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.
SAM
Largest movements
- Current investments +€242,678
new in 2025: €242,678
- Cash -€88,074
down €88,074 (-41.9%), from €210,145 to €122,071
mainly Current investments (-€242,678) and Receivables within one year (-€54,280)
- Receivables within one year +€54,280
up €54,280 (+22.4%), from €242,367 to €296,647
of which Other amounts receivable: +€31,668
- Tangible fixed assets -€12,042
down €12,042 (-8.8%), from €136,137 to €124,094
of which Furniture and vehicles: -€10,614
- Reserves +€153,982
up €153,982 (+49.6%), from €310,169 to €464,151
- Advances received +€62,120
up €62,120 (+57.8%), from €107,471 to €169,591
- Tax, wage and social debts -€12,483
down €12,483 (-24.8%), from €50,374 to €37,891
- Gross operating margin +€100,098
up €100,098 (+68.7%), from €145,727 to €245,825
- Taxes +€44,820
up €44,820 (+113.4%), from €39,515 to €84,335
- Financial income +€9,734
up €9,734 (+32370.0%), from €30 to €9,764
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €592,410 | €789,261 | +€196,851 | +33.2% |
| Fixed assets | 21/28 | €136,187 | €124,144 | -€12,042 | -8.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €136,137 | €124,094 | -€12,042 | -8.8% |
| Land and buildings | 22 | €95,725 | €95,561 | -€164 | -0.2% |
| Furniture and vehicles | 24 | €35,006 | €24,391 | -€10,614 | -30.3% |
| Other tangible fixed assets | 26 | €5,406 | €4,142 | -€1,264 | -23.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €456,223 | €665,117 | +€208,894 | +45.8% |
| Amounts receivable within one year | 40/41 | €242,367 | €296,647 | +€54,280 | +22.4% |
| Trade receivables | 40 | €106,192 | €128,804 | +€22,612 | +21.3% |
| Other amounts receivable | 41 | €136,175 | €167,844 | +€31,668 | +23.3% |
| Current investments | 50/53 | - | €242,678 | +€242,678 | |
| Cash at bank and in hand | 54/58 | €210,145 | €122,071 | -€88,074 | -41.9% |
| Deferred charges and accrued income | 490/1 | €3,711 | €3,721 | +€10 | +0.3% |
| Total equity and liabilities | 10/49 | €592,410 | €789,261 | +€196,851 | +33.2% |
| Equity | 10/15 | €421,743 | €575,724 | +€153,982 | +36.5% |
| Contributions | 10/11 | €111,573 | €111,573 | = | 0.0% |
| Reserves | 13 | €310,169 | €464,151 | +€153,982 | +49.6% |
| Distributable reserves | 133 | €310,169 | €464,151 | +€153,982 | +49.6% |
| Amounts payable | 17/49 | €170,667 | €213,537 | +€42,870 | +25.1% |
| Amounts payable within one year | 42/48 | €170,667 | €213,537 | +€42,870 | +25.1% |
| Trade debts | 44 | €12,821 | €6,055 | -€6,766 | -52.8% |
| Suppliers | 440/4 | €12,821 | €6,055 | -€6,766 | -52.8% |
| Advances received on contracts in progress | 46 | €107,471 | €169,591 | +€62,120 | +57.8% |
| Taxes, remuneration and social security | 45 | €50,374 | €37,891 | -€12,483 | -24.8% |
| Taxes | 450/3 | €50,374 | €37,891 | -€12,483 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,484 | €12,042 | -€441 | -3.5% |
| Other operating charges | 640/8 | €3,089 | €3,209 | +€120 | +3.9% |
| Gross operating margin | 9900 | €145,727 | €245,825 | +€100,098 | +68.7% |
| Operating profit (loss) | 9901 | €130,154 | €230,574 | +€100,420 | +77.2% |
| Financial income | 75/76B | €30 | €9,764 | +€9,734 | +32370.0% |
| Recurring financial income | 75 | €30 | €9,764 | +€9,734 | +32370.0% |
| Financial charges | 65/66B | €1,082 | €2,021 | +€939 | +86.8% |
| Recurring financial charges | 65 | €1,082 | €2,021 | +€939 | +86.8% |
| Profit (loss) for the period before taxes | 9903 | €129,102 | €238,316 | +€109,215 | +84.6% |
| Income taxes | 67/77 | €39,515 | €84,335 | +€44,820 | +113.4% |
| Profit (loss) for the period | 9904 | €89,587 | €153,982 | +€64,394 | +71.9% |
| Profit (loss) for the period to be appropriated | 9905 | €89,587 | €153,982 | +€64,394 | +71.9% |
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 10 October 2026 via checked.be.