SARDELEC: 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.
SARDELEC
Largest movements
- Receivables within one year -€14,813
down €14,813 (-37.6%), from €39,446 to €24,633
of which Trade receivables: -€17,126
- Tangible fixed assets -€9,822
down €9,822 (-19.0%), from €51,634 to €41,812
of which Leasing and similar rights: -€5,289
- Stocks and contracts +€7,452
up €7,452 (+486.3%), from €1,533 to €8,985
of which Contracts in progress: +€5,770
- Accrued charges and deferred income -€6,572
down €6,572 (-100.0%), from €6,572 to €0
- Tax, wage and social debts -€4,780
down €4,780 (-19.6%), from €24,388 to €19,608
of which Remuneration and social security: -€2,793
- Debts after one year -€4,433
down €4,433 (-45.5%), from €9,753 to €5,320
- Gross operating margin -€79,726
down €79,726 (-52.0%), from €153,466 to €73,739
- Taxes -€26,802
down €26,802 (-94.9%), from €28,236 to €1,434
- Write-downs -€4,266
down €4,266, from €329 to -€3,937
- Other operating charges +€3,915
up €3,915 (+217.9%), from €1,796 to €5,711
- Staff costs +€2,456
up €2,456 (+4.3%), from €57,126 to €59,582
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 | €207,916 | €191,026 | -€16,889 | -8.1% |
| Fixed assets | 21/28 | €51,634 | €41,812 | -€9,822 | -19.0% |
| Tangible fixed assets | 22/27 | €51,634 | €41,812 | -€9,822 | -19.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €7,979 | €5,836 | -€2,143 | -26.9% |
| Furniture and vehicles | 24 | €821 | €657 | -€164 | -20.0% |
| Leasing and similar rights | 25 | €13,664 | €8,375 | -€5,289 | -38.7% |
| Other tangible fixed assets | 26 | €29,170 | €26,944 | -€2,226 | -7.6% |
| Current assets | 29/58 | €156,282 | €149,214 | -€7,067 | -4.5% |
| Stocks and contracts in progress | 3 | €1,533 | €8,985 | +€7,452 | +486.3% |
| Stocks | 30/36 | €1,533 | €3,215 | +€1,682 | +109.8% |
| Contracts in progress | 37 | €0 | €5,770 | +€5,770 | |
| Amounts receivable within one year | 40/41 | €39,446 | €24,633 | -€14,813 | -37.6% |
| Trade receivables | 40 | €38,481 | €21,356 | -€17,126 | -44.5% |
| Other amounts receivable | 41 | €965 | €3,277 | +€2,312 | +239.7% |
| Cash at bank and in hand | 54/58 | €111,598 | €110,716 | -€882 | -0.8% |
| Deferred charges and accrued income | 490/1 | €3,705 | €4,881 | +€1,176 | +31.7% |
| Total equity and liabilities | 10/49 | €207,916 | €191,026 | -€16,889 | -8.1% |
| Equity | 10/15 | €140,028 | €139,412 | -€616 | -0.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €120,028 | €119,412 | -€616 | -0.5% |
| Distributable reserves | 133 | €120,028 | €119,412 | -€616 | -0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €67,887 | €51,614 | -€16,273 | -24.0% |
| Amounts payable after more than one year | 17 | €9,753 | €5,320 | -€4,433 | -45.5% |
| Financial debts | 170/4 | €9,753 | €5,320 | -€4,433 | -45.5% |
| Amounts payable within one year | 42/48 | €51,562 | €46,294 | -€5,268 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €4,246 | €4,433 | +€187 | +4.4% |
| Trade debts | 44 | €19,187 | €20,535 | +€1,348 | +7.0% |
| Suppliers | 440/4 | €19,187 | €20,535 | +€1,348 | +7.0% |
| Taxes, remuneration and social security | 45 | €24,388 | €19,608 | -€4,780 | -19.6% |
| Taxes | 450/3 | €14,218 | €12,231 | -€1,987 | -14.0% |
| Remuneration and social security | 454/9 | €10,170 | €7,377 | -€2,793 | -27.5% |
| Other amounts payable | 47/48 | €3,741 | €1,718 | -€2,023 | -54.1% |
| Accrued charges and deferred income | 492/3 | €6,572 | €0 | -€6,572 | -100.0% |
| Non-recurring operating income | 76A | €146,456 | €0 | -€146,456 | -100.0% |
| Remuneration, social security and pensions | 62 | €57,126 | €59,582 | +€2,456 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,357 | €9,822 | -€1,535 | -13.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €329 | -€3,937 | -€4,266 | |
| Other operating charges | 640/8 | €1,796 | €5,711 | +€3,915 | +217.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €153,466 | €73,739 | -€79,726 | -52.0% |
| Operating profit (loss) | 9901 | €82,857 | €2,560 | -€80,297 | -96.9% |
| Financial income | 75/76B | €20 | €802 | +€782 | +3977.8% |
| Recurring financial income | 75 | €20 | €802 | +€782 | +3977.8% |
| Financial charges | 65/66B | €861 | €826 | -€35 | -4.0% |
| Recurring financial charges | 65 | €861 | €826 | -€35 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €82,015 | €2,536 | -€79,480 | -96.9% |
| Income taxes | 67/77 | €28,236 | €1,434 | -€26,802 | -94.9% |
| Profit (loss) for the period | 9904 | €53,779 | €1,102 | -€52,678 | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,779 | €1,102 | -€52,678 | -98.0% |
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.