SARCASM: 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.
SARCASM
Largest movements
- Receivables within one year -€151,137
down €151,137 (-77.3%), from €195,541 to €44,404
of which Trade receivables: -€150,694
- Deferred charges and accrued income -€43,830
down €43,830 (-23.4%), from €187,129 to €143,299
- Tangible fixed assets -€32,666
down €32,666 (-8.8%), from €369,594 to €336,927
of which Land and buildings: -€19,136
- Trade debts -€111,805
down €111,805 (-96.3%), from €116,135 to €4,330
- Debts after one year -€49,924
down €49,924 (-30.9%), from €161,511 to €111,588
- Tax, wage and social debts -€30,255
down €30,255 (-62.6%), from €48,339 to €18,084
of which Taxes: -€29,475
- Other debts -€12,717
down €12,717 (-21.9%), from €58,186 to €45,469
- Current portion of long-term debt -€12,155
down €12,155 (-18.2%), from €66,641 to €54,486
- Gross operating margin -€19,120
down €19,120 (-16.1%), from €118,983 to €99,863
- Taxes -€4,904
down €4,904 (-98.5%), from €4,979 to €75
- Write-downs -€3,288
no longer reported in 2025 (was €3,288)
- Financial charges -€2,918
down €2,918 (-16.2%), from €18,008 to €15,090
- Depreciation -€1,190
down €1,190 (-3.3%), from €35,591 to €34,400
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.
Cash bridge derived
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 | €847,374 | €615,729 | -€231,645 | -27.3% |
| Fixed assets | 21/28 | €374,321 | €337,087 | -€37,234 | -9.9% |
| Tangible fixed assets | 22/27 | €369,594 | €336,927 | -€32,666 | -8.8% |
| Land and buildings | 22 | €336,779 | €317,643 | -€19,136 | -5.7% |
| Furniture and vehicles | 24 | €32,815 | €19,284 | -€13,530 | -41.2% |
| Financial fixed assets | 28 | €4,727 | €160 | -€4,567 | -96.6% |
| Current assets | 29/58 | €473,053 | €278,641 | -€194,412 | -41.1% |
| Amounts receivable within one year | 40/41 | €195,541 | €44,404 | -€151,137 | -77.3% |
| Trade receivables | 40 | €186,338 | €35,644 | -€150,694 | -80.9% |
| Other amounts receivable | 41 | €9,203 | €8,760 | -€443 | -4.8% |
| Current investments | 50/53 | €90,000 | €90,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €383 | €938 | +€555 | +144.8% |
| Deferred charges and accrued income | 490/1 | €187,129 | €143,299 | -€43,830 | -23.4% |
| Total equity and liabilities | 10/49 | €847,374 | €615,729 | -€231,645 | -27.3% |
| Equity | 10/15 | €201,657 | €191,772 | -€9,885 | -4.9% |
| Contributions | 10/11 | €108,600 | €108,600 | = | 0.0% |
| Reserves | 13 | €91,860 | €91,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €90,000 | €90,000 | = | 0.0% |
| Own shares acquired | 1312 | €90,000 | €90,000 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,197 | -€8,688 | -€9,885 | |
| Amounts payable | 17/49 | €645,717 | €423,957 | -€221,761 | -34.3% |
| Amounts payable after more than one year | 17 | €161,511 | €111,588 | -€49,924 | -30.9% |
| Financial debts | 170/4 | €161,511 | €111,588 | -€49,924 | -30.9% |
| Amounts payable within one year | 42/48 | €484,206 | €312,369 | -€171,837 | -35.5% |
| Current portion of amounts payable after more than one year | 42 | €66,641 | €54,486 | -€12,155 | -18.2% |
| Financial debts | 43 | €194,906 | €190,000 | -€4,906 | -2.5% |
| Credit institutions | 430/8 | €194,906 | €190,000 | -€4,906 | -2.5% |
| Trade debts | 44 | €116,135 | €4,330 | -€111,805 | -96.3% |
| Suppliers | 440/4 | €116,135 | €4,330 | -€111,805 | -96.3% |
| Taxes, remuneration and social security | 45 | €48,339 | €18,084 | -€30,255 | -62.6% |
| Taxes | 450/3 | €41,949 | €12,474 | -€29,475 | -70.3% |
| Remuneration and social security | 454/9 | €6,390 | €5,611 | -€779 | -12.2% |
| Other amounts payable | 47/48 | €58,186 | €45,469 | -€12,717 | -21.9% |
| Non-recurring operating income | 76A | €97,080 | €88,552 | -€8,528 | -8.8% |
| Remuneration, social security and pensions | 62 | €53,710 | €52,579 | -€1,131 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,591 | €34,400 | -€1,190 | -3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,288 | - | -€3,288 | |
| Other operating charges | 640/8 | €2,300 | €3,200 | +€900 | +39.1% |
| Non-recurring operating charges | 66A | - | €4,405 | +€4,405 | |
| Gross operating margin | 9900 | €118,983 | €99,863 | -€19,120 | -16.1% |
| Operating profit (loss) | 9901 | €24,095 | €5,279 | -€18,816 | -78.1% |
| Financial income | 75/76B | €88 | €1 | -€87 | -99.2% |
| Recurring financial income | 75 | €88 | €1 | -€87 | -99.2% |
| Financial charges | 65/66B | €18,008 | €15,090 | -€2,918 | -16.2% |
| Recurring financial charges | 65 | €18,008 | €15,090 | -€2,918 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €6,176 | -€9,810 | -€15,986 | |
| Income taxes | 67/77 | €4,979 | €75 | -€4,904 | -98.5% |
| Profit (loss) for the period | 9904 | €1,197 | -€9,885 | -€11,082 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,197 | -€9,885 | -€11,082 |
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 11 October 2026 via checked.be.