SAPEC: 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.
What changed
SAPEC
NACE 46.120, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.7m
2024 · €1.2m+€505,399
Equity
€65.4m
2024 · €64.6m+€809,177
Cash
€3.1m
2024 · €3.4m-€290,061
Balance sheet total
€66.4m
2024 · €66.1m+€343,614
Largest movements
Assets
- Deferred charges and accrued income +€1.2m
up €1.2m (+1685.6%), from €73,298 to €1.3m
Equity and liabilities
- Profit (loss) carried forward +€1.4m
up €1.4m (+8.9%), from €16.3m to €17.7m
Income statement
- Financial income +€703,988
up €703,988 (+68.8%), from €1.0m to €1.7m
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.
Result 2024
€1.2m
Other operating charges
-€63
Other operating items
-€206,137
Financial income
+€703,988
Financial charges
+€6,528
Taxes
+€1,083
Result 2025
€1.7m
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.
From operations
+€559,939
Investment
€0
Financing
-€850,000
Cash 2024
€3.4m
From operations (derived)
+€559,939
Net result for the year
+€1.7m
Receivables within one year
+€601,826
Deferred charges and accrued income
-€1.2m
Trade debts
-€9,770
Smaller working-capital items
+€2,497
Other debts
-€458,290
Financing
-€850,000
Contributions, distributions and other
-€850,000
Cash 2025
€3.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €66,096,360 | €66,439,974 | +€343,614 | +0.5% |
| Fixed assets | 21/28 | €53,720,270 | €53,720,270 | = | 0.0% |
| Financial fixed assets | 28 | €53,720,270 | €53,720,270 | = | 0.0% |
| Affiliated companies | 280/1 | €53,720,270 | €53,720,270 | = | 0.0% |
| Participating interests | 280 | €53,720,270 | €53,720,270 | = | 0.0% |
| Current assets | 29/58 | €12,376,090 | €12,719,704 | +€343,614 | +2.8% |
| Amounts receivable within one year | 40/41 | €8,894,228 | €8,292,402 | -€601,826 | -6.8% |
| Trade receivables | 40 | €702,444 | €106,688 | -€595,756 | -84.8% |
| Other amounts receivable | 41 | €8,191,784 | €8,185,714 | -€6,070 | -0.1% |
| Cash at bank and in hand | 54/58 | €3,408,564 | €3,118,503 | -€290,061 | -8.5% |
| Deferred charges and accrued income | 490/1 | €73,298 | €1,308,799 | +€1.2m | +1685.6% |
| Total equity and liabilities | 10/49 | €66,096,360 | €66,439,974 | +€343,614 | +0.5% |
| Equity | 10/15 | €64,557,282 | €65,366,459 | +€809,177 | +1.3% |
| Contributions | 10/11 | €43,726,825 | €43,726,825 | = | 0.0% |
| Capital | 10 | €36,600,000 | €36,600,000 | = | 0.0% |
| Issued capital | 100 | €36,600,000 | €36,600,000 | = | 0.0% |
| Outside capital | 11 | €7,126,825 | €7,126,825 | = | 0.0% |
| Share premium | 1100/10 | €7,126,825 | €7,126,825 | = | 0.0% |
| Reserves | 13 | €4,534,916 | €3,897,801 | -€637,115 | -14.0% |
| Non-distributable reserves | 130/1 | €3,660,000 | €3,660,000 | = | 0.0% |
| Legal reserve | 130 | €3,660,000 | €3,660,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €874,916 | €237,801 | -€637,115 | -72.8% |
| Profit (loss) carried forward | 14 | €16,295,541 | €17,741,833 | +€1.4m | +8.9% |
| Provisions and deferred taxes | 16 | €198,154 | €198,154 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €198,154 | €198,154 | = | 0.0% |
| Taxes | 161 | €198,154 | €198,154 | = | 0.0% |
| Amounts payable | 17/49 | €1,340,924 | €875,361 | -€465,563 | -34.7% |
| Amounts payable within one year | 42/48 | €1,339,957 | €875,361 | -€464,596 | -34.7% |
| Trade debts | 44 | €31,666 | €21,896 | -€9,770 | -30.9% |
| Suppliers | 440/4 | €31,666 | €21,896 | -€9,770 | -30.9% |
| Taxes, remuneration and social security | 45 | - | €3,465 | +€3,465 | |
| Taxes | 450/3 | - | €3,465 | +€3,465 | |
| Other amounts payable | 47/48 | €1,308,290 | €850,000 | -€458,290 | -35.0% |
| Accrued charges and deferred income | 492/3 | €968 | - | -€968 | |
| Operating income | 70/76A | €192,626 | - | -€192,626 | |
| Other operating income | 74 | €185,126 | - | -€185,126 | |
| Non-recurring operating income | 76A | €7,500 | - | -€7,500 | |
| Operating charges | 60/66A | €52,092 | €65,666 | +€13,574 | +26.1% |
| Services and other goods | 61 | €50,349 | €63,860 | +€13,511 | +26.8% |
| Other operating charges | 640/8 | €1,743 | €1,806 | +€63 | +3.6% |
| Operating profit (loss) | 9901 | €140,534 | -€65,666 | -€206,200 | |
| Financial income | 75/76B | €1,022,618 | €1,726,605 | +€703,988 | +68.8% |
| Recurring financial income | 75 | €1,022,618 | €1,726,605 | +€703,988 | +68.8% |
| Income from financial fixed assets | 750 | €500,000 | €1,303,701 | +€803,701 | +160.7% |
| Income from current assets | 751 | €522,618 | €422,904 | -€99,714 | -19.1% |
| Financial charges | 65/66B | €7,212 | €683 | -€6,528 | -90.5% |
| Recurring financial charges | 65 | €7,212 | €683 | -€6,528 | -90.5% |
| Debt charges | 650 | €3 | €6 | +€3 | +80.0% |
| Other financial charges | 652/9 | €7,208 | €677 | -€6,531 | -90.6% |
| Profit (loss) for the period before taxes | 9903 | €1,155,940 | €1,660,256 | +€504,316 | +43.6% |
| Income taxes | 67/77 | €2,162 | €1,079 | -€1,083 | -50.1% |
| Taxes | 670/3 | €2,168 | €1,737 | -€431 | -19.9% |
| Tax adjustments and reversals of tax provisions | 77 | €7 | €659 | +€652 | +9388.5% |
| Profit (loss) for the period | 9904 | €1,153,779 | €1,659,177 | +€505,399 | +43.8% |
| Transfer from tax-exempt reserves | 789 | - | €637,115 | +€637,115 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,153,779 | €2,296,292 | +€1.1m | +99.0% |
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.