SART SERVICES: 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 SERVICES
Largest movements
- Tangible fixed assets +€546,988
up €546,988 (+551%), from €99,356 to €646,344
of which Land and buildings: +€590,860
- Deferred charges and accrued income +€22,358
up €22,358 (+49.2%), from €45,482 to €67,840
- Debts after one year +€527,225
up €527,225 (+1,355%), from €38,916 to €566,141
of which Financial debts: +€548,310
- Reserves -€68,640
down €68,640 (-58.1%), from €118,218 to €49,578
of which Distributable reserves: -€68,640
- Trade debts +€54,328
up €54,328 (+38.4%), from €141,628 to €195,956
- Advances received +€31,766
up €31,766 (+668%), from €4,752 to €36,518
- Current portion of long-term debt +€23,880
up €23,880 (+173%), from €13,778 to €37,658
- Gross operating margin -€91,248
down €91,248 (-50.0%), from €182,625 to €91,376
- Staff costs -€45,300
down €45,300 (-40.7%), from €111,174 to €65,874
- Financial charges +€23,897
up €23,897 (+1,680%), from €1,423 to €25,320
- Other operating charges +€11,252
up €11,252 (+139%), from €8,114 to €19,366
- Depreciation +€5,393
up €5,393 (+12.4%), from €43,536 to €48,929
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 | €382,704 | €956,554 | +€573,850 | +150% |
| Fixed assets | 21/28 | €99,356 | €646,344 | +€546,988 | +551% |
| Tangible fixed assets | 22/27 | €99,356 | €646,344 | +€546,988 | +551% |
| Land and buildings | 22 | €8,687 | €599,546 | +€590,860 | +6,802% |
| Plant, machinery and equipment | 23 | €10,630 | €8,120 | -€2,510 | -23.6% |
| Furniture and vehicles | 24 | €80,039 | €38,677 | -€41,362 | -51.7% |
| Current assets | 29/58 | €283,348 | €310,209 | +€26,861 | +9.5% |
| Amounts receivable within one year | 40/41 | €192,368 | €198,283 | +€5,915 | +3.1% |
| Trade receivables | 40 | €142,064 | €137,340 | -€4,724 | -3.3% |
| Other amounts receivable | 41 | €50,304 | €60,943 | +€10,640 | +21.2% |
| Cash at bank and in hand | 54/58 | €45,499 | €44,087 | -€1,412 | -3.1% |
| Deferred charges and accrued income | 490/1 | €45,482 | €67,840 | +€22,358 | +49.2% |
| Total equity and liabilities | 10/49 | €382,704 | €956,554 | +€573,850 | +150% |
| Equity | 10/15 | €126,418 | €57,778 | -€68,640 | -54.3% |
| Contributions | 10/11 | €8,200 | €8,200 | = | 0.0% |
| Reserves | 13 | €118,218 | €49,578 | -€68,640 | -58.1% |
| 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 | €29,900 | €29,900 | = | 0.0% |
| Distributable reserves | 133 | €86,458 | €17,818 | -€68,640 | -79.4% |
| Amounts payable | 17/49 | €256,286 | €898,776 | +€642,490 | +251% |
| Amounts payable after more than one year | 17 | €38,916 | €566,141 | +€527,225 | +1,355% |
| Financial debts | 170/4 | - | €548,310 | +€548,310 | |
| Other amounts payable | 178/9 | €38,916 | €17,831 | -€21,085 | -54.2% |
| Amounts payable within one year | 42/48 | €217,370 | €332,635 | +€115,265 | +53.0% |
| Current portion of amounts payable after more than one year | 42 | €13,778 | €37,658 | +€23,880 | +173% |
| Trade debts | 44 | €141,628 | €195,956 | +€54,328 | +38.4% |
| Suppliers | 440/4 | €141,628 | €195,956 | +€54,328 | +38.4% |
| Advances received on contracts in progress | 46 | €4,752 | €36,518 | +€31,766 | +668% |
| Taxes, remuneration and social security | 45 | €15,449 | €13,590 | -€1,859 | -12.0% |
| Taxes | 450/3 | €15,449 | €13,590 | -€1,859 | -12.0% |
| Other amounts payable | 47/48 | €41,764 | €48,914 | +€7,150 | +17.1% |
| Remuneration, social security and pensions | 62 | €111,174 | €65,874 | -€45,300 | -40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,536 | €48,929 | +€5,393 | +12.4% |
| Other operating charges | 640/8 | €8,114 | €19,366 | +€11,252 | +139% |
| Gross operating margin | 9900 | €182,625 | €91,376 | -€91,248 | -50.0% |
| Operating profit (loss) | 9901 | €19,801 | -€42,792 | -€62,593 | |
| Financial income | 75/76B | €358 | €2,359 | +€2,002 | +560% |
| Recurring financial income | 75 | €358 | €2,359 | +€2,002 | +560% |
| Financial charges | 65/66B | €1,423 | €25,320 | +€23,897 | +1,680% |
| Recurring financial charges | 65 | €1,423 | €25,320 | +€23,897 | +1,680% |
| Profit (loss) for the period before taxes | 9903 | €18,736 | -€65,753 | -€84,488 | |
| Income taxes | 67/77 | €7,229 | €2,888 | -€4,341 | -60.1% |
| Profit (loss) for the period | 9904 | €11,507 | -€68,640 | -€80,147 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,507 | -€68,640 | -€80,147 |
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.