SARA VIJGEN: 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 VIJGEN
Largest movements
- Receivables within one year -€173,386
down €173,386 (-94.8%), from €182,922 to €9,536
of which Trade receivables: -€179,867
- Deferred charges and accrued income +€152,743
new in 2025: €152,743
- Tangible fixed assets +€86,905
up €86,905 (+6.3%), from €1.4m to €1.5m
of which Other tangible fixed assets: +€76,401
- Cash -€46,699
down €46,699 (-17.7%), from €263,155 to €216,456
mainly Contributions, distributions and other (-€224,571) and Investment in fixed assets (net) (-€164,685)
- Receivables after one year -€45,000
no longer reported in 2025 (was €45,000)
- Debts after one year -€47,280
down €47,280 (-3.9%), from €1.2m to €1.2m
- Other debts +€30,386
up €30,386 (+16.3%), from €186,183 to €216,570
- Gross operating margin -€44,019
down €44,019 (-9.8%), from €447,955 to €403,936
- Depreciation +€36,732
up €36,732 (+89.5%), from €41,048 to €77,780
- Taxes -€24,447
down €24,447 (-20.1%), from €121,567 to €97,120
- Financial income +€17,322
up €17,322 (+45.5%), from €38,078 to €55,400
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 | €2,959,183 | €2,921,545 | -€37,639 | -1.3% |
| Fixed assets | 21/28 | €1,390,918 | €1,477,823 | +€86,905 | +6.2% |
| Tangible fixed assets | 22/27 | €1,387,435 | €1,474,339 | +€86,905 | +6.3% |
| Plant, machinery and equipment | 23 | €2,436 | €1,892 | -€544 | -22.3% |
| Furniture and vehicles | 24 | €108,287 | €104,853 | -€3,435 | -3.2% |
| Leasing and similar rights | 25 | €1,260,790 | €1,275,272 | +€14,482 | +1.1% |
| Other tangible fixed assets | 26 | €15,921 | €92,322 | +€76,401 | +480% |
| Financial fixed assets | 28 | €3,483 | €3,483 | = | 0.0% |
| Current assets | 29/58 | €1,568,265 | €1,443,722 | -€124,543 | -7.9% |
| Amounts receivable after more than one year | 29 | €45,000 | - | -€45,000 | |
| Trade receivables | 290 | €45,000 | - | -€45,000 | |
| Amounts receivable within one year | 40/41 | €182,922 | €9,536 | -€173,386 | -94.8% |
| Trade receivables | 40 | €179,867 | - | -€179,867 | |
| Other amounts receivable | 41 | €3,055 | €9,536 | +€6,481 | +212% |
| Current investments | 50/53 | €1,077,188 | €1,064,987 | -€12,202 | -1.1% |
| Cash at bank and in hand | 54/58 | €263,155 | €216,456 | -€46,699 | -17.7% |
| Deferred charges and accrued income | 490/1 | - | €152,743 | +€152,743 | |
| Total equity and liabilities | 10/49 | €2,959,183 | €2,921,545 | -€37,639 | -1.3% |
| Equity | 10/15 | €1,446,726 | €1,444,551 | -€2,175 | -0.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,340,180 | €1,338,005 | -€2,175 | -0.2% |
| Distributable reserves | 133 | €1,340,180 | €1,338,005 | -€2,175 | -0.2% |
| Profit (loss) carried forward | 14 | €94,145 | €94,145 | = | 0.0% |
| Amounts payable | 17/49 | €1,512,458 | €1,476,994 | -€35,464 | -2.3% |
| Amounts payable after more than one year | 17 | €1,213,510 | €1,166,230 | -€47,280 | -3.9% |
| Financial debts | 170/4 | €1,213,510 | €1,166,230 | -€47,280 | -3.9% |
| Amounts payable within one year | 42/48 | €284,565 | €310,764 | +€26,199 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €63,040 | €72,515 | +€9,475 | +15.0% |
| Trade debts | 44 | €2,628 | €8,461 | +€5,834 | +222% |
| Suppliers | 440/4 | €2,628 | €8,461 | +€5,834 | +222% |
| Taxes, remuneration and social security | 45 | €32,715 | €13,219 | -€19,496 | -59.6% |
| Taxes | 450/3 | €30,947 | €11,229 | -€19,719 | -63.7% |
| Remuneration and social security | 454/9 | €1,767 | €1,990 | +€223 | +12.6% |
| Other amounts payable | 47/48 | €186,183 | €216,570 | +€30,386 | +16.3% |
| Accrued charges and deferred income | 492/3 | €14,382 | - | -€14,382 | |
| Remuneration, social security and pensions | 62 | €8,225 | €7,981 | -€244 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,048 | €77,780 | +€36,732 | +89.5% |
| Other operating charges | 640/8 | €1,540 | €1,457 | -€82 | -5.3% |
| Gross operating margin | 9900 | €447,955 | €403,936 | -€44,019 | -9.8% |
| Operating profit (loss) | 9901 | €397,142 | €316,717 | -€80,425 | -20.3% |
| Financial income | 75/76B | €38,078 | €55,400 | +€17,322 | +45.5% |
| Recurring financial income | 75 | €38,078 | €55,400 | +€17,322 | +45.5% |
| Financial charges | 65/66B | €51,046 | €52,601 | +€1,555 | +3.0% |
| Recurring financial charges | 65 | €51,046 | €52,601 | +€1,555 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €384,174 | €319,516 | -€64,658 | -16.8% |
| Income taxes | 67/77 | €121,567 | €97,120 | -€24,447 | -20.1% |
| Profit (loss) for the period | 9904 | €262,607 | €222,396 | -€40,211 | -15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €262,607 | €222,396 | -€40,211 | -15.3% |
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.