SAPINA: 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.
SAPINA
Largest movements
- Tangible fixed assets -€305,474
down €305,474 (-65.2%), from €468,485 to €163,011
of which Land and buildings: -€281,362
- Stocks and contracts -€175,063
no longer reported in 2025 (was €175,063)
- Receivables within one year +€29,761
up €29,761 (+8.0%), from €374,276 to €404,037
of which Trade receivables: +€16,341
- Debts after one year -€369,605
no longer reported in 2025 (was €369,605)
- Tax, wage and social debts -€89,088
down €89,088 (-19.7%), from €452,786 to €363,698
of which Taxes: -€95,814
- Trade debts +€67,228
up €67,228 (+117%), from €57,475 to €124,703
- Profit (loss) carried forward -€24,426
down €24,426 (-23.5%), from -€103,896 to -€128,322
- Advances received -€22,337
down €22,337 (-14.2%), from €157,323 to €134,986
- Staff costs -€613,868
down €613,868 (-87.5%), from €701,351 to €87,484
- Gross operating margin -€246,135
down €246,135 (-37.1%), from €662,737 to €416,601
- Depreciation -€32,490
down €32,490 (-73.9%), from €43,965 to €11,475
- Financial charges +€8,224
up €8,224 (+83.3%), from €9,877 to €18,102
- Other operating charges +€7,236
up €7,236 (+63.3%), from €11,439 to €18,675
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,022,624 | €569,436 | -€453,188 | -44.3% |
| Fixed assets | 21/28 | €468,485 | €165,336 | -€303,149 | -64.7% |
| Tangible fixed assets | 22/27 | €468,485 | €163,011 | -€305,474 | -65.2% |
| Land and buildings | 22 | €444,373 | €163,011 | -€281,362 | -63.3% |
| Plant, machinery and equipment | 23 | €24,112 | - | -€24,112 | |
| Financial fixed assets | 28 | - | €2,325 | +€2,325 | |
| Current assets | 29/58 | €554,139 | €404,100 | -€150,040 | -27.1% |
| Stocks and contracts in progress | 3 | €175,063 | - | -€175,063 | |
| Stocks | 30/36 | €175,063 | - | -€175,063 | |
| Amounts receivable within one year | 40/41 | €374,276 | €404,037 | +€29,761 | +8.0% |
| Trade receivables | 40 | €321,588 | €337,929 | +€16,341 | +5.1% |
| Other amounts receivable | 41 | €52,688 | €66,109 | +€13,420 | +25.5% |
| Cash at bank and in hand | 54/58 | €4,801 | €62 | -€4,738 | -98.7% |
| Total equity and liabilities | 10/49 | €1,022,624 | €569,436 | -€453,188 | -44.3% |
| Equity | 10/15 | -€29,525 | -€53,951 | -€24,426 | -82.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,771 | €55,771 | = | 0.0% |
| Distributable reserves | 133 | €55,771 | €55,771 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,896 | -€128,322 | -€24,426 | -23.5% |
| Amounts payable | 17/49 | €1,052,149 | €623,387 | -€428,762 | -40.8% |
| Amounts payable after more than one year | 17 | €369,605 | - | -€369,605 | |
| Financial debts | 170/4 | €369,605 | - | -€369,605 | |
| Amounts payable within one year | 42/48 | €682,544 | €623,387 | -€59,157 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €14,960 | - | -€14,960 | |
| Trade debts | 44 | €57,475 | €124,703 | +€67,228 | +117% |
| Suppliers | 440/4 | €57,475 | €124,703 | +€67,228 | +117% |
| Advances received on contracts in progress | 46 | €157,323 | €134,986 | -€22,337 | -14.2% |
| Taxes, remuneration and social security | 45 | €452,786 | €363,698 | -€89,088 | -19.7% |
| Taxes | 450/3 | €399,992 | €304,178 | -€95,814 | -24.0% |
| Remuneration and social security | 454/9 | €52,794 | €59,520 | +€6,726 | +12.7% |
| Remuneration, social security and pensions | 62 | €701,351 | €87,484 | -€613,868 | -87.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,965 | €11,475 | -€32,490 | -73.9% |
| Other operating charges | 640/8 | €11,439 | €18,675 | +€7,236 | +63.3% |
| Non-recurring operating charges | 66A | - | €305,334 | +€305,334 | |
| Gross operating margin | 9900 | €662,737 | €416,601 | -€246,135 | -37.1% |
| Operating profit (loss) | 9901 | -€94,019 | -€6,367 | +€87,652 | +93.2% |
| Financial income | 75/76B | - | €58 | +€58 | |
| Recurring financial income | 75 | - | €58 | +€58 | |
| Financial charges | 65/66B | €9,877 | €18,102 | +€8,224 | +83.3% |
| Recurring financial charges | 65 | €9,877 | €18,102 | +€8,224 | +83.3% |
| Profit (loss) for the period before taxes | 9903 | -€103,896 | -€24,411 | +€79,486 | +76.5% |
| Income taxes | 67/77 | - | €16 | +€16 | |
| Profit (loss) for the period | 9904 | -€103,896 | -€24,426 | +€79,470 | +76.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€103,896 | -€24,426 | +€79,470 | +76.5% |
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 24 October 2026 via checked.be.