SAPIENZA: 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.
SAPIENZA
Largest movements
- Cash +€6,308
up €6,308 (+14017.8%), from €45 to €6,353
mainly Net result for the year (+€13,575) and Depreciation (+€3,551)
- Deferred charges and accrued income +€5,858
new in 2025: €5,858
- Receivables within one year +€451
up €451 (+3.4%), from €13,337 to €13,788
- Profit (loss) carried forward +€13,575
up €13,575 (+66.2%), from -€20,515 to -€6,940
- Trade debts -€1,000
no longer reported in 2025 (was €1,000)
- Gross operating margin +€21,176
up €21,176, from -€4,116 to €17,060
- Depreciation +€1,169
up €1,169 (+49.1%), from €2,382 to €3,551
- Other operating charges +€506
new in 2025: €506
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 | €18,145 | €30,720 | +€12,575 | +69.3% |
| Fixed assets | 21/28 | €4,763 | €4,721 | -€42 | -0.9% |
| Intangible fixed assets | 21 | €4,763 | €4,721 | -€42 | -0.9% |
| Current assets | 29/58 | €13,382 | €25,999 | +€12,617 | +94.3% |
| Amounts receivable within one year | 40/41 | €13,337 | €13,788 | +€451 | +3.4% |
| Other amounts receivable | 41 | €13,337 | €13,788 | +€451 | +3.4% |
| Cash at bank and in hand | 54/58 | €45 | €6,353 | +€6,308 | +14017.8% |
| Deferred charges and accrued income | 490/1 | - | €5,858 | +€5,858 | |
| Total equity and liabilities | 10/49 | €18,145 | €30,720 | +€12,575 | +69.3% |
| Equity | 10/15 | €17,145 | €30,720 | +€13,575 | +79.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €25,260 | €25,260 | = | 0.0% |
| Distributable reserves | 133 | €25,260 | €25,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,515 | -€6,940 | +€13,575 | +66.2% |
| Amounts payable | 17/49 | €1,000 | - | -€1,000 | |
| Amounts payable within one year | 42/48 | €1,000 | - | -€1,000 | |
| Trade debts | 44 | €1,000 | - | -€1,000 | |
| Suppliers | 440/4 | €1,000 | - | -€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,382 | €3,551 | +€1,169 | +49.1% |
| Other operating charges | 640/8 | - | €506 | +€506 | |
| Gross operating margin | 9900 | -€4,116 | €17,060 | +€21,176 | |
| Operating profit (loss) | 9901 | -€6,498 | €13,003 | +€19,501 | |
| Financial income | 75/76B | €764 | €725 | -€39 | -5.1% |
| Recurring financial income | 75 | €764 | €725 | -€39 | -5.1% |
| Financial charges | 65/66B | €153 | €153 | = | 0.0% |
| Recurring financial charges | 65 | €153 | €153 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,887 | €13,575 | +€19,462 | |
| Profit (loss) for the period | 9904 | -€5,887 | €13,575 | +€19,462 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,887 | €13,575 | +€19,462 |
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 12 October 2026 via checked.be.