SAREN: 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.
SAREN
Largest movements
- Cash -€184,192
down €184,192 (-27.0%), from €681,359 to €497,167
mainly Investment in fixed assets (net) (-€222,129) and Contributions, distributions and other (-€88,980)
- Tangible fixed assets +€158,964
up €158,964 (+103%), from €154,602 to €313,567
of which Plant, machinery and equipment: +€132,857
- Receivables within one year +€57,469
up €57,469 (+444%), from €12,954 to €70,423
of which Other amounts receivable: +€51,960
- Stocks and contracts +€38,031
up €38,031 (+11.4%), from €334,873 to €372,904
- Other debts +€82,867
up €82,867 (+710%), from €11,674 to €94,541
- Tax, wage and social debts -€38,346
down €38,346 (-30.3%), from €126,354 to €88,008
of which Taxes: -€37,122
- Trade debts +€26,846
up €26,846 (+34.0%), from €78,946 to €105,792
- Gross operating margin -€234,004
down €234,004 (-28.5%), from €820,578 to €586,574
- Taxes -€104,286
down €104,286 (-69.2%), from €150,628 to €46,342
- Staff costs +€72,391
up €72,391 (+24.8%), from €292,301 to €364,693
- Depreciation +€25,283
up €25,283 (+66.7%), from €37,881 to €63,165
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 | €1,213,410 | €1,290,904 | +€77,495 | +6.4% |
| Fixed assets | 21/28 | €179,852 | €338,817 | +€158,964 | +88.4% |
| Tangible fixed assets | 22/27 | €154,602 | €313,567 | +€158,964 | +103% |
| Plant, machinery and equipment | 23 | €75,248 | €208,105 | +€132,857 | +177% |
| Furniture and vehicles | 24 | €65,971 | €95,463 | +€29,492 | +44.7% |
| Other tangible fixed assets | 26 | €13,384 | €9,999 | -€3,385 | -25.3% |
| Financial fixed assets | 28 | €25,250 | €25,250 | = | 0.0% |
| Current assets | 29/58 | €1,033,557 | €952,088 | -€81,469 | -7.9% |
| Stocks and contracts in progress | 3 | €334,873 | €372,904 | +€38,031 | +11.4% |
| Stocks | 30/36 | €334,873 | €372,904 | +€38,031 | +11.4% |
| Amounts receivable within one year | 40/41 | €12,954 | €70,423 | +€57,469 | +444% |
| Trade receivables | 40 | - | €5,509 | +€5,509 | |
| Other amounts receivable | 41 | €12,954 | €64,914 | +€51,960 | +401% |
| Cash at bank and in hand | 54/58 | €681,359 | €497,167 | -€184,192 | -27.0% |
| Deferred charges and accrued income | 490/1 | €4,371 | €11,594 | +€7,223 | +165% |
| Total equity and liabilities | 10/49 | €1,213,410 | €1,290,904 | +€77,495 | +6.4% |
| Equity | 10/15 | €995,919 | €1,001,448 | +€5,529 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €611,136 | €616,666 | +€5,529 | +0.9% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €592,386 | €597,916 | +€5,529 | +0.9% |
| Profit (loss) carried forward | 14 | €366,182 | €366,182 | = | 0.0% |
| Amounts payable | 17/49 | €217,491 | €289,457 | +€71,966 | +33.1% |
| Amounts payable within one year | 42/48 | €216,974 | €288,342 | +€71,367 | +32.9% |
| Trade debts | 44 | €78,946 | €105,792 | +€26,846 | +34.0% |
| Suppliers | 440/4 | €78,946 | €105,792 | +€26,846 | +34.0% |
| Taxes, remuneration and social security | 45 | €126,354 | €88,008 | -€38,346 | -30.3% |
| Taxes | 450/3 | €66,201 | €29,080 | -€37,122 | -56.1% |
| Remuneration and social security | 454/9 | €60,153 | €58,928 | -€1,225 | -2.0% |
| Other amounts payable | 47/48 | €11,674 | €94,541 | +€82,867 | +710% |
| Accrued charges and deferred income | 492/3 | €517 | €1,115 | +€598 | +116% |
| Remuneration, social security and pensions | 62 | €292,301 | €364,693 | +€72,391 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,881 | €63,165 | +€25,283 | +66.7% |
| Other operating charges | 640/8 | €3,666 | €1,909 | -€1,757 | -47.9% |
| Gross operating margin | 9900 | €820,578 | €586,574 | -€234,004 | -28.5% |
| Operating profit (loss) | 9901 | €486,729 | €156,807 | -€329,921 | -67.8% |
| Financial income | 75/76B | €452 | €302 | -€150 | -33.2% |
| Recurring financial income | 75 | €452 | €302 | -€150 | -33.2% |
| Financial charges | 65/66B | €15,662 | €16,259 | +€597 | +3.8% |
| Recurring financial charges | 65 | €15,662 | €16,259 | +€597 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €471,519 | €140,851 | -€330,668 | -70.1% |
| Income taxes | 67/77 | €150,628 | €46,342 | -€104,286 | -69.2% |
| Profit (loss) for the period | 9904 | €320,891 | €94,509 | -€226,382 | -70.5% |
| Profit (loss) for the period to be appropriated | 9905 | €320,891 | €94,509 | -€226,382 | -70.5% |
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 19 October 2026 via checked.be.