Saphia: 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.
Saphia
Largest movements
- Receivables within one year +€256,271
up €256,271 (+1392.4%), from €18,405 to €274,676
of which Trade receivables: +€247,810
- Cash +€83,283
up €83,283 (+25.6%), from €325,805 to €409,088
mainly Trade debts (+€310,922) and Net result for the year (+€51,584)
- Tangible fixed assets -€18,565
down €18,565 (-33.3%), from €55,695 to €37,130
- Trade debts +€310,922
up €310,922 (+369177.8%), from €84 to €311,006
- Reserves +€51,500
new in 2025: €51,500
- Tax, wage and social debts -€43,383
down €43,383 (-89.4%), from €48,533 to €5,150
of which Taxes: -€40,243
- Write-downs +€220,012
new in 2025: €220,012
- Gross operating margin +€93,417
up €93,417 (+43.0%), from €217,463 to €310,880
- Taxes -€24,962
down €24,962 (-55.8%), from €44,717 to €19,755
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 | €399,905 | €720,894 | +€320,989 | +80.3% |
| Fixed assets | 21/28 | €55,695 | €37,130 | -€18,565 | -33.3% |
| Tangible fixed assets | 22/27 | €55,695 | €37,130 | -€18,565 | -33.3% |
| Furniture and vehicles | 24 | €55,695 | €37,130 | -€18,565 | -33.3% |
| Current assets | 29/58 | €344,210 | €683,764 | +€339,554 | +98.6% |
| Amounts receivable within one year | 40/41 | €18,405 | €274,676 | +€256,271 | +1392.4% |
| Trade receivables | 40 | €18,405 | €266,215 | +€247,810 | +1346.4% |
| Other amounts receivable | 41 | - | €8,461 | +€8,461 | |
| Cash at bank and in hand | 54/58 | €325,805 | €409,088 | +€83,283 | +25.6% |
| Total equity and liabilities | 10/49 | €399,905 | €720,894 | +€320,989 | +80.3% |
| Equity | 10/15 | €350,081 | €401,665 | +€51,584 | +14.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €51,500 | +€51,500 | |
| Distributable reserves | 133 | - | €51,500 | +€51,500 | |
| Profit (loss) carried forward | 14 | €340,081 | €340,165 | +€84 | 0.0% |
| Amounts payable | 17/49 | €49,824 | €319,229 | +€269,405 | +540.7% |
| Amounts payable within one year | 42/48 | €49,824 | €319,229 | +€269,405 | +540.7% |
| Trade debts | 44 | €84 | €311,006 | +€310,922 | +369177.8% |
| Suppliers | 440/4 | €84 | €311,006 | +€310,922 | +369177.8% |
| Taxes, remuneration and social security | 45 | €48,533 | €5,150 | -€43,383 | -89.4% |
| Taxes | 450/3 | €45,393 | €5,150 | -€40,243 | -88.7% |
| Remuneration and social security | 454/9 | €3,140 | - | -€3,140 | |
| Other amounts payable | 47/48 | €1,207 | €3,073 | +€1,866 | +154.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,565 | €18,565 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €220,012 | +€220,012 | |
| Other operating charges | 640/8 | €1,527 | €739 | -€789 | -51.6% |
| Gross operating margin | 9900 | €217,463 | €310,880 | +€93,417 | +43.0% |
| Operating profit (loss) | 9901 | €197,371 | €71,564 | -€125,807 | -63.7% |
| Financial charges | 65/66B | €111 | €225 | +€114 | +103.4% |
| Recurring financial charges | 65 | €111 | €225 | +€114 | +103.4% |
| Profit (loss) for the period before taxes | 9903 | €197,260 | €71,339 | -€125,921 | -63.8% |
| Income taxes | 67/77 | €44,717 | €19,755 | -€24,962 | -55.8% |
| Profit (loss) for the period | 9904 | €152,543 | €51,584 | -€100,959 | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €152,543 | €51,584 | -€100,959 | -66.2% |
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 3 October 2026 via checked.be.