SAPICOU: 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.
SAPICOU
Largest movements
- Cash +€2,766
up €2,766 (+1.7%), from €161,226 to €163,991
mainly Debts after one year (+€1,897) and Tax, wage and social debts (+€1,603)
- Trade debts -€3,254
down €3,254 (-98.9%), from €3,290 to €37
- Debts after one year +€1,897
up €1,897 (+4.9%), from €38,719 to €40,616
- Gross operating margin -€1,138
down €1,138 (-17.5%), from €6,500 to €5,361
- Depreciation +€967
up €967 (+211.2%), from €458 to €1,425
- Taxes -€785
down €785 (-80.2%), from €979 to €194
- Financial charges +€588
up €588 (+26.2%), from €2,241 to €2,829
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 | €167,192 | €167,690 | +€498 | +0.3% |
| Fixed assets | 21/28 | €3,817 | €2,392 | -€1,425 | -37.3% |
| Tangible fixed assets | 22/27 | €3,817 | €2,392 | -€1,425 | -37.3% |
| Plant, machinery and equipment | 23 | €1,344 | €744 | -€600 | -44.6% |
| Furniture and vehicles | 24 | €2,473 | €1,648 | -€825 | -33.4% |
| Current assets | 29/58 | €163,375 | €165,298 | +€1,923 | +1.2% |
| Amounts receivable within one year | 40/41 | €2,149 | €1,306 | -€843 | -39.2% |
| Trade receivables | 40 | €200 | €0 | -€200 | -100.0% |
| Other amounts receivable | 41 | €1,949 | €1,306 | -€643 | -33.0% |
| Cash at bank and in hand | 54/58 | €161,226 | €163,991 | +€2,766 | +1.7% |
| Total equity and liabilities | 10/49 | €167,192 | €167,690 | +€498 | +0.3% |
| Equity | 10/15 | €124,546 | €124,797 | +€251 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €105,946 | €106,197 | +€251 | +0.2% |
| 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 | €104,086 | €104,337 | +€251 | +0.2% |
| Amounts payable | 17/49 | €42,646 | €42,893 | +€247 | +0.6% |
| Amounts payable after more than one year | 17 | €38,719 | €40,616 | +€1,897 | +4.9% |
| Other amounts payable | 178/9 | €38,719 | €40,616 | +€1,897 | +4.9% |
| Amounts payable within one year | 42/48 | €3,927 | €2,277 | -€1,650 | -42.0% |
| Trade debts | 44 | €3,290 | €37 | -€3,254 | -98.9% |
| Suppliers | 440/4 | €3,290 | €37 | -€3,254 | -98.9% |
| Taxes, remuneration and social security | 45 | €637 | €2,240 | +€1,603 | +251.8% |
| Taxes | 450/3 | €637 | €2,240 | +€1,603 | +251.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €458 | €1,425 | +€967 | +211.2% |
| Other operating charges | 640/8 | €721 | €662 | -€59 | -8.1% |
| Gross operating margin | 9900 | €6,500 | €5,361 | -€1,138 | -17.5% |
| Operating profit (loss) | 9901 | €5,321 | €3,274 | -€2,047 | -38.5% |
| Financial charges | 65/66B | €2,241 | €2,829 | +€588 | +26.2% |
| Recurring financial charges | 65 | €2,241 | €2,829 | +€588 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €3,080 | €445 | -€2,635 | -85.5% |
| Income taxes | 67/77 | €979 | €194 | -€785 | -80.2% |
| Profit (loss) for the period | 9904 | €2,101 | €251 | -€1,850 | -88.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,101 | €251 | -€1,850 | -88.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.