SARELCO: 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.
SARELCO
Largest movements
- Cash +€707,591
up €707,591 (+94.6%), from €748,247 to €1.5m
mainly Depreciation (+€282,796) and Net result for the year (+€205,780)
- Tangible fixed assets -€282,796
down €282,796 (-8.5%), from €3.3m to €3.1m
of which Land and buildings: -€269,773
- Receivables within one year -€181,574
down €181,574 (-5.0%), from €3.6m to €3.4m
of which Other amounts receivable: -€125,309
- Reserves +€3.3m
up €3.3m (+37.9%), from €8.8m to €12.2m
of which Distributable reserves: +€3.3m
- Profit (loss) carried forward -€3.1m
no longer reported in 2025 (was €3.1m)
- Staff costs +€52,510
up €52,510 (+279%), from €18,835 to €71,346
- Taxes -€24,116
down €24,116 (-24.5%), from €98,423 to €74,307
- Gross operating margin -€23,184
down €23,184 (-3.3%), from €697,902 to €674,718
- Financial income -€18,891
down €18,891 (-41.7%), from €45,313 to €26,422
of which Financial income: -€12,969
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 | €13,902,483 | €14,120,709 | +€218,226 | +1.6% |
| Fixed assets | 21/28 | €7,343,376 | €7,060,580 | -€282,796 | -3.9% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €3,343,624 | €3,060,828 | -€282,796 | -8.5% |
| Land and buildings | 22 | €2,386,682 | €2,116,909 | -€269,773 | -11.3% |
| Plant, machinery and equipment | 23 | €1,660 | €1,160 | -€500 | -30.1% |
| Furniture and vehicles | 24 | €47,410 | €34,887 | -€12,524 | -26.4% |
| Other tangible fixed assets | 26 | €907,872 | €907,872 | = | 0.0% |
| Financial fixed assets | 28 | €3,999,752 | €3,999,752 | = | 0.0% |
| Current assets | 29/58 | €6,559,108 | €7,060,129 | +€501,022 | +7.6% |
| Amounts receivable within one year | 40/41 | €3,617,578 | €3,436,004 | -€181,574 | -5.0% |
| Trade receivables | 40 | €109,021 | €52,756 | -€56,265 | -51.6% |
| Other amounts receivable | 41 | €3,508,557 | €3,383,248 | -€125,309 | -3.6% |
| Current investments | 50/53 | €2,164,346 | €2,164,346 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €748,247 | €1,455,838 | +€707,591 | +94.6% |
| Deferred charges and accrued income | 490/1 | €28,936 | €3,940 | -€24,995 | -86.4% |
| Total equity and liabilities | 10/49 | €13,902,483 | €14,120,709 | +€218,226 | +1.6% |
| Equity | 10/15 | €13,636,151 | €13,841,931 | +€205,780 | +1.5% |
| Contributions | 10/11 | €1,650,000 | €1,650,000 | = | 0.0% |
| Capital | 10 | €1,650,000 | €1,650,000 | = | 0.0% |
| Issued capital | 100 | €1,650,000 | €1,650,000 | = | 0.0% |
| Reserves | 13 | €8,844,100 | €12,191,931 | +€3.3m | +37.9% |
| Non-distributable reserves | 130/1 | €391,624 | €391,624 | = | 0.0% |
| Legal reserve | 130 | €391,624 | €391,624 | = | 0.0% |
| Tax-exempt reserves | 132 | €372,119 | €372,119 | = | 0.0% |
| Distributable reserves | 133 | €8,080,357 | €11,428,188 | +€3.3m | +41.4% |
| Profit (loss) carried forward | 14 | €3,142,051 | - | -€3.1m | |
| Provisions and deferred taxes | 16 | €124,040 | €124,040 | = | 0.0% |
| Deferred taxes | 168 | €124,040 | €124,040 | = | 0.0% |
| Amounts payable | 17/49 | €142,293 | €154,739 | +€12,446 | +8.7% |
| Amounts payable within one year | 42/48 | €113,177 | €127,563 | +€14,386 | +12.7% |
| Trade debts | 44 | €28,241 | €49 | -€28,193 | -99.8% |
| Suppliers | 440/4 | €28,241 | €49 | -€28,193 | -99.8% |
| Advances received on contracts in progress | 46 | €56,720 | €56,720 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €20,686 | €27,831 | +€7,146 | +34.5% |
| Taxes | 450/3 | €18,377 | €15,117 | -€3,261 | -17.7% |
| Remuneration and social security | 454/9 | €2,308 | €12,715 | +€10,406 | +451% |
| Other amounts payable | 47/48 | €7,530 | €42,963 | +€35,433 | +471% |
| Accrued charges and deferred income | 492/3 | €29,116 | €27,176 | -€1,940 | -6.7% |
| Remuneration, social security and pensions | 62 | €18,835 | €71,346 | +€52,510 | +279% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €279,044 | €282,796 | +€3,752 | +1.3% |
| Other operating charges | 640/8 | €66,387 | €66,834 | +€447 | +0.7% |
| Gross operating margin | 9900 | €697,902 | €674,718 | -€23,184 | -3.3% |
| Operating profit (loss) | 9901 | €333,635 | €253,743 | -€79,892 | -23.9% |
| Financial income | 75/76B | €45,313 | €26,422 | -€18,891 | -41.7% |
| Recurring financial income | 75 | €39,391 | €26,422 | -€12,969 | -32.9% |
| Non-recurring financial income | 76B | €5,922 | - | -€5,922 | |
| Financial charges | 65/66B | €5,382 | €78 | -€5,305 | -98.6% |
| Recurring financial charges | 65 | €5,382 | €78 | -€5,305 | -98.6% |
| Profit (loss) for the period before taxes | 9903 | €373,565 | €280,087 | -€93,478 | -25.0% |
| Income taxes | 67/77 | €98,423 | €74,307 | -€24,116 | -24.5% |
| Profit (loss) for the period | 9904 | €275,143 | €205,780 | -€69,363 | -25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €275,143 | €205,780 | -€69,363 | -25.2% |
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 23 October 2026 via checked.be.