SARTEX: 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.
SARTEX
Largest movements
- Current investments -€396,782
down €396,782 (-65.3%), from €607,583 to €210,801
- Stocks and contracts +€341,089
up €341,089 (+48.1%), from €708,739 to €1.0m
- Receivables within one year -€112,275
down €112,275 (-54.2%), from €207,196 to €94,921
of which Trade receivables: -€102,228
- Cash -€19,786
down €19,786 (-12.8%), from €154,516 to €134,730
mainly Stocks and contracts (-€341,089) and Other debts (-€278,144)
- Other debts -€278,144
down €278,144 (-98.9%), from €281,144 to €3,000
- Reserves +€82,618
up €82,618 (+6.8%), from €1.2m to €1.3m
of which Distributable reserves: +€82,618
- Gross operating margin -€87,596
down €87,596 (-40.0%), from €218,907 to €131,310
- Financial income +€16,166
up €16,166 (+593.8%), from €2,723 to €18,889
- Taxes +€14,990
up €14,990 (+112.2%), from €13,362 to €28,351
- Other operating charges +€8,960
up €8,960 (+121.8%), from €7,355 to €16,315
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 | €1,798,029 | €1,594,466 | -€203,564 | -11.3% |
| Fixed assets | 21/28 | €117,141 | €101,238 | -€15,903 | -13.6% |
| Tangible fixed assets | 22/27 | €117,141 | €101,238 | -€15,903 | -13.6% |
| Land and buildings | 22 | €68,370 | €68,370 | = | 0.0% |
| Furniture and vehicles | 24 | €48,771 | €32,867 | -€15,903 | -32.6% |
| Current assets | 29/58 | €1,680,888 | €1,493,228 | -€187,660 | -11.2% |
| Stocks and contracts in progress | 3 | €708,739 | €1,049,828 | +€341,089 | +48.1% |
| Stocks | 30/36 | €708,739 | €1,049,828 | +€341,089 | +48.1% |
| Amounts receivable within one year | 40/41 | €207,196 | €94,921 | -€112,275 | -54.2% |
| Trade receivables | 40 | €147,287 | €45,059 | -€102,228 | -69.4% |
| Other amounts receivable | 41 | €59,910 | €49,862 | -€10,047 | -16.8% |
| Current investments | 50/53 | €607,583 | €210,801 | -€396,782 | -65.3% |
| Cash at bank and in hand | 54/58 | €154,516 | €134,730 | -€19,786 | -12.8% |
| Deferred charges and accrued income | 490/1 | €2,854 | €2,948 | +€95 | +3.3% |
| Total equity and liabilities | 10/49 | €1,798,029 | €1,594,466 | -€203,564 | -11.3% |
| Equity | 10/15 | €1,466,108 | €1,548,726 | +€82,618 | +5.6% |
| Contributions | 10/11 | €257,958 | €257,958 | = | 0.0% |
| Capital | 10 | €257,958 | €257,958 | = | 0.0% |
| Issued capital | 100 | €257,958 | €257,958 | = | 0.0% |
| Reserves | 13 | €1,208,149 | €1,290,768 | +€82,618 | +6.8% |
| Non-distributable reserves | 130/1 | €25,796 | €25,796 | = | 0.0% |
| Legal reserve | 130 | €25,796 | €25,796 | = | 0.0% |
| Distributable reserves | 133 | €1,182,354 | €1,264,972 | +€82,618 | +7.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €331,922 | €45,740 | -€286,182 | -86.2% |
| Amounts payable within one year | 42/48 | €331,922 | €45,740 | -€286,182 | -86.2% |
| Trade debts | 44 | €50,778 | €42,740 | -€8,038 | -15.8% |
| Suppliers | 440/4 | €50,778 | €42,740 | -€8,038 | -15.8% |
| Other amounts payable | 47/48 | €281,144 | €3,000 | -€278,144 | -98.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,036 | €18,435 | +€400 | +2.2% |
| Other operating charges | 640/8 | €7,355 | €16,315 | +€8,960 | +121.8% |
| Gross operating margin | 9900 | €218,907 | €131,310 | -€87,596 | -40.0% |
| Operating profit (loss) | 9901 | €193,516 | €96,560 | -€96,956 | -50.1% |
| Financial income | 75/76B | €2,723 | €18,889 | +€16,166 | +593.8% |
| Recurring financial income | 75 | €2,723 | €18,889 | +€16,166 | +593.8% |
| Financial charges | 65/66B | €1,328 | €1,479 | +€152 | +11.4% |
| Recurring financial charges | 65 | €1,328 | €1,479 | +€152 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €194,911 | €113,970 | -€80,941 | -41.5% |
| Income taxes | 67/77 | €13,362 | €28,351 | +€14,990 | +112.2% |
| Profit (loss) for the period | 9904 | €181,549 | €85,618 | -€95,931 | -52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €181,549 | €85,618 | -€95,931 | -52.8% |
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 5 October 2026 via checked.be.