SAPA: 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.
SAPA
Largest movements
- Receivables within one year -€19,516
down €19,516 (-56.2%), from €34,710 to €15,194
of which Trade receivables: -€16,945
- Cash +€8,697
up €8,697 (+73.4%), from €11,844 to €20,540
mainly Receivables within one year (+€19,516) and Net result for the year (+€7,268)
- Tangible fixed assets -€3,900
down €3,900 (-18.5%), from €21,033 to €17,133
of which Furniture and vehicles: -€3,845
- Stocks and contracts +€963
up €963 (+23.7%), from €4,057 to €5,020
- Accrued charges and deferred income -€10,199
down €10,199 (-100.0%), from €10,199 to €0
- Trade debts -€8,124
down €8,124 (-82.3%), from €9,873 to €1,749
- Profit (loss) carried forward +€7,268
new in 2025: €7,268
- Tax, wage and social debts -€3,717
down €3,717 (-32.3%), from €11,525 to €7,808
of which Taxes: -€3,696
- Gross operating margin -€4,259
down €4,259 (-20.6%), from €20,705 to €16,446
- Depreciation +€1,602
up €1,602 (+32.5%), from €4,926 to €6,528
- Other operating charges -€402
down €402 (-43.7%), from €919 to €517
- Financial charges +€231
up €231 (+132.9%), from €174 to €406
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 | €72,196 | €57,887 | -€14,309 | -19.8% |
| Fixed assets | 21/28 | €21,033 | €17,133 | -€3,900 | -18.5% |
| Tangible fixed assets | 22/27 | €21,033 | €17,133 | -€3,900 | -18.5% |
| Plant, machinery and equipment | 23 | €2,402 | €3,397 | +€995 | +41.4% |
| Furniture and vehicles | 24 | €8,162 | €4,317 | -€3,845 | -47.1% |
| Other tangible fixed assets | 26 | €10,469 | €9,419 | -€1,050 | -10.0% |
| Current assets | 29/58 | €51,163 | €40,754 | -€10,409 | -20.3% |
| Stocks and contracts in progress | 3 | €4,057 | €5,020 | +€963 | +23.7% |
| Stocks | 30/36 | €4,057 | €5,020 | +€963 | +23.7% |
| Amounts receivable within one year | 40/41 | €34,710 | €15,194 | -€19,516 | -56.2% |
| Trade receivables | 40 | €31,005 | €14,060 | -€16,945 | -54.7% |
| Other amounts receivable | 41 | €3,705 | €1,134 | -€2,572 | -69.4% |
| Cash at bank and in hand | 54/58 | €11,844 | €20,540 | +€8,697 | +73.4% |
| Deferred charges and accrued income | 490/1 | €552 | €0 | -€552 | -100.0% |
| Total equity and liabilities | 10/49 | €72,196 | €57,887 | -€14,309 | -19.8% |
| Equity | 10/15 | €31,491 | €38,760 | +€7,268 | +23.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €28,491 | €28,491 | = | 0.0% |
| Distributable reserves | 133 | €28,491 | €28,491 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €7,268 | +€7,268 | |
| Amounts payable | 17/49 | €40,704 | €19,127 | -€21,577 | -53.0% |
| Amounts payable after more than one year | 17 | €8,000 | €8,000 | = | 0.0% |
| Financial debts | 170/4 | €8,000 | €8,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €22,505 | €11,127 | -€11,378 | -50.6% |
| Trade debts | 44 | €9,873 | €1,749 | -€8,124 | -82.3% |
| Suppliers | 440/4 | €9,873 | €1,749 | -€8,124 | -82.3% |
| Taxes, remuneration and social security | 45 | €11,525 | €7,808 | -€3,717 | -32.3% |
| Taxes | 450/3 | €9,025 | €5,329 | -€3,696 | -40.9% |
| Remuneration and social security | 454/9 | €2,500 | €2,478 | -€22 | -0.9% |
| Other amounts payable | 47/48 | €1,107 | €1,570 | +€463 | +41.8% |
| Accrued charges and deferred income | 492/3 | €10,199 | €0 | -€10,199 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,926 | €6,528 | +€1,602 | +32.5% |
| Other operating charges | 640/8 | €919 | €517 | -€402 | -43.7% |
| Gross operating margin | 9900 | €20,705 | €16,446 | -€4,259 | -20.6% |
| Operating profit (loss) | 9901 | €14,861 | €9,401 | -€5,459 | -36.7% |
| Financial income | 75/76B | €690 | €691 | +€0 | +0.1% |
| Recurring financial income | 75 | €690 | €691 | +€0 | +0.1% |
| Financial charges | 65/66B | €174 | €406 | +€231 | +132.9% |
| Recurring financial charges | 65 | €174 | €406 | +€231 | +132.9% |
| Profit (loss) for the period before taxes | 9903 | €15,377 | €9,686 | -€5,690 | -37.0% |
| Income taxes | 67/77 | €2,501 | €2,418 | -€82 | -3.3% |
| Profit (loss) for the period | 9904 | €12,876 | €7,268 | -€5,608 | -43.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,876 | €7,268 | -€5,608 | -43.6% |
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 5 October 2026 via checked.be.