SARAY: 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.
SARAY
Largest movements
- Cash +€234,789
up €234,789 (+54.1%), from €433,976 to €668,765
mainly Net result for the year (+€166,110) and Tax, wage and social debts (+€67,813)
- Receivables within one year +€66,389
up €66,389 (+492%), from €13,487 to €79,876
- Tangible fixed assets -€17,336
down €17,336 (-28.9%), from €59,913 to €42,577
of which Furniture and vehicles: -€13,084
- Reserves +€166,110
up €166,110 (+45.7%), from €363,355 to €529,465
- Tax, wage and social debts +€67,813
up €67,813 (+34.5%), from €196,523 to €264,336
of which Taxes: +€68,334
- Trade debts +€52,385
up €52,385 (+2,650%), from €1,977 to €54,362
- Gross operating margin -€66,298
down €66,298 (-19.9%), from €333,171 to €266,873
- Staff costs -€13,071
down €13,071 (-86.6%), from €15,096 to €2,024
- Taxes -€9,508
down €9,508 (-10.6%), from €89,892 to €80,385
- Depreciation +€4,827
up €4,827 (+31.3%), from €15,429 to €20,256
- Financial income +€3,844
new in 2025: €3,844
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 | €512,264 | €798,355 | +€286,091 | +55.8% |
| Fixed assets | 21/28 | €61,413 | €46,327 | -€15,086 | -24.6% |
| Tangible fixed assets | 22/27 | €59,913 | €42,577 | -€17,336 | -28.9% |
| Land and buildings | 22 | €22,520 | €17,613 | -€4,907 | -21.8% |
| Plant, machinery and equipment | 23 | €3,802 | €4,457 | +€655 | +17.2% |
| Furniture and vehicles | 24 | €33,591 | €20,507 | -€13,084 | -39.0% |
| Financial fixed assets | 28 | €1,500 | €3,750 | +€2,250 | +150% |
| Current assets | 29/58 | €450,850 | €752,028 | +€301,178 | +66.8% |
| Stocks and contracts in progress | 3 | €3,387 | €3,387 | = | 0.0% |
| Stocks | 30/36 | €3,387 | €3,387 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,487 | €79,876 | +€66,389 | +492% |
| Other amounts receivable | 41 | €13,487 | €79,876 | +€66,389 | +492% |
| Cash at bank and in hand | 54/58 | €433,976 | €668,765 | +€234,789 | +54.1% |
| Total equity and liabilities | 10/49 | €512,264 | €798,355 | +€286,091 | +55.8% |
| Equity | 10/15 | €313,547 | €479,657 | +€166,110 | +53.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €363,355 | €529,465 | +€166,110 | +45.7% |
| Distributable reserves | 133 | €363,355 | €529,465 | +€166,110 | +45.7% |
| Profit (loss) carried forward | 14 | -€68,408 | -€68,408 | = | 0.0% |
| Amounts payable | 17/49 | €198,717 | €318,699 | +€119,981 | +60.4% |
| Amounts payable within one year | 42/48 | €198,717 | €318,699 | +€119,981 | +60.4% |
| Current portion of amounts payable after more than one year | 42 | €217 | - | -€217 | |
| Trade debts | 44 | €1,977 | €54,362 | +€52,385 | +2,650% |
| Suppliers | 440/4 | €1,977 | €54,362 | +€52,385 | +2,650% |
| Taxes, remuneration and social security | 45 | €196,523 | €264,336 | +€67,813 | +34.5% |
| Taxes | 450/3 | €196,003 | €264,336 | +€68,334 | +34.9% |
| Remuneration and social security | 454/9 | €521 | - | -€521 | |
| Remuneration, social security and pensions | 62 | €15,096 | €2,024 | -€13,071 | -86.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,429 | €20,256 | +€4,827 | +31.3% |
| Other operating charges | 640/8 | €1,157 | €1,384 | +€228 | +19.7% |
| Gross operating margin | 9900 | €333,171 | €266,873 | -€66,298 | -19.9% |
| Operating profit (loss) | 9901 | €301,489 | €243,208 | -€58,282 | -19.3% |
| Financial income | 75/76B | - | €3,844 | +€3,844 | |
| Recurring financial income | 75 | - | €3,844 | +€3,844 | |
| Financial charges | 65/66B | -€2,947 | €556 | +€3,503 | |
| Recurring financial charges | 65 | -€2,947 | €556 | +€3,503 | |
| Profit (loss) for the period before taxes | 9903 | €304,436 | €246,495 | -€57,941 | -19.0% |
| Income taxes | 67/77 | €89,892 | €80,385 | -€9,508 | -10.6% |
| Profit (loss) for the period | 9904 | €214,544 | €166,110 | -€48,434 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €214,544 | €166,110 | -€48,434 | -22.6% |
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 18 October 2026 via checked.be.