SAS: 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.
SAS
Largest movements
- Cash +€998,459
up €998,459 (+11,455%), from €8,716 to €1.0m
mainly Contributions, distributions and other (+€1.0m) and Stocks and contracts (+€538,654)
- Stocks and contracts -€538,654
down €538,654 (-96.0%), from €561,200 to €22,546
- Receivables within one year -€141,569
down €141,569 (-54.8%), from €258,553 to €116,984
of which Other amounts receivable: -€141,569
- Tangible fixed assets +€70,140
up €70,140 (+5,780%), from €1,214 to €71,354
of which Land and buildings: +€70,871
- Contributions +€1.0m
up €1.0m (+182%), from €550,000 to €1.6m
- Short-term financial debts -€575,000
down €575,000 (-100%), from €575,000 to €0
- Trade debts -€54,602
down €54,602 (-98.1%), from €55,632 to €1,030
- Profit (loss) carried forward +€18,892
up €18,892 (+5.3%), from -€358,551 to -€339,659
- Gross operating margin +€117,394
up €117,394, from -€1,865 to €115,529
- Other operating charges +€40,144
up €40,144 (+869%), from €4,622 to €44,766
- Financial charges -€19,660
down €19,660 (-89.5%), from €21,975 to €2,316
- Depreciation -€4,157
down €4,157 (-85.1%), from €4,888 to €730
- Financial income -€2,187
down €2,187 (-17.2%), from €12,708 to €10,521
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 | €831,034 | €1,220,625 | +€389,590 | +46.9% |
| Fixed assets | 21/28 | €1,214 | €71,354 | +€70,140 | +5,780% |
| Tangible fixed assets | 22/27 | €1,214 | €71,354 | +€70,140 | +5,780% |
| Land and buildings | 22 | - | €70,871 | +€70,871 | |
| Furniture and vehicles | 24 | €1,214 | €483 | -€730 | -60.2% |
| Current assets | 29/58 | €829,821 | €1,149,271 | +€319,450 | +38.5% |
| Stocks and contracts in progress | 3 | €561,200 | €22,546 | -€538,654 | -96.0% |
| Stocks | 30/36 | €561,200 | €22,546 | -€538,654 | -96.0% |
| Amounts receivable within one year | 40/41 | €258,553 | €116,984 | -€141,569 | -54.8% |
| Trade receivables | 40 | €6,300 | €6,300 | = | 0.0% |
| Other amounts receivable | 41 | €252,253 | €110,684 | -€141,569 | -56.1% |
| Cash at bank and in hand | 54/58 | €8,716 | €1,007,175 | +€998,459 | +11,455% |
| Deferred charges and accrued income | 490/1 | €1,352 | €2,566 | +€1,214 | +89.9% |
| Total equity and liabilities | 10/49 | €831,034 | €1,220,625 | +€389,590 | +46.9% |
| Equity | 10/15 | €192,025 | €1,210,917 | +€1.0m | +531% |
| Contributions | 10/11 | €550,000 | €1,550,000 | +€1.0m | +182% |
| Capital | 10 | €550,000 | - | -€550,000 | |
| Issued capital | 100 | €550,000 | - | -€550,000 | |
| Reserves | 13 | €576 | €576 | = | 0.0% |
| Non-distributable reserves | 130/1 | €576 | €576 | = | 0.0% |
| Legal reserve | 130 | €576 | - | -€576 | |
| Reserves not available under the articles | 1311 | - | €576 | +€576 | |
| Profit (loss) carried forward | 14 | -€358,551 | -€339,659 | +€18,892 | +5.3% |
| Amounts payable | 17/49 | €639,009 | €9,708 | -€629,302 | -98.5% |
| Amounts payable within one year | 42/48 | €639,009 | €9,708 | -€629,302 | -98.5% |
| Financial debts | 43 | €575,000 | €0 | -€575,000 | -100% |
| Other loans | 439 | €575,000 | €0 | -€575,000 | -100% |
| Trade debts | 44 | €55,632 | €1,030 | -€54,602 | -98.1% |
| Suppliers | 440/4 | €55,632 | €1,030 | -€54,602 | -98.1% |
| Taxes, remuneration and social security | 45 | €8,378 | €8,678 | +€300 | +3.6% |
| Remuneration and social security | 454/9 | €8,378 | €8,678 | +€300 | +3.6% |
| Remuneration, social security and pensions | 62 | €61,362 | €59,346 | -€2,016 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,888 | €730 | -€4,157 | -85.1% |
| Other operating charges | 640/8 | €4,622 | €44,766 | +€40,144 | +869% |
| Gross operating margin | 9900 | -€1,865 | €115,529 | +€117,394 | |
| Operating profit (loss) | 9901 | -€72,737 | €10,686 | +€83,423 | |
| Financial income | 75/76B | €12,708 | €10,521 | -€2,187 | -17.2% |
| Recurring financial income | 75 | €12,708 | €10,521 | -€2,187 | -17.2% |
| Financial charges | 65/66B | €21,975 | €2,316 | -€19,660 | -89.5% |
| Recurring financial charges | 65 | €21,975 | €2,316 | -€19,660 | -89.5% |
| Profit (loss) for the period before taxes | 9903 | -€82,004 | €18,892 | +€100,896 | |
| Profit (loss) for the period | 9904 | -€82,004 | €18,892 | +€100,896 | |
| Profit (loss) for the period to be appropriated | 9905 | -€82,004 | €18,892 | +€100,896 |
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 19 October 2026 via checked.be.