Sarel: what changed
Two fiscal 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.
Sarel
Largest movements
- Cash -€23,551
down €23,551 (-14.6%), from €161,707 to €138,156
mainly Contributions, distributions and other (-€78,702) and Debts after one year (-€20,585)
- Tangible fixed assets -€14,358
down €14,358 (-2.6%), from €551,744 to €537,386
of which Land and buildings: -€13,207
- Reserves -€45,210
down €45,210 (-11.4%), from €395,834 to €350,624
of which Distributable reserves: -€41,029
- Other debts +€30,201
up €30,201 (+349.2%), from €8,647 to €38,848
- Debts after one year -€20,585
down €20,585 (-9.0%), from €229,581 to €208,996
- Gross operating margin +€15,890
up €15,890 (+27.2%), from €58,380 to €74,270
- Taxes +€7,632
up €7,632 (+73.6%), from €10,374 to €18,006
- Other operating charges +€7,008
up €7,008 (+362.6%), from €1,933 to €8,941
- Financial income +€2,810
up €2,810 (+4423.8%), from €64 to €2,874
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 | €714,247 | €676,373 | -€37,873 | -5.3% |
| Fixed assets | 21/28 | €551,744 | €537,386 | -€14,358 | -2.6% |
| Tangible fixed assets | 22/27 | €551,744 | €537,386 | -€14,358 | -2.6% |
| Land and buildings | 22 | €550,402 | €537,194 | -€13,207 | -2.4% |
| Plant, machinery and equipment | 23 | €1,342 | €192 | -€1,151 | -85.7% |
| Current assets | 29/58 | €162,503 | €138,987 | -€23,516 | -14.5% |
| Cash at bank and in hand | 54/58 | €161,707 | €138,156 | -€23,551 | -14.6% |
| Deferred charges and accrued income | 490/1 | €796 | €831 | +€36 | +4.5% |
| Total equity and liabilities | 10/49 | €714,247 | €676,373 | -€37,873 | -5.3% |
| Equity | 10/15 | €401,834 | €356,624 | -€45,210 | -11.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €395,834 | €350,624 | -€45,210 | -11.4% |
| Tax-exempt reserves | 132 | €133,797 | €129,616 | -€4,181 | -3.1% |
| Distributable reserves | 133 | €262,037 | €221,008 | -€41,029 | -15.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €44,599 | €43,205 | -€1,394 | -3.1% |
| Deferred taxes | 168 | €44,599 | €43,205 | -€1,394 | -3.1% |
| Amounts payable | 17/49 | €267,813 | €276,544 | +€8,731 | +3.3% |
| Amounts payable after more than one year | 17 | €229,581 | €208,996 | -€20,585 | -9.0% |
| Financial debts | 170/4 | €229,581 | €208,996 | -€20,585 | -9.0% |
| Amounts payable within one year | 42/48 | €38,232 | €67,548 | +€29,316 | +76.7% |
| Current portion of amounts payable after more than one year | 42 | €18,796 | €19,057 | +€260 | +1.4% |
| Trade debts | 44 | €500 | €0 | -€500 | -100.0% |
| Suppliers | 440/4 | €500 | €0 | -€500 | -100.0% |
| Taxes, remuneration and social security | 45 | €10,289 | €9,644 | -€645 | -6.3% |
| Taxes | 450/3 | €10,289 | €9,644 | -€645 | -6.3% |
| Other amounts payable | 47/48 | €8,647 | €38,848 | +€30,201 | +349.2% |
| Non-recurring operating income | 76A | €284 | €1,552 | +€1,268 | +446.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,358 | €14,358 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,933 | €8,941 | +€7,008 | +362.6% |
| Non-recurring operating charges | 66A | €13,008 | €0 | -€13,008 | -100.0% |
| Gross operating margin | 9900 | €58,380 | €74,270 | +€15,890 | +27.2% |
| Operating profit (loss) | 9901 | €29,081 | €50,971 | +€21,890 | +75.3% |
| Financial income | 75/76B | €64 | €2,874 | +€2,810 | +4423.8% |
| Recurring financial income | 75 | €64 | €2,874 | +€2,810 | +4423.8% |
| Financial charges | 65/66B | €4,067 | €3,741 | -€326 | -8.0% |
| Recurring financial charges | 65 | €4,067 | €3,741 | -€326 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €25,077 | €50,104 | +€25,027 | +99.8% |
| Transfer from deferred taxes | 780 | €1,394 | €1,394 | = | 0.0% |
| Income taxes | 67/77 | €10,374 | €18,006 | +€7,632 | +73.6% |
| Profit (loss) for the period | 9904 | €16,097 | €33,492 | +€17,395 | +108.1% |
| Transfer from tax-exempt reserves | 789 | €4,181 | €4,181 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,278 | €37,673 | +€17,395 | +85.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.