SAREZE: 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.
SAREZE
Largest movements
- Receivables within one year +€44,970
up €44,970 (+139%), from €32,355 to €77,325
of which Trade receivables: +€44,970
- Intangible fixed assets +€20,623
up €20,623 (+516%), from €4,000 to €24,624
- Formation expenses -€11,861
down €11,861 (-25.0%), from €47,445 to €35,583
- Tangible fixed assets -€3,136
down €3,136 (-24.0%), from €13,076 to €9,940
of which Plant, machinery and equipment: -€2,797
- Deferred charges and accrued income -€1,880
down €1,880 (-100%), from €1,880 to €0
- Profit (loss) carried forward -€79,504
down €79,504 (-14.0%), from -€565,925 to -€645,429
- Debts after one year +€65,000
up €65,000 (+32.5%), from €200,000 to €265,000
- Trade debts +€39,363
up €39,363 (+334%), from €11,798 to €51,161
- Short-term financial debts +€15,733
up €15,733 (+16.0%), from €98,274 to €114,007
- Tax, wage and social debts +€6,006
up €6,006 (+25.6%), from €23,463 to €29,470
of which Remuneration and social security: +€10,700
- Gross operating margin -€69,021
down €69,021 (-25.8%), from €267,294 to €198,273
- Financial charges -€3,462
down €3,462 (-24.4%), from €14,182 to €10,720
- Depreciation +€3,361
up €3,361 (+16.1%), from €20,817 to €24,178
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 | €98,756 | €147,472 | +€48,717 | +49.3% |
| Formation expenses | 20 | €47,445 | €35,583 | -€11,861 | -25.0% |
| Fixed assets | 21/28 | €17,076 | €34,564 | +€17,488 | +102% |
| Intangible fixed assets | 21 | €4,000 | €24,624 | +€20,623 | +516% |
| Tangible fixed assets | 22/27 | €13,076 | €9,940 | -€3,136 | -24.0% |
| Plant, machinery and equipment | 23 | €9,001 | €6,204 | -€2,797 | -31.1% |
| Furniture and vehicles | 24 | €4,075 | €3,736 | -€339 | -8.3% |
| Current assets | 29/58 | €34,235 | €77,325 | +€43,090 | +126% |
| Amounts receivable within one year | 40/41 | €32,355 | €77,325 | +€44,970 | +139% |
| Trade receivables | 40 | €32,355 | €77,325 | +€44,970 | +139% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | |
| Deferred charges and accrued income | 490/1 | €1,880 | €0 | -€1,880 | -100% |
| Total equity and liabilities | 10/49 | €98,756 | €147,472 | +€48,717 | +49.3% |
| Equity | 10/15 | -€235,925 | -€315,429 | -€79,504 | -33.7% |
| Contributions | 10/11 | €330,000 | €330,000 | = | 0.0% |
| Capital | 10 | €330,000 | €330,000 | = | 0.0% |
| Issued capital | 100 | €330,000 | €330,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€565,925 | -€645,429 | -€79,504 | -14.0% |
| Amounts payable | 17/49 | €334,681 | €462,901 | +€128,220 | +38.3% |
| Amounts payable after more than one year | 17 | €200,000 | €265,000 | +€65,000 | +32.5% |
| Financial debts | 170/4 | €200,000 | €265,000 | +€65,000 | +32.5% |
| Amounts payable within one year | 42/48 | €134,681 | €194,638 | +€59,957 | +44.5% |
| Financial debts | 43 | €98,274 | €114,007 | +€15,733 | +16.0% |
| Credit institutions | 430/8 | €98,274 | €114,007 | +€15,733 | +16.0% |
| Trade debts | 44 | €11,798 | €51,161 | +€39,363 | +334% |
| Suppliers | 440/4 | €11,798 | €51,161 | +€39,363 | +334% |
| Taxes, remuneration and social security | 45 | €23,463 | €29,470 | +€6,006 | +25.6% |
| Taxes | 450/3 | €13,605 | €8,911 | -€4,693 | -34.5% |
| Remuneration and social security | 454/9 | €9,858 | €20,558 | +€10,700 | +109% |
| Other amounts payable | 47/48 | €1,145 | - | -€1,145 | |
| Accrued charges and deferred income | 492/3 | - | €3,263 | +€3,263 | |
| Non-recurring operating income | 76A | €2,500 | - | -€2,500 | |
| Remuneration, social security and pensions | 62 | €240,562 | €241,091 | +€529 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,817 | €24,178 | +€3,361 | +16.1% |
| Other operating charges | 640/8 | €187 | €125 | -€62 | -33.2% |
| Non-recurring operating charges | 66A | - | €1,663 | +€1,663 | |
| Gross operating margin | 9900 | €267,294 | €198,273 | -€69,021 | -25.8% |
| Operating profit (loss) | 9901 | €5,728 | -€68,784 | -€74,512 | |
| Financial charges | 65/66B | €14,182 | €10,720 | -€3,462 | -24.4% |
| Recurring financial charges | 65 | €14,182 | €10,720 | -€3,462 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | -€8,454 | -€79,504 | -€71,050 | -840% |
| Profit (loss) for the period | 9904 | -€8,454 | -€79,504 | -€71,050 | -840% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,454 | -€79,504 | -€71,050 | -840% |
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 17 October 2026 via checked.be.