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
- Tangible fixed assets -€116,994
down €116,994 (-12.1%), from €968,421 to €851,427
of which Land and buildings: -€97,441
- Receivables within one year +€32,660
up €32,660 (+69.7%), from €46,875 to €79,535
of which Trade receivables: +€36,568
- Cash +€26,493
up €26,493 (+75.2%), from €35,216 to €61,709
mainly Depreciation (+€122,751) and Trade debts (+€26,665)
- Debts after one year -€89,947
down €89,947 (-10.4%), from €867,310 to €777,363
- Trade debts +€26,665
up €26,665 (+83.4%), from €31,956 to €58,621
- Taxes +€13,609
up €13,609 (+326%), from €4,178 to €17,788
- Gross operating margin -€7,445
down €7,445 (-4.4%), from €169,199 to €161,754
- Depreciation -€2,758
down €2,758 (-2.2%), from €125,509 to €122,751
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 | €1,052,621 | €992,671 | -€59,950 | -5.7% |
| Fixed assets | 21/28 | €968,421 | €851,427 | -€116,994 | -12.1% |
| Tangible fixed assets | 22/27 | €968,421 | €851,427 | -€116,994 | -12.1% |
| Land and buildings | 22 | €936,347 | €838,906 | -€97,441 | -10.4% |
| Plant, machinery and equipment | 23 | €23,665 | €8,661 | -€15,004 | -63.4% |
| Furniture and vehicles | 24 | €8,408 | €3,859 | -€4,549 | -54.1% |
| Current assets | 29/58 | €84,200 | €141,244 | +€57,043 | +67.7% |
| Amounts receivable within one year | 40/41 | €46,875 | €79,535 | +€32,660 | +69.7% |
| Trade receivables | 40 | €37,145 | €73,713 | +€36,568 | +98.4% |
| Other amounts receivable | 41 | €9,731 | €5,822 | -€3,909 | -40.2% |
| Cash at bank and in hand | 54/58 | €35,216 | €61,709 | +€26,493 | +75.2% |
| Deferred charges and accrued income | 490/1 | €2,109 | €0 | -€2,109 | -100% |
| Total equity and liabilities | 10/49 | €1,052,621 | €992,671 | -€59,950 | -5.7% |
| Equity | 10/15 | €5,000 | €13,641 | +€8,641 | +173% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €0 | €8,641 | +€8,641 | |
| Distributable reserves | 133 | €0 | €8,641 | +€8,641 | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,047,621 | €979,029 | -€68,592 | -6.5% |
| Amounts payable after more than one year | 17 | €867,310 | €777,363 | -€89,947 | -10.4% |
| Financial debts | 170/4 | €867,310 | €777,363 | -€89,947 | -10.4% |
| Amounts payable within one year | 42/48 | €180,311 | €201,666 | +€21,355 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €96,888 | €89,947 | -€6,942 | -7.2% |
| Trade debts | 44 | €31,956 | €58,621 | +€26,665 | +83.4% |
| Suppliers | 440/4 | €31,956 | €58,621 | +€26,665 | +83.4% |
| Taxes, remuneration and social security | 45 | €7,198 | €16,479 | +€9,281 | +129% |
| Taxes | 450/3 | €7,198 | €16,479 | +€9,281 | +129% |
| Other amounts payable | 47/48 | €44,268 | €36,620 | -€7,649 | -17.3% |
| Remuneration, social security and pensions | 62 | €1,393 | €2,396 | +€1,003 | +72.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,509 | €122,751 | -€2,758 | -2.2% |
| Other operating charges | 640/8 | €2,126 | €2,292 | +€166 | +7.8% |
| Gross operating margin | 9900 | €169,199 | €161,754 | -€7,445 | -4.4% |
| Operating profit (loss) | 9901 | €40,171 | €34,315 | -€5,856 | -14.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €8,714 | €7,886 | -€827 | -9.5% |
| Recurring financial charges | 65 | €8,714 | €7,886 | -€827 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €31,457 | €26,429 | -€5,029 | -16.0% |
| Income taxes | 67/77 | €4,178 | €17,788 | +€13,609 | +326% |
| Profit (loss) for the period | 9904 | €27,279 | €8,641 | -€18,638 | -68.3% |
| Profit (loss) for the period to be appropriated | 9905 | €27,279 | €8,641 | -€18,638 | -68.3% |
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 13 October 2026 via checked.be.