SAPI-C: 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.
SAPI-C
Largest movements
- Cash +€135,534
up €135,534 (+240%), from €56,490 to €192,025
mainly Net result for the year (+€87,871) and Deferred charges and accrued income (+€44,364)
- Deferred charges and accrued income -€44,364
down €44,364 (-94.7%), from €46,843 to €2,479
- Receivables within one year +€34,573
up €34,573 (+130%), from €26,627 to €61,200
of which Other amounts receivable: +€46,023
- Tangible fixed assets -€6,072
down €6,072 (-34.3%), from €17,690 to €11,618
- Reserves +€87,038
up €87,038 (+128%), from €68,004 to €155,042
- Provisions +€19,822
up €19,822 (+103%), from €19,259 to €39,081
- Tax, wage and social debts +€10,376
up €10,376 (+28.6%), from €36,243 to €46,619
of which Taxes: +€11,476
- Trade debts +€4,074
up €4,074 (+39.4%), from €10,353 to €14,427
- Gross operating margin +€25,004
up €25,004 (+18.9%), from €131,978 to €156,982
- Taxes +€8,026
up €8,026 (+23.0%), from €34,830 to €42,856
- Financial charges -€3,038
down €3,038 (-97.9%), from €3,104 to €66
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 | €147,651 | €267,322 | +€119,672 | +81.1% |
| Fixed assets | 21/28 | €17,690 | €11,618 | -€6,072 | -34.3% |
| Tangible fixed assets | 22/27 | €17,690 | €11,618 | -€6,072 | -34.3% |
| Furniture and vehicles | 24 | €17,690 | €11,618 | -€6,072 | -34.3% |
| Current assets | 29/58 | €129,961 | €255,704 | +€125,743 | +96.8% |
| Amounts receivable within one year | 40/41 | €26,627 | €61,200 | +€34,573 | +130% |
| Trade receivables | 40 | €25,206 | €13,756 | -€11,450 | -45.4% |
| Other amounts receivable | 41 | €1,421 | €47,444 | +€46,023 | +3,239% |
| Cash at bank and in hand | 54/58 | €56,490 | €192,025 | +€135,534 | +240% |
| Deferred charges and accrued income | 490/1 | €46,843 | €2,479 | -€44,364 | -94.7% |
| Total equity and liabilities | 10/49 | €147,651 | €267,322 | +€119,672 | +81.1% |
| Equity | 10/15 | €74,004 | €161,042 | +€87,038 | +118% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €68,004 | €155,042 | +€87,038 | +128% |
| Distributable reserves | 133 | €68,004 | €155,042 | +€87,038 | +128% |
| Provisions and deferred taxes | 16 | €19,259 | €39,081 | +€19,822 | +103% |
| Provisions for liabilities and charges | 160/5 | €19,259 | €39,081 | +€19,822 | +103% |
| Other liabilities and charges | 164/5 | €19,259 | €39,081 | +€19,822 | +103% |
| Amounts payable | 17/49 | €54,388 | €67,199 | +€12,811 | +23.6% |
| Amounts payable within one year | 42/48 | €54,388 | €67,169 | +€12,781 | +23.5% |
| Trade debts | 44 | €10,353 | €14,427 | +€4,074 | +39.4% |
| Suppliers | 440/4 | €10,353 | €14,427 | +€4,074 | +39.4% |
| Taxes, remuneration and social security | 45 | €36,243 | €46,619 | +€10,376 | +28.6% |
| Taxes | 450/3 | €35,143 | €46,619 | +€11,476 | +32.7% |
| Remuneration and social security | 454/9 | €1,100 | - | -€1,100 | |
| Other amounts payable | 47/48 | €7,792 | €6,123 | -€1,669 | -21.4% |
| Accrued charges and deferred income | 492/3 | - | €30 | +€30 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,627 | €6,072 | -€556 | -8.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €19,259 | €19,822 | +€564 | +2.9% |
| Other operating charges | 640/8 | €214 | €311 | +€97 | +45.3% |
| Gross operating margin | 9900 | €131,978 | €156,982 | +€25,004 | +18.9% |
| Operating profit (loss) | 9901 | €105,878 | €130,777 | +€24,899 | +23.5% |
| Financial income | 75/76B | €61 | €16 | -€45 | -73.4% |
| Recurring financial income | 75 | €61 | €16 | -€45 | -73.4% |
| Financial charges | 65/66B | €3,104 | €66 | -€3,038 | -97.9% |
| Recurring financial charges | 65 | €3,104 | €66 | -€3,038 | -97.9% |
| Profit (loss) for the period before taxes | 9903 | €102,835 | €130,727 | +€27,892 | +27.1% |
| Income taxes | 67/77 | €34,830 | €42,856 | +€8,026 | +23.0% |
| Profit (loss) for the period | 9904 | €68,004 | €87,871 | +€19,867 | +29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €68,004 | €87,871 | +€19,867 | +29.2% |
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 23 October 2026 via checked.be.