SAM GENERALI: what changed
Two fiscal 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 GENERALI
Largest movements
- Receivables within one year -€11,566
down €11,566 (-84.2%), from €13,729 to €2,162
of which Trade receivables: -€7,340
- Cash +€6,751
up €6,751 (+633.8%), from €1,065 to €7,817
mainly Net result for the year (+€39,819) and Receivables within one year (+€11,566)
- Financial fixed assets +€900
up €900, from €0 to €900
- Deferred charges and accrued income +€586
up €586 (+247.4%), from €237 to €822
- Tangible fixed assets +€422
up €422 (+3.9%), from €10,747 to €11,168
of which Plant, machinery and equipment: +€2,177
- Other debts -€43,446
down €43,446 (-77.2%), from €56,290 to €12,844
- Profit (loss) carried forward +€39,819
up €39,819 (+81.9%), from -€48,609 to -€8,789
- Tax, wage and social debts +€3,490
up €3,490 (+607.6%), from €574 to €4,064
of which Taxes: +€3,687
- Short-term financial debts -€2,482
down €2,482 (-100.0%), from €2,482 to €0
- Trade debts -€550
down €550 (-4.4%), from €12,400 to €11,851
of which Suppliers: -€550
- Gross operating margin +€10,730
up €10,730 (+25.4%), from €42,304 to €53,034
- Depreciation +€733
up €733 (+9.5%), from €7,700 to €8,433
- Staff costs +€547
up €547 (+16.7%), from €3,283 to €3,830
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 | €26,139 | €22,990 | -€3,149 | -12.0% |
| Formation expenses | 20 | €361 | €120 | -€241 | -66.7% |
| Fixed assets | 21/28 | €10,747 | €12,068 | +€1,322 | +12.3% |
| Tangible fixed assets | 22/27 | €10,747 | €11,168 | +€422 | +3.9% |
| Plant, machinery and equipment | 23 | €6,503 | €8,680 | +€2,177 | +33.5% |
| Furniture and vehicles | 24 | €4,244 | €2,489 | -€1,755 | -41.4% |
| Financial fixed assets | 28 | €0 | €900 | +€900 | |
| Current assets | 29/58 | €15,031 | €10,801 | -€4,229 | -28.1% |
| Amounts receivable within one year | 40/41 | €13,729 | €2,162 | -€11,566 | -84.2% |
| Trade receivables | 40 | €9,115 | €1,776 | -€7,340 | -80.5% |
| Other amounts receivable | 41 | €4,614 | €387 | -€4,227 | -91.6% |
| Cash at bank and in hand | 54/58 | €1,065 | €7,817 | +€6,751 | +633.8% |
| Deferred charges and accrued income | 490/1 | €237 | €822 | +€586 | +247.4% |
| Total equity and liabilities | 10/49 | €26,139 | €22,990 | -€3,149 | -12.0% |
| Equity | 10/15 | -€45,609 | -€5,789 | +€39,819 | +87.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,609 | -€8,789 | +€39,819 | +81.9% |
| Amounts payable | 17/49 | €71,747 | €28,780 | -€42,968 | -59.9% |
| Amounts payable within one year | 42/48 | €71,747 | €28,759 | -€42,989 | -59.9% |
| Financial debts | 43 | €2,482 | €0 | -€2,482 | -100.0% |
| Credit institutions | 430/8 | €2,482 | €0 | -€2,482 | -100.0% |
| Trade debts | 44 | €12,400 | €11,851 | -€550 | -4.4% |
| Suppliers | 440/4 | €12,400 | €11,851 | -€550 | -4.4% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €574 | €4,064 | +€3,490 | +607.6% |
| Taxes | 450/3 | €0 | €3,687 | +€3,687 | |
| Remuneration and social security | 454/9 | €574 | €378 | -€197 | -34.3% |
| Other amounts payable | 47/48 | €56,290 | €12,844 | -€43,446 | -77.2% |
| Accrued charges and deferred income | 492/3 | - | €21 | +€21 | |
| Remuneration, social security and pensions | 62 | €3,283 | €3,830 | +€547 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,700 | €8,433 | +€733 | +9.5% |
| Other operating charges | 640/8 | €854 | €583 | -€271 | -31.7% |
| Non-recurring operating charges | 66A | -€2 | €0 | +€2 | |
| Gross operating margin | 9900 | €42,304 | €53,034 | +€10,730 | +25.4% |
| Operating profit (loss) | 9901 | €30,470 | €40,189 | +€9,719 | +31.9% |
| Financial income | 75/76B | €0 | €6 | +€5 | +3640.0% |
| Recurring financial income | 75 | €0 | €6 | +€5 | +3640.0% |
| Financial charges | 65/66B | €855 | €375 | -€480 | -56.1% |
| Recurring financial charges | 65 | €855 | €375 | -€480 | -56.1% |
| Profit (loss) for the period before taxes | 9903 | €29,614 | €39,819 | +€10,205 | +34.5% |
| Profit (loss) for the period | 9904 | €29,614 | €39,819 | +€10,205 | +34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,614 | €39,819 | +€10,205 | +34.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.