Sarah Comer: 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.
Sarah Comer
Largest movements
- Cash +€27,846
up €27,846 (+20.6%), from €135,124 to €162,970
mainly Other debts (+€48,282) and Depreciation (+€38,527)
- Tangible fixed assets -€27,592
down €27,592 (-5.1%), from €544,542 to €516,950
of which Land and buildings: -€16,014
- Profit (loss) carried forward -€49,960
down €49,960 (-25.8%), from €193,315 to €143,355
- Other debts +€48,282
up €48,282 (+2,810%), from €1,718 to €50,000
- Reserves +€37,000
new in 2025: €37,000
- Debts after one year -€24,445
down €24,445 (-5.4%), from €449,354 to €424,909
- Tax, wage and social debts -€8,547
down €8,547 (-55.6%), from €15,367 to €6,821
- Gross operating margin -€9,860
down €9,860 (-9.0%), from €109,735 to €99,876
- Depreciation -€9,752
down €9,752 (-20.2%), from €48,279 to €38,527
- Taxes +€3,179
up €3,179 (+28.0%), from €11,351 to €14,530
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 | €686,782 | €690,403 | +€3,621 | +0.5% |
| Fixed assets | 21/28 | €544,542 | €516,950 | -€27,592 | -5.1% |
| Tangible fixed assets | 22/27 | €544,542 | €516,950 | -€27,592 | -5.1% |
| Land and buildings | 22 | €494,512 | €478,499 | -€16,014 | -3.2% |
| Furniture and vehicles | 24 | €50,029 | €38,451 | -€11,578 | -23.1% |
| Current assets | 29/58 | €142,240 | €173,453 | +€31,213 | +21.9% |
| Amounts receivable within one year | 40/41 | €6,603 | €9,937 | +€3,333 | +50.5% |
| Trade receivables | 40 | €941 | €1,726 | +€784 | +83.3% |
| Other amounts receivable | 41 | €5,662 | €8,211 | +€2,549 | +45.0% |
| Cash at bank and in hand | 54/58 | €135,124 | €162,970 | +€27,846 | +20.6% |
| Deferred charges and accrued income | 490/1 | €513 | €547 | +€34 | +6.6% |
| Total equity and liabilities | 10/49 | €686,782 | €690,403 | +€3,621 | +0.5% |
| Equity | 10/15 | €196,315 | €183,355 | -€12,960 | -6.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €37,000 | +€37,000 | |
| Distributable reserves | 133 | - | €37,000 | +€37,000 | |
| Profit (loss) carried forward | 14 | €193,315 | €143,355 | -€49,960 | -25.8% |
| Amounts payable | 17/49 | €490,467 | €507,048 | +€16,581 | +3.4% |
| Amounts payable after more than one year | 17 | €449,354 | €424,909 | -€24,445 | -5.4% |
| Financial debts | 170/4 | €449,354 | €424,909 | -€24,445 | -5.4% |
| Amounts payable within one year | 42/48 | €41,113 | €82,139 | +€41,026 | +99.8% |
| Current portion of amounts payable after more than one year | 42 | €24,028 | €24,445 | +€417 | +1.7% |
| Trade debts | 44 | - | €874 | +€874 | |
| Suppliers | 440/4 | - | €874 | +€874 | |
| Taxes, remuneration and social security | 45 | €15,367 | €6,821 | -€8,547 | -55.6% |
| Taxes | 450/3 | €15,367 | €6,821 | -€8,547 | -55.6% |
| Other amounts payable | 47/48 | €1,718 | €50,000 | +€48,282 | +2,810% |
| Non-recurring operating income | 76A | €1,003 | - | -€1,003 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,279 | €38,527 | -€9,752 | -20.2% |
| Other operating charges | 640/8 | €1,952 | €1,954 | +€3 | +0.1% |
| Gross operating margin | 9900 | €109,735 | €99,876 | -€9,860 | -9.0% |
| Operating profit (loss) | 9901 | €59,504 | €59,394 | -€110 | -0.2% |
| Financial income | 75/76B | €950 | €720 | -€230 | -24.2% |
| Recurring financial income | 75 | €950 | €720 | -€230 | -24.2% |
| Financial charges | 65/66B | €8,548 | €8,543 | -€5 | -0.1% |
| Recurring financial charges | 65 | €8,548 | €8,543 | -€5 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €51,906 | €51,570 | -€336 | -0.6% |
| Income taxes | 67/77 | €11,351 | €14,530 | +€3,179 | +28.0% |
| Profit (loss) for the period | 9904 | €40,555 | €37,040 | -€3,515 | -8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,555 | €37,040 | -€3,515 | -8.7% |
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 20 October 2026 via checked.be.