SATE: 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.
SATE
Largest movements
- Receivables after one year -€750,000
no longer reported in 2025 (was €750,000)
- Current investments +€43,729
up €43,729 (+9.9%), from €442,840 to €486,569
- Cash +€33,193
up €33,193 (+146.3%), from €22,686 to €55,879
mainly Receivables after one year (+€750,000) and Debts after one year (+€159,800)
- Other debts -€640,667
down €640,667 (-70.0%), from €915,463 to €274,796
- Debts after one year +€159,800
new in 2025: €159,800
- Reserves -€140,146
down €140,146 (-58.4%), from €239,840 to €99,693
of which Tax-exempt reserves: -€140,146
- Profit (loss) carried forward -€60,971
down €60,971 (-27.1%), from €225,292 to €164,321
- Financial charges +€47,686
up €47,686, from -€41,482 to €6,203
- Taxes -€13,769
down €13,769 (-34.9%), from €39,463 to €25,694
- Gross operating margin -€13,714
down €13,714 (-11.5%), from €119,397 to €105,683
- Depreciation -€12,711
down €12,711 (-21.3%), from €59,687 to €46,976
- Financial income -€6,686
down €6,686 (-11.4%), from €58,759 to €52,073
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.
Cash bridge derived
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 | €1,504,496 | €816,754 | -€687,742 | -45.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €285,222 | €273,215 | -€12,007 | -4.2% |
| Tangible fixed assets | 22/27 | €285,222 | €273,215 | -€12,007 | -4.2% |
| Land and buildings | 22 | €271,995 | €264,128 | -€7,866 | -2.9% |
| Plant, machinery and equipment | 23 | €13,227 | €9,086 | -€4,141 | -31.3% |
| Current assets | 29/58 | €1,219,274 | €543,539 | -€675,735 | -55.4% |
| Amounts receivable after more than one year | 29 | €750,000 | - | -€750,000 | |
| Other amounts receivable | 291 | €750,000 | - | -€750,000 | |
| Amounts receivable within one year | 40/41 | €3,090 | €1,090 | -€2,000 | -64.7% |
| Other amounts receivable | 41 | €3,090 | €1,090 | -€2,000 | -64.7% |
| Current investments | 50/53 | €442,840 | €486,569 | +€43,729 | +9.9% |
| Cash at bank and in hand | 54/58 | €22,686 | €55,879 | +€33,193 | +146.3% |
| Deferred charges and accrued income | 490/1 | €658 | €1 | -€657 | -99.8% |
| Total equity and liabilities | 10/49 | €1,504,496 | €816,754 | -€687,742 | -45.7% |
| Equity | 10/15 | €489,191 | €286,274 | -€202,917 | -41.5% |
| Contributions | 10/11 | €18,494 | €18,494 | = | 0.0% |
| Reserves | 13 | €239,840 | €99,693 | -€140,146 | -58.4% |
| Non-distributable reserves | 130/1 | €1,849 | €1,849 | = | 0.0% |
| Other | 1319 | €1,849 | €1,849 | = | 0.0% |
| Tax-exempt reserves | 132 | €237,990 | €97,844 | -€140,146 | -58.9% |
| Profit (loss) carried forward | 14 | €225,292 | €164,321 | -€60,971 | -27.1% |
| Investment grants | 15 | €5,565 | €3,765 | -€1,799 | -32.3% |
| Amounts payable | 17/49 | €1,015,305 | €530,480 | -€484,825 | -47.8% |
| Amounts payable after more than one year | 17 | - | €159,800 | +€159,800 | |
| Financial debts | 170/4 | - | €159,800 | +€159,800 | |
| Amounts payable within one year | 42/48 | €1,006,255 | €356,429 | -€649,826 | -64.6% |
| Advances received on contracts in progress | 46 | €26,100 | €26,100 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €64,693 | €55,533 | -€9,160 | -14.2% |
| Taxes | 450/3 | €64,693 | €55,533 | -€9,160 | -14.2% |
| Other amounts payable | 47/48 | €915,463 | €274,796 | -€640,667 | -70.0% |
| Accrued charges and deferred income | 492/3 | €9,050 | €14,251 | +€5,201 | +57.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,687 | €46,976 | -€12,711 | -21.3% |
| Gross operating margin | 9900 | €119,397 | €105,683 | -€13,714 | -11.5% |
| Operating profit (loss) | 9901 | €59,710 | €58,708 | -€1,002 | -1.7% |
| Financial income | 75/76B | €58,759 | €52,073 | -€6,686 | -11.4% |
| Recurring financial income | 75 | €58,759 | €52,073 | -€6,686 | -11.4% |
| Financial charges | 65/66B | -€41,482 | €6,203 | +€47,686 | |
| Recurring financial charges | 65 | -€41,482 | €6,203 | +€47,686 | |
| Profit (loss) for the period before taxes | 9903 | €159,952 | €104,577 | -€55,374 | -34.6% |
| Income taxes | 67/77 | €39,463 | €25,694 | -€13,769 | -34.9% |
| Profit (loss) for the period | 9904 | €120,488 | €78,883 | -€41,606 | -34.5% |
| Transfer from tax-exempt reserves | 789 | €101,912 | €140,146 | +€38,235 | +37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €222,400 | €219,029 | -€3,371 | -1.5% |
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 12 October 2026 via checked.be.