SAPIM: 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.
What changed
SAPIM
NACE 25.999, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €4.1m-€2.7m
Equity
€29.6m
2024 · €33.2m-€3.6m
Cash
€503,846
2024 · €581,862-€78,017
Balance sheet total
€65.1m
2024 · €67.1m-€2.0m
Largest movements
Assets
- Financial fixed assets -€2.8m
down €2.8m (-8.7%), from €31.6m to €28.8m
of which Affiliated companies: -€2.8m
- Tangible fixed assets -€1.3m
down €1.3m (-8.6%), from €15.3m to €13.9m
of which Leasing and similar rights: -€1.4m
- Intangible fixed assets +€998,461
up €998,461 (+43.7%), from €2.3m to €3.3m
- Receivables within one year +€733,426
up €733,426 (+18.1%), from €4.1m to €4.8m
of which Other amounts receivable: +€804,964
Equity and liabilities
- Short-term financial debts +€6.4m
up €6.4m (+212.7%), from €3.0m to €9.5m
- Reserves -€3.6m
down €3.6m (-16.3%), from €21.9m to €18.3m
of which Distributable reserves: -€3.6m
- Debts after one year -€3.5m
down €3.5m (-17.3%), from €20.5m to €17.0m
Income statement
- Financial income -€3.5m
down €3.5m (-92.5%), from €3.8m to €283,028
- Turnover +€2.2m
up €2.2m (+7.6%), from €29.6m to €31.8m
- Services and other goods +€1.0m
up €1.0m (+11.6%), from €8.7m to €9.7m
- Other operating charges -€1.0m
down €1.0m (-87.9%), from €1.2m to €139,755
- Staff costs +€770,472
up €770,472 (+13.9%), from €5.6m to €6.3m
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.
Result 2024
€4.1m
Turnover
+€2.2m
Other operating income
-€89,490
Goods and materials
-€675,583
Services and other goods
-€1.0m
Staff costs
-€770,472
Depreciation
+€21,913
Write-downs
+€40,348
Provisions
-€25,394
Other operating charges
+€1.0m
Other operating items
+€446,294
Financial income
-€3.5m
Financial charges
-€19,074
Taxes
-€362,076
Result 2025
€1.4m
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.
From operations
+€2.2m
Investment
+€252,103
Financing
-€2.6m
Cash 2024
€581,862
From operations (derived)
+€2.2m
Net result for the year
+€1.4m
Depreciation
+€2.8m
Stocks and contracts
-€435,453
Receivables within one year
-€733,426
Deferred charges and accrued income
+€18,156
Provisions
-€187,199
Trade debts
-€112,458
Tax, wage and social debts
+€228,340
Other debts
-€555,235
Accrued charges and deferred income
-€209,748
Investment (derived)
+€252,103
Investment in fixed assets (net)
+€252,103
Financing
-€2.6m
Debts after one year
-€3.5m
Current portion of long-term debt
-€450,226
Short-term financial debts
+€6.4m
Contributions, distributions and other
-€5.0m
Cash 2025
€503,846
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,087,221 | €65,100,559 | -€2.0m | -3.0% |
| Fixed assets | 21/28 | €49,116,037 | €46,056,669 | -€3.1m | -6.2% |
| Intangible fixed assets | 21 | €2,286,051 | €3,284,512 | +€998,461 | +43.7% |
| Tangible fixed assets | 22/27 | €15,254,343 | €13,947,166 | -€1.3m | -8.6% |
| Plant, machinery and equipment | 23 | €2,184,145 | €3,550,451 | +€1.4m | +62.6% |
| Furniture and vehicles | 24 | €198,333 | €246,459 | +€48,127 | +24.3% |
| Leasing and similar rights | 25 | €9,180,914 | €7,779,006 | -€1.4m | -15.3% |
| Other tangible fixed assets | 26 | €2,455,174 | €2,247,625 | -€207,549 | -8.5% |
| Assets under construction and advance payments | 27 | €1,235,777 | €123,625 | -€1.1m | -90.0% |
| Financial fixed assets | 28 | €31,575,643 | €28,824,991 | -€2.8m | -8.7% |
| Affiliated companies | 280/1 | €31,408,845 | €28,658,845 | -€2.8m | -8.8% |
| Participating interests | 280 | €25,808,845 | €25,808,845 | = | 0.0% |
| Amounts receivable | 281 | €5,600,000 | €2,850,000 | -€2.8m | -49.1% |
| Companies linked by participating interests | 282/3 | €144,383 | €144,383 | = | 0.0% |
| Participating interests | 282 | €144,383 | €144,383 | = | 0.0% |
| Other financial fixed assets | 284/8 | €22,415 | €21,763 | -€652 | -2.9% |
| Amounts receivable and cash guarantees | 285/8 | €22,415 | €21,763 | -€652 | -2.9% |
| Current assets | 29/58 | €17,971,184 | €19,043,890 | +€1.1m | +6.0% |
| Stocks and contracts in progress | 3 | €12,599,002 | €13,034,456 | +€435,453 | +3.5% |
| Stocks | 30/36 | €12,599,002 | €13,034,456 | +€435,453 | +3.5% |
| Raw materials and consumables | 30/31 | €3,636,663 | €4,280,372 | +€643,709 | +17.7% |
| Work in progress | 32 | €829,921 | €1,063,984 | +€234,063 | +28.2% |
| Finished goods | 33 | €7,666,486 | €7,392,194 | -€274,292 | -3.6% |
| Goods purchased for resale | 34 | €129,749 | €297,906 | +€168,157 | +129.6% |
| Advance payments | 36 | €336,184 | - | -€336,184 | |
| Amounts receivable within one year | 40/41 | €4,055,798 | €4,789,225 | +€733,426 | +18.1% |
| Trade receivables | 40 | €3,227,909 | €3,156,371 | -€71,538 | -2.2% |
| Other amounts receivable | 41 | €827,889 | €1,632,854 | +€804,964 | +97.2% |
| Cash at bank and in hand | 54/58 | €581,862 | €503,846 | -€78,017 | -13.4% |
| Deferred charges and accrued income | 490/1 | €734,521 | €716,364 | -€18,156 | -2.5% |
| Total equity and liabilities | 10/49 | €67,087,221 | €65,100,559 | -€2.0m | -3.0% |
| Equity | 10/15 | €33,170,766 | €29,577,697 | -€3.6m | -10.8% |
| Contributions | 10/11 | €10,922,133 | €10,922,133 | = | 0.0% |
| Capital | 10 | €10,402,304 | €10,402,304 | = | 0.0% |
| Issued capital | 100 | €10,402,304 | €10,402,304 | = | 0.0% |
| Outside capital | 11 | €519,829 | €519,829 | = | 0.0% |
| Share premium | 1100/10 | €519,829 | - | -€519,829 | |
| Other | 1109/19 | - | €519,829 | +€519,829 | |
| Reserves | 13 | €21,866,440 | €18,291,461 | -€3.6m | -16.3% |
| Non-distributable reserves | 130/1 | €1,040,230 | €1,040,230 | = | 0.0% |
| Legal reserve | 130 | €1,040,230 | €1,040,230 | = | 0.0% |
| Distributable reserves | 133 | €20,826,210 | €17,251,230 | -€3.6m | -17.2% |
| Investment grants | 15 | €382,193 | €364,103 | -€18,089 | -4.7% |
| Provisions and deferred taxes | 16 | €280,243 | €93,044 | -€187,199 | -66.8% |
| Provisions for liabilities and charges | 160/5 | €280,243 | €93,044 | -€187,199 | -66.8% |
| Other liabilities and charges | 164/5 | €280,243 | €93,044 | -€187,199 | -66.8% |
| Amounts payable | 17/49 | €33,636,212 | €35,429,819 | +€1.8m | +5.3% |
| Amounts payable after more than one year | 17 | €20,513,166 | €16,972,315 | -€3.5m | -17.3% |
| Financial debts | 170/4 | €20,513,166 | €16,972,315 | -€3.5m | -17.3% |
| Subordinated loans | 170 | €13,392,794 | €14,346,695 | +€953,902 | +7.1% |
| Leasing and similar obligations | 172 | €3,495,609 | €1,533,482 | -€2.0m | -56.1% |
| Credit institutions | 173 | €3,624,763 | €1,092,137 | -€2.5m | -69.9% |
| Amounts payable within one year | 42/48 | €12,728,501 | €18,272,706 | +€5.5m | +43.6% |
| Current portion of amounts payable after more than one year | 42 | €4,996,300 | €4,546,075 | -€450,226 | -9.0% |
| Financial debts | 43 | €3,025,000 | €9,458,784 | +€6.4m | +212.7% |
| Credit institutions | 430/8 | €3,025,000 | €9,458,784 | +€6.4m | +212.7% |
| Trade debts | 44 | €2,741,464 | €2,629,006 | -€112,458 | -4.1% |
| Suppliers | 440/4 | €2,741,464 | €2,629,006 | -€112,458 | -4.1% |
| Taxes, remuneration and social security | 45 | €701,951 | €930,290 | +€228,340 | +32.5% |
| Taxes | 450/3 | €101,093 | €142,929 | +€41,836 | +41.4% |
| Remuneration and social security | 454/9 | €600,857 | €787,362 | +€186,504 | +31.0% |
| Other amounts payable | 47/48 | €1,263,786 | €708,551 | -€555,235 | -43.9% |
| Accrued charges and deferred income | 492/3 | €394,546 | €184,798 | -€209,748 | -53.2% |
| Operating income | 70/76A | €29,881,087 | €32,471,449 | +€2.6m | +8.7% |
| Turnover | 70 | €29,550,869 | €31,784,427 | +€2.2m | +7.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€308,488 | €115,682 | +€424,171 | |
| Own construction capitalised | 72 | €218,663 | €246,977 | +€28,314 | +12.9% |
| Other operating income | 74 | €403,336 | €313,846 | -€89,490 | -22.2% |
| Non-recurring operating income | 76A | €16,707 | €10,517 | -€6,191 | -37.1% |
| Operating charges | 60/66A | €27,748,476 | €29,158,830 | +€1.4m | +5.1% |
| Goods for resale, raw materials and consumables | 60 | €9,663,083 | €10,338,666 | +€675,583 | +7.0% |
| Purchases | 600/8 | €5,940,191 | €11,082,262 | +€5.1m | +86.6% |
| Change in stocks: decrease (increase) | 609 | €3,722,892 | -€743,596 | -€4.5m | |
| Services and other goods | 61 | €8,730,943 | €9,744,113 | +€1.0m | +11.6% |
| Remuneration, social security and pensions | 62 | €5,558,672 | €6,329,144 | +€770,472 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,829,178 | €2,807,265 | -€21,913 | -0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,434 | -€12,913 | -€40,348 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€212,594 | -€187,199 | +€25,394 | +11.9% |
| Other operating charges | 640/8 | €1,151,760 | €139,755 | -€1.0m | -87.9% |
| Operating profit (loss) | 9901 | €2,132,611 | €3,312,619 | +€1.2m | +55.3% |
| Financial income | 75/76B | €3,787,918 | €283,028 | -€3.5m | -92.5% |
| Recurring financial income | 75 | €3,787,918 | €283,028 | -€3.5m | -92.5% |
| Income from financial fixed assets | 750 | €3,375,000 | - | -€3.4m | |
| Income from current assets | 751 | €307,761 | €215,050 | -€92,710 | -30.1% |
| Other financial income | 752/9 | €105,158 | €67,978 | -€37,180 | -35.4% |
| Financial charges | 65/66B | €1,656,869 | €1,675,943 | +€19,074 | +1.2% |
| Recurring financial charges | 65 | €1,656,869 | €1,675,943 | +€19,074 | +1.2% |
| Debt charges | 650 | €1,487,311 | €1,422,689 | -€64,621 | -4.3% |
| Other financial charges | 652/9 | €169,558 | €253,254 | +€83,695 | +49.4% |
| Profit (loss) for the period before taxes | 9903 | €4,263,660 | €1,919,704 | -€2.3m | -55.0% |
| Income taxes | 67/77 | €132,606 | €494,682 | +€362,076 | +273.0% |
| Taxes | 670/3 | €132,606 | €494,682 | +€362,076 | +273.0% |
| Profit (loss) for the period | 9904 | €4,131,054 | €1,425,022 | -€2.7m | -65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,131,054 | €1,425,022 | -€2.7m | -65.5% |
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 29 September 2026 via checked.be.