SAPIN: 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.
What changed
SAPIN
NACE 46.832, Wholesale of timber
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €666,544+€422,418
Equity
€3.1m
2024 · €3.2m-€181,038
Cash
€2.2m
2024 · €2.3m-€60,825
Balance sheet total
€9.5m
2024 · €9.4m+€151,544
Largest movements
Assets
- Stocks and contracts -€2.0m
down €2.0m (-44.1%), from €4.6m to €2.6m
- Receivables within one year +€1.2m
up €1.2m (+73.5%), from €1.6m to €2.7m
of which Other amounts receivable: +€660,650
- Receivables after one year +€987,839
new in 2025: €987,839
Equity and liabilities
- Trade debts +€1.6m
up €1.6m (+140%), from €1.1m to €2.7m
- Advances received -€809,498
down €809,498 (-18.2%), from €4.4m to €3.6m
- Profit (loss) carried forward -€231,038
down €231,038 (-10.4%), from €2.2m to €2.0m
- Provisions -€214,353
down €214,353 (-82.1%), from €261,237 to €46,885
- Tax, wage and social debts -€199,858
down €199,858 (-61.9%), from €322,890 to €123,032
of which Taxes: -€223,212
Income statement
- Turnover -€5.2m
down €5.2m (-15.1%), from €34.1m to €29.0m
- Goods and materials -€5.1m
down €5.1m (-16.7%), from €30.7m to €25.6m
of which Purchases: -€4.2m
- Staff costs -€675,916
down €675,916 (-55.0%), from €1.2m to €553,926
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
€666,544
Turnover
-€5.2m
Other operating income
+€1,397
Goods and materials
+€5.1m
Services and other goods
+€8,374
Staff costs
+€675,916
Depreciation
+€86,616
Write-downs
+€52,442
Provisions
-€105,230
Other operating charges
+€12,287
Other operating items
-€43,799
Financial income
+€11,495
Financial charges
+€36,034
Taxes
-€278,483
Result 2025
€1.1m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€1.5m
Investment
-€316,280
Financing
-€1.3m
Cash 2024
€2.3m
From operations (derived)
+€1.5m
Net result for the year
+€1.1m
Depreciation
+€207,239
Receivables after one year
-€987,839
Stocks and contracts
+€2.0m
Receivables within one year
-€1.2m
Deferred charges and accrued income
-€7,148
Provisions
-€214,353
Trade debts
+€1.6m
Tax, wage and social debts
-€199,858
Advances received
-€809,498
Investment (derived)
-€316,280
Investment in fixed assets (net)
-€316,280
Financing
-€1.3m
Contributions, distributions and other
-€1.3m
Cash 2025
€2.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,378,775 | €9,530,319 | +€151,544 | +1.6% |
| Fixed assets | 21/28 | €834,697 | €943,737 | +€109,041 | +13.1% |
| Tangible fixed assets | 22/27 | €751,238 | €780,876 | +€29,638 | +3.9% |
| Plant, machinery and equipment | 23 | €11,458 | €6,458 | -€5,000 | -43.6% |
| Furniture and vehicles | 24 | €739,780 | €774,417 | +€34,638 | +4.7% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €83,459 | €162,862 | +€79,403 | +95.1% |
| Other financial fixed assets | 284/8 | €83,459 | €162,862 | +€79,403 | +95.1% |
| Amounts receivable and cash guarantees | 285/8 | €83,459 | €162,862 | +€79,403 | +95.1% |
| Current assets | 29/58 | €8,544,078 | €8,586,582 | +€42,504 | +0.5% |
| Amounts receivable after more than one year | 29 | - | €987,839 | +€987,839 | |
| Other amounts receivable | 291 | - | €987,839 | +€987,839 | |
| Stocks and contracts in progress | 3 | €4,644,022 | €2,596,429 | -€2.0m | -44.1% |
| Contracts in progress | 37 | €4,644,022 | €2,596,429 | -€2.0m | -44.1% |
| Amounts receivable within one year | 40/41 | €1,572,773 | €2,728,707 | +€1.2m | +73.5% |
| Trade receivables | 40 | €1,400,073 | €1,895,358 | +€495,285 | +35.4% |
| Other amounts receivable | 41 | €172,700 | €833,349 | +€660,650 | +383% |
| Cash at bank and in hand | 54/58 | €2,267,142 | €2,206,318 | -€60,825 | -2.7% |
| Deferred charges and accrued income | 490/1 | €60,142 | €67,289 | +€7,148 | +11.9% |
| Total equity and liabilities | 10/49 | €9,378,775 | €9,530,319 | +€151,544 | +1.6% |
| Equity | 10/15 | €3,245,895 | €3,064,857 | -€181,038 | -5.6% |
| Contributions | 10/11 | €902,827 | €902,827 | = | 0.0% |
| Capital | 10 | €902,827 | €902,827 | = | 0.0% |
| Issued capital | 100 | €902,827 | €902,827 | = | 0.0% |
| Reserves | 13 | €115,283 | €165,283 | +€50,000 | +43.4% |
| Non-distributable reserves | 130/1 | €40,283 | €90,283 | +€50,000 | +124% |
| Legal reserve | 130 | €40,283 | €90,283 | +€50,000 | +124% |
| Distributable reserves | 133 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,227,786 | €1,996,747 | -€231,038 | -10.4% |
| Provisions and deferred taxes | 16 | €261,237 | €46,885 | -€214,353 | -82.1% |
| Provisions for liabilities and charges | 160/5 | €261,237 | €46,885 | -€214,353 | -82.1% |
| Other liabilities and charges | 164/5 | €261,237 | €46,885 | -€214,353 | -82.1% |
| Amounts payable | 17/49 | €5,871,642 | €6,418,578 | +€546,935 | +9.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Leasing and similar obligations | 172 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €5,871,642 | €6,418,578 | +€546,935 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,108,857 | €2,665,148 | +€1.6m | +140% |
| Suppliers | 440/4 | €1,108,857 | €2,665,148 | +€1.6m | +140% |
| Advances received on contracts in progress | 46 | €4,439,895 | €3,630,397 | -€809,498 | -18.2% |
| Taxes, remuneration and social security | 45 | €322,890 | €123,032 | -€199,858 | -61.9% |
| Taxes | 450/3 | €260,645 | €37,433 | -€223,212 | -85.6% |
| Remuneration and social security | 454/9 | €62,245 | €85,599 | +€23,354 | +37.5% |
| Operating income | 70/76A | €34,255,541 | €29,055,643 | -€5.2m | -15.2% |
| Turnover | 70 | €34,111,333 | €28,950,170 | -€5.2m | -15.1% |
| Other operating income | 74 | €39,494 | €40,891 | +€1,397 | +3.5% |
| Non-recurring operating income | 76A | €104,715 | €64,582 | -€40,133 | -38.3% |
| Operating charges | 60/66A | €33,362,707 | €27,509,436 | -€5.9m | -17.5% |
| Goods for resale, raw materials and consumables | 60 | €30,691,917 | €25,565,385 | -€5.1m | -16.7% |
| Purchases | 600/8 | €28,459,350 | €24,308,139 | -€4.2m | -14.6% |
| Change in stocks: decrease (increase) | 609 | €2,232,567 | €1,257,246 | -€975,321 | -43.7% |
| Services and other goods | 61 | €1,396,354 | €1,387,980 | -€8,374 | -0.6% |
| Remuneration, social security and pensions | 62 | €1,229,842 | €553,926 | -€675,916 | -55.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €293,855 | €207,239 | -€86,616 | -29.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €33,290 | -€19,152 | -€52,442 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€319,583 | -€214,353 | +€105,230 | +32.9% |
| Other operating charges | 640/8 | €22,132 | €9,845 | -€12,287 | -55.5% |
| Non-recurring operating charges | 66A | €14,899 | €18,565 | +€3,666 | +24.6% |
| Operating profit (loss) | 9901 | €892,835 | €1,546,207 | +€653,372 | +73.2% |
| Financial income | 75/76B | €146,965 | €158,461 | +€11,495 | +7.8% |
| Recurring financial income | 75 | €146,965 | €158,461 | +€11,495 | +7.8% |
| Income from current assets | 751 | - | €39,599 | +€39,599 | |
| Other financial income | 752/9 | €146,965 | €118,862 | -€28,103 | -19.1% |
| Financial charges | 65/66B | €115,623 | €79,589 | -€36,034 | -31.2% |
| Recurring financial charges | 65 | €115,623 | €79,589 | -€36,034 | -31.2% |
| Other financial charges | 652/9 | €115,623 | €79,589 | -€36,034 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €924,177 | €1,625,078 | +€700,901 | +75.8% |
| Income taxes | 67/77 | €257,633 | €536,116 | +€278,483 | +108% |
| Taxes | 670/3 | €259,148 | €536,116 | +€276,968 | +107% |
| Tax adjustments and reversals of tax provisions | 77 | €1,515 | - | -€1,515 | |
| Profit (loss) for the period | 9904 | €666,544 | €1,088,962 | +€422,418 | +63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €666,544 | €1,088,962 | +€422,418 | +63.4% |
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 20 October 2026 via checked.be.