SAM: 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
SAM
NACE 77.320, Rental and leasing activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€143,746
2024 · -€48,830+€192,575
Equity
€3.4m
2024 · €3.5m-€56,254
Cash
€416,307
2024 · €407,656+€8,650
Balance sheet total
€7.9m
2024 · €7.8m+€114,089
Largest movements
Assets
- Tangible fixed assets -€996,160
down €996,160 (-17.3%), from €5.8m to €4.8m
of which Land and buildings: -€980,179
- Current investments +€984,715
new in 2025: €984,715
- Receivables after one year +€105,380
up €105,380 (+8.7%), from €1.2m to €1.3m
Equity and liabilities
- Other debts +€200,000
up €200,000 (+6,667%), from €3,000 to €203,000
- Accrued charges and deferred income +€93,101
up €93,101 (+174%), from €53,569 to €146,670
Income statement
- Gross operating margin +€120,338
up €120,338 (+35.2%), from €341,929 to €462,267
- Staff costs -€92,893
down €92,893 (-99.1%), from €93,702 to €808
- Financial charges +€90,037
up €90,037 (+150%), from €59,882 to €149,919
- Depreciation -€36,369
down €36,369 (-17.3%), from €210,337 to €173,968
- Other operating charges -€35,548
down €35,548 (-41.3%), from €86,175 to €50,626
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
-€48,830
Gross operating margin
+€120,338
Staff costs
+€92,893
Depreciation
+€36,369
Write-downs
-€25,217
Other operating charges
+€35,548
Financial income
+€28,733
Financial charges
-€90,037
Taxes
-€6,052
Result 2025
€143,746
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
+€350,031
Investment
-€162,523
Financing
-€178,857
Cash 2024
€407,656
From operations (derived)
+€350,031
Net result for the year
+€143,746
Depreciation
+€173,968
Receivables after one year
-€105,380
Receivables within one year
-€9,380
Deferred charges and accrued income
-€2,124
Provisions
-€38,068
Trade debts
-€71,907
Tax, wage and social debts
-€33,926
Other debts
+€200,000
Accrued charges and deferred income
+€93,101
Investment (derived)
-€162,523
Investment in fixed assets (net)
+€822,191
Current investments
-€984,715
Financing
-€178,857
Debts after one year
+€19,645
Current portion of long-term debt
+€1,498
Contributions, distributions and other
-€200,000
Cash 2025
€416,307
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,753,446 | €7,867,535 | +€114,089 | +1.5% |
| Fixed assets | 21/28 | €6,039,575 | €5,043,415 | -€996,160 | -16.5% |
| Tangible fixed assets | 22/27 | €5,759,075 | €4,762,915 | -€996,160 | -17.3% |
| Land and buildings | 22 | €5,676,606 | €4,696,428 | -€980,179 | -17.3% |
| Plant, machinery and equipment | 23 | €1,563 | €692 | -€871 | -55.7% |
| Furniture and vehicles | 24 | €80,905 | €65,795 | -€15,110 | -18.7% |
| Financial fixed assets | 28 | €280,500 | €280,500 | = | 0.0% |
| Current assets | 29/58 | €1,713,871 | €2,824,120 | +€1.1m | +64.8% |
| Amounts receivable after more than one year | 29 | €1,209,000 | €1,314,380 | +€105,380 | +8.7% |
| Other amounts receivable | 291 | €1,209,000 | €1,314,380 | +€105,380 | +8.7% |
| Amounts receivable within one year | 40/41 | €90,694 | €100,074 | +€9,380 | +10.3% |
| Trade receivables | 40 | €84,218 | €93,185 | +€8,967 | +10.6% |
| Other amounts receivable | 41 | €6,476 | €6,889 | +€413 | +6.4% |
| Current investments | 50/53 | - | €984,715 | +€984,715 | |
| Cash at bank and in hand | 54/58 | €407,656 | €416,307 | +€8,650 | +2.1% |
| Deferred charges and accrued income | 490/1 | €6,521 | €8,645 | +€2,124 | +32.6% |
| Total equity and liabilities | 10/49 | €7,753,446 | €7,867,535 | +€114,089 | +1.5% |
| Equity | 10/15 | €3,503,041 | €3,446,787 | -€56,254 | -1.6% |
| Contributions | 10/11 | €1,486,216 | €1,486,216 | = | 0.0% |
| Reserves | 13 | €1,844,492 | €1,770,562 | -€73,929 | -4.0% |
| Non-distributable reserves | 130/1 | €4,650 | €4,650 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,650 | €4,650 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,536,560 | €1,462,631 | -€73,929 | -4.8% |
| Distributable reserves | 133 | €303,281 | €303,281 | = | 0.0% |
| Profit (loss) carried forward | 14 | €172,334 | €190,008 | +€17,675 | +10.3% |
| Provisions and deferred taxes | 16 | €791,209 | €753,141 | -€38,068 | -4.8% |
| Deferred taxes | 168 | €791,209 | €753,141 | -€38,068 | -4.8% |
| Amounts payable | 17/49 | €3,459,196 | €3,667,608 | +€208,411 | +6.0% |
| Amounts payable after more than one year | 17 | €3,094,593 | €3,114,238 | +€19,645 | +0.6% |
| Financial debts | 170/4 | €3,093,068 | €3,097,886 | +€4,818 | +0.2% |
| Other amounts payable | 178/9 | €1,525 | €16,352 | +€14,827 | +972% |
| Amounts payable within one year | 42/48 | €311,034 | €406,700 | +€95,665 | +30.8% |
| Current portion of amounts payable after more than one year | 42 | €109,139 | €110,636 | +€1,498 | +1.4% |
| Trade debts | 44 | €158,641 | €86,735 | -€71,907 | -45.3% |
| Suppliers | 440/4 | €158,641 | €86,735 | -€71,907 | -45.3% |
| Taxes, remuneration and social security | 45 | €40,255 | €6,329 | -€33,926 | -84.3% |
| Taxes | 450/3 | €20,162 | €6,311 | -€13,851 | -68.7% |
| Remuneration and social security | 454/9 | €20,092 | €17 | -€20,075 | -99.9% |
| Other amounts payable | 47/48 | €3,000 | €203,000 | +€200,000 | +6,667% |
| Accrued charges and deferred income | 492/3 | €53,569 | €146,670 | +€93,101 | +174% |
| Non-recurring operating income | 76A | €81,643 | €406,440 | +€324,797 | +398% |
| Remuneration, social security and pensions | 62 | €93,702 | €808 | -€92,893 | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210,337 | €173,968 | -€36,369 | -17.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€25,217 | €0 | +€25,217 | |
| Other operating charges | 640/8 | €86,175 | €50,626 | -€35,548 | -41.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €341,929 | €462,267 | +€120,338 | +35.2% |
| Operating profit (loss) | 9901 | -€23,067 | €236,864 | +€259,931 | |
| Financial income | 75/76B | €635 | €29,368 | +€28,733 | +4,522% |
| Recurring financial income | 75 | €635 | €29,368 | +€28,733 | +4,522% |
| Financial charges | 65/66B | €59,882 | €149,919 | +€90,037 | +150% |
| Recurring financial charges | 65 | €59,882 | €149,919 | +€90,037 | +150% |
| Profit (loss) for the period before taxes | 9903 | -€82,313 | €116,314 | +€198,627 | |
| Transfer from deferred taxes | 780 | €38,068 | €38,068 | = | 0.0% |
| Income taxes | 67/77 | €4,584 | €10,636 | +€6,052 | +132% |
| Profit (loss) for the period | 9904 | -€48,830 | €143,746 | +€192,575 | |
| Transfer from tax-exempt reserves | 789 | €73,929 | €73,929 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,099 | €217,675 | +€192,575 | +767% |
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 24 October 2026 via checked.be.