SAPIENTZA: 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.
SAPIENTZA
Largest movements
- Current investments +€239,120
up €239,120 (+126.9%), from €188,428 to €427,549
- Tangible fixed assets +€234,274
up €234,274 (+1097.8%), from €21,341 to €255,615
of which Other tangible fixed assets: +€162,379
- Cash -€149,439
down €149,439 (-52.5%), from €284,397 to €134,958
mainly Current investments (-€239,120) and Investment in fixed assets (net) (-€238,266)
- Receivables within one year +€32,268
up €32,268 (+96.4%), from €33,474 to €65,743
of which Other amounts receivable: +€30,998
- Reserves +€352,106
up €352,106 (+103.1%), from €341,661 to €693,767
- Tax, wage and social debts +€10,556
up €10,556 (+6.0%), from €176,069 to €186,625
- Financial income +€11,405
up €11,405 (+1600.9%), from €712 to €12,118
- Gross operating margin +€7,925
up €7,925 (+1.6%), from €508,057 to €515,982
- Taxes +€6,154
up €6,154 (+3.8%), from €161,527 to €167,682
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €528,800 | €887,013 | +€358,213 | +67.7% |
| Fixed assets | 21/28 | €21,341 | €255,615 | +€234,274 | +1097.8% |
| Tangible fixed assets | 22/27 | €21,341 | €255,615 | +€234,274 | +1097.8% |
| Furniture and vehicles | 24 | - | €71,895 | +€71,895 | |
| Other tangible fixed assets | 26 | €21,341 | €183,720 | +€162,379 | +760.9% |
| Current assets | 29/58 | €507,459 | €631,399 | +€123,939 | +24.4% |
| Amounts receivable within one year | 40/41 | €33,474 | €65,743 | +€32,268 | +96.4% |
| Trade receivables | 40 | €29,403 | €30,674 | +€1,271 | +4.3% |
| Other amounts receivable | 41 | €4,071 | €35,069 | +€30,998 | +761.4% |
| Current investments | 50/53 | €188,428 | €427,549 | +€239,120 | +126.9% |
| Cash at bank and in hand | 54/58 | €284,397 | €134,958 | -€149,439 | -52.5% |
| Deferred charges and accrued income | 490/1 | €1,160 | €3,149 | +€1,989 | +171.5% |
| Total equity and liabilities | 10/49 | €528,800 | €887,013 | +€358,213 | +67.7% |
| Equity | 10/15 | €348,052 | €700,158 | +€352,106 | +101.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €341,661 | €693,767 | +€352,106 | +103.1% |
| Distributable reserves | 133 | €341,661 | €693,767 | +€352,106 | +103.1% |
| Profit (loss) carried forward | 14 | €5,391 | €5,391 | = | 0.0% |
| Amounts payable | 17/49 | €180,748 | €186,855 | +€6,107 | +3.4% |
| Amounts payable within one year | 42/48 | €180,748 | €186,855 | +€6,107 | +3.4% |
| Trade debts | 44 | €4,680 | €230 | -€4,449 | -95.1% |
| Suppliers | 440/4 | €4,680 | €230 | -€4,449 | -95.1% |
| Taxes, remuneration and social security | 45 | €176,069 | €186,625 | +€10,556 | +6.0% |
| Taxes | 450/3 | €176,069 | €186,625 | +€10,556 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,992 | +€3,992 | |
| Other operating charges | 640/8 | €111 | €66 | -€45 | -40.8% |
| Gross operating margin | 9900 | €508,057 | €515,982 | +€7,925 | +1.6% |
| Operating profit (loss) | 9901 | €507,946 | €511,925 | +€3,979 | +0.8% |
| Financial income | 75/76B | €712 | €12,118 | +€11,405 | +1600.9% |
| Recurring financial income | 75 | €712 | €12,118 | +€11,405 | +1600.9% |
| Financial charges | 65/66B | €5,470 | €4,255 | -€1,215 | -22.2% |
| Recurring financial charges | 65 | €5,470 | €4,255 | -€1,215 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €503,188 | €519,788 | +€16,599 | +3.3% |
| Income taxes | 67/77 | €161,527 | €167,682 | +€6,154 | +3.8% |
| Profit (loss) for the period | 9904 | €341,661 | €352,106 | +€10,445 | +3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €341,661 | €352,106 | +€10,445 | +3.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.