SASPUT: 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.
SASPUT
Largest movements
- Tangible fixed assets +€649,736
up €649,736 (+78.4%), from €828,739 to €1.5m
of which Land and buildings: +€630,447
- Cash -€346,090
down €346,090 (-49.4%), from €700,224 to €354,134
mainly Investment in fixed assets (net) (-€718,872) and Current investments (-€200,000)
- Current investments +€200,000
new in 2025: €200,000
- Receivables within one year -€26,882
down €26,882 (-11.2%), from €240,489 to €213,607
of which Trade receivables: -€31,077
- Revaluation surpluses +€668,554
new in 2025: €668,554
- Profit (loss) carried forward -€130,824
down €130,824 (-1,260%), from -€10,379 to -€141,203
- Debts after one year -€47,642
down €47,642 (-8.4%), from €564,674 to €517,032
- Gross operating margin -€127,293
down €127,293 (-83.0%), from €153,429 to €26,136
- Staff costs -€10,793
down €10,793 (-13.7%), from €78,649 to €67,856
- Financial income -€9,303
down €9,303 (-65.7%), from €14,166 to €4,863
- Depreciation -€4,184
down €4,184 (-5.7%), from €73,320 to €69,136
- Other operating charges +€3,727
up €3,727 (+46.5%), from €8,021 to €11,748
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 | €1,782,824 | €2,263,032 | +€480,209 | +26.9% |
| Fixed assets | 21/28 | €829,139 | €1,478,875 | +€649,736 | +78.4% |
| Tangible fixed assets | 22/27 | €828,739 | €1,478,475 | +€649,736 | +78.4% |
| Land and buildings | 22 | €773,553 | €1,404,000 | +€630,447 | +81.5% |
| Plant, machinery and equipment | 23 | €25,051 | €54,392 | +€29,341 | +117% |
| Furniture and vehicles | 24 | €30,135 | €20,083 | -€10,052 | -33.4% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €953,685 | €784,157 | -€169,528 | -17.8% |
| Stocks and contracts in progress | 3 | €9,981 | €9,981 | = | 0.0% |
| Stocks | 30/36 | €9,981 | €9,981 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €240,489 | €213,607 | -€26,882 | -11.2% |
| Trade receivables | 40 | €34,369 | €3,292 | -€31,077 | -90.4% |
| Other amounts receivable | 41 | €206,120 | €210,315 | +€4,195 | +2.0% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €700,224 | €354,134 | -€346,090 | -49.4% |
| Deferred charges and accrued income | 490/1 | €2,991 | €6,436 | +€3,445 | +115% |
| Total equity and liabilities | 10/49 | €1,782,824 | €2,263,032 | +€480,209 | +26.9% |
| Equity | 10/15 | €1,117,248 | €1,654,978 | +€537,730 | +48.1% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €668,554 | +€668,554 | |
| Reserves | 13 | €987,627 | €987,627 | = | 0.0% |
| Distributable reserves | 133 | €987,627 | €987,627 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,379 | -€141,203 | -€130,824 | -1,260% |
| Amounts payable | 17/49 | €665,576 | €608,055 | -€57,521 | -8.6% |
| Amounts payable after more than one year | 17 | €564,674 | €517,032 | -€47,642 | -8.4% |
| Financial debts | 170/4 | €564,674 | €517,032 | -€47,642 | -8.4% |
| Amounts payable within one year | 42/48 | €100,901 | €91,022 | -€9,879 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €57,225 | €51,130 | -€6,095 | -10.7% |
| Trade debts | 44 | €32,114 | €31,391 | -€723 | -2.3% |
| Suppliers | 440/4 | €32,114 | €31,391 | -€723 | -2.3% |
| Taxes, remuneration and social security | 45 | €11,562 | €8,501 | -€3,061 | -26.5% |
| Taxes | 450/3 | €3,011 | €3,233 | +€222 | +7.4% |
| Remuneration and social security | 454/9 | €8,551 | €5,268 | -€3,283 | -38.4% |
| Non-recurring operating income | 76A | €46,985 | - | -€46,985 | |
| Remuneration, social security and pensions | 62 | €78,649 | €67,856 | -€10,793 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,320 | €69,136 | -€4,184 | -5.7% |
| Other operating charges | 640/8 | €8,021 | €11,748 | +€3,727 | +46.5% |
| Non-recurring operating charges | 66A | €5,785 | - | -€5,785 | |
| Gross operating margin | 9900 | €153,429 | €26,136 | -€127,293 | -83.0% |
| Operating profit (loss) | 9901 | -€12,346 | -€122,604 | -€110,257 | -893% |
| Financial income | 75/76B | €14,166 | €4,863 | -€9,303 | -65.7% |
| Recurring financial income | 75 | €14,166 | €4,863 | -€9,303 | -65.7% |
| Financial charges | 65/66B | €11,599 | €12,529 | +€930 | +8.0% |
| Recurring financial charges | 65 | €11,599 | €12,529 | +€930 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,779 | -€130,270 | -€120,491 | -1,232% |
| Income taxes | 67/77 | €600 | €554 | -€46 | -7.6% |
| Profit (loss) for the period | 9904 | -€10,379 | -€130,824 | -€120,445 | -1,160% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,379 | -€130,824 | -€120,445 | -1,160% |
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 26 October 2026 via checked.be.