SAPION: 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.
SAPION
Largest movements
- Receivables within one year -€67,043
down €67,043 (-48.8%), from €137,409 to €70,366
of which Trade receivables: -€63,139
- Cash +€51,550
up €51,550 (+37.5%), from €137,587 to €189,137
mainly Receivables within one year (+€67,043) and Depreciation (+€12,007)
- Tangible fixed assets -€11,065
down €11,065 (-35.1%), from €31,516 to €20,451
of which Furniture and vehicles: -€9,599
- Stocks and contracts +€6,809
up €6,809 (+8.8%), from €77,457 to €84,267
- Trade debts -€11,124
down €11,124 (-47.5%), from €23,439 to €12,315
- Tax, wage and social debts -€9,490
down €9,490 (-48.3%), from €19,644 to €10,154
- Other debts +€6,029
up €6,029 (+19.3%), from €31,252 to €37,281
- Current portion of long-term debt -€5,802
down €5,802 (-100.0%), from €5,802 to €0
- Gross operating margin +€20,414
up €20,414, from -€6,853 to €13,561
- Other operating charges -€13,478
down €13,478 (-99.1%), from €13,598 to €120
- Write-downs +€9,924
up €9,924, from -€9,924 to €0
- Financial income -€3,387
down €3,387 (-100.0%), from €3,387 to €0
- Financial charges -€201
down €201 (-34.8%), from €576 to €376
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 | €385,076 | €365,856 | -€19,220 | -5.0% |
| Fixed assets | 21/28 | €31,566 | €20,501 | -€11,065 | -35.1% |
| Tangible fixed assets | 22/27 | €31,516 | €20,451 | -€11,065 | -35.1% |
| Land and buildings | 22 | €1,035 | €517 | -€517 | -50.0% |
| Plant, machinery and equipment | 23 | €1,411 | €463 | -€948 | -67.2% |
| Furniture and vehicles | 24 | €29,070 | €19,471 | -€9,599 | -33.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €353,510 | €345,355 | -€8,155 | -2.3% |
| Stocks and contracts in progress | 3 | €77,457 | €84,267 | +€6,809 | +8.8% |
| Contracts in progress | 37 | €77,457 | €84,267 | +€6,809 | +8.8% |
| Amounts receivable within one year | 40/41 | €137,409 | €70,366 | -€67,043 | -48.8% |
| Trade receivables | 40 | €128,591 | €65,452 | -€63,139 | -49.1% |
| Other amounts receivable | 41 | €8,818 | €4,914 | -€3,904 | -44.3% |
| Cash at bank and in hand | 54/58 | €137,587 | €189,137 | +€51,550 | +37.5% |
| Deferred charges and accrued income | 490/1 | €1,057 | €1,586 | +€529 | +50.0% |
| Total equity and liabilities | 10/49 | €385,076 | €365,856 | -€19,220 | -5.0% |
| Equity | 10/15 | €304,868 | €305,709 | +€842 | +0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €298,668 | €299,509 | +€842 | +0.3% |
| Distributable reserves | 133 | €298,668 | €299,509 | +€842 | +0.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €80,209 | €60,147 | -€20,061 | -25.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €80,136 | €59,749 | -€20,387 | -25.4% |
| Current portion of amounts payable after more than one year | 42 | €5,802 | €0 | -€5,802 | -100.0% |
| Trade debts | 44 | €23,439 | €12,315 | -€11,124 | -47.5% |
| Suppliers | 440/4 | €23,439 | €12,315 | -€11,124 | -47.5% |
| Taxes, remuneration and social security | 45 | €19,644 | €10,154 | -€9,490 | -48.3% |
| Taxes | 450/3 | €19,644 | €10,154 | -€9,490 | -48.3% |
| Other amounts payable | 47/48 | €31,252 | €37,281 | +€6,029 | +19.3% |
| Accrued charges and deferred income | 492/3 | €72 | €398 | +€326 | +451.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,884 | €12,007 | +€124 | +1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,924 | €0 | +€9,924 | |
| Other operating charges | 640/8 | €13,598 | €120 | -€13,478 | -99.1% |
| Gross operating margin | 9900 | -€6,853 | €13,561 | +€20,414 | |
| Operating profit (loss) | 9901 | -€22,411 | €1,433 | +€23,844 | |
| Financial income | 75/76B | €3,387 | €0 | -€3,387 | -100.0% |
| Recurring financial income | 75 | €3,387 | €0 | -€3,387 | -100.0% |
| Financial charges | 65/66B | €576 | €376 | -€201 | -34.8% |
| Recurring financial charges | 65 | €576 | €376 | -€201 | -34.8% |
| Profit (loss) for the period before taxes | 9903 | -€19,599 | €1,058 | +€20,657 | |
| Income taxes | 67/77 | €135 | €216 | +€81 | +60.2% |
| Profit (loss) for the period | 9904 | -€19,734 | €842 | +€20,576 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,734 | €842 | +€20,576 |
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 9 October 2026 via checked.be.