SARATOGA: 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.
SARATOGA
Largest movements
- Receivables within one year +€12,877
up €12,877 (+81.1%), from €15,877 to €28,754
- Receivables after one year -€9,500
down €9,500 (-72.0%), from €13,198 to €3,698
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€20,482
up €20,482, from -€13,297 to €7,185
- Other operating charges +€694
up €694 (+22.0%), from €3,149 to €3,842
- Financial income +€264
up €264 (+51.2%), from €515 to €779
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 | €411,977 | €415,969 | +€3,992 | +1.0% |
| Fixed assets | 21/28 | €206,542 | €207,434 | +€891 | +0.4% |
| Tangible fixed assets | 22/27 | €206,542 | €207,434 | +€891 | +0.4% |
| Land and buildings | 22 | €206,542 | €206,542 | = | 0.0% |
| Furniture and vehicles | 24 | - | €891 | +€891 | |
| Current assets | 29/58 | €205,435 | €208,535 | +€3,100 | +1.5% |
| Amounts receivable after more than one year | 29 | €13,198 | €3,698 | -€9,500 | -72.0% |
| Other amounts receivable | 291 | €13,198 | €3,698 | -€9,500 | -72.0% |
| Amounts receivable within one year | 40/41 | €15,877 | €28,754 | +€12,877 | +81.1% |
| Other amounts receivable | 41 | €15,877 | €28,754 | +€12,877 | +81.1% |
| Cash at bank and in hand | 54/58 | €176,275 | €175,995 | -€280 | -0.2% |
| Deferred charges and accrued income | 490/1 | €86 | €88 | +€3 | +3.3% |
| Total equity and liabilities | 10/49 | €411,977 | €415,969 | +€3,992 | +1.0% |
| Equity | 10/15 | €411,977 | €415,969 | +€3,992 | +1.0% |
| Contributions | 10/11 | €19,179 | €19,179 | = | 0.0% |
| Contributions outside capital | 11 | €19,179 | - | -€19,179 | |
| Other | 1109/19 | €19,179 | - | -€19,179 | |
| Reserves | 13 | €411,456 | €411,456 | = | 0.0% |
| Distributable reserves | 133 | €411,456 | €411,456 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,658 | -€14,667 | +€3,992 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €103 | +€103 | |
| Other operating charges | 640/8 | €3,149 | €3,842 | +€694 | +22.0% |
| Gross operating margin | 9900 | -€13,297 | €7,185 | +€20,482 | |
| Operating profit (loss) | 9901 | -€16,446 | €3,240 | +€19,686 | |
| Financial income | 75/76B | €515 | €779 | +€264 | +51.2% |
| Recurring financial income | 75 | €515 | €779 | +€264 | +51.2% |
| Financial charges | 65/66B | €43 | €28 | -€15 | -35.4% |
| Recurring financial charges | 65 | €43 | €28 | -€15 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | -€15,973 | €3,992 | +€19,965 | |
| Profit (loss) for the period | 9904 | -€15,973 | €3,992 | +€19,965 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,973 | €3,992 | +€19,965 |
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 19 October 2026 via checked.be.