SAS: what changed
SAS
Largest movements
- Tangible fixed assets +€13,156
up €13,156 (+8.3%), from €157,704 to €170,860
of which Plant, machinery and equipment: +€15,710
- Cash +€11,242
up €11,242 (+11.1%), from €100,921 to €112,163
mainly Tax, wage and social debts (+€72,295) and Debts after one year (+€47,591)
- Trade debts -€93,665
no longer reported in 2025 (was €93,665)
- Tax, wage and social debts +€72,295
up €72,295 (+110%), from €65,744 to €138,040
of which Remuneration and social security: +€85,791
- Debts after one year +€47,591
new in 2025: €47,591
- Current portion of long-term debt +€19,296
up €19,296 (+172%), from €11,194 to €30,490
- Other debts -€17,795
down €17,795 (-81.9%), from €21,741 to €3,946
- Gross operating margin -€147,482
down €147,482 (-16.1%), from €915,524 to €768,042
- Staff costs -€103,463
down €103,463 (-12.8%), from €810,132 to €706,670
- Depreciation -€11,597
down €11,597 (-20.7%), from €56,023 to €44,426
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €280,205 | €308,873 | +€28,667 | +10.2% |
| Fixed assets | 21/28 | €157,704 | €170,860 | +€13,156 | +8.3% |
| Tangible fixed assets | 22/27 | €157,704 | €170,860 | +€13,156 | +8.3% |
| Land and buildings | 22 | €3,788 | €1,142 | -€2,646 | -69.9% |
| Plant, machinery and equipment | 23 | €150,781 | €166,492 | +€15,710 | +10.4% |
| Furniture and vehicles | 24 | €3,135 | €3,227 | +€91 | +2.9% |
| Current assets | 29/58 | €122,501 | €138,013 | +€15,512 | +12.7% |
| Stocks and contracts in progress | 3 | €3,760 | €5,841 | +€2,080 | +55.3% |
| Stocks | 30/36 | €3,760 | €5,841 | +€2,080 | +55.3% |
| Amounts receivable within one year | 40/41 | €17,820 | €19,921 | +€2,101 | +11.8% |
| Trade receivables | 40 | €2,070 | €4,171 | +€2,101 | +101% |
| Other amounts receivable | 41 | €15,750 | €15,750 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €100,921 | €112,163 | +€11,242 | +11.1% |
| Deferred charges and accrued income | 490/1 | - | €88 | +€88 | |
| Total equity and liabilities | 10/49 | €280,205 | €308,873 | +€28,667 | +10.2% |
| Equity | 10/15 | €87,861 | €88,805 | +€945 | +1.1% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,861 | €28,805 | +€945 | +3.4% |
| Amounts payable | 17/49 | €192,345 | €220,067 | +€27,723 | +14.4% |
| Amounts payable after more than one year | 17 | - | €47,591 | +€47,591 | |
| Financial debts | 170/4 | - | €47,591 | +€47,591 | |
| Amounts payable within one year | 42/48 | €192,345 | €172,476 | -€19,869 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €11,194 | €30,490 | +€19,296 | +172% |
| Trade debts | 44 | €93,665 | - | -€93,665 | |
| Suppliers | 440/4 | €93,665 | - | -€93,665 | |
| Taxes, remuneration and social security | 45 | €65,744 | €138,040 | +€72,295 | +110% |
| Taxes | 450/3 | €52,622 | €39,127 | -€13,495 | -25.6% |
| Remuneration and social security | 454/9 | €13,123 | €98,913 | +€85,791 | +654% |
| Other amounts payable | 47/48 | €21,741 | €3,946 | -€17,795 | -81.9% |
| Remuneration, social security and pensions | 62 | €810,132 | €706,670 | -€103,463 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,023 | €44,426 | -€11,597 | -20.7% |
| Other operating charges | 640/8 | €695 | €199 | -€496 | -71.3% |
| Gross operating margin | 9900 | €915,524 | €768,042 | -€147,482 | -16.1% |
| Operating profit (loss) | 9901 | €48,673 | €16,747 | -€31,926 | -65.6% |
| Financial charges | 65/66B | €12,515 | €14,603 | +€2,088 | +16.7% |
| Recurring financial charges | 65 | €12,515 | €14,603 | +€2,088 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €36,158 | €2,144 | -€34,014 | -94.1% |
| Income taxes | 67/77 | €8,298 | €1,200 | -€7,098 | -85.5% |
| Profit (loss) for the period | 9904 | €27,861 | €945 | -€26,916 | -96.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,861 | €945 | -€26,916 | -96.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.