SAREH: 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.
SAREH
Largest movements
- Receivables within one year +€10,766
up €10,766 (+667%), from €1,615 to €12,381
of which Trade receivables: +€9,893
- Cash +€8,806
up €8,806 (+69.3%), from €12,708 to €21,514
mainly Net result for the year (+€11,561) and Advances received (+€9,432)
- Tangible fixed assets -€8,482
down €8,482 (-42.9%), from €19,758 to €11,276
of which Furniture and vehicles: -€8,090
- Profit (loss) carried forward +€11,562
up €11,562, from -€11,479 to €83
- Advances received +€9,432
new in 2025: €9,432
- Other debts -€9,016
down €9,016 (-32.9%), from €27,425 to €18,409
- Trade debts -€858
down €858 (-41.1%), from €2,087 to €1,229
- Gross operating margin +€10,105
up €10,105 (+80.1%), from €12,613 to €22,718
- Depreciation +€2,875
up €2,875 (+51.3%), from €5,607 to €8,482
- Other operating charges +€396
up €396 (+20.8%), from €1,906 to €2,302
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 | €34,231 | €45,321 | +€11,090 | +32.4% |
| Fixed assets | 21/28 | €19,908 | €11,426 | -€8,482 | -42.6% |
| Tangible fixed assets | 22/27 | €19,758 | €11,276 | -€8,482 | -42.9% |
| Plant, machinery and equipment | 23 | €1,066 | €674 | -€392 | -36.8% |
| Furniture and vehicles | 24 | €18,692 | €10,602 | -€8,090 | -43.3% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €14,323 | €33,895 | +€19,572 | +137% |
| Amounts receivable within one year | 40/41 | €1,615 | €12,381 | +€10,766 | +667% |
| Trade receivables | 40 | €17 | €9,910 | +€9,893 | +58,194% |
| Other amounts receivable | 41 | €1,598 | €2,471 | +€873 | +54.6% |
| Cash at bank and in hand | 54/58 | €12,708 | €21,514 | +€8,806 | +69.3% |
| Total equity and liabilities | 10/49 | €34,231 | €45,321 | +€11,090 | +32.4% |
| Equity | 10/15 | €4,689 | €16,251 | +€11,562 | +247% |
| Contributions | 10/11 | €15,815 | €15,815 | = | 0.0% |
| Reserves | 13 | €353 | €353 | = | 0.0% |
| Non-distributable reserves | 130/1 | €353 | €353 | = | 0.0% |
| Reserves not available under the articles | 1311 | €353 | €353 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,479 | €83 | +€11,562 | |
| Amounts payable | 17/49 | €29,542 | €29,070 | -€472 | -1.6% |
| Amounts payable within one year | 42/48 | €29,512 | €29,070 | -€442 | -1.5% |
| Trade debts | 44 | €2,087 | €1,229 | -€858 | -41.1% |
| Suppliers | 440/4 | €2,087 | €1,229 | -€858 | -41.1% |
| Advances received on contracts in progress | 46 | - | €9,432 | +€9,432 | |
| Other amounts payable | 47/48 | €27,425 | €18,409 | -€9,016 | -32.9% |
| Accrued charges and deferred income | 492/3 | €30 | - | -€30 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,607 | €8,482 | +€2,875 | +51.3% |
| Other operating charges | 640/8 | €1,906 | €2,302 | +€396 | +20.8% |
| Non-recurring operating charges | 66A | €4,682 | - | -€4,682 | |
| Gross operating margin | 9900 | €12,613 | €22,718 | +€10,105 | +80.1% |
| Operating profit (loss) | 9901 | €418 | €11,934 | +€11,516 | +2,755% |
| Financial charges | 65/66B | €544 | €373 | -€171 | -31.4% |
| Recurring financial charges | 65 | €544 | €373 | -€171 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | -€126 | €11,561 | +€11,687 | |
| Profit (loss) for the period | 9904 | -€126 | €11,561 | +€11,687 | |
| Profit (loss) for the period to be appropriated | 9905 | -€126 | €11,561 | +€11,687 |
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 16 October 2026 via checked.be.