SAPI MASNUY IMMO: 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.
SAPI MASNUY IMMO
Largest movements
- Receivables within one year +€245,057
up €245,057 (+1287.2%), from €19,038 to €264,095
of which Other amounts receivable: +€245,057
- Tangible fixed assets -€67,154
down €67,154 (-4.7%), from €1.4m to €1.4m
of which Land and buildings: -€41,966
- Cash -€65,385
down €65,385 (-47.1%), from €138,833 to €73,448
mainly Other debts (-€579,910) and Receivables within one year (-€245,057)
- Reserves +€1.0m
new in 2025: €1.0m
- Profit (loss) carried forward -€815,839
no longer reported in 2025 (was €815,839)
- Other debts -€579,910
down €579,910 (-75.6%), from €766,634 to €186,724
- Debts after one year +€382,857
new in 2025: €382,857
- Short-term financial debts +€63,018
new in 2025: €63,018
- Turnover -€388,680
no longer reported in 2025 (was €388,680)
- Gross operating margin +€388,648
new in 2025: €388,648
- Services and other goods -€59,737
no longer reported in 2025 (was €59,737)
- Other operating charges +€14,280
up €14,280 (+119.3%), from €11,972 to €26,252
- Financial charges +€7,857
up €7,857 (+7389.0%), from €106 to €7,963
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 | €1,584,973 | €1,697,334 | +€112,361 | +7.1% |
| Fixed assets | 21/28 | €1,426,946 | €1,359,792 | -€67,154 | -4.7% |
| Tangible fixed assets | 22/27 | €1,424,346 | €1,357,192 | -€67,154 | -4.7% |
| Land and buildings | 22 | €1,234,382 | €1,192,417 | -€41,966 | -3.4% |
| Plant, machinery and equipment | 23 | €189,964 | €164,775 | -€25,189 | -13.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €2,600 | €2,600 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,600 | - | -€2,600 | |
| Amounts receivable and cash guarantees | 285/8 | €2,600 | - | -€2,600 | |
| Current assets | 29/58 | €158,028 | €337,543 | +€179,515 | +113.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €19,038 | €264,095 | +€245,057 | +1287.2% |
| Trade receivables | 40 | €0 | - | -€0 | |
| Other amounts receivable | 41 | €19,038 | €264,095 | +€245,057 | +1287.2% |
| Cash at bank and in hand | 54/58 | €138,833 | €73,448 | -€65,385 | -47.1% |
| Deferred charges and accrued income | 490/1 | €157 | - | -€157 | |
| Total equity and liabilities | 10/49 | €1,584,973 | €1,697,334 | +€112,361 | +7.1% |
| Equity | 10/15 | €818,339 | €1,034,477 | +€216,138 | +26.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €1,031,977 | +€1.0m | |
| Distributable reserves | 133 | - | €1,031,977 | +€1.0m | |
| Profit (loss) carried forward | 14 | €815,839 | - | -€815,839 | |
| Amounts payable | 17/49 | €766,634 | €662,858 | -€103,777 | -13.5% |
| Amounts payable after more than one year | 17 | - | €382,857 | +€382,857 | |
| Financial debts | 170/4 | - | €382,857 | +€382,857 | |
| Amounts payable within one year | 42/48 | €766,634 | €280,000 | -€486,634 | -63.5% |
| Current portion of amounts payable after more than one year | 42 | - | €11,429 | +€11,429 | |
| Financial debts | 43 | - | €63,018 | +€63,018 | |
| Other loans | 439 | - | €63,018 | +€63,018 | |
| Trade debts | 44 | €0 | €18,830 | +€18,830 | |
| Suppliers | 440/4 | €0 | €18,830 | +€18,830 | |
| Other amounts payable | 47/48 | €766,634 | €186,724 | -€579,910 | -75.6% |
| Operating income | 70/76A | €390,835 | - | -€390,835 | |
| Turnover | 70 | €388,680 | - | -€388,680 | |
| Other operating income | 74 | €2,155 | - | -€2,155 | |
| Operating charges | 60/66A | €138,227 | - | -€138,227 | |
| Services and other goods | 61 | €59,737 | - | -€59,737 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,518 | €67,154 | +€636 | +1.0% |
| Other operating charges | 640/8 | €11,972 | €26,252 | +€14,280 | +119.3% |
| Gross operating margin | 9900 | - | €388,648 | +€388,648 | |
| Operating profit (loss) | 9901 | €252,607 | €295,241 | +€42,634 | +16.9% |
| Financial income | 75/76B | €557 | €929 | +€372 | +66.8% |
| Recurring financial income | 75 | €557 | €929 | +€372 | +66.8% |
| Income from current assets | 751 | €557 | - | -€557 | |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €106 | €7,963 | +€7,857 | +7389.0% |
| Recurring financial charges | 65 | €106 | €7,963 | +€7,857 | +7389.0% |
| Other financial charges | 652/9 | €106 | - | -€106 | |
| Profit (loss) for the period before taxes | 9903 | €253,058 | €288,208 | +€35,149 | +13.9% |
| Income taxes | 67/77 | €73,880 | €72,070 | -€1,811 | -2.5% |
| Taxes | 670/3 | €75,001 | - | -€75,001 | |
| Tax adjustments and reversals of tax provisions | 77 | €1,121 | - | -€1,121 | |
| Profit (loss) for the period | 9904 | €179,178 | €216,138 | +€36,960 | +20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €179,178 | €216,138 | +€36,960 | +20.6% |
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 6 October 2026 via checked.be.