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 -€85,596
down €85,596 (-76.7%), from €111,670 to €26,074
mainly Trade debts (-€119,996) and Stocks and contracts (-€25,179)
- Stocks and contracts +€25,179
up €25,179 (+31.3%), from €80,487 to €105,665
- Receivables within one year -€24,563
down €24,563 (-4.9%), from €506,102 to €481,539
of which Trade receivables: -€296,249
- Trade debts -€119,996
down €119,996 (-17.9%), from €670,222 to €550,226
- Profit (loss) carried forward +€50,200
up €50,200 (+129.0%), from €38,913 to €89,113
- Current portion of long-term debt -€13,272
down €13,272 (-17.7%), from €75,000 to €61,728
- Financial income +€42,977
up €42,977 (+1852446.1%), from €2 to €42,979
- Staff costs +€40,275
up €40,275 (+219.7%), from €18,330 to €58,605
- Gross operating margin +€39,403
up €39,403 (+49.4%), from €79,719 to €119,122
- Financial charges +€9,025
up €9,025 (+208.7%), from €4,325 to €13,350
- Taxes +€5,926
up €5,926 (+72.3%), from €8,194 to €14,120
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 | €828,623 | €744,871 | -€83,752 | -10.1% |
| Fixed assets | 21/28 | €123,503 | €128,658 | +€5,155 | +4.2% |
| Intangible fixed assets | 21 | €405 | €305 | -€100 | -24.7% |
| Tangible fixed assets | 22/27 | €122,828 | €128,082 | +€5,255 | +4.3% |
| Land and buildings | 22 | €83,227 | €92,661 | +€9,434 | +11.3% |
| Plant, machinery and equipment | 23 | €3,543 | €2,498 | -€1,045 | -29.5% |
| Furniture and vehicles | 24 | €36,058 | €32,923 | -€3,135 | -8.7% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €705,120 | €616,213 | -€88,907 | -12.6% |
| Stocks and contracts in progress | 3 | €80,487 | €105,665 | +€25,179 | +31.3% |
| Stocks | 30/36 | €80,487 | €105,665 | +€25,179 | +31.3% |
| Amounts receivable within one year | 40/41 | €506,102 | €481,539 | -€24,563 | -4.9% |
| Trade receivables | 40 | €486,860 | €190,611 | -€296,249 | -60.8% |
| Other amounts receivable | 41 | €19,242 | €290,929 | +€271,687 | +1411.9% |
| Cash at bank and in hand | 54/58 | €111,670 | €26,074 | -€85,596 | -76.7% |
| Deferred charges and accrued income | 490/1 | €6,861 | €2,935 | -€3,927 | -57.2% |
| Total equity and liabilities | 10/49 | €828,623 | €744,871 | -€83,752 | -10.1% |
| Equity | 10/15 | €70,893 | €121,093 | +€50,200 | +70.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,380 | €13,380 | = | 0.0% |
| Distributable reserves | 133 | €13,380 | €13,380 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,913 | €89,113 | +€50,200 | +129.0% |
| Amounts payable | 17/49 | €757,729 | €623,778 | -€133,952 | -17.7% |
| Amounts payable within one year | 42/48 | €757,729 | €623,778 | -€133,952 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €75,000 | €61,728 | -€13,272 | -17.7% |
| Trade debts | 44 | €670,222 | €550,226 | -€119,996 | -17.9% |
| Suppliers | 440/4 | €670,222 | €550,226 | -€119,996 | -17.9% |
| Taxes, remuneration and social security | 45 | €12,507 | €9,446 | -€3,061 | -24.5% |
| Taxes | 450/3 | €10,357 | €4,901 | -€5,456 | -52.7% |
| Remuneration and social security | 454/9 | €2,150 | €4,545 | +€2,395 | +111.4% |
| Other amounts payable | 47/48 | - | €2,377 | +€2,377 | |
| Non-recurring operating income | 76A | €14,569 | - | -€14,569 | |
| Remuneration, social security and pensions | 62 | €18,330 | €58,605 | +€40,275 | +219.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,036 | €19,756 | +€2,720 | +16.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,880 | +€3,880 | |
| Other operating charges | 640/8 | €2,695 | €1,652 | -€1,043 | -38.7% |
| Non-recurring operating charges | 66A | €1,661 | €539 | -€1,121 | -67.5% |
| Gross operating margin | 9900 | €79,719 | €119,122 | +€39,403 | +49.4% |
| Operating profit (loss) | 9901 | €39,997 | €34,691 | -€5,307 | -13.3% |
| Financial income | 75/76B | €2 | €42,979 | +€42,977 | +1852446.1% |
| Recurring financial income | 75 | €2 | €42,979 | +€42,977 | +1852446.1% |
| Financial charges | 65/66B | €4,325 | €13,350 | +€9,025 | +208.7% |
| Recurring financial charges | 65 | €4,325 | €13,350 | +€9,025 | +208.7% |
| Profit (loss) for the period before taxes | 9903 | €35,675 | €64,320 | +€28,645 | +80.3% |
| Income taxes | 67/77 | €8,194 | €14,120 | +€5,926 | +72.3% |
| Profit (loss) for the period | 9904 | €27,481 | €50,200 | +€22,719 | +82.7% |
| Profit (loss) for the period to be appropriated | 9905 | €27,481 | €50,200 | +€22,719 | +82.7% |
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 10 October 2026 via checked.be.