SAPKO: 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.
SAPKO
Largest movements
- Cash +€572,801
up €572,801 (+215%), from €266,422 to €839,224
mainly Net result for the year (+€1.3m) and Receivables after one year (+€411,425)
- Receivables after one year -€411,425
down €411,425 (-8.1%), from €5.1m to €4.6m
of which Trade receivables: -€381,539
- Financial fixed assets -€334,907
down €334,907 (-5.6%), from €6.0m to €5.7m
- Receivables within one year -€211,474
down €211,474 (-18.0%), from €1.2m to €961,663
of which Trade receivables: -€208,474
- Other debts -€1.5m
down €1.5m (-76.2%), from €2.0m to €480,617
- Profit (loss) carried forward +€1.3m
up €1.3m (+51.7%), from -€2.5m to -€1.2m
- Debts after one year -€242,026
down €242,026 (-7.0%), from €3.5m to €3.2m
- Current portion of long-term debt -€148,368
down €148,368 (-36.8%), from €402,893 to €254,526
- Short-term financial debts +€136,667
up €136,667 (+124%), from €110,000 to €246,667
- Gross operating margin +€1.2m
up €1.2m (+149%), from €795,059 to €2.0m
- Taxes +€284,739
up €284,739 (+179%), from €158,950 to €443,688
- Financial charges +€41,343
up €41,343 (+25.8%), from €160,151 to €201,495
of which Non-recurring financial charges: +€80,683
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 | €12,728,556 | €12,199,671 | -€528,885 | -4.2% |
| Fixed assets | 21/28 | €6,102,636 | €5,741,905 | -€360,731 | -5.9% |
| Tangible fixed assets | 22/27 | €76,029 | €50,205 | -€25,824 | -34.0% |
| Furniture and vehicles | 24 | €76,029 | €50,205 | -€25,824 | -34.0% |
| Financial fixed assets | 28 | €6,026,607 | €5,691,701 | -€334,907 | -5.6% |
| Current assets | 29/58 | €6,625,920 | €6,457,766 | -€168,155 | -2.5% |
| Amounts receivable after more than one year | 29 | €5,060,357 | €4,648,932 | -€411,425 | -8.1% |
| Trade receivables | 290 | €4,878,869 | €4,497,329 | -€381,539 | -7.8% |
| Other amounts receivable | 291 | €181,488 | €151,603 | -€29,885 | -16.5% |
| Amounts receivable within one year | 40/41 | €1,173,136 | €961,663 | -€211,474 | -18.0% |
| Trade receivables | 40 | €1,170,136 | €961,663 | -€208,474 | -17.8% |
| Other amounts receivable | 41 | €3,000 | - | -€3,000 | |
| Cash at bank and in hand | 54/58 | €266,422 | €839,224 | +€572,801 | +215% |
| Deferred charges and accrued income | 490/1 | €126,005 | €7,947 | -€118,057 | -93.7% |
| Total equity and liabilities | 10/49 | €12,728,556 | €12,199,671 | -€528,885 | -4.2% |
| Equity | 10/15 | €5,893,300 | €7,205,059 | +€1.3m | +22.3% |
| Contributions | 10/11 | €5,800,000 | €5,800,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,000,000 | €2,000,000 | = | 0.0% |
| Reserves | 13 | €631,500 | €631,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €631,500 | €631,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,538,200 | -€1,226,441 | +€1.3m | +51.7% |
| Amounts payable | 17/49 | €6,835,256 | €4,994,611 | -€1.8m | -26.9% |
| Amounts payable after more than one year | 17 | €3,481,721 | €3,239,696 | -€242,026 | -7.0% |
| Financial debts | 170/4 | €3,481,721 | €3,239,696 | -€242,026 | -7.0% |
| Amounts payable within one year | 42/48 | €2,702,235 | €1,049,432 | -€1.7m | -61.2% |
| Current portion of amounts payable after more than one year | 42 | €402,893 | €254,526 | -€148,368 | -36.8% |
| Financial debts | 43 | €110,000 | €246,667 | +€136,667 | +124% |
| Credit institutions | 430/8 | €110,000 | €246,667 | +€136,667 | +124% |
| Trade debts | 44 | €4,116 | €993 | -€3,123 | -75.9% |
| Suppliers | 440/4 | €4,116 | €993 | -€3,123 | -75.9% |
| Taxes, remuneration and social security | 45 | €166,100 | €66,630 | -€99,470 | -59.9% |
| Taxes | 450/3 | €166,039 | €66,630 | -€99,410 | -59.9% |
| Remuneration and social security | 454/9 | €60 | - | -€60 | |
| Other amounts payable | 47/48 | €2,019,127 | €480,617 | -€1.5m | -76.2% |
| Accrued charges and deferred income | 492/3 | €651,300 | €705,484 | +€54,184 | +8.3% |
| Non-recurring operating income | 76A | - | €3,265 | +€3,265 | |
| Remuneration, social security and pensions | 62 | €89,690 | €104,957 | +€15,267 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,673 | €26,834 | +€161 | +0.6% |
| Other operating charges | 640/8 | €1,133 | €3,678 | +€2,545 | +225% |
| Gross operating margin | 9900 | €795,059 | €1,983,555 | +€1.2m | +149% |
| Operating profit (loss) | 9901 | €677,563 | €1,848,086 | +€1.2m | +173% |
| Financial income | 75/76B | €118,817 | €108,856 | -€9,960 | -8.4% |
| Recurring financial income | 75 | €118,817 | €108,856 | -€9,960 | -8.4% |
| Financial charges | 65/66B | €160,151 | €201,495 | +€41,343 | +25.8% |
| Recurring financial charges | 65 | €160,151 | €120,811 | -€39,340 | -24.6% |
| Non-recurring financial charges | 66B | - | €80,683 | +€80,683 | |
| Profit (loss) for the period before taxes | 9903 | €636,228 | €1,755,448 | +€1.1m | +176% |
| Income taxes | 67/77 | €158,950 | €443,688 | +€284,739 | +179% |
| Profit (loss) for the period | 9904 | €477,278 | €1,311,759 | +€834,481 | +175% |
| Transfer to tax-exempt reserves | 689 | €631,500 | - | -€631,500 | |
| Profit (loss) for the period to be appropriated | 9905 | -€154,222 | €1,311,759 | +€1.5m |
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 22 October 2026 via checked.be.