SAP-EM: 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.
SAP-EM
Largest movements
- Cash -€23,547
down €23,547 (-28.3%), from €83,094 to €59,548
mainly Contributions, distributions and other (-€30,000) and Investment in fixed assets (net) (-€4,852)
- Tangible fixed assets +€2,577
up €2,577 (+39.0%), from €6,614 to €9,192
of which Plant, machinery and equipment: +€1,575
- Receivables within one year +€2,574
up €2,574 (+23.9%), from €10,770 to €13,344
- Deferred charges and accrued income +€2,400
new in 2025: €2,400
- Stocks and contracts -€2,335
down €2,335 (-24.1%), from €9,675 to €7,340
- Profit (loss) carried forward -€17,187
down €17,187 (-19.8%), from €86,774 to €69,587
- Trade debts -€2,049
down €2,049 (-25.7%), from €7,971 to €5,922
- Purchases and services +€63,454
up €63,454 (+21.2%), from €299,323 to €362,776
- Gross operating margin -€19,600
down €19,600 (-31.2%), from €62,879 to €43,279
- Staff costs -€4,791
down €4,791 (-37.1%), from €12,929 to €8,138
- Other operating charges +€3,509
up €3,509 (+82.1%), from €4,274 to €7,783
- Taxes -€1,523
down €1,523 (-15.0%), from €10,154 to €8,632
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 | €110,154 | €91,823 | -€18,330 | -16.6% |
| Fixed assets | 21/28 | €6,614 | €9,192 | +€2,577 | +39.0% |
| Tangible fixed assets | 22/27 | €6,614 | €9,192 | +€2,577 | +39.0% |
| Plant, machinery and equipment | 23 | €3,692 | €5,267 | +€1,575 | +42.7% |
| Furniture and vehicles | 24 | €1,218 | €2,420 | +€1,202 | +98.7% |
| Other tangible fixed assets | 26 | €1,704 | €1,504 | -€200 | -11.7% |
| Current assets | 29/58 | €103,539 | €82,632 | -€20,908 | -20.2% |
| Stocks and contracts in progress | 3 | €9,675 | €7,340 | -€2,335 | -24.1% |
| Stocks | 30/36 | €9,675 | €7,340 | -€2,335 | -24.1% |
| Amounts receivable within one year | 40/41 | €10,770 | €13,344 | +€2,574 | +23.9% |
| Other amounts receivable | 41 | €10,770 | €13,344 | +€2,574 | +23.9% |
| Cash at bank and in hand | 54/58 | €83,094 | €59,548 | -€23,547 | -28.3% |
| Deferred charges and accrued income | 490/1 | - | €2,400 | +€2,400 | |
| Total equity and liabilities | 10/49 | €110,154 | €91,823 | -€18,330 | -16.6% |
| Equity | 10/15 | €91,774 | €74,587 | -€17,187 | -18.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Contributions outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Other | 1109/19 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,774 | €69,587 | -€17,187 | -19.8% |
| Amounts payable | 17/49 | €18,380 | €17,236 | -€1,144 | -6.2% |
| Amounts payable within one year | 42/48 | €18,380 | €17,236 | -€1,144 | -6.2% |
| Trade debts | 44 | €7,971 | €5,922 | -€2,049 | -25.7% |
| Suppliers | 440/4 | €7,971 | €5,922 | -€2,049 | -25.7% |
| Taxes, remuneration and social security | 45 | €10,409 | €11,314 | +€905 | +8.7% |
| Taxes | 450/3 | €9,134 | €10,327 | +€1,193 | +13.1% |
| Remuneration and social security | 454/9 | €1,275 | €987 | -€288 | -22.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €299,323 | €362,776 | +€63,454 | +21.2% |
| Remuneration, social security and pensions | 62 | €12,929 | €8,138 | -€4,791 | -37.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,963 | €2,274 | +€311 | +15.9% |
| Other operating charges | 640/8 | €4,274 | €7,783 | +€3,509 | +82.1% |
| Gross operating margin | 9900 | €62,879 | €43,279 | -€19,600 | -31.2% |
| Operating profit (loss) | 9901 | €43,713 | €25,084 | -€18,629 | -42.6% |
| Financial income | 75/76B | €26 | €50 | +€24 | +93.8% |
| Recurring financial income | 75 | €26 | €50 | +€24 | +93.8% |
| Financial charges | 65/66B | €4,062 | €3,689 | -€372 | -9.2% |
| Recurring financial charges | 65 | €4,062 | €3,689 | -€372 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €39,678 | €21,445 | -€18,233 | -46.0% |
| Income taxes | 67/77 | €10,154 | €8,632 | -€1,523 | -15.0% |
| Profit (loss) for the period | 9904 | €29,523 | €12,813 | -€16,710 | -56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,523 | €12,813 | -€16,710 | -56.6% |
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 17 October 2026 via checked.be.