SAPSAN ENTREPRISE: 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.
SAPSAN ENTREPRISE
Largest movements
- Tangible fixed assets -€184,193
down €184,193 (-4.2%), from €4.3m to €4.2m
- Receivables within one year -€141,700
down €141,700 (-15.8%), from €896,369 to €754,669
of which Other amounts receivable: -€209,490
- Cash +€105,128
up €105,128 (+3,599%), from €2,921 to €108,049
mainly Depreciation (+€321,774) and Net result for the year (+€206,094)
- Other debts -€230,430
down €230,430 (-48.0%), from €480,430 to €250,000
- Accrued charges and deferred income +€90,218
up €90,218 (+98.0%), from €92,043 to €182,261
- Current portion of long-term debt +€84,612
up €84,612 (+22.7%), from €373,084 to €457,696
- Debts after one year -€72,046
down €72,046 (-2.7%), from €2.7m to €2.6m
- Depreciation +€129,748
up €129,748 (+67.6%), from €192,026 to €321,774
- Other operating charges -€41,105
down €41,105 (-32.9%), from €124,877 to €83,772
- Gross operating margin -€36,930
down €36,930 (-5.0%), from €735,099 to €698,169
- Taxes -€22,360
down €22,360 (-20.2%), from €110,618 to €88,258
- Financial charges -€22,288
down €22,288 (-29.5%), from €75,443 to €53,155
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 | €5,316,434 | €5,123,494 | -€192,940 | -3.6% |
| Fixed assets | 21/28 | €4,335,775 | €4,151,582 | -€184,193 | -4.2% |
| Tangible fixed assets | 22/27 | €4,335,775 | €4,151,582 | -€184,193 | -4.2% |
| Other tangible fixed assets | 26 | €4,335,775 | €4,151,582 | -€184,193 | -4.2% |
| Current assets | 29/58 | €980,659 | €971,912 | -€8,747 | -0.9% |
| Amounts receivable within one year | 40/41 | €896,369 | €754,669 | -€141,700 | -15.8% |
| Trade receivables | 40 | €13,558 | €81,348 | +€67,790 | +500% |
| Other amounts receivable | 41 | €882,811 | €673,321 | -€209,490 | -23.7% |
| Cash at bank and in hand | 54/58 | €2,921 | €108,049 | +€105,128 | +3,599% |
| Deferred charges and accrued income | 490/1 | €81,370 | €109,194 | +€27,824 | +34.2% |
| Total equity and liabilities | 10/49 | €5,316,434 | €5,123,494 | -€192,940 | -3.6% |
| Equity | 10/15 | €1,024,117 | €980,211 | -€43,906 | -4.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €971,047 | €922,350 | -€48,697 | -5.0% |
| Tax-exempt reserves | 132 | €889,387 | €840,690 | -€48,697 | -5.5% |
| Distributable reserves | 133 | €81,660 | €81,660 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,873 | €51,664 | +€4,791 | +10.2% |
| Provisions and deferred taxes | 16 | €558,887 | €533,801 | -€25,086 | -4.5% |
| Provisions for liabilities and charges | 160/5 | €100,718 | €100,718 | = | 0.0% |
| Pensions and similar obligations | 160 | €100,718 | €100,718 | = | 0.0% |
| Deferred taxes | 168 | €458,169 | €433,083 | -€25,086 | -5.5% |
| Amounts payable | 17/49 | €3,733,430 | €3,609,483 | -€123,947 | -3.3% |
| Amounts payable after more than one year | 17 | €2,699,831 | €2,627,785 | -€72,046 | -2.7% |
| Financial debts | 170/4 | €2,699,831 | €2,627,785 | -€72,046 | -2.7% |
| Amounts payable within one year | 42/48 | €941,557 | €799,437 | -€142,120 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €373,084 | €457,696 | +€84,612 | +22.7% |
| Financial debts | 43 | €24 | - | -€24 | |
| Credit institutions | 430/8 | €24 | - | -€24 | |
| Trade debts | 44 | €27,235 | €19,944 | -€7,291 | -26.8% |
| Suppliers | 440/4 | €27,235 | €19,944 | -€7,291 | -26.8% |
| Taxes, remuneration and social security | 45 | €60,784 | €71,798 | +€11,014 | +18.1% |
| Taxes | 450/3 | €60,784 | €71,798 | +€11,014 | +18.1% |
| Other amounts payable | 47/48 | €480,430 | €250,000 | -€230,430 | -48.0% |
| Accrued charges and deferred income | 492/3 | €92,043 | €182,261 | +€90,218 | +98.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,026 | €321,774 | +€129,748 | +67.6% |
| Other operating charges | 640/8 | €124,877 | €83,772 | -€41,105 | -32.9% |
| Gross operating margin | 9900 | €735,099 | €698,169 | -€36,930 | -5.0% |
| Operating profit (loss) | 9901 | €418,195 | €292,623 | -€125,572 | -30.0% |
| Financial income | 75/76B | €13,401 | €29,797 | +€16,396 | +122% |
| Recurring financial income | 75 | €13,401 | €29,797 | +€16,396 | +122% |
| Financial charges | 65/66B | €75,443 | €53,155 | -€22,288 | -29.5% |
| Recurring financial charges | 65 | €75,443 | €53,155 | -€22,288 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €356,153 | €269,265 | -€86,888 | -24.4% |
| Transfer from deferred taxes | 780 | - | €25,086 | +€25,086 | |
| Income taxes | 67/77 | €110,618 | €88,258 | -€22,360 | -20.2% |
| Profit (loss) for the period | 9904 | €245,536 | €206,094 | -€39,442 | -16.1% |
| Transfer from tax-exempt reserves | 789 | €73,783 | €48,697 | -€25,086 | -34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €319,319 | €254,791 | -€64,528 | -20.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.