SARX: 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.
SARX
Largest movements
- Current investments +€125,000
new in 2025: €125,000
- Cash -€83,634
down €83,634 (-23.0%), from €363,773 to €280,138
mainly Contributions, distributions and other (-€352,000) and Current investments (-€125,000)
- Tangible fixed assets -€12,783
down €12,783 (-24.0%), from €53,228 to €40,445
- Other debts +€90,724
up €90,724 (+37.7%), from €240,413 to €331,138
- Tax, wage and social debts -€51,114
down €51,114 (-91.6%), from €55,800 to €4,685
- Debts after one year -€12,197
down €12,197 (-28.7%), from €42,516 to €30,319
- Gross operating margin +€21,821
up €21,821 (+4.8%), from €459,117 to €480,938
- Taxes -€7,810
down €7,810 (-6.4%), from €122,958 to €115,147
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 | €565,638 | €592,538 | +€26,900 | +4.8% |
| Fixed assets | 21/28 | €53,228 | €41,445 | -€11,783 | -22.1% |
| Tangible fixed assets | 22/27 | €53,228 | €40,445 | -€12,783 | -24.0% |
| Leasing and similar rights | 25 | €53,228 | €40,445 | -€12,783 | -24.0% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €512,411 | €551,094 | +€38,683 | +7.5% |
| Amounts receivable within one year | 40/41 | €2,000 | €0 | -€2,000 | -100.0% |
| Trade receivables | 40 | €2,000 | €0 | -€2,000 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €125,000 | +€125,000 | |
| Cash at bank and in hand | 54/58 | €363,773 | €280,138 | -€83,634 | -23.0% |
| Deferred charges and accrued income | 490/1 | €146,638 | €145,955 | -€683 | -0.5% |
| Total equity and liabilities | 10/49 | €565,638 | €592,538 | +€26,900 | +4.8% |
| Equity | 10/15 | €208,641 | €208,973 | +€332 | +0.2% |
| Contributions | 10/11 | €55,800 | €55,800 | = | 0.0% |
| Reserves | 13 | €152,841 | €153,173 | +€332 | +0.2% |
| Distributable reserves | 133 | €152,841 | €153,173 | +€332 | +0.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €356,998 | €383,565 | +€26,568 | +7.4% |
| Amounts payable after more than one year | 17 | €42,516 | €30,319 | -€12,197 | -28.7% |
| Financial debts | 170/4 | €42,516 | €30,319 | -€12,197 | -28.7% |
| Amounts payable within one year | 42/48 | €310,517 | €349,617 | +€39,100 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €11,823 | €12,197 | +€373 | +3.2% |
| Trade debts | 44 | €2,480 | €1,597 | -€883 | -35.6% |
| Suppliers | 440/4 | €2,480 | €1,597 | -€883 | -35.6% |
| Taxes, remuneration and social security | 45 | €55,800 | €4,685 | -€51,114 | -91.6% |
| Taxes | 450/3 | €55,800 | €4,685 | -€51,114 | -91.6% |
| Other amounts payable | 47/48 | €240,413 | €331,138 | +€90,724 | +37.7% |
| Accrued charges and deferred income | 492/3 | €3,965 | €3,629 | -€336 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,687 | €12,783 | +€2,096 | +19.6% |
| Other operating charges | 640/8 | €786 | €448 | -€338 | -43.0% |
| Gross operating margin | 9900 | €459,117 | €480,938 | +€21,821 | +4.8% |
| Operating profit (loss) | 9901 | €447,644 | €467,707 | +€20,063 | +4.5% |
| Financial income | 75/76B | €2,710 | €5,777 | +€3,067 | +113.2% |
| Recurring financial income | 75 | €2,710 | €5,777 | +€3,067 | +113.2% |
| Financial charges | 65/66B | €6,528 | €6,004 | -€524 | -8.0% |
| Recurring financial charges | 65 | €6,528 | €6,004 | -€524 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €443,826 | €467,480 | +€23,654 | +5.3% |
| Income taxes | 67/77 | €122,958 | €115,147 | -€7,810 | -6.4% |
| Profit (loss) for the period | 9904 | €320,868 | €352,332 | +€31,464 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €320,868 | €352,332 | +€31,464 | +9.8% |
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.