SASEL: 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.
SASEL
Largest movements
- Cash -€110,756
down €110,756 (-24.7%), from €448,380 to €337,624
mainly Net result for the year (-€139,339) and Investment in fixed assets (net) (-€24,251)
- Tangible fixed assets -€29,233
down €29,233 (-5.2%), from €558,705 to €529,472
of which Land and buildings: -€37,185
- Profit (loss) carried forward -€139,339
down €139,339 (-13.8%), from €1.0m to €867,046
- Gross operating margin +€488,729
up €488,729 (+86.7%), from -€563,405 to -€74,676
- Financial income +€32,305
up €32,305 (+175%), from €18,439 to €50,744
of which Non-recurring financial income: +€47,786
- Financial charges +€26,148
up €26,148 (+775%), from €3,376 to €29,524
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 | €1,007,519 | €867,096 | -€140,423 | -13.9% |
| Fixed assets | 21/28 | €558,705 | €529,472 | -€29,233 | -5.2% |
| Tangible fixed assets | 22/27 | €558,705 | €529,472 | -€29,233 | -5.2% |
| Land and buildings | 22 | €420,307 | €383,122 | -€37,185 | -8.8% |
| Plant, machinery and equipment | 23 | €138,397 | €146,350 | +€7,952 | +5.7% |
| Current assets | 29/58 | €448,814 | €337,624 | -€111,190 | -24.8% |
| Amounts receivable within one year | 40/41 | €434 | - | -€434 | |
| Trade receivables | 40 | €434 | - | -€434 | |
| Cash at bank and in hand | 54/58 | €448,380 | €337,624 | -€110,756 | -24.7% |
| Total equity and liabilities | 10/49 | €1,007,519 | €867,096 | -€140,423 | -13.9% |
| Equity | 10/15 | €1,006,385 | €867,046 | -€139,339 | -13.8% |
| Profit (loss) carried forward | 14 | €1,006,385 | €867,046 | -€139,339 | -13.8% |
| Amounts payable | 17/49 | €1,134 | €50 | -€1,084 | -95.6% |
| Amounts payable within one year | 42/48 | €1,134 | €50 | -€1,084 | -95.6% |
| Taxes, remuneration and social security | 45 | €1,134 | €50 | -€1,084 | -95.6% |
| Taxes | 450/3 | €732 | - | -€732 | |
| Remuneration and social security | 454/9 | €402 | €50 | -€352 | -87.6% |
| Remuneration, social security and pensions | 62 | €29,809 | €30,694 | +€885 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,938 | €53,484 | +€4,547 | +9.3% |
| Other operating charges | 640/8 | €1,317 | €885 | -€432 | -32.8% |
| Gross operating margin | 9900 | -€563,405 | -€74,676 | +€488,729 | +86.7% |
| Operating profit (loss) | 9901 | -€643,469 | -€159,740 | +€483,729 | +75.2% |
| Financial income | 75/76B | €18,439 | €50,744 | +€32,305 | +175% |
| Recurring financial income | 75 | €18,439 | €2,958 | -€15,481 | -84.0% |
| Non-recurring financial income | 76B | - | €47,786 | +€47,786 | |
| Financial charges | 65/66B | €3,376 | €29,524 | +€26,148 | +775% |
| Recurring financial charges | 65 | €3,376 | €29,524 | +€26,148 | +775% |
| Profit (loss) for the period before taxes | 9903 | -€628,405 | -€138,519 | +€489,886 | +78.0% |
| Income taxes | 67/77 | €1,303 | €820 | -€483 | -37.1% |
| Profit (loss) for the period | 9904 | -€629,708 | -€139,339 | +€490,369 | +77.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€629,708 | -€139,339 | +€490,369 | +77.9% |
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.