SARUELKO: what changed
SARUELKO
Largest movements
- Financial fixed assets -€100,000
down €100,000 (-70.2%), from €142,448 to €42,448
- Cash +€32,202
up €32,202 (+415%), from €7,760 to €39,962
mainly Investment in fixed assets (net) (+€100,000) and Net result for the year (+€44,900)
- Receivables after one year +€28,279
new in 2025: €28,279
- Current investments +€9,265
up €9,265 (+12.5%), from €74,171 to €83,435
- Receivables within one year +€2,990
up €2,990 (+19.1%), from €15,683 to €18,673
of which Other amounts receivable: +€16,619
- Other debts -€59,811
down €59,811 (-95.8%), from €62,441 to €2,630
- Reserves +€44,900
up €44,900 (+46.5%), from €96,579 to €141,479
- Debts after one year -€14,628
down €14,628 (-25.0%), from €58,466 to €43,838
- Gross operating margin -€30,045
down €30,045 (-54.5%), from €55,123 to €25,079
- Financial income +€19,709
up €19,709 (+175%), from €11,279 to €30,989
- Taxes -€4,710
down €4,710 (-41.3%), from €11,393 to €6,684
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €247,273 | €219,180 | -€28,093 | -11.4% |
| Fixed assets | 21/28 | €148,715 | €47,245 | -€101,470 | -68.2% |
| Tangible fixed assets | 22/27 | €6,267 | €4,797 | -€1,470 | -23.5% |
| Furniture and vehicles | 24 | €2,192 | €1,352 | -€840 | -38.3% |
| Other tangible fixed assets | 26 | €4,075 | €3,445 | -€630 | -15.5% |
| Financial fixed assets | 28 | €142,448 | €42,448 | -€100,000 | -70.2% |
| Current assets | 29/58 | €98,558 | €171,936 | +€73,378 | +74.5% |
| Amounts receivable after more than one year | 29 | - | €28,279 | +€28,279 | |
| Other amounts receivable | 291 | - | €28,279 | +€28,279 | |
| Amounts receivable within one year | 40/41 | €15,683 | €18,673 | +€2,990 | +19.1% |
| Trade receivables | 40 | €13,915 | €286 | -€13,629 | -97.9% |
| Other amounts receivable | 41 | €1,768 | €18,387 | +€16,619 | +940% |
| Current investments | 50/53 | €74,171 | €83,435 | +€9,265 | +12.5% |
| Cash at bank and in hand | 54/58 | €7,760 | €39,962 | +€32,202 | +415% |
| Deferred charges and accrued income | 490/1 | €945 | €1,586 | +€641 | +67.9% |
| Total equity and liabilities | 10/49 | €247,273 | €219,180 | -€28,093 | -11.4% |
| Equity | 10/15 | €101,579 | €146,479 | +€44,900 | +44.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €96,579 | €141,479 | +€44,900 | +46.5% |
| Distributable reserves | 133 | €96,579 | €141,479 | +€44,900 | +46.5% |
| Amounts payable | 17/49 | €145,694 | €72,701 | -€72,992 | -50.1% |
| Amounts payable after more than one year | 17 | €58,466 | €43,838 | -€14,628 | -25.0% |
| Financial debts | 170/4 | €58,466 | €43,838 | -€14,628 | -25.0% |
| Amounts payable within one year | 42/48 | €87,228 | €28,864 | -€58,364 | -66.9% |
| Current portion of amounts payable after more than one year | 42 | €14,208 | €14,628 | +€420 | +3.0% |
| Trade debts | 44 | €757 | €1,130 | +€373 | +49.3% |
| Suppliers | 440/4 | €757 | €1,130 | +€373 | +49.3% |
| Taxes, remuneration and social security | 45 | €9,822 | €10,475 | +€653 | +6.6% |
| Taxes | 450/3 | €9,822 | €10,475 | +€653 | +6.6% |
| Other amounts payable | 47/48 | €62,441 | €2,630 | -€59,811 | -95.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,700 | €1,470 | -€229 | -13.5% |
| Other operating charges | 640/8 | €696 | €626 | -€70 | -10.0% |
| Gross operating margin | 9900 | €55,123 | €25,079 | -€30,045 | -54.5% |
| Operating profit (loss) | 9901 | €52,728 | €22,982 | -€29,746 | -56.4% |
| Financial income | 75/76B | €11,279 | €30,989 | +€19,709 | +175% |
| Recurring financial income | 75 | €11,279 | €30,989 | +€19,709 | +175% |
| Financial charges | 65/66B | €1,859 | €2,387 | +€528 | +28.4% |
| Recurring financial charges | 65 | €1,859 | €2,387 | +€528 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | €62,148 | €51,583 | -€10,565 | -17.0% |
| Income taxes | 67/77 | €11,393 | €6,684 | -€4,710 | -41.3% |
| Profit (loss) for the period | 9904 | €50,755 | €44,900 | -€5,855 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,755 | €44,900 | -€5,855 | -11.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.