SAPE: 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.
SAPE
Largest movements
- Cash +€65,307
up €65,307 (+19.3%), from €338,320 to €403,627
mainly Net result for the year (+€90,059) and Trade debts (+€65,625)
- Tangible fixed assets +€46,150
up €46,150 (+16.5%), from €280,395 to €326,544
of which Furniture and vehicles: +€66,698
- Current investments -€18,347
down €18,347 (-20.3%), from €90,368 to €72,021
- Trade debts +€65,625
up €65,625 (+3,388%), from €1,937 to €67,562
- Other debts +€46,947
up €46,947 (+78.2%), from €60,029 to €106,977
- Reserves -€21,271
down €21,271 (-3.3%), from €635,841 to €614,570
- Depreciation -€11,985
down €11,985 (-36.8%), from €32,570 to €20,585
- Gross operating margin -€3,969
down €3,969 (-2.5%), from €159,826 to €155,857
- Taxes +€1,785
up €1,785 (+4.1%), from €43,775 to €45,561
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 | €734,603 | €827,896 | +€93,293 | +12.7% |
| Fixed assets | 21/28 | €280,395 | €326,544 | +€46,150 | +16.5% |
| Tangible fixed assets | 22/27 | €280,395 | €326,544 | +€46,150 | +16.5% |
| Land and buildings | 22 | €280,395 | €259,847 | -€20,548 | -7.3% |
| Furniture and vehicles | 24 | - | €66,698 | +€66,698 | |
| Current assets | 29/58 | €454,208 | €501,352 | +€47,144 | +10.4% |
| Amounts receivable within one year | 40/41 | €23,162 | €25,192 | +€2,030 | +8.8% |
| Trade receivables | 40 | €23,162 | €24,444 | +€1,282 | +5.5% |
| Other amounts receivable | 41 | - | €749 | +€749 | |
| Current investments | 50/53 | €90,368 | €72,021 | -€18,347 | -20.3% |
| Cash at bank and in hand | 54/58 | €338,320 | €403,627 | +€65,307 | +19.3% |
| Deferred charges and accrued income | 490/1 | €2,359 | €512 | -€1,847 | -78.3% |
| Total equity and liabilities | 10/49 | €734,603 | €827,896 | +€93,293 | +12.7% |
| Equity | 10/15 | €654,441 | €633,170 | -€21,271 | -3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €635,841 | €614,570 | -€21,271 | -3.3% |
| Distributable reserves | 133 | €635,841 | €614,570 | -€21,271 | -3.3% |
| Amounts payable | 17/49 | €80,162 | €194,727 | +€114,565 | +143% |
| Amounts payable within one year | 42/48 | €80,162 | €194,727 | +€114,565 | +143% |
| Trade debts | 44 | €1,937 | €67,562 | +€65,625 | +3,388% |
| Suppliers | 440/4 | €1,937 | €67,562 | +€65,625 | +3,388% |
| Taxes, remuneration and social security | 45 | €18,196 | €20,188 | +€1,993 | +11.0% |
| Taxes | 450/3 | €18,196 | €20,188 | +€1,993 | +11.0% |
| Other amounts payable | 47/48 | €60,029 | €106,977 | +€46,947 | +78.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,570 | €20,585 | -€11,985 | -36.8% |
| Other operating charges | 640/8 | €3,947 | €4,653 | +€705 | +17.9% |
| Gross operating margin | 9900 | €159,826 | €155,857 | -€3,969 | -2.5% |
| Operating profit (loss) | 9901 | €123,309 | €130,619 | +€7,311 | +5.9% |
| Financial income | 75/76B | €3,709 | €5,283 | +€1,574 | +42.5% |
| Recurring financial income | 75 | €3,709 | €5,283 | +€1,574 | +42.5% |
| Financial charges | 65/66B | €287 | €283 | -€4 | -1.4% |
| Recurring financial charges | 65 | €287 | €283 | -€4 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €126,731 | €135,620 | +€8,889 | +7.0% |
| Income taxes | 67/77 | €43,775 | €45,561 | +€1,785 | +4.1% |
| Profit (loss) for the period | 9904 | €82,955 | €90,059 | +€7,104 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €82,955 | €90,059 | +€7,104 | +8.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.