SARZANA: 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.
SARZANA
Largest movements
- Receivables within one year +€31,417
up €31,417 (+179%), from €17,582 to €48,999
of which Trade receivables: +€20,988
- Cash -€25,349
down €25,349 (-88.0%), from €28,805 to €3,455
mainly Receivables within one year (-€31,417) and Debts after one year (-€26,396)
- Tangible fixed assets -€10,290
down €10,290 (-4.1%), from €253,987 to €243,698
of which Land and buildings: -€9,015
- Stocks and contracts -€5,324
down €5,324 (-45.4%), from €11,715 to €6,391
- Trade debts +€44,446
up €44,446 (+274%), from €16,214 to €60,661
- Debts after one year -€26,396
down €26,396 (-21.5%), from €122,666 to €96,270
- Profit (loss) carried forward -€18,763
down €18,763 (-18.9%), from -€99,075 to -€117,837
- Accrued charges and deferred income -€9,190
no longer reported in 2025 (was €9,190)
- Other debts +€8,038
up €8,038 (+7.2%), from €112,226 to €120,263
- Gross operating margin -€17,804
down €17,804 (-9.1%), from €195,374 to €177,570
- Staff costs -€10,525
down €10,525 (-5.9%), from €178,339 to €167,813
- Financial charges +€4,160
up €4,160 (+114%), from €3,649 to €7,809
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 | €313,643 | €304,097 | -€9,546 | -3.0% |
| Fixed assets | 21/28 | €255,541 | €245,251 | -€10,290 | -4.0% |
| Tangible fixed assets | 22/27 | €253,987 | €243,698 | -€10,290 | -4.1% |
| Land and buildings | 22 | €251,825 | €242,810 | -€9,015 | -3.6% |
| Furniture and vehicles | 24 | €1,025 | €596 | -€428 | -41.8% |
| Other tangible fixed assets | 26 | €1,138 | €292 | -€846 | -74.4% |
| Financial fixed assets | 28 | €1,554 | €1,554 | = | 0.0% |
| Current assets | 29/58 | €58,102 | €58,846 | +€744 | +1.3% |
| Stocks and contracts in progress | 3 | €11,715 | €6,391 | -€5,324 | -45.4% |
| Stocks | 30/36 | €11,715 | €6,391 | -€5,324 | -45.4% |
| Amounts receivable within one year | 40/41 | €17,582 | €48,999 | +€31,417 | +179% |
| Trade receivables | 40 | - | €20,988 | +€20,988 | |
| Other amounts receivable | 41 | €17,582 | €28,011 | +€10,428 | +59.3% |
| Cash at bank and in hand | 54/58 | €28,805 | €3,455 | -€25,349 | -88.0% |
| Total equity and liabilities | 10/49 | €313,643 | €304,097 | -€9,546 | -3.0% |
| Equity | 10/15 | -€14,604 | -€33,367 | -€18,763 | -128% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €65,871 | €65,871 | = | 0.0% |
| Non-distributable reserves | 130/1 | €662 | €662 | = | 0.0% |
| Other | 1319 | €662 | €662 | = | 0.0% |
| Distributable reserves | 133 | €65,209 | €65,209 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€99,075 | -€117,837 | -€18,763 | -18.9% |
| Amounts payable | 17/49 | €328,247 | €337,464 | +€9,217 | +2.8% |
| Amounts payable after more than one year | 17 | €122,666 | €96,270 | -€26,396 | -21.5% |
| Financial debts | 170/4 | €122,666 | €96,270 | -€26,396 | -21.5% |
| Amounts payable within one year | 42/48 | €196,391 | €241,193 | +€44,802 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €28,258 | €27,947 | -€310 | -1.1% |
| Trade debts | 44 | €16,214 | €60,661 | +€44,446 | +274% |
| Suppliers | 440/4 | €16,214 | €60,661 | +€44,446 | +274% |
| Taxes, remuneration and social security | 45 | €39,693 | €32,322 | -€7,372 | -18.6% |
| Taxes | 450/3 | €15,054 | €8,771 | -€6,284 | -41.7% |
| Remuneration and social security | 454/9 | €24,639 | €23,551 | -€1,088 | -4.4% |
| Other amounts payable | 47/48 | €112,226 | €120,263 | +€8,038 | +7.2% |
| Accrued charges and deferred income | 492/3 | €9,190 | - | -€9,190 | |
| Remuneration, social security and pensions | 62 | €178,339 | €167,813 | -€10,525 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,300 | €10,290 | -€11 | -0.1% |
| Other operating charges | 640/8 | €5,280 | €5,586 | +€306 | +5.8% |
| Non-recurring operating charges | 66A | - | €4,834 | +€4,834 | |
| Gross operating margin | 9900 | €195,374 | €177,570 | -€17,804 | -9.1% |
| Operating profit (loss) | 9901 | €1,455 | -€10,953 | -€12,408 | |
| Financial charges | 65/66B | €3,649 | €7,809 | +€4,160 | +114% |
| Recurring financial charges | 65 | €3,649 | €7,809 | +€4,160 | +114% |
| Profit (loss) for the period before taxes | 9903 | -€2,194 | -€18,763 | -€16,569 | -755% |
| Profit (loss) for the period | 9904 | -€2,194 | -€18,763 | -€16,569 | -755% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,194 | -€18,763 | -€16,569 | -755% |
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 29 October 2026 via checked.be.