SARTAGE: 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.
SARTAGE
Largest movements
- Cash -€19,635
down €19,635 (-86.1%), from €22,806 to €3,171
mainly Stocks and contracts (-€14,867) and Receivables within one year (-€14,732)
- Stocks and contracts +€14,867
up €14,867 (+23.0%), from €64,671 to €79,539
- Receivables within one year +€14,732
up €14,732 (+93.7%), from €15,723 to €30,455
- Tangible fixed assets -€10,703
down €10,703 (-18.9%), from €56,500 to €45,797
- Deferred charges and accrued income -€9,768
down €9,768 (-28.6%), from €34,139 to €24,371
- Current portion of long-term debt -€7,000
down €7,000 (-11.3%), from €62,000 to €55,000
- Reserves -€2,201
down €2,201 (-3.1%), from €71,502 to €69,301
of which Distributable reserves: -€2,201
- Depreciation -€16,410
down €16,410 (-60.5%), from €27,113 to €10,703
- Gross operating margin -€6,461
down €6,461 (-38.7%), from €16,710 to €10,250
- Financial income -€185
down €185 (-58.6%), from €316 to €131
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 | €206,562 | €196,056 | -€10,507 | -5.1% |
| Fixed assets | 21/28 | €69,223 | €58,520 | -€10,703 | -15.5% |
| Tangible fixed assets | 22/27 | €56,500 | €45,797 | -€10,703 | -18.9% |
| Plant, machinery and equipment | 23 | €56,500 | €45,797 | -€10,703 | -18.9% |
| Financial fixed assets | 28 | €12,723 | €12,723 | = | 0.0% |
| Current assets | 29/58 | €137,339 | €137,536 | +€197 | +0.1% |
| Stocks and contracts in progress | 3 | €64,671 | €79,539 | +€14,867 | +23.0% |
| Stocks | 30/36 | €64,671 | €79,539 | +€14,867 | +23.0% |
| Amounts receivable within one year | 40/41 | €15,723 | €30,455 | +€14,732 | +93.7% |
| Trade receivables | 40 | €15,723 | €30,455 | +€14,732 | +93.7% |
| Cash at bank and in hand | 54/58 | €22,806 | €3,171 | -€19,635 | -86.1% |
| Deferred charges and accrued income | 490/1 | €34,139 | €24,371 | -€9,768 | -28.6% |
| Total equity and liabilities | 10/49 | €206,562 | €196,056 | -€10,507 | -5.1% |
| Equity | 10/15 | €133,502 | €131,301 | -€2,201 | -1.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €71,502 | €69,301 | -€2,201 | -3.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €65,302 | €63,101 | -€2,201 | -3.4% |
| Amounts payable | 17/49 | €73,061 | €64,755 | -€8,305 | -11.4% |
| Amounts payable within one year | 42/48 | €73,061 | €64,755 | -€8,305 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €62,000 | €55,000 | -€7,000 | -11.3% |
| Trade debts | 44 | €9,752 | €8,784 | -€968 | -9.9% |
| Suppliers | 440/4 | €9,752 | €8,784 | -€968 | -9.9% |
| Taxes, remuneration and social security | 45 | €1,309 | €971 | -€337 | -25.8% |
| Taxes | 450/3 | €1,309 | €971 | -€337 | -25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,113 | €10,703 | -€16,410 | -60.5% |
| Other operating charges | 640/8 | €74 | - | -€74 | |
| Gross operating margin | 9900 | €16,710 | €10,250 | -€6,461 | -38.7% |
| Operating profit (loss) | 9901 | -€10,477 | -€454 | +€10,023 | +95.7% |
| Financial income | 75/76B | €316 | €131 | -€185 | -58.6% |
| Recurring financial income | 75 | €316 | €131 | -€185 | -58.6% |
| Financial charges | 65/66B | €1,865 | €1,705 | -€160 | -8.6% |
| Recurring financial charges | 65 | €1,865 | €1,705 | -€160 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | -€12,025 | -€2,028 | +€9,998 | +83.1% |
| Income taxes | 67/77 | €166 | €174 | +€8 | +4.6% |
| Profit (loss) for the period | 9904 | -€12,191 | -€2,201 | +€9,990 | +81.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,191 | -€2,201 | +€9,990 | +81.9% |
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 24 October 2026 via checked.be.