SAS: 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.
SAS
Largest movements
- Tangible fixed assets +€123,227
up €123,227 (+41.9%), from €293,853 to €417,080
of which Land and buildings: +€135,335
- Stocks and contracts +€110,323
new in 2025: €110,323
- Cash -€11,663
down €11,663 (-100.0%), from €11,663 to €0
mainly Investment in fixed assets (net) (-€135,999) and Stocks and contracts (-€110,323)
- Other debts +€225,367
up €225,367 (+127.5%), from €176,777 to €402,144
- Trade debts +€43,379
up €43,379 (+625.1%), from €6,939 to €50,319
- Profit (loss) carried forward -€31,249
down €31,249 (-38.1%), from €82,124 to €50,875
- Debts after one year -€17,086
down €17,086 (-47.5%), from €36,000 to €18,914
- Tax, wage and social debts +€6,273
up €6,273 (+36.3%), from €17,258 to €23,531
- Gross operating margin -€18,493
down €18,493 (-90.2%), from €20,510 to €2,017
- Financial charges +€2,433
up €2,433 (+160.9%), from €1,511 to €3,944
of which Financial charges: +€2,445
- Depreciation +€2,313
up €2,313 (+22.1%), from €10,459 to €12,772
- Staff costs +€1,522
up €1,522 (+12.7%), from €12,002 to €13,524
- Other operating charges -€1,001
down €1,001 (-62.8%), from €1,594 to €593
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 | €342,928 | €564,869 | +€221,941 | +64.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €297,632 | €420,859 | +€123,227 | +41.4% |
| Tangible fixed assets | 22/27 | €293,853 | €417,080 | +€123,227 | +41.9% |
| Land and buildings | 22 | €240,680 | €376,015 | +€135,335 | +56.2% |
| Plant, machinery and equipment | 23 | €320 | €160 | -€160 | -50.0% |
| Furniture and vehicles | 24 | €52,853 | €40,905 | -€11,948 | -22.6% |
| Financial fixed assets | 28 | €3,779 | €3,779 | = | 0.0% |
| Current assets | 29/58 | €45,295 | €144,010 | +€98,714 | +217.9% |
| Stocks and contracts in progress | 3 | - | €110,323 | +€110,323 | |
| Contracts in progress | 37 | - | €110,323 | +€110,323 | |
| Amounts receivable within one year | 40/41 | €33,633 | €33,687 | +€54 | +0.2% |
| Trade receivables | 40 | €29,977 | €29,816 | -€161 | -0.5% |
| Other amounts receivable | 41 | €3,655 | €3,871 | +€215 | +5.9% |
| Cash at bank and in hand | 54/58 | €11,663 | €0 | -€11,663 | -100.0% |
| Total equity and liabilities | 10/49 | €342,928 | €564,869 | +€221,941 | +64.7% |
| Equity | 10/15 | €84,124 | €52,875 | -€31,249 | -37.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,124 | €50,875 | -€31,249 | -38.1% |
| Amounts payable | 17/49 | €258,804 | €511,994 | +€253,190 | +97.8% |
| Amounts payable after more than one year | 17 | €36,000 | €18,914 | -€17,086 | -47.5% |
| Financial debts | 170/4 | €36,000 | €18,914 | -€17,086 | -47.5% |
| Amounts payable within one year | 42/48 | €222,804 | €493,080 | +€270,276 | +121.3% |
| Current portion of amounts payable after more than one year | 42 | €21,830 | €17,086 | -€4,744 | -21.7% |
| Trade debts | 44 | €6,939 | €50,319 | +€43,379 | +625.1% |
| Suppliers | 440/4 | €6,939 | €50,319 | +€43,379 | +625.1% |
| Taxes, remuneration and social security | 45 | €17,258 | €23,531 | +€6,273 | +36.3% |
| Remuneration and social security | 454/9 | €17,258 | €23,531 | +€6,273 | +36.3% |
| Other amounts payable | 47/48 | €176,777 | €402,144 | +€225,367 | +127.5% |
| Remuneration, social security and pensions | 62 | €12,002 | €13,524 | +€1,522 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,459 | €12,772 | +€2,313 | +22.1% |
| Other operating charges | 640/8 | €1,594 | €593 | -€1,001 | -62.8% |
| Non-recurring operating charges | 66A | €5,600 | €2,438 | -€3,162 | -56.5% |
| Gross operating margin | 9900 | €20,510 | €2,017 | -€18,493 | -90.2% |
| Operating profit (loss) | 9901 | -€9,146 | -€27,311 | -€18,165 | -198.6% |
| Financial income | 75/76B | €0 | €6 | +€6 | |
| Recurring financial income | 75 | €0 | €6 | +€6 | |
| Financial charges | 65/66B | €1,511 | €3,944 | +€2,433 | +160.9% |
| Recurring financial charges | 65 | €1,499 | €3,944 | +€2,445 | +163.1% |
| Non-recurring financial charges | 66B | €12 | - | -€12 | |
| Profit (loss) for the period before taxes | 9903 | -€10,657 | -€31,249 | -€20,592 | -193.2% |
| Income taxes | 67/77 | €302 | - | -€302 | |
| Profit (loss) for the period | 9904 | -€10,959 | -€31,249 | -€20,290 | -185.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,959 | -€31,249 | -€20,290 | -185.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.