SAPHI: 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.
SAPHI
Largest movements
- Receivables within one year +€32,598
up €32,598 (+12.6%), from €259,118 to €291,716
of which Other amounts receivable: +€33,589
- Other debts +€103,667
up €103,667 (+12,445%), from €833 to €104,500
- Profit (loss) carried forward -€99,992
down €99,992 (-53.3%), from €187,650 to €87,658
- Reserves +€14,900
up €14,900 (+29.5%), from €50,468 to €65,368
of which Distributable reserves: +€14,900
- Tax, wage and social debts +€12,431
up €12,431 (+45.7%), from €27,219 to €39,649
of which Taxes: +€10,124
- Gross operating margin -€14,745
down €14,745 (-20.9%), from €70,558 to €55,813
- Taxes -€4,297
down €4,297 (-30.7%), from €14,000 to €9,703
- Other operating charges -€2,407
down €2,407 (-75.4%), from €3,195 to €787
- Staff costs +€750
up €750 (+4.0%), from €18,546 to €19,295
- Depreciation +€729
up €729 (+21.1%), from €3,451 to €4,179
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 | €286,892 | €317,249 | +€30,358 | +10.6% |
| Fixed assets | 21/28 | €10,911 | €9,437 | -€1,473 | -13.5% |
| Tangible fixed assets | 22/27 | €10,911 | €9,437 | -€1,473 | -13.5% |
| Plant, machinery and equipment | 23 | €1,104 | €883 | -€221 | -20.0% |
| Furniture and vehicles | 24 | €1,989 | €3,563 | +€1,574 | +79.1% |
| Other tangible fixed assets | 26 | €7,817 | €4,991 | -€2,826 | -36.2% |
| Current assets | 29/58 | €275,981 | €307,812 | +€31,831 | +11.5% |
| Amounts receivable within one year | 40/41 | €259,118 | €291,716 | +€32,598 | +12.6% |
| Trade receivables | 40 | €18,034 | €17,043 | -€991 | -5.5% |
| Other amounts receivable | 41 | €241,084 | €274,673 | +€33,589 | +13.9% |
| Cash at bank and in hand | 54/58 | €16,238 | €15,939 | -€299 | -1.8% |
| Deferred charges and accrued income | 490/1 | €624 | €157 | -€467 | -74.9% |
| Total equity and liabilities | 10/49 | €286,892 | €317,249 | +€30,358 | +10.6% |
| Equity | 10/15 | €244,318 | €159,226 | -€85,092 | -34.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €50,468 | €65,368 | +€14,900 | +29.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €48,608 | €63,508 | +€14,900 | +30.7% |
| Profit (loss) carried forward | 14 | €187,650 | €87,658 | -€99,992 | -53.3% |
| Amounts payable | 17/49 | €42,574 | €158,024 | +€115,450 | +271% |
| Amounts payable within one year | 42/48 | €41,433 | €158,024 | +€116,590 | +281% |
| Financial debts | 43 | €9,965 | €11,070 | +€1,105 | +11.1% |
| Credit institutions | 430/8 | €9,965 | €11,070 | +€1,105 | +11.1% |
| Trade debts | 44 | €3,417 | €2,805 | -€612 | -17.9% |
| Suppliers | 440/4 | €3,417 | €2,805 | -€612 | -17.9% |
| Taxes, remuneration and social security | 45 | €27,219 | €39,649 | +€12,431 | +45.7% |
| Taxes | 450/3 | €21,919 | €32,043 | +€10,124 | +46.2% |
| Remuneration and social security | 454/9 | €5,299 | €7,606 | +€2,307 | +43.5% |
| Other amounts payable | 47/48 | €833 | €104,500 | +€103,667 | +12,445% |
| Accrued charges and deferred income | 492/3 | €1,141 | - | -€1,141 | |
| Remuneration, social security and pensions | 62 | €18,546 | €19,295 | +€750 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,451 | €4,179 | +€729 | +21.1% |
| Other operating charges | 640/8 | €3,195 | €787 | -€2,407 | -75.4% |
| Gross operating margin | 9900 | €70,558 | €55,813 | -€14,745 | -20.9% |
| Operating profit (loss) | 9901 | €45,367 | €31,551 | -€13,816 | -30.5% |
| Financial income | 75/76B | €67 | €134 | +€67 | +100% |
| Recurring financial income | 75 | €67 | €134 | +€67 | +100% |
| Financial charges | 65/66B | €1,855 | €2,574 | +€720 | +38.8% |
| Recurring financial charges | 65 | €1,855 | €2,574 | +€720 | +38.8% |
| Profit (loss) for the period before taxes | 9903 | €43,579 | €29,111 | -€14,469 | -33.2% |
| Income taxes | 67/77 | €14,000 | €9,703 | -€4,297 | -30.7% |
| Profit (loss) for the period | 9904 | €29,579 | €19,408 | -€10,171 | -34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,579 | €19,408 | -€10,171 | -34.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.