SAR BENELUX: 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.
SAR BENELUX
Largest movements
- Cash +€1.1m
up €1.1m (+967%), from €110,425 to €1.2m
mainly Net result for the year (+€1.2m) and Deferred charges and accrued income (+€381,635)
- Deferred charges and accrued income -€381,635
down €381,635 (-99.5%), from €383,543 to €1,908
- Current investments +€300,000
new in 2025: €300,000
- Profit (loss) carried forward +€840,238
up €840,238, from -€4,976 to €835,262
- Other debts +€350,000
new in 2025: €350,000
- Trade debts -€274,548
down €274,548 (-91.5%), from €299,961 to €25,413
- Tax, wage and social debts +€223,291
up €223,291 (+526%), from €42,485 to €265,777
of which Taxes: +€222,766
- Debts after one year -€145,014
down €145,014 (-100%), from €145,014 to €0
- Gross operating margin +€1.4m
up €1.4m (+379%), from €363,267 to €1.7m
- Taxes +€400,769
up €400,769 (+1,921%), from €20,862 to €421,631
- Staff costs +€51,996
up €51,996 (+70.6%), from €73,643 to €125,639
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 | €498,284 | €1,486,452 | +€988,168 | +198% |
| Fixed assets | 21/28 | €1,962 | €2,849 | +€886 | +45.2% |
| Intangible fixed assets | 21 | €782 | €387 | -€395 | -50.5% |
| Tangible fixed assets | 22/27 | - | €1,281 | +€1,281 | |
| Furniture and vehicles | 24 | - | €1,281 | +€1,281 | |
| Financial fixed assets | 28 | €1,180 | €1,180 | = | 0.0% |
| Current assets | 29/58 | €496,321 | €1,483,603 | +€987,281 | +199% |
| Amounts receivable within one year | 40/41 | €2,354 | €3,703 | +€1,349 | +57.3% |
| Trade receivables | 40 | €2,354 | €0 | -€2,354 | -100% |
| Other amounts receivable | 41 | €0 | €3,703 | +€3,703 | |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €110,425 | €1,177,992 | +€1.1m | +967% |
| Deferred charges and accrued income | 490/1 | €383,543 | €1,908 | -€381,635 | -99.5% |
| Total equity and liabilities | 10/49 | €498,284 | €1,486,452 | +€988,168 | +198% |
| Equity | 10/15 | €5,024 | €845,262 | +€840,238 | +16,725% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,976 | €835,262 | +€840,238 | |
| Amounts payable | 17/49 | €493,260 | €641,190 | +€147,930 | +30.0% |
| Amounts payable after more than one year | 17 | €145,014 | €0 | -€145,014 | -100% |
| Other amounts payable | 178/9 | €145,014 | €0 | -€145,014 | -100% |
| Amounts payable within one year | 42/48 | €342,446 | €641,190 | +€298,744 | +87.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €299,961 | €25,413 | -€274,548 | -91.5% |
| Suppliers | 440/4 | €299,961 | €25,413 | -€274,548 | -91.5% |
| Taxes, remuneration and social security | 45 | €42,485 | €265,777 | +€223,291 | +526% |
| Taxes | 450/3 | €24,705 | €247,471 | +€222,766 | +902% |
| Remuneration and social security | 454/9 | €17,781 | €18,306 | +€525 | +3.0% |
| Other amounts payable | 47/48 | - | €350,000 | +€350,000 | |
| Accrued charges and deferred income | 492/3 | €5,801 | €0 | -€5,801 | -100% |
| Remuneration, social security and pensions | 62 | €73,643 | €125,639 | +€51,996 | +70.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €395 | €580 | +€185 | +46.8% |
| Other operating charges | 640/8 | €1,293 | €1,565 | +€272 | +21.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €363,267 | €1,738,359 | +€1.4m | +379% |
| Operating profit (loss) | 9901 | €287,936 | €1,610,575 | +€1.3m | +459% |
| Financial income | 75/76B | €407 | €4,609 | +€4,201 | +1,031% |
| Recurring financial income | 75 | €407 | €4,609 | +€4,201 | +1,031% |
| Financial charges | 65/66B | €7,490 | €3,315 | -€4,175 | -55.7% |
| Recurring financial charges | 65 | €7,490 | €3,315 | -€4,175 | -55.7% |
| Profit (loss) for the period before taxes | 9903 | €280,854 | €1,611,869 | +€1.3m | +474% |
| Income taxes | 67/77 | €20,862 | €421,631 | +€400,769 | +1,921% |
| Profit (loss) for the period | 9904 | €259,992 | €1,190,238 | +€930,246 | +358% |
| Profit (loss) for the period to be appropriated | 9905 | €259,992 | €1,190,238 | +€930,246 | +358% |
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 25 October 2026 via checked.be.