SAPITO: 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.
SAPITO
Largest movements
- Cash +€389,139
up €389,139 (+148%), from €263,414 to €652,553
mainly Net result for the year (+€584,753) and Depreciation (+€63,097)
- Current investments +€100,000
up €100,000 (+10.0%), from €1.0m to €1.1m
- Tangible fixed assets -€63,097
down €63,097 (-3.5%), from €1.8m to €1.7m
of which Land and buildings: -€45,119
- Receivables within one year +€48,685
up €48,685 (+18.8%), from €258,531 to €307,216
of which Other amounts receivable: +€26,804
- Reserves +€584,753
up €584,753 (+26.1%), from €2.2m to €2.8m
of which Distributable reserves: +€311,103
- Debts after one year -€79,178
down €79,178 (-5.9%), from €1.3m to €1.3m
- Gross operating margin +€21,006
up €21,006 (+2.5%), from €829,591 to €850,596
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 | €3,790,940 | €4,297,737 | +€506,798 | +13.4% |
| Fixed assets | 21/28 | €1,799,403 | €1,736,306 | -€63,097 | -3.5% |
| Tangible fixed assets | 22/27 | €1,794,403 | €1,731,306 | -€63,097 | -3.5% |
| Land and buildings | 22 | €1,732,515 | €1,687,396 | -€45,119 | -2.6% |
| Plant, machinery and equipment | 23 | €8,144 | €6,108 | -€2,036 | -25.0% |
| Furniture and vehicles | 24 | €1,106 | €658 | -€448 | -40.5% |
| Leasing and similar rights | 25 | €52,638 | €37,144 | -€15,494 | -29.4% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €1,991,537 | €2,561,432 | +€569,895 | +28.6% |
| Amounts receivable within one year | 40/41 | €258,531 | €307,216 | +€48,685 | +18.8% |
| Trade receivables | 40 | - | €21,881 | +€21,881 | |
| Other amounts receivable | 41 | €258,531 | €285,335 | +€26,804 | +10.4% |
| Current investments | 50/53 | €1,000,000 | €1,100,000 | +€100,000 | +10.0% |
| Cash at bank and in hand | 54/58 | €263,414 | €652,553 | +€389,139 | +148% |
| Deferred charges and accrued income | 490/1 | €469,592 | €501,662 | +€32,071 | +6.8% |
| Total equity and liabilities | 10/49 | €3,790,940 | €4,297,737 | +€506,798 | +13.4% |
| Equity | 10/15 | €2,259,794 | €2,844,547 | +€584,753 | +25.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,241,194 | €2,825,947 | +€584,753 | +26.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €147,350 | €421,000 | +€273,650 | +186% |
| Distributable reserves | 133 | €2,091,984 | €2,403,087 | +€311,103 | +14.9% |
| Amounts payable | 17/49 | €1,531,146 | €1,453,191 | -€77,955 | -5.1% |
| Amounts payable after more than one year | 17 | €1,334,928 | €1,255,750 | -€79,178 | -5.9% |
| Financial debts | 170/4 | €1,334,928 | €1,255,750 | -€79,178 | -5.9% |
| Amounts payable within one year | 42/48 | €193,673 | €194,051 | +€378 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €76,978 | €79,178 | +€2,200 | +2.9% |
| Trade debts | 44 | €2,104 | €348 | -€1,757 | -83.5% |
| Suppliers | 440/4 | €2,104 | €348 | -€1,757 | -83.5% |
| Taxes, remuneration and social security | 45 | €101,271 | €101,345 | +€75 | +0.1% |
| Taxes | 450/3 | €101,271 | €101,345 | +€75 | +0.1% |
| Other amounts payable | 47/48 | €13,320 | €13,180 | -€140 | -1.1% |
| Accrued charges and deferred income | 492/3 | €2,545 | €3,390 | +€845 | +33.2% |
| Non-recurring operating income | 76A | €50 | - | -€50 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,221 | €63,097 | +€876 | +1.4% |
| Other operating charges | 640/8 | €5,035 | €5,859 | +€824 | +16.4% |
| Non-recurring operating charges | 66A | €250 | - | -€250 | |
| Gross operating margin | 9900 | €829,591 | €850,596 | +€21,006 | +2.5% |
| Operating profit (loss) | 9901 | €762,085 | €781,640 | +€19,555 | +2.6% |
| Financial income | 75/76B | €26,875 | €26,983 | +€108 | +0.4% |
| Recurring financial income | 75 | €26,875 | €26,983 | +€108 | +0.4% |
| Financial charges | 65/66B | €39,241 | €36,715 | -€2,525 | -6.4% |
| Recurring financial charges | 65 | €39,241 | €36,715 | -€2,525 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €749,719 | €771,908 | +€22,189 | +3.0% |
| Income taxes | 67/77 | €191,225 | €187,155 | -€4,069 | -2.1% |
| Profit (loss) for the period | 9904 | €558,494 | €584,753 | +€26,258 | +4.7% |
| Transfer to tax-exempt reserves | 689 | - | €273,650 | +€273,650 | |
| Profit (loss) for the period to be appropriated | 9905 | €558,494 | €311,103 | -€247,392 | -44.3% |
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 16 October 2026 via checked.be.