Sartho: 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.
Sartho
Largest movements
- Tangible fixed assets +€212,962
up €212,962 (+7.7%), from €2.8m to €3.0m
of which Plant, machinery and equipment: +€209,063
- Cash -€120,277
down €120,277 (-38.5%), from €312,599 to €192,321
mainly Investment in fixed assets (net) (-€375,141) and Trade debts (-€55,806)
- Debts after one year +€96,804
up €96,804 (+3.7%), from €2.6m to €2.7m
- Trade debts -€55,806
down €55,806 (-61.7%), from €90,451 to €34,644
- Current portion of long-term debt +€47,373
up €47,373 (+31.5%), from €150,547 to €197,920
- Profit (loss) carried forward -€34,575
down €34,575 (-221%), from -€15,638 to -€50,212
- Depreciation +€45,393
up €45,393 (+39.2%), from €115,773 to €161,166
- Gross operating margin +€35,041
up €35,041 (+18.9%), from €185,471 to €220,512
- Financial charges +€18,726
up €18,726 (+31.4%), from €59,607 to €78,333
- Other operating charges +€2,673
up €2,673 (+21.0%), from €12,708 to €15,382
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 | €3,176,086 | €3,246,681 | +€70,595 | +2.2% |
| Fixed assets | 21/28 | €2,768,515 | €2,982,490 | +€213,975 | +7.7% |
| Intangible fixed assets | 21 | €1,881 | €2,894 | +€1,013 | +53.9% |
| Tangible fixed assets | 22/27 | €2,766,529 | €2,979,491 | +€212,962 | +7.7% |
| Land and buildings | 22 | €2,688,939 | €2,717,548 | +€28,609 | +1.1% |
| Plant, machinery and equipment | 23 | €3,317 | €212,381 | +€209,063 | +6,302% |
| Furniture and vehicles | 24 | €74,273 | €49,563 | -€24,710 | -33.3% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €407,571 | €264,191 | -€143,380 | -35.2% |
| Stocks and contracts in progress | 3 | €6,000 | €0 | -€6,000 | -100% |
| Contracts in progress | 37 | €6,000 | €0 | -€6,000 | -100% |
| Amounts receivable within one year | 40/41 | €79,393 | €60,731 | -€18,662 | -23.5% |
| Trade receivables | 40 | €43,294 | €51,280 | +€7,987 | +18.4% |
| Other amounts receivable | 41 | €36,099 | €9,450 | -€26,649 | -73.8% |
| Cash at bank and in hand | 54/58 | €312,599 | €192,321 | -€120,277 | -38.5% |
| Deferred charges and accrued income | 490/1 | €9,580 | €11,139 | +€1,560 | +16.3% |
| Total equity and liabilities | 10/49 | €3,176,086 | €3,246,681 | +€70,595 | +2.2% |
| Equity | 10/15 | €288,465 | €253,890 | -€34,575 | -12.0% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | €84,103 | €84,103 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €84,103 | €84,103 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,638 | -€50,212 | -€34,575 | -221% |
| Amounts payable | 17/49 | €2,887,621 | €2,992,790 | +€105,169 | +3.6% |
| Amounts payable after more than one year | 17 | €2,604,164 | €2,700,968 | +€96,804 | +3.7% |
| Financial debts | 170/4 | €2,604,164 | €2,700,968 | +€96,804 | +3.7% |
| Amounts payable within one year | 42/48 | €254,746 | €274,697 | +€19,952 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €150,547 | €197,920 | +€47,373 | +31.5% |
| Trade debts | 44 | €90,451 | €34,644 | -€55,806 | -61.7% |
| Suppliers | 440/4 | €90,451 | €34,644 | -€55,806 | -61.7% |
| Taxes, remuneration and social security | 45 | €6,914 | €25,631 | +€18,717 | +271% |
| Taxes | 450/3 | €3,300 | €21,999 | +€18,699 | +567% |
| Remuneration and social security | 454/9 | €3,614 | €3,632 | +€18 | +0.5% |
| Other amounts payable | 47/48 | €6,834 | €16,502 | +€9,667 | +141% |
| Accrued charges and deferred income | 492/3 | €28,711 | €17,125 | -€11,586 | -40.4% |
| Non-recurring operating income | 76A | - | €981 | +€981 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,773 | €161,166 | +€45,393 | +39.2% |
| Other operating charges | 640/8 | €12,708 | €15,382 | +€2,673 | +21.0% |
| Gross operating margin | 9900 | €185,471 | €220,512 | +€35,041 | +18.9% |
| Operating profit (loss) | 9901 | €56,990 | €43,964 | -€13,025 | -22.9% |
| Financial income | 75/76B | €11 | €58 | +€47 | +419% |
| Recurring financial income | 75 | €11 | €58 | +€47 | +419% |
| Financial charges | 65/66B | €59,607 | €78,333 | +€18,726 | +31.4% |
| Recurring financial charges | 65 | €59,607 | €78,333 | +€18,726 | +31.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,606 | -€34,310 | -€31,705 | -1,217% |
| Income taxes | 67/77 | €75 | €264 | +€189 | +252% |
| Profit (loss) for the period | 9904 | -€2,681 | -€34,575 | -€31,894 | -1,190% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,681 | -€34,575 | -€31,894 | -1,190% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.