SARINE: 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.
SARINE
Largest movements
- Cash +€46,823
up €46,823 (+14.2%), from €329,281 to €376,104
mainly Net result for the year (+€89,112) and Other debts (+€33,254)
- Tangible fixed assets +€20,490
up €20,490 (+9.6%), from €212,840 to €233,330
of which Land and buildings: +€18,264
- Reserves +€60,160
up €60,160 (+16.1%), from €373,611 to €433,771
of which Distributable reserves: +€60,160
- Other debts +€33,254
up €33,254 (+85.9%), from €38,729 to €71,983
- Debts after one year -€20,812
down €20,812 (-16.1%), from €129,500 to €108,688
- Depreciation -€9,104
down €9,104 (-32.4%), from €28,101 to €18,997
- Write-downs -€4,625
no longer reported in 2025 (was €4,625)
- Taxes +€3,929
up €3,929 (+12.6%), from €31,085 to €35,015
- Gross operating margin +€3,612
up €3,612 (+2.5%), from €145,910 to €149,522
- Financial charges +€2,596
up €2,596 (+100.6%), from €2,582 to €5,178
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.
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 | €581,741 | €653,010 | +€71,268 | +12.3% |
| Fixed assets | 21/28 | €212,840 | €233,330 | +€20,490 | +9.6% |
| Tangible fixed assets | 22/27 | €212,840 | €233,330 | +€20,490 | +9.6% |
| Land and buildings | 22 | €201,430 | €219,694 | +€18,264 | +9.1% |
| Plant, machinery and equipment | 23 | €5,503 | €4,906 | -€597 | -10.8% |
| Furniture and vehicles | 24 | €5,908 | €7,537 | +€1,629 | +27.6% |
| Other tangible fixed assets | 26 | - | €1,193 | +€1,193 | |
| Current assets | 29/58 | €368,901 | €419,680 | +€50,779 | +13.8% |
| Amounts receivable within one year | 40/41 | €2,236 | €967 | -€1,269 | -56.7% |
| Trade receivables | 40 | €2,236 | €967 | -€1,269 | -56.7% |
| Current investments | 50/53 | €9,946 | €9,946 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €329,281 | €376,104 | +€46,823 | +14.2% |
| Deferred charges and accrued income | 490/1 | €27,437 | €32,662 | +€5,225 | +19.0% |
| Total equity and liabilities | 10/49 | €581,741 | €653,010 | +€71,268 | +12.3% |
| Equity | 10/15 | €381,451 | €441,614 | +€60,162 | +15.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €373,611 | €433,771 | +€60,160 | +16.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,900 | €8,900 | = | 0.0% |
| Distributable reserves | 133 | €362,851 | €423,011 | +€60,160 | +16.6% |
| Profit (loss) carried forward | 14 | €1,640 | €1,643 | +€2 | +0.1% |
| Amounts payable | 17/49 | €200,290 | €211,396 | +€11,106 | +5.5% |
| Amounts payable after more than one year | 17 | €129,500 | €108,688 | -€20,812 | -16.1% |
| Financial debts | 170/4 | €129,500 | €108,688 | -€20,812 | -16.1% |
| Amounts payable within one year | 42/48 | €70,790 | €102,708 | +€31,918 | +45.1% |
| Current portion of amounts payable after more than one year | 42 | €13,870 | €19,000 | +€5,130 | +37.0% |
| Trade debts | 44 | €4,967 | €4,380 | -€586 | -11.8% |
| Suppliers | 440/4 | €4,967 | €4,380 | -€586 | -11.8% |
| Taxes, remuneration and social security | 45 | €13,225 | €7,345 | -€5,880 | -44.5% |
| Taxes | 450/3 | €11,085 | €5,005 | -€6,080 | -54.8% |
| Remuneration and social security | 454/9 | €2,140 | €2,340 | +€200 | +9.3% |
| Other amounts payable | 47/48 | €38,729 | €71,983 | +€33,254 | +85.9% |
| Remuneration, social security and pensions | 62 | -€62 | - | +€62 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,101 | €18,997 | -€9,104 | -32.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,625 | - | -€4,625 | |
| Other operating charges | 640/8 | €1,078 | €1,221 | +€143 | +13.2% |
| Gross operating margin | 9900 | €145,910 | €149,522 | +€3,612 | +2.5% |
| Operating profit (loss) | 9901 | €112,169 | €129,305 | +€17,136 | +15.3% |
| Financial charges | 65/66B | €2,582 | €5,178 | +€2,596 | +100.6% |
| Recurring financial charges | 65 | €2,582 | €5,178 | +€2,596 | +100.6% |
| Profit (loss) for the period before taxes | 9903 | €109,587 | €124,127 | +€14,540 | +13.3% |
| Income taxes | 67/77 | €31,085 | €35,015 | +€3,929 | +12.6% |
| Profit (loss) for the period | 9904 | €78,502 | €89,112 | +€10,611 | +13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €78,502 | €89,112 | +€10,611 | +13.5% |
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 8 October 2026 via checked.be.