SARINVEST: 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.
SARINVEST
Largest movements
- Cash +€229,052
up €229,052 (+77.5%), from €295,405 to €524,457
mainly Other debts (+€389,149) and Stocks and contracts (+€165,480)
- Stocks and contracts -€165,480
down €165,480 (-45.1%), from €367,224 to €201,744
- Receivables within one year +€52,537
up €52,537 (+9.5%), from €555,306 to €607,843
of which Other amounts receivable: +€86,385
- Tangible fixed assets -€16,799
down €16,799 (-8.4%), from €200,131 to €183,332
- Other debts +€389,149
new in 2025: €389,149
- Reserves -€269,960
down €269,960 (-26.4%), from €1.0m to €751,797
of which Distributable reserves: -€269,960
- Tax, wage and social debts +€39,829
up €39,829 (+131%), from €30,329 to €70,158
of which Taxes: +€24,573
- Trade debts -€34,189
down €34,189 (-39.2%), from €87,292 to €53,103
- Accrued charges and deferred income -€25,408
down €25,408 (-14.9%), from €170,421 to €145,012
- Staff costs +€11,036
up €11,036 (+8.1%), from €136,616 to €147,652
- Depreciation -€9,603
down €9,603 (-35.3%), from €27,203 to €17,600
- Gross operating margin +€9,213
up €9,213 (+2.4%), from €387,863 to €397,076
- Financial income -€8,636
down €8,636 (-60.7%), from €14,227 to €5,591
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 | €1,423,782 | €1,522,752 | +€98,970 | +7.0% |
| Fixed assets | 21/28 | €203,111 | €186,312 | -€16,799 | -8.3% |
| Tangible fixed assets | 22/27 | €200,131 | €183,332 | -€16,799 | -8.4% |
| Land and buildings | 22 | €161,668 | €160,213 | -€1,455 | -0.9% |
| Plant, machinery and equipment | 23 | €8,964 | €4,906 | -€4,057 | -45.3% |
| Furniture and vehicles | 24 | €8,503 | €382 | -€8,121 | -95.5% |
| Other tangible fixed assets | 26 | €20,996 | €17,830 | -€3,166 | -15.1% |
| Financial fixed assets | 28 | €2,980 | €2,980 | = | 0.0% |
| Current assets | 29/58 | €1,220,671 | €1,336,440 | +€115,769 | +9.5% |
| Stocks and contracts in progress | 3 | €367,224 | €201,744 | -€165,480 | -45.1% |
| Stocks | 30/36 | €367,224 | €201,744 | -€165,480 | -45.1% |
| Amounts receivable within one year | 40/41 | €555,306 | €607,843 | +€52,537 | +9.5% |
| Trade receivables | 40 | €194,432 | €160,584 | -€33,848 | -17.4% |
| Other amounts receivable | 41 | €360,874 | €447,259 | +€86,385 | +23.9% |
| Cash at bank and in hand | 54/58 | €295,405 | €524,457 | +€229,052 | +77.5% |
| Deferred charges and accrued income | 490/1 | €2,735 | €2,396 | -€340 | -12.4% |
| Total equity and liabilities | 10/49 | €1,423,782 | €1,522,752 | +€98,970 | +7.0% |
| Equity | 10/15 | €1,045,063 | €781,797 | -€263,267 | -25.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,021,757 | €751,797 | -€269,960 | -26.4% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €1,018,757 | €748,797 | -€269,960 | -26.5% |
| Profit (loss) carried forward | 14 | -€6,693 | - | +€6,693 | |
| Provisions and deferred taxes | 16 | €83,533 | €83,533 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €83,533 | €83,533 | = | 0.0% |
| Pensions and similar obligations | 160 | €83,533 | €83,533 | = | 0.0% |
| Amounts payable | 17/49 | €295,186 | €657,422 | +€362,236 | +123% |
| Amounts payable within one year | 42/48 | €124,765 | €512,410 | +€387,645 | +311% |
| Current portion of amounts payable after more than one year | 42 | €7,145 | - | -€7,145 | |
| Trade debts | 44 | €87,292 | €53,103 | -€34,189 | -39.2% |
| Suppliers | 440/4 | €87,292 | €53,103 | -€34,189 | -39.2% |
| Taxes, remuneration and social security | 45 | €30,329 | €70,158 | +€39,829 | +131% |
| Taxes | 450/3 | €19,414 | €43,987 | +€24,573 | +127% |
| Remuneration and social security | 454/9 | €10,914 | €26,171 | +€15,257 | +140% |
| Other amounts payable | 47/48 | - | €389,149 | +€389,149 | |
| Accrued charges and deferred income | 492/3 | €170,421 | €145,012 | -€25,408 | -14.9% |
| Remuneration, social security and pensions | 62 | €136,616 | €147,652 | +€11,036 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,203 | €17,600 | -€9,603 | -35.3% |
| Other operating charges | 640/8 | €8,982 | €9,497 | +€515 | +5.7% |
| Gross operating margin | 9900 | €387,863 | €397,076 | +€9,213 | +2.4% |
| Operating profit (loss) | 9901 | €215,062 | €222,327 | +€7,265 | +3.4% |
| Financial income | 75/76B | €14,227 | €5,591 | -€8,636 | -60.7% |
| Recurring financial income | 75 | €14,227 | €5,591 | -€8,636 | -60.7% |
| Financial charges | 65/66B | €8,502 | €9,406 | +€904 | +10.6% |
| Recurring financial charges | 65 | €8,502 | €8,463 | -€39 | -0.5% |
| Non-recurring financial charges | 66B | - | €943 | +€943 | |
| Profit (loss) for the period before taxes | 9903 | €220,787 | €218,512 | -€2,275 | -1.0% |
| Income taxes | 67/77 | €71,087 | €68,744 | -€2,343 | -3.3% |
| Profit (loss) for the period | 9904 | €149,700 | €149,768 | +€68 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €149,700 | €149,768 | +€68 | 0.0% |
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.