SAPAWEL: 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.
SAPAWEL
Largest movements
- Receivables within one year +€132,255
up €132,255 (+23763.3%), from €557 to €132,811
of which Other amounts receivable: +€130,786
- Cash -€76,209
down €76,209 (-49.7%), from €153,326 to €77,117
mainly Contributions, distributions and other (-€159,763) and Receivables within one year (-€132,255)
- Other debts +€104,428
up €104,428 (+188.7%), from €55,335 to €159,763
- Reserves -€79,000
no longer reported in 2025 (was €79,000)
- Debts after one year -€26,644
no longer reported in 2025 (was €26,644)
- Current portion of long-term debt +€26,644
new in 2025: €26,644
- Tax, wage and social debts +€22,381
new in 2025: €22,381
- Gross operating margin +€49,804
up €49,804 (+75.9%), from €65,604 to €115,408
- Taxes +€13,440
up €13,440 (+79.4%), from €16,924 to €30,365
- Financial charges -€2,471
down €2,471 (-95.3%), from €2,592 to €122
- Financial income +€2,075
new in 2025: €2,075
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 | €169,629 | €227,052 | +€57,423 | +33.9% |
| Fixed assets | 21/28 | €14,697 | €15,875 | +€1,178 | +8.0% |
| Tangible fixed assets | 22/27 | €14,697 | €15,875 | +€1,178 | +8.0% |
| Furniture and vehicles | 24 | €12,713 | €6,414 | -€6,299 | -49.5% |
| Other tangible fixed assets | 26 | €1,984 | €9,460 | +€7,476 | +376.9% |
| Current assets | 29/58 | €154,932 | €211,178 | +€56,245 | +36.3% |
| Amounts receivable within one year | 40/41 | €557 | €132,811 | +€132,255 | +23763.3% |
| Trade receivables | 40 | - | €1,468 | +€1,468 | |
| Other amounts receivable | 41 | €557 | €131,343 | +€130,786 | +23499.5% |
| Cash at bank and in hand | 54/58 | €153,326 | €77,117 | -€76,209 | -49.7% |
| Deferred charges and accrued income | 490/1 | €1,050 | €1,249 | +€199 | +19.0% |
| Total equity and liabilities | 10/49 | €169,629 | €227,052 | +€57,423 | +33.9% |
| Equity | 10/15 | €84,561 | €5,000 | -€79,561 | -94.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €79,000 | - | -€79,000 | |
| Distributable reserves | 133 | €79,000 | - | -€79,000 | |
| Profit (loss) carried forward | 14 | €561 | - | -€561 | |
| Amounts payable | 17/49 | €85,068 | €222,052 | +€136,984 | +161.0% |
| Amounts payable after more than one year | 17 | €26,644 | - | -€26,644 | |
| Financial debts | 170/4 | €26,644 | - | -€26,644 | |
| Amounts payable within one year | 42/48 | €58,424 | €222,052 | +€163,628 | +280.1% |
| Current portion of amounts payable after more than one year | 42 | - | €26,644 | +€26,644 | |
| Financial debts | 43 | €355 | - | -€355 | |
| Credit institutions | 430/8 | €355 | - | -€355 | |
| Trade debts | 44 | €2,735 | €13,264 | +€10,529 | +385.0% |
| Suppliers | 440/4 | €2,735 | €13,264 | +€10,529 | +385.0% |
| Taxes, remuneration and social security | 45 | - | €22,381 | +€22,381 | |
| Taxes | 450/3 | - | €22,381 | +€22,381 | |
| Other amounts payable | 47/48 | €55,335 | €159,763 | +€104,428 | +188.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,562 | €6,522 | -€40 | -0.6% |
| Other operating charges | 640/8 | €125 | €272 | +€147 | +117.3% |
| Gross operating margin | 9900 | €65,604 | €115,408 | +€49,804 | +75.9% |
| Operating profit (loss) | 9901 | €58,917 | €108,614 | +€49,697 | +84.4% |
| Financial income | 75/76B | - | €2,075 | +€2,075 | |
| Recurring financial income | 75 | - | €2,075 | +€2,075 | |
| Financial charges | 65/66B | €2,592 | €122 | -€2,471 | -95.3% |
| Recurring financial charges | 65 | €2,592 | €122 | -€2,471 | -95.3% |
| Profit (loss) for the period before taxes | 9903 | €56,325 | €110,566 | +€54,242 | +96.3% |
| Income taxes | 67/77 | €16,924 | €30,365 | +€13,440 | +79.4% |
| Profit (loss) for the period | 9904 | €39,400 | €80,202 | +€40,802 | +103.6% |
| Profit (loss) for the period to be appropriated | 9905 | €39,400 | €80,202 | +€40,802 | +103.6% |
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 6 October 2026 via checked.be.