SATCOM: what changed
SATCOM
Largest movements
- Cash +€25,615
up €25,615 (+67.6%), from €37,889 to €63,504
mainly Net result for the year (+€31,756) and Depreciation (+€16,050)
- Receivables within one year +€16,673
up €16,673 (+59.7%), from €27,942 to €44,615
of which Trade receivables: +€20,341
- Tangible fixed assets -€9,964
down €9,964 (-45.5%), from €21,911 to €11,946
of which Furniture and vehicles: -€13,360
- Accrued charges and deferred income +€10,901
up €10,901 (+199%), from €5,467 to €16,368
- Other debts +€10,518
up €10,518 (+112%), from €9,356 to €19,874
- Reserves +€8,841
up €8,841 (+36.8%), from €24,026 to €32,867
of which Distributable reserves: +€8,841
- Debts after one year -€8,024
down €8,024 (-42.5%), from €18,884 to €10,860
- Trade debts +€4,888
up €4,888 (+65.6%), from €7,454 to €12,342
- Gross operating margin +€41,656
up €41,656 (+262%), from €15,871 to €57,527
- Taxes +€7,654
up €7,654 (+3,593%), from €213 to €7,867
- Depreciation -€2,475
down €2,475 (-13.4%), from €18,525 to €16,050
- Financial charges +€689
up €689 (+90.6%), from €761 to €1,450
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 | €89,720 | €121,380 | +€31,660 | +35.3% |
| Fixed assets | 21/28 | €21,911 | €11,946 | -€9,964 | -45.5% |
| Tangible fixed assets | 22/27 | €21,911 | €11,946 | -€9,964 | -45.5% |
| Plant, machinery and equipment | 23 | €816 | €4,212 | +€3,396 | +416% |
| Furniture and vehicles | 24 | €21,095 | €7,734 | -€13,360 | -63.3% |
| Current assets | 29/58 | €67,810 | €109,434 | +€41,625 | +61.4% |
| Amounts receivable within one year | 40/41 | €27,942 | €44,615 | +€16,673 | +59.7% |
| Trade receivables | 40 | €21,642 | €41,982 | +€20,341 | +94.0% |
| Other amounts receivable | 41 | €6,300 | €2,633 | -€3,667 | -58.2% |
| Cash at bank and in hand | 54/58 | €37,889 | €63,504 | +€25,615 | +67.6% |
| Deferred charges and accrued income | 490/1 | €1,979 | €1,315 | -€663 | -33.5% |
| Total equity and liabilities | 10/49 | €89,720 | €121,380 | +€31,660 | +35.3% |
| Equity | 10/15 | €38,911 | €51,467 | +€12,556 | +32.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €24,026 | €32,867 | +€8,841 | +36.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €22,166 | €31,007 | +€8,841 | +39.9% |
| Profit (loss) carried forward | 14 | -€3,715 | - | +€3,715 | |
| Amounts payable | 17/49 | €50,810 | €69,914 | +€19,104 | +37.6% |
| Amounts payable after more than one year | 17 | €18,884 | €10,860 | -€8,024 | -42.5% |
| Financial debts | 170/4 | €18,884 | €10,860 | -€8,024 | -42.5% |
| Amounts payable within one year | 42/48 | €26,459 | €42,686 | +€16,227 | +61.3% |
| Current portion of amounts payable after more than one year | 42 | €7,922 | €8,024 | +€102 | +1.3% |
| Trade debts | 44 | €7,454 | €12,342 | +€4,888 | +65.6% |
| Suppliers | 440/4 | €7,454 | €12,342 | +€4,888 | +65.6% |
| Taxes, remuneration and social security | 45 | €1,727 | €2,447 | +€719 | +41.6% |
| Taxes | 450/3 | €1,727 | €2,447 | +€719 | +41.6% |
| Other amounts payable | 47/48 | €9,356 | €19,874 | +€10,518 | +112% |
| Accrued charges and deferred income | 492/3 | €5,467 | €16,368 | +€10,901 | +199% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,525 | €16,050 | -€2,475 | -13.4% |
| Other operating charges | 640/8 | €111 | €413 | +€302 | +272% |
| Gross operating margin | 9900 | €15,871 | €57,527 | +€41,656 | +262% |
| Operating profit (loss) | 9901 | -€2,765 | €41,064 | +€43,829 | |
| Financial income | 75/76B | €23 | €9 | -€14 | -60.0% |
| Recurring financial income | 75 | €23 | €9 | -€14 | -60.0% |
| Financial charges | 65/66B | €761 | €1,450 | +€689 | +90.6% |
| Recurring financial charges | 65 | €761 | €1,450 | +€689 | +90.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,502 | €39,623 | +€43,126 | |
| Income taxes | 67/77 | €213 | €7,867 | +€7,654 | +3,593% |
| Profit (loss) for the period | 9904 | -€3,715 | €31,756 | +€35,471 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,715 | €31,756 | +€35,471 |
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 1 November 2026 via checked.be.