SAP S.: 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.
SAP S.
Largest movements
- Tangible fixed assets -€33,628
down €33,628 (-21.2%), from €158,578 to €124,950
- Cash +€15,581
up €15,581 (+3.0%), from €518,620 to €534,200
mainly Other debts (+€387,366) and Investment in fixed assets (net) (+€23,828)
- Reserves -€403,973
down €403,973 (-78.9%), from €512,037 to €108,065
- Other debts +€387,366
up €387,366 (+9720.8%), from €3,985 to €391,351
- Profit (loss) carried forward -€19,495
down €19,495 (-20.6%), from €94,440 to €74,945
- Tax, wage and social debts +€14,154
up €14,154 (+181.1%), from €7,817 to €21,971
- Gross operating margin -€81,488
down €81,488, from €67,061 to -€14,426
- Taxes -€16,677
down €16,677 (-100.0%), from €16,677 to €0
- Financial income -€3,524
down €3,524 (-36.1%), from €9,760 to €6,237
- Depreciation -€3,075
down €3,075 (-23.9%), from €12,875 to €9,800
- Other operating charges -€1,120
down €1,120 (-52.6%), from €2,129 to €1,009
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 | €693,279 | €671,824 | -€21,456 | -3.1% |
| Fixed assets | 21/28 | €158,578 | €124,950 | -€33,628 | -21.2% |
| Tangible fixed assets | 22/27 | €158,578 | €124,950 | -€33,628 | -21.2% |
| Land and buildings | 22 | €158,578 | €124,950 | -€33,628 | -21.2% |
| Current assets | 29/58 | €534,701 | €546,874 | +€12,173 | +2.3% |
| Amounts receivable within one year | 40/41 | €16,081 | €12,674 | -€3,408 | -21.2% |
| Trade receivables | 40 | €15,028 | €0 | -€15,028 | -100.0% |
| Other amounts receivable | 41 | €1,053 | €12,674 | +€11,621 | +1103.5% |
| Cash at bank and in hand | 54/58 | €518,620 | €534,200 | +€15,581 | +3.0% |
| Total equity and liabilities | 10/49 | €693,279 | €671,824 | -€21,456 | -3.1% |
| Equity | 10/15 | €681,477 | €258,010 | -€423,468 | -62.1% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €512,037 | €108,065 | -€403,973 | -78.9% |
| Distributable reserves | 133 | €512,037 | €108,065 | -€403,973 | -78.9% |
| Profit (loss) carried forward | 14 | €94,440 | €74,945 | -€19,495 | -20.6% |
| Amounts payable | 17/49 | €11,802 | €413,814 | +€402,012 | +3406.3% |
| Amounts payable within one year | 42/48 | €11,802 | €413,814 | +€402,012 | +3406.3% |
| Trade debts | 44 | €0 | €492 | +€492 | |
| Suppliers | 440/4 | €0 | €492 | +€492 | |
| Taxes, remuneration and social security | 45 | €7,817 | €21,971 | +€14,154 | +181.1% |
| Taxes | 450/3 | €7,817 | €21,971 | +€14,154 | +181.1% |
| Other amounts payable | 47/48 | €3,985 | €391,351 | +€387,366 | +9720.8% |
| Non-recurring operating income | 76A | - | €48,698 | +€48,698 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,875 | €9,800 | -€3,075 | -23.9% |
| Other operating charges | 640/8 | €2,129 | €1,009 | -€1,120 | -52.6% |
| Gross operating margin | 9900 | €67,061 | -€14,426 | -€81,488 | |
| Operating profit (loss) | 9901 | €52,058 | -€25,235 | -€77,293 | |
| Financial income | 75/76B | €9,760 | €6,237 | -€3,524 | -36.1% |
| Recurring financial income | 75 | €9,760 | €6,237 | -€3,524 | -36.1% |
| Financial charges | 65/66B | €255 | €497 | +€241 | +94.5% |
| Recurring financial charges | 65 | €255 | €497 | +€241 | +94.5% |
| Profit (loss) for the period before taxes | 9903 | €61,563 | -€19,495 | -€81,058 | |
| Income taxes | 67/77 | €16,677 | €0 | -€16,677 | -100.0% |
| Profit (loss) for the period | 9904 | €44,886 | -€19,495 | -€64,381 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,886 | -€19,495 | -€64,381 |
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 8 October 2026 via checked.be.