SASW: 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.
SASW
Largest movements
- Tangible fixed assets +€3.2m
up €3.2m (+88.8%), from €3.7m to €6.9m
of which Land and buildings: +€3.2m
- Financial fixed assets -€920,000
down €920,000 (-100%), from €920,000 to €0
- Cash +€571,481
up €571,481 (+189%), from €301,661 to €873,142
mainly Debts after one year (+€2.5m) and Net result for the year (+€632,795)
- Receivables within one year +€289,081
up €289,081 (+541,451%), from €53 to €289,134
- Debts after one year +€2.5m
up €2.5m (+109%), from €2.3m to €4.7m
- Other debts +€568,159
up €568,159 (+1,000%), from €56,841 to €625,000
- Current portion of long-term debt +€151,175
up €151,175 (+87.4%), from €172,892 to €324,067
- Financial income +€844,389
up €844,389 (+1,208%), from €69,927 to €914,315
of which Non-recurring financial income: +€878,723
- Gross operating margin -€261,961
down €261,961, from €235,952 to -€26,009
- Depreciation +€40,137
up €40,137 (+43.4%), from €92,491 to €132,628
- Other operating charges +€22,886
up €22,886 (+478%), from €4,792 to €27,678
- Taxes -€19,584
down €19,584 (-100%), from €19,584 to €0
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 | €4,974,291 | €8,171,642 | +€3.2m | +64.3% |
| Fixed assets | 21/28 | €4,571,622 | €6,895,022 | +€2.3m | +50.8% |
| Tangible fixed assets | 22/27 | €3,651,622 | €6,895,022 | +€3.2m | +88.8% |
| Land and buildings | 22 | €3,651,622 | €6,895,022 | +€3.2m | +88.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €920,000 | €0 | -€920,000 | -100% |
| Current assets | 29/58 | €402,669 | €1,276,620 | +€873,950 | +217% |
| Amounts receivable within one year | 40/41 | €53 | €289,134 | +€289,081 | +541,451% |
| Other amounts receivable | 41 | €53 | €289,134 | +€289,081 | +541,451% |
| Current investments | 50/53 | €82,500 | €95,000 | +€12,500 | +15.2% |
| Cash at bank and in hand | 54/58 | €301,661 | €873,142 | +€571,481 | +189% |
| Deferred charges and accrued income | 490/1 | €18,455 | €19,344 | +€889 | +4.8% |
| Total equity and liabilities | 10/49 | €4,974,291 | €8,171,642 | +€3.2m | +64.3% |
| Equity | 10/15 | €2,464,645 | €2,472,440 | +€7,795 | +0.3% |
| Contributions | 10/11 | €2,090,100 | €2,090,100 | = | 0.0% |
| Reserves | 13 | €374,000 | €382,340 | +€8,340 | +2.2% |
| Distributable reserves | 133 | €374,000 | €382,340 | +€8,340 | +2.2% |
| Profit (loss) carried forward | 14 | €545 | €0 | -€545 | -100% |
| Amounts payable | 17/49 | €2,509,646 | €5,699,201 | +€3.2m | +127% |
| Amounts payable after more than one year | 17 | €2,261,300 | €4,717,199 | +€2.5m | +109% |
| Financial debts | 170/4 | €2,261,300 | €4,717,199 | +€2.5m | +109% |
| Amounts payable within one year | 42/48 | €244,760 | €981,391 | +€736,630 | +301% |
| Current portion of amounts payable after more than one year | 42 | €172,892 | €324,067 | +€151,175 | +87.4% |
| Trade debts | 44 | €935 | €11,511 | +€10,576 | +1,131% |
| Suppliers | 440/4 | €935 | €11,511 | +€10,576 | +1,131% |
| Advances received on contracts in progress | 46 | - | €5,417 | +€5,417 | |
| Taxes, remuneration and social security | 45 | €14,093 | €15,396 | +€1,303 | +9.2% |
| Taxes | 450/3 | €14,093 | €15,396 | +€1,303 | +9.2% |
| Other amounts payable | 47/48 | €56,841 | €625,000 | +€568,159 | +1,000% |
| Accrued charges and deferred income | 492/3 | €3,586 | €612 | -€2,974 | -82.9% |
| Non-recurring operating income | 76A | €24,269 | €0 | -€24,269 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,491 | €132,628 | +€40,137 | +43.4% |
| Other operating charges | 640/8 | €4,792 | €27,678 | +€22,886 | +478% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €235,952 | -€26,009 | -€261,961 | |
| Operating profit (loss) | 9901 | €138,669 | -€186,316 | -€324,985 | |
| Financial income | 75/76B | €69,927 | €914,315 | +€844,389 | +1,208% |
| Recurring financial income | 75 | €69,927 | €35,592 | -€34,334 | -49.1% |
| Non-recurring financial income | 76B | - | €878,723 | +€878,723 | |
| Financial charges | 65/66B | €77,834 | €95,204 | +€17,370 | +22.3% |
| Recurring financial charges | 65 | €77,834 | €95,204 | +€17,370 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | €130,761 | €632,795 | +€502,034 | +384% |
| Income taxes | 67/77 | €19,584 | €0 | -€19,584 | -100% |
| Profit (loss) for the period | 9904 | €111,177 | €632,795 | +€521,618 | +469% |
| Profit (loss) for the period to be appropriated | 9905 | €111,177 | €632,795 | +€521,618 | +469% |
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 16 October 2026 via checked.be.