0.0% |
| Capital | 10 | €36,099,268 | €36,099,268 | -€0 | 0.0% |
| Issued capital | 100 | €36,099,268 | €36,099,268 | -€0 | 0.0% |
| Revaluation surpluses | 12 | €38,581,135 | €38,581,135 | +€0 | 0.0% |
| Reserves | 13 | €288,380,227 | €296,391,769 | +€8.0m | +2.8% |
| Non-distributable reserves | 130/1 | €3,609,927 | €3,609,927 | -€0 | 0.0% |
| Legal reserve | 130 | €3,609,927 | €3,609,927 | -€0 | 0.0% |
| Distributable reserves | 133 | €284,770,300 | €292,781,842 | +€8.0m | +2.8% |
| Amounts payable | 17/49 | €7,765,343 | €1,230,962 | -€6.5m | -84.1% |
| Amounts payable after more than one year | 17 | €696,465 | €525,795 | -€170,670 | -24.5% |
| Financial debts | 170/4 | €696,465 | €525,795 | -€170,670 | -24.5% |
| Credit institutions | 173 | €696,465 | €525,795 | -€170,670 | -24.5% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €6,973,100 | €684,688 | -€6.3m | -90.2% |
| Current portion of amounts payable after more than one year | 42 | €172,905 | €187,979 | +€15,074 | +8.7% |
| Financial debts | 43 | €6,375,000 | €0 | -€6.4m | -100% |
| Credit institutions | 430/8 | €6,375,000 | €0 | -€6.4m | -100% |
| Trade debts | 44 | €356,828 | €332,716 | -€24,112 | -6.8% |
| Suppliers | 440/4 | €356,828 | €332,716 | -€24,112 | -6.8% |
| Taxes, remuneration and social security | 45 | €68,368 | €162,262 | +€93,894 | +137% |
| Taxes | 450/3 | €23,249 | €106,389 | +€83,140 | +358% |
| Remuneration and social security | 454/9 | €45,118 | €55,873 | +€10,755 | +23.8% |
| Other amounts payable | 47/48 | - | €1,732 | +€1,732 | |
| Accrued charges and deferred income | 492/3 | €95,778 | €20,479 | -€75,299 | -78.6% |
| Operating income | 70/76A | €1,215,274 | €1,302,213 | +€86,939 | +7.2% |
| Turnover | 70 | €961,391 | €1,010,626 | +€49,235 | +5.1% |
| Other operating income | 74 | €253,883 | €291,587 | +€37,704 | +14.9% |
| Operating charges | 60/66A | €2,278,172 | €2,809,947 | +€531,775 | +23.3% |
| Purchases | 600/8 | €522,919 | €0 | -€522,919 | -100% |
| Change in stocks: decrease (increase) | 609 | -€522,919 | €0 | +€522,919 | |
| Services and other goods | 61 | €1,219,218 | €1,509,502 | +€290,284 | +23.8% |
| Remuneration, social security and pensions | 62 | €204,824 | €237,692 | +€32,868 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €699,739 | €910,902 | +€211,163 | +30.2% |
| Other operating charges | 640/8 | €154,391 | €151,852 | -€2,539 | -1.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | -€1,062,898 | -€1,507,734 | -€444,836 | -41.9% |
| Financial income | 75/76B | €92,006,829 | €11,217,205 | -€80.8m | -87.8% |
| Recurring financial income | 75 | €9,445,845 | €8,341,539 | -€1.1m | -11.7% |
| Income from financial fixed assets | 750 | €8,416,058 | €5,961,264 | -€2.5m | -29.2% |
| Income from current assets | 751 | €992,308 | €2,077,765 | +€1.1m | +109% |
| Other financial income | 752/9 | €37,479 | €302,510 | +€265,031 | +707% |
| Non-recurring financial income | 76B | €82,560,984 | €2,875,666 | -€79.7m | -96.5% |
| Financial charges | 65/66B | €30,151,962 | €1,503,092 | -€28.6m | -95.0% |
| Recurring financial charges | 65 | €494,086 | €1,274,864 | +€780,778 | +158% |
| Debt charges | 650 | €384,984 | €229,690 | -€155,294 | -40.3% |
| Other financial charges | 652/9 | €109,102 | €1,045,174 | +€936,072 | +858% |
| Non-recurring financial charges | 66B | €29,657,876 | €228,228 | -€29.4m | -99.2% |
| Profit (loss) for the period before taxes | 9903 | €60,791,969 | €8,206,378 | -€52.6m | -86.5% |
| Income taxes | 67/77 | -€2,647 | €194,837 | +€197,484 | |
| Taxes | 670/3 | €480 | €194,837 | +€194,357 | +40,491% |
| Tax adjustments and reversals of tax provisions | 77 | €3,127 | €0 | -€3,127 | -100% |
| Profit (loss) for the period | 9904 | €60,794,616 | €8,011,542 | -€52.8m | -86.8% |
| Profit (loss) for the period to be appropriated | 9905 | €60,794,616 | €8,011,542 | -€52.8m | -86.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.