SAPPHIRE V&D: 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.
SAPPHIRE V&D
Largest movements
- Stocks and contracts +€9,929
up €9,929 (+72.3%), from €13,739 to €23,669
- Cash -€5,085
down €5,085 (-50.2%), from €10,139 to €5,054
mainly Net result for the year (-€17,429) and Stocks and contracts (-€9,929)
- Receivables within one year +€3,522
up €3,522 (+55.9%), from €6,295 to €9,817
of which Trade receivables: +€5,383
- Deferred charges and accrued income +€1,297
up €1,297 (+165%), from €788 to €2,086
- Tangible fixed assets -€662
down €662 (-15.5%), from €4,274 to €3,612
of which Plant, machinery and equipment: -€1,379
- Profit (loss) carried forward -€17,429
down €17,429 (-42.0%), from -€41,488 to -€58,917
- Other debts +€13,775
up €13,775 (+22.1%), from €62,356 to €76,132
- Trade debts +€8,491
up €8,491 (+115%), from €7,400 to €15,891
- Advances received +€2,754
new in 2025: €2,754
- Tax, wage and social debts +€1,243
up €1,243 (+31.3%), from €3,967 to €5,210
- Gross operating margin -€7,625
down €7,625 (-144%), from -€5,311 to -€12,936
- Other operating charges -€1,875
down €1,875 (-55.5%), from €3,380 to €1,506
- Depreciation -€1,052
down €1,052 (-37.4%), from €2,814 to €1,762
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 | €35,235 | €44,238 | +€9,002 | +25.5% |
| Fixed assets | 21/28 | €4,274 | €3,612 | -€662 | -15.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €4,274 | €3,612 | -€662 | -15.5% |
| Plant, machinery and equipment | 23 | €3,332 | €1,953 | -€1,379 | -41.4% |
| Furniture and vehicles | 24 | €0 | €850 | +€850 | |
| Other tangible fixed assets | 26 | €941 | €809 | -€132 | -14.1% |
| Current assets | 29/58 | €30,962 | €40,626 | +€9,664 | +31.2% |
| Stocks and contracts in progress | 3 | €13,739 | €23,669 | +€9,929 | +72.3% |
| Stocks | 30/36 | €13,739 | €23,669 | +€9,929 | +72.3% |
| Amounts receivable within one year | 40/41 | €6,295 | €9,817 | +€3,522 | +55.9% |
| Trade receivables | 40 | €4,434 | €9,817 | +€5,383 | +121% |
| Other amounts receivable | 41 | €1,861 | €0 | -€1,861 | -100% |
| Cash at bank and in hand | 54/58 | €10,139 | €5,054 | -€5,085 | -50.2% |
| Deferred charges and accrued income | 490/1 | €788 | €2,086 | +€1,297 | +165% |
| Total equity and liabilities | 10/49 | €35,235 | €44,238 | +€9,002 | +25.5% |
| Equity | 10/15 | -€38,488 | -€55,917 | -€17,429 | -45.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,488 | -€58,917 | -€17,429 | -42.0% |
| Amounts payable | 17/49 | €73,723 | €100,154 | +€26,431 | +35.9% |
| Amounts payable within one year | 42/48 | €73,723 | €100,154 | +€26,431 | +35.9% |
| Financial debts | 43 | - | €168 | +€168 | |
| Credit institutions | 430/8 | - | €168 | +€168 | |
| Trade debts | 44 | €7,400 | €15,891 | +€8,491 | +115% |
| Suppliers | 440/4 | €7,400 | €15,891 | +€8,491 | +115% |
| Advances received on contracts in progress | 46 | - | €2,754 | +€2,754 | |
| Taxes, remuneration and social security | 45 | €3,967 | €5,210 | +€1,243 | +31.3% |
| Taxes | 450/3 | €3,967 | €5,210 | +€1,243 | +31.3% |
| Other amounts payable | 47/48 | €62,356 | €76,132 | +€13,775 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,814 | €1,762 | -€1,052 | -37.4% |
| Other operating charges | 640/8 | €3,380 | €1,506 | -€1,875 | -55.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€5,311 | -€12,936 | -€7,625 | -144% |
| Operating profit (loss) | 9901 | -€11,506 | -€16,204 | -€4,698 | -40.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €1,263 | €1,192 | -€71 | -5.6% |
| Recurring financial charges | 65 | €1,263 | €1,192 | -€71 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | -€12,768 | -€17,396 | -€4,627 | -36.2% |
| Income taxes | 67/77 | - | €33 | +€33 | |
| Profit (loss) for the period | 9904 | -€12,768 | -€17,429 | -€4,661 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,768 | -€17,429 | -€4,661 | -36.5% |
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 18 October 2026 via checked.be.