SART GARE IMMO: 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.
SART GARE IMMO
Largest movements
- Receivables within one year +€821,931
up €821,931 (+683%), from €120,264 to €942,196
of which Other amounts receivable: +€940,288
- Tangible fixed assets -€590,847
down €590,847 (-4.5%), from €13.1m to €12.5m
of which Land and buildings: -€518,838
- Cash +€366,133
up €366,133 (+257%), from €142,461 to €508,594
mainly Debts after one year (+€3.3m) and Depreciation (+€683,514)
- Debts after one year +€3.3m
up €3.3m (+45.2%), from €7.2m to €10.5m
of which Financial debts: +€3.3m
- Profit (loss) carried forward -€2.0m
down €2.0m (-42.4%), from €4.8m to €2.8m
- Other debts -€848,558
down €848,558 (-93.9%), from €903,654 to €55,096
- Current portion of long-term debt +€186,127
up €186,127 (+68.9%), from €270,045 to €456,172
- Gross operating margin +€113,589
up €113,589 (+11.9%), from €955,235 to €1.1m
- Financial charges +€59,492
up €59,492 (+18.2%), from €326,301 to €385,793
- Depreciation +€42,272
up €42,272 (+6.6%), from €641,242 to €683,514
- Financial income +€39,829
up €39,829 (+495%), from €8,041 to €47,870
- Write-downs -€38,154
down €38,154 (-100%), from €38,154 to €0
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 | €13,393,009 | €13,992,644 | +€599,634 | +4.5% |
| Fixed assets | 21/28 | €13,126,256 | €12,535,409 | -€590,847 | -4.5% |
| Tangible fixed assets | 22/27 | €13,115,597 | €12,524,750 | -€590,847 | -4.5% |
| Land and buildings | 22 | €11,874,100 | €11,355,262 | -€518,838 | -4.4% |
| Plant, machinery and equipment | 23 | €914,840 | €842,831 | -€72,009 | -7.9% |
| Assets under construction and advance payments | 27 | €326,658 | €326,658 | = | 0.0% |
| Financial fixed assets | 28 | €10,659 | €10,659 | = | 0.0% |
| Current assets | 29/58 | €266,753 | €1,457,234 | +€1.2m | +446% |
| Amounts receivable within one year | 40/41 | €120,264 | €942,196 | +€821,931 | +683% |
| Trade receivables | 40 | €120,264 | €1,908 | -€118,357 | -98.4% |
| Other amounts receivable | 41 | - | €940,288 | +€940,288 | |
| Cash at bank and in hand | 54/58 | €142,461 | €508,594 | +€366,133 | +257% |
| Deferred charges and accrued income | 490/1 | €4,029 | €6,445 | +€2,416 | +60.0% |
| Total equity and liabilities | 10/49 | €13,393,009 | €13,992,644 | +€599,634 | +4.5% |
| Equity | 10/15 | €4,854,872 | €2,819,925 | -€2.0m | -41.9% |
| Contributions | 10/11 | €31,554 | €31,554 | = | 0.0% |
| Reserves | 13 | €3,155 | €3,155 | = | 0.0% |
| Distributable reserves | 133 | €3,155 | €3,155 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,779,254 | €2,753,391 | -€2.0m | -42.4% |
| Investment grants | 15 | €40,908 | €31,826 | -€9,083 | -22.2% |
| Amounts payable | 17/49 | €8,538,138 | €11,172,719 | +€2.6m | +30.9% |
| Amounts payable after more than one year | 17 | €7,249,000 | €10,527,553 | +€3.3m | +45.2% |
| Financial debts | 170/4 | €7,244,000 | €10,503,053 | +€3.3m | +45.0% |
| Other amounts payable | 178/9 | €5,000 | €24,500 | +€19,500 | +390% |
| Amounts payable within one year | 42/48 | €1,198,476 | €552,235 | -€646,241 | -53.9% |
| Current portion of amounts payable after more than one year | 42 | €270,045 | €456,172 | +€186,127 | +68.9% |
| Trade debts | 44 | €10,518 | €20,232 | +€9,714 | +92.4% |
| Suppliers | 440/4 | €10,518 | €20,232 | +€9,714 | +92.4% |
| Taxes, remuneration and social security | 45 | €14,260 | €20,736 | +€6,476 | +45.4% |
| Taxes | 450/3 | €14,260 | €20,736 | +€6,476 | +45.4% |
| Other amounts payable | 47/48 | €903,654 | €55,096 | -€848,558 | -93.9% |
| Accrued charges and deferred income | 492/3 | €90,661 | €92,930 | +€2,269 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €641,242 | €683,514 | +€42,272 | +6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €38,154 | €0 | -€38,154 | -100% |
| Other operating charges | 640/8 | €45,563 | €73,249 | +€27,686 | +60.8% |
| Gross operating margin | 9900 | €955,235 | €1,068,823 | +€113,589 | +11.9% |
| Operating profit (loss) | 9901 | €230,276 | €312,060 | +€81,784 | +35.5% |
| Financial income | 75/76B | €8,041 | €47,870 | +€39,829 | +495% |
| Recurring financial income | 75 | €8,041 | €47,870 | +€39,829 | +495% |
| Financial charges | 65/66B | €326,301 | €385,793 | +€59,492 | +18.2% |
| Recurring financial charges | 65 | €326,301 | €385,793 | +€59,492 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | -€87,984 | -€25,864 | +€62,120 | +70.6% |
| Profit (loss) for the period | 9904 | -€87,984 | -€25,864 | +€62,120 | +70.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€87,984 | -€25,864 | +€62,120 | +70.6% |
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 28 October 2026 via checked.be.