SAPHIR: 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.
SAPHIR
Largest movements
- Stocks and contracts +€110,708
up €110,708 (+33.8%), from €327,073 to €437,781
- Cash +€68,672
up €68,672 (+285.0%), from €24,094 to €92,766
mainly Net result for the year (+€134,625) and Tax, wage and social debts (+€42,721)
- Tangible fixed assets +€15,941
new in 2025: €15,941
- Receivables within one year -€10,964
down €10,964 (-24.7%), from €44,464 to €33,500
of which Trade receivables: -€11,138
- Reserves +€109,625
up €109,625 (+149.6%), from €73,291 to €182,916
of which Distributable reserves: +€109,625
- Tax, wage and social debts +€42,721
up €42,721 (+66.1%), from €64,653 to €107,374
of which Taxes: +€59,154
- Other debts +€30,010
up €30,010 (+6366.0%), from €471 to €30,481
- Trade debts -€8,324
down €8,324 (-19.6%), from €42,452 to €34,128
- Gross operating margin +€88,828
up €88,828 (+60.4%), from €147,147 to €235,975
- Staff costs -€45,288
down €45,288 (-60.5%), from €74,833 to €29,545
- Taxes +€42,601
up €42,601 (+218.4%), from €19,508 to €62,110
- Other operating charges -€9,697
down €9,697 (-71.1%), from €13,639 to €3,942
- Depreciation +€3,985
new in 2025: €3,985
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 | €398,852 | €585,011 | +€186,159 | +46.7% |
| Fixed assets | 21/28 | €691 | €16,632 | +€15,941 | +2307.4% |
| Tangible fixed assets | 22/27 | - | €15,941 | +€15,941 | |
| Furniture and vehicles | 24 | - | €15,941 | +€15,941 | |
| Financial fixed assets | 28 | €691 | €691 | = | 0.0% |
| Current assets | 29/58 | €398,161 | €568,380 | +€170,218 | +42.8% |
| Stocks and contracts in progress | 3 | €327,073 | €437,781 | +€110,708 | +33.8% |
| Stocks | 30/36 | €327,073 | €437,781 | +€110,708 | +33.8% |
| Amounts receivable within one year | 40/41 | €44,464 | €33,500 | -€10,964 | -24.7% |
| Trade receivables | 40 | €44,464 | €33,326 | -€11,138 | -25.0% |
| Other amounts receivable | 41 | - | €174 | +€174 | |
| Cash at bank and in hand | 54/58 | €24,094 | €92,766 | +€68,672 | +285.0% |
| Deferred charges and accrued income | 490/1 | €2,529 | €4,332 | +€1,803 | +71.3% |
| Total equity and liabilities | 10/49 | €398,852 | €585,011 | +€186,159 | +46.7% |
| Equity | 10/15 | €291,276 | €400,901 | +€109,625 | +37.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €73,291 | €182,916 | +€109,625 | +149.6% |
| 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 | €71,431 | €181,056 | +€109,625 | +153.5% |
| Profit (loss) carried forward | 14 | €199,393 | €199,393 | = | 0.0% |
| Amounts payable | 17/49 | €107,576 | €184,110 | +€76,534 | +71.1% |
| Amounts payable after more than one year | 17 | - | €5,084 | +€5,084 | |
| Financial debts | 170/4 | - | €5,084 | +€5,084 | |
| Amounts payable within one year | 42/48 | €107,576 | €176,713 | +€69,137 | +64.3% |
| Current portion of amounts payable after more than one year | 42 | - | €4,730 | +€4,730 | |
| Trade debts | 44 | €42,452 | €34,128 | -€8,324 | -19.6% |
| Suppliers | 440/4 | €42,452 | €34,128 | -€8,324 | -19.6% |
| Taxes, remuneration and social security | 45 | €64,653 | €107,374 | +€42,721 | +66.1% |
| Taxes | 450/3 | €44,009 | €103,163 | +€59,154 | +134.4% |
| Remuneration and social security | 454/9 | €20,644 | €4,211 | -€16,433 | -79.6% |
| Other amounts payable | 47/48 | €471 | €30,481 | +€30,010 | +6366.0% |
| Accrued charges and deferred income | 492/3 | - | €2,313 | +€2,313 | |
| Non-recurring operating income | 76A | €559 | - | -€559 | |
| Remuneration, social security and pensions | 62 | €74,833 | €29,545 | -€45,288 | -60.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,985 | +€3,985 | |
| Other operating charges | 640/8 | €13,639 | €3,942 | -€9,697 | -71.1% |
| Gross operating margin | 9900 | €147,147 | €235,975 | +€88,828 | +60.4% |
| Operating profit (loss) | 9901 | €58,674 | €198,502 | +€139,828 | +238.3% |
| Financial income | 75/76B | - | €98 | +€98 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Non-recurring financial income | 76B | - | €97 | +€97 | |
| Financial charges | 65/66B | €735 | €1,866 | +€1,131 | +153.8% |
| Recurring financial charges | 65 | €735 | €1,866 | +€1,131 | +153.8% |
| Profit (loss) for the period before taxes | 9903 | €57,939 | €196,735 | +€138,796 | +239.6% |
| Income taxes | 67/77 | €19,508 | €62,110 | +€42,601 | +218.4% |
| Profit (loss) for the period | 9904 | €38,431 | €134,625 | +€96,194 | +250.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,431 | €134,625 | +€96,194 | +250.3% |
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 4 October 2026 via checked.be.