SAPHO: 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.
SAPHO
Largest movements
- Tangible fixed assets -€10,931
down €10,931 (-5.7%), from €193,387 to €182,456
of which Land and buildings: -€10,755
- Reserves -€6,332
down €6,332 (-4.7%), from €135,936 to €129,604
of which Tax-exempt reserves: -€6,332
- Other debts -€3,864
down €3,864 (-8.3%), from €46,642 to €42,779
- Purchases and services -€5,285
no longer reported in 2025 (was €5,285)
- Gross operating margin +€3,093
up €3,093 (+132.2%), from €2,339 to €5,432
- Depreciation +€199
up €199 (+1.9%), from €10,732 to €10,931
- Other operating charges +€77
up €77 (+8.3%), from €929 to €1,006
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 | €193,453 | €183,119 | -€10,335 | -5.3% |
| Fixed assets | 21/28 | €193,387 | €182,456 | -€10,931 | -5.7% |
| Tangible fixed assets | 22/27 | €193,387 | €182,456 | -€10,931 | -5.7% |
| Land and buildings | 22 | €189,961 | €179,206 | -€10,755 | -5.7% |
| Plant, machinery and equipment | 23 | €3,426 | €3,249 | -€176 | -5.2% |
| Current assets | 29/58 | €67 | €663 | +€596 | +893.3% |
| Cash at bank and in hand | 54/58 | €67 | €663 | +€596 | +893.3% |
| Total equity and liabilities | 10/49 | €193,453 | €183,119 | -€10,335 | -5.3% |
| Equity | 10/15 | €146,811 | €140,212 | -€6,599 | -4.5% |
| Contributions | 10/11 | €45,860 | €45,860 | = | 0.0% |
| Outside capital | 11 | €45,860 | €45,860 | = | 0.0% |
| Share premium | 1100/10 | €45,860 | €45,860 | = | 0.0% |
| Reserves | 13 | €135,936 | €129,604 | -€6,332 | -4.7% |
| Tax-exempt reserves | 132 | €131,350 | €125,018 | -€6,332 | -4.8% |
| Distributable reserves | 133 | €4,586 | €4,586 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,985 | -€35,253 | -€267 | -0.8% |
| Amounts payable | 17/49 | €46,642 | €42,907 | -€3,736 | -8.0% |
| Amounts payable within one year | 42/48 | €46,642 | €42,907 | -€3,736 | -8.0% |
| Trade debts | 44 | - | €128 | +€128 | |
| Suppliers | 440/4 | - | €128 | +€128 | |
| Other amounts payable | 47/48 | €46,642 | €42,779 | -€3,864 | -8.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €5,285 | - | -€5,285 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,732 | €10,931 | +€199 | +1.9% |
| Other operating charges | 640/8 | €929 | €1,006 | +€77 | +8.3% |
| Gross operating margin | 9900 | €2,339 | €5,432 | +€3,093 | +132.2% |
| Operating profit (loss) | 9901 | -€9,322 | -€6,505 | +€2,817 | +30.2% |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €104 | €94 | -€10 | -9.7% |
| Recurring financial charges | 65 | €104 | €94 | -€10 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€9,419 | -€6,599 | +€2,820 | +29.9% |
| Profit (loss) for the period | 9904 | -€9,419 | -€6,599 | +€2,820 | +29.9% |
| Transfer from tax-exempt reserves | 789 | €6,347 | €6,332 | -€15 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,072 | -€267 | +€2,805 | +91.3% |
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 3 October 2026 via checked.be.