SAM SAFAVI: 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 SAFAVI
Largest movements
- Tangible fixed assets -€187,686
down €187,686 (-98.6%), from €190,369 to €2,683
of which Land and buildings: -€185,351
- Cash +€180,027
up €180,027 (+523%), from €34,421 to €214,448
mainly Investment in fixed assets (net) (+€186,286) and Net result for the year (+€126,449)
- Receivables within one year +€79,818
up €79,818 (+555%), from €14,388 to €94,206
- Reserves +€180,915
up €180,915 (+138%), from €130,628 to €311,543
of which Distributable reserves: +€229,038
- Debts after one year -€72,180
no longer reported in 2025 (was €72,180)
- Provisions +€60,305
up €60,305 (+376%), from €16,041 to €76,346
- Profit (loss) carried forward -€54,467
down €54,467 (-1,349%), from -€4,037 to -€58,503
- Other debts -€22,037
no longer reported in 2025 (was €22,037)
- Gross operating margin +€101,102
up €101,102 (+115%), from €88,015 to €189,116
- Depreciation -€8,750
down €8,750 (-86.2%), from €10,150 to €1,400
- Financial charges -€8,104
down €8,104 (-88.6%), from €9,143 to €1,039
- Financial income +€2,844
up €2,844 (+2,114%), from €135 to €2,978
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €275,909 | €348,166 | +€72,257 | +26.2% |
| Fixed assets | 21/28 | €225,264 | €37,579 | -€187,686 | -83.3% |
| Intangible fixed assets | 21 | €34,895 | €34,895 | = | 0.0% |
| Tangible fixed assets | 22/27 | €190,369 | €2,683 | -€187,686 | -98.6% |
| Land and buildings | 22 | €185,351 | - | -€185,351 | |
| Leasing and similar rights | 25 | €4,083 | €2,683 | -€1,400 | -34.3% |
| Other tangible fixed assets | 26 | €935 | - | -€935 | |
| Current assets | 29/58 | €50,644 | €310,587 | +€259,943 | +513% |
| Amounts receivable within one year | 40/41 | €14,388 | €94,206 | +€79,818 | +555% |
| Other amounts receivable | 41 | €14,388 | €94,206 | +€79,818 | +555% |
| Cash at bank and in hand | 54/58 | €34,421 | €214,448 | +€180,027 | +523% |
| Deferred charges and accrued income | 490/1 | €1,836 | €1,933 | +€97 | +5.3% |
| Total equity and liabilities | 10/49 | €275,909 | €348,166 | +€72,257 | +26.2% |
| Equity | 10/15 | €145,191 | €271,640 | +€126,449 | +87.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €130,628 | €311,543 | +€180,915 | +138% |
| Tax-exempt reserves | 132 | €128,768 | €80,645 | -€48,123 | -37.4% |
| Distributable reserves | 133 | €1,860 | €230,898 | +€229,038 | +12,314% |
| Profit (loss) carried forward | 14 | -€4,037 | -€58,503 | -€54,467 | -1,349% |
| Provisions and deferred taxes | 16 | €16,041 | €76,346 | +€60,305 | +376% |
| Provisions for liabilities and charges | 160/5 | €16,041 | €76,346 | +€60,305 | +376% |
| Pensions and similar obligations | 160 | - | €76,346 | +€76,346 | |
| Taxes | 161 | €16,041 | - | -€16,041 | |
| Amounts payable | 17/49 | €114,676 | €180 | -€114,497 | -99.8% |
| Amounts payable after more than one year | 17 | €72,180 | - | -€72,180 | |
| Financial debts | 170/4 | €72,180 | - | -€72,180 | |
| Amounts payable within one year | 42/48 | €42,496 | €180 | -€42,317 | -99.6% |
| Current portion of amounts payable after more than one year | 42 | €13,514 | - | -€13,514 | |
| Taxes, remuneration and social security | 45 | €6,945 | €180 | -€6,765 | -97.4% |
| Taxes | 450/3 | €6,945 | €180 | -€6,765 | -97.4% |
| Other amounts payable | 47/48 | €22,037 | - | -€22,037 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,150 | €1,400 | -€8,750 | -86.2% |
| Other operating charges | 640/8 | €3,412 | €2,374 | -€1,038 | -30.4% |
| Non-recurring operating charges | 66A | - | €348 | +€348 | |
| Gross operating margin | 9900 | €88,015 | €189,116 | +€101,102 | +115% |
| Operating profit (loss) | 9901 | €74,453 | €184,995 | +€110,542 | +148% |
| Financial income | 75/76B | €135 | €2,978 | +€2,844 | +2,114% |
| Recurring financial income | 75 | €135 | €2,978 | +€2,844 | +2,114% |
| Financial charges | 65/66B | €9,143 | €1,039 | -€8,104 | -88.6% |
| Recurring financial charges | 65 | €9,143 | €1,039 | -€8,104 | -88.6% |
| Profit (loss) for the period before taxes | 9903 | €65,444 | €186,934 | +€121,489 | +186% |
| Transfer to deferred taxes | 680 | €16,041 | €60,305 | +€44,264 | +276% |
| Income taxes | 67/77 | €612 | €180 | -€432 | -70.6% |
| Profit (loss) for the period | 9904 | €48,792 | €126,449 | +€77,657 | +159% |
| Transfer to tax-exempt reserves | 689 | €48,123 | €180,915 | +€132,793 | +276% |
| Profit (loss) for the period to be appropriated | 9905 | €669 | -€54,467 | -€55,135 |
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 22 October 2026 via checked.be.