SARDEUR: 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.
SARDEUR
Largest movements
- Receivables within one year -€76,777
down €76,777 (-8.2%), from €941,354 to €864,578
of which Other amounts receivable: -€90,223
- Tangible fixed assets -€39,169
down €39,169 (-5.8%), from €672,735 to €633,566
of which Leasing and similar rights: -€38,585
- Reserves -€93,283
down €93,283 (-11.5%), from €809,689 to €716,406
- Debts after one year -€63,591
down €63,591 (-9.9%), from €640,200 to €576,608
- Other debts +€21,299
up €21,299 (+115%), from €18,483 to €39,783
- Trade debts +€20,498
up €20,498 (+578%), from €3,548 to €24,046
- Gross operating margin -€40,156
down €40,156 (-59.4%), from €67,556 to €27,400
- Taxes -€7,724
down €7,724 (-98.9%), from €7,808 to €85
- Depreciation +€5,843
up €5,843 (+10.4%), from €56,148 to €61,991
- Financial income -€3,958
down €3,958 (-10.1%), from €39,346 to €35,388
of which Financial income: -€4,042
- Financial charges -€3,643
down €3,643 (-17.3%), from €21,093 to €17,449
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 | €1,637,395 | €1,509,592 | -€127,804 | -7.8% |
| Fixed assets | 21/28 | €672,735 | €633,566 | -€39,169 | -5.8% |
| Tangible fixed assets | 22/27 | €672,735 | €633,566 | -€39,169 | -5.8% |
| Plant, machinery and equipment | 23 | €52,988 | €58,561 | +€5,573 | +10.5% |
| Furniture and vehicles | 24 | €137 | - | -€137 | |
| Leasing and similar rights | 25 | €559,428 | €520,843 | -€38,585 | -6.9% |
| Other tangible fixed assets | 26 | €60,181 | €54,161 | -€6,020 | -10.0% |
| Current assets | 29/58 | €964,660 | €876,026 | -€88,634 | -9.2% |
| Amounts receivable within one year | 40/41 | €941,354 | €864,578 | -€76,777 | -8.2% |
| Trade receivables | 40 | €11,009 | €24,455 | +€13,446 | +122% |
| Other amounts receivable | 41 | €930,346 | €840,123 | -€90,223 | -9.7% |
| Cash at bank and in hand | 54/58 | €20,748 | €9,106 | -€11,643 | -56.1% |
| Deferred charges and accrued income | 490/1 | €2,557 | €2,342 | -€215 | -8.4% |
| Total equity and liabilities | 10/49 | €1,637,395 | €1,509,592 | -€127,804 | -7.8% |
| Equity | 10/15 | €892,089 | €788,306 | -€103,783 | -11.6% |
| Contributions | 10/11 | €82,400 | €82,400 | = | 0.0% |
| Reserves | 13 | €809,689 | €716,406 | -€93,283 | -11.5% |
| Distributable reserves | 133 | €809,689 | €716,406 | -€93,283 | -11.5% |
| Profit (loss) carried forward | 14 | - | -€10,500 | -€10,500 | |
| Amounts payable | 17/49 | €745,306 | €721,285 | -€24,020 | -3.2% |
| Amounts payable after more than one year | 17 | €640,200 | €576,608 | -€63,591 | -9.9% |
| Financial debts | 170/4 | €640,200 | €576,608 | -€63,591 | -9.9% |
| Amounts payable within one year | 42/48 | €100,746 | €136,509 | +€35,764 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | €65,920 | €63,591 | -€2,329 | -3.5% |
| Financial debts | 43 | €8,518 | €8,481 | -€38 | -0.4% |
| Credit institutions | 430/8 | €8,518 | €8,481 | -€38 | -0.4% |
| Trade debts | 44 | €3,548 | €24,046 | +€20,498 | +578% |
| Suppliers | 440/4 | €3,548 | €24,046 | +€20,498 | +578% |
| Taxes, remuneration and social security | 45 | €4,276 | €608 | -€3,668 | -85.8% |
| Taxes | 450/3 | €4,276 | €608 | -€3,668 | -85.8% |
| Other amounts payable | 47/48 | €18,483 | €39,783 | +€21,299 | +115% |
| Accrued charges and deferred income | 492/3 | €4,361 | €8,168 | +€3,807 | +87.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,148 | €61,991 | +€5,843 | +10.4% |
| Other operating charges | 640/8 | €7,662 | €6,293 | -€1,369 | -17.9% |
| Gross operating margin | 9900 | €67,556 | €27,400 | -€40,156 | -59.4% |
| Operating profit (loss) | 9901 | €3,746 | -€40,884 | -€44,630 | |
| Financial income | 75/76B | €39,346 | €35,388 | -€3,958 | -10.1% |
| Recurring financial income | 75 | €39,346 | €35,303 | -€4,042 | -10.3% |
| Non-recurring financial income | 76B | - | €85 | +€85 | |
| Financial charges | 65/66B | €21,093 | €17,449 | -€3,643 | -17.3% |
| Recurring financial charges | 65 | €21,093 | €17,449 | -€3,643 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €21,999 | -€22,945 | -€44,944 | |
| Income taxes | 67/77 | €7,808 | €85 | -€7,724 | -98.9% |
| Profit (loss) for the period | 9904 | €14,191 | -€23,030 | -€37,220 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,191 | -€23,030 | -€37,220 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.