SATEF: what changed
Two fiscal 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.
SATEF
Largest movements
- Tangible fixed assets -€47,761
down €47,761 (-6.3%), from €753,271 to €705,510
of which Land and buildings: -€43,047
- Cash +€20,973
up €20,973 (+35.6%), from €58,904 to €79,877
mainly Depreciation (+€49,658) and Trade debts (+€2,700)
- Other debts -€21,062
down €21,062 (-49.5%), from €42,515 to €21,453
- Gross operating margin -€33,643
down €33,643 (-37.1%), from €90,694 to €57,051
- Taxes -€9,016
down €9,016 (-98.0%), from €9,199 to €183
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 | €824,989 | €797,287 | -€27,702 | -3.4% |
| Fixed assets | 21/28 | €753,321 | €705,560 | -€47,761 | -6.3% |
| Tangible fixed assets | 22/27 | €753,271 | €705,510 | -€47,761 | -6.3% |
| Land and buildings | 22 | €744,997 | €701,950 | -€43,047 | -5.8% |
| Furniture and vehicles | 24 | €8,274 | €3,561 | -€4,714 | -57.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €71,668 | €91,727 | +€20,059 | +28.0% |
| Amounts receivable within one year | 40/41 | €11,223 | €10,849 | -€374 | -3.3% |
| Other amounts receivable | 41 | €11,223 | €10,849 | -€374 | -3.3% |
| Cash at bank and in hand | 54/58 | €58,904 | €79,877 | +€20,973 | +35.6% |
| Deferred charges and accrued income | 490/1 | €1,541 | €1,001 | -€540 | -35.0% |
| Total equity and liabilities | 10/49 | €824,989 | €797,287 | -€27,702 | -3.4% |
| Equity | 10/15 | €558,941 | €551,126 | -€7,814 | -1.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €259,182 | €259,182 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €252,982 | €252,982 | = | 0.0% |
| Profit (loss) carried forward | 14 | €237,759 | €229,944 | -€7,814 | -3.3% |
| Amounts payable | 17/49 | €266,048 | €246,161 | -€19,887 | -7.5% |
| Amounts payable after more than one year | 17 | €220,000 | €220,000 | = | 0.0% |
| Financial debts | 170/4 | €220,000 | €220,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €46,048 | €26,161 | -€19,887 | -43.2% |
| Trade debts | 44 | €1,825 | €4,526 | +€2,700 | +147.9% |
| Suppliers | 440/4 | €1,825 | €4,526 | +€2,700 | +147.9% |
| Taxes, remuneration and social security | 45 | €1,708 | €183 | -€1,526 | -89.3% |
| Taxes | 450/3 | €1,708 | €183 | -€1,526 | -89.3% |
| Other amounts payable | 47/48 | €42,515 | €21,453 | -€21,062 | -49.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,729 | €49,658 | -€71 | -0.1% |
| Other operating charges | 640/8 | €12,516 | €12,604 | +€87 | +0.7% |
| Non-recurring operating charges | 66A | - | €2,405 | +€2,405 | |
| Gross operating margin | 9900 | €90,694 | €57,051 | -€33,643 | -37.1% |
| Operating profit (loss) | 9901 | €28,448 | -€7,616 | -€36,065 | |
| Financial income | 75/76B | €0 | €104 | +€104 | +1044300.0% |
| Recurring financial income | 75 | €0 | €104 | +€104 | +1044300.0% |
| Financial charges | 65/66B | €316 | €120 | -€196 | -62.0% |
| Recurring financial charges | 65 | €316 | €120 | -€196 | -62.0% |
| Profit (loss) for the period before taxes | 9903 | €28,133 | -€7,632 | -€35,764 | |
| Income taxes | 67/77 | €9,199 | €183 | -€9,016 | -98.0% |
| Profit (loss) for the period | 9904 | €18,934 | -€7,814 | -€26,748 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,934 | -€7,814 | -€26,748 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.