SARA MACEDO: 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.
SARA MACEDO
Largest movements
- Cash +€34,939
up €34,939 (+277%), from €12,625 to €47,563
mainly Net result for the year (+€40,888) and Depreciation (+€9,853)
- Tangible fixed assets -€9,853
down €9,853 (-45.0%), from €21,873 to €12,020
- Receivables within one year +€9,344
up €9,344 (+75.5%), from €12,383 to €21,727
- Reserves +€40,888
up €40,888 (+139%), from €29,493 to €70,380
- Tax, wage and social debts -€4,731
down €4,731 (-41.4%), from €11,438 to €6,706
of which Taxes: -€4,731
- Trade debts -€1,627
down €1,627 (-45.5%), from €3,573 to €1,945
- Gross operating margin +€17,673
up €17,673 (+35.0%), from €50,425 to €68,098
- Taxes +€4,269
up €4,269 (+34.3%), from €12,459 to €16,728
- Depreciation +€2,164
up €2,164 (+28.1%), from €7,689 to €9,853
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 | €48,433 | €82,962 | +€34,529 | +71.3% |
| Fixed assets | 21/28 | €21,873 | €12,020 | -€9,853 | -45.0% |
| Tangible fixed assets | 22/27 | €21,873 | €12,020 | -€9,853 | -45.0% |
| Furniture and vehicles | 24 | €21,873 | €12,020 | -€9,853 | -45.0% |
| Current assets | 29/58 | €26,561 | €70,942 | +€44,382 | +167% |
| Amounts receivable within one year | 40/41 | €12,383 | €21,727 | +€9,344 | +75.5% |
| Trade receivables | 40 | €12,383 | €21,727 | +€9,344 | +75.5% |
| Cash at bank and in hand | 54/58 | €12,625 | €47,563 | +€34,939 | +277% |
| Deferred charges and accrued income | 490/1 | €1,553 | €1,652 | +€99 | +6.4% |
| Total equity and liabilities | 10/49 | €48,433 | €82,962 | +€34,529 | +71.3% |
| Equity | 10/15 | €30,493 | €71,380 | +€40,888 | +134% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €29,493 | €70,380 | +€40,888 | +139% |
| Distributable reserves | 133 | €29,493 | €70,380 | +€40,888 | +139% |
| Amounts payable | 17/49 | €17,941 | €11,582 | -€6,358 | -35.4% |
| Amounts payable within one year | 42/48 | €17,941 | €11,582 | -€6,358 | -35.4% |
| Trade debts | 44 | €3,573 | €1,945 | -€1,627 | -45.5% |
| Suppliers | 440/4 | €3,573 | €1,945 | -€1,627 | -45.5% |
| Taxes, remuneration and social security | 45 | €11,438 | €6,706 | -€4,731 | -41.4% |
| Taxes | 450/3 | €8,959 | €4,228 | -€4,731 | -52.8% |
| Remuneration and social security | 454/9 | €2,478 | €2,478 | = | 0.0% |
| Other amounts payable | 47/48 | €2,931 | €2,931 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,689 | €9,853 | +€2,164 | +28.1% |
| Other operating charges | 640/8 | €784 | €536 | -€248 | -31.7% |
| Gross operating margin | 9900 | €50,425 | €68,098 | +€17,673 | +35.0% |
| Operating profit (loss) | 9901 | €41,952 | €57,709 | +€15,757 | +37.6% |
| Financial charges | 65/66B | - | €93 | +€93 | |
| Recurring financial charges | 65 | - | €93 | +€93 | |
| Profit (loss) for the period before taxes | 9903 | €41,952 | €57,616 | +€15,664 | +37.3% |
| Income taxes | 67/77 | €12,459 | €16,728 | +€4,269 | +34.3% |
| Profit (loss) for the period | 9904 | €29,493 | €40,888 | +€11,395 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,493 | €40,888 | +€11,395 | +38.6% |
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 26 October 2026 via checked.be.