SATELLIT: 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.
SATELLIT
Largest movements
- Receivables within one year -€353,029
down €353,029 (-16.1%), from €2.2m to €1.8m
of which Trade receivables: -€358,142
- Current investments +€273,000
new in 2025: €273,000
- Intangible fixed assets +€88,708
new in 2025: €88,708
- Cash +€35,081
up €35,081 (+11.0%), from €318,010 to €353,091
mainly Receivables within one year (+€353,029) and Net result for the year (+€313,415)
- Short-term financial debts -€371,843
down €371,843 (-97.5%), from €381,286 to €9,443
- Reserves +€273,000
up €273,000 (+9,100%), from €3,000 to €276,000
of which Non-distributable reserves: +€273,000
- Debts after one year +€181,756
new in 2025: €181,756
- Trade debts -€61,714
down €61,714 (-4.9%), from €1.3m to €1.2m
- Current portion of long-term debt +€50,772
up €50,772 (+19.3%), from €263,663 to €314,435
- Staff costs -€531,678
down €531,678 (-13.8%), from €3.9m to €3.3m
- Gross operating margin -€243,871
down €243,871 (-5.9%), from €4.1m to €3.9m
- Taxes +€51,701
up €51,701 (+57.7%), from €89,617 to €141,318
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 | €2,611,085 | €2,619,747 | +€8,662 | +0.3% |
| Fixed assets | 21/28 | €50,041 | €118,923 | +€68,882 | +138% |
| Intangible fixed assets | 21 | - | €88,708 | +€88,708 | |
| Tangible fixed assets | 22/27 | €45,814 | €25,989 | -€19,826 | -43.3% |
| Furniture and vehicles | 24 | €37,966 | €20,534 | -€17,431 | -45.9% |
| Other tangible fixed assets | 26 | €7,849 | €5,454 | -€2,394 | -30.5% |
| Financial fixed assets | 28 | €4,226 | €4,226 | = | 0.0% |
| Current assets | 29/58 | €2,561,044 | €2,500,824 | -€60,220 | -2.4% |
| Amounts receivable within one year | 40/41 | €2,194,238 | €1,841,210 | -€353,029 | -16.1% |
| Trade receivables | 40 | €2,193,203 | €1,835,061 | -€358,142 | -16.3% |
| Other amounts receivable | 41 | €1,035 | €6,148 | +€5,113 | +494% |
| Current investments | 50/53 | - | €273,000 | +€273,000 | |
| Cash at bank and in hand | 54/58 | €318,010 | €353,091 | +€35,081 | +11.0% |
| Deferred charges and accrued income | 490/1 | €48,796 | €33,524 | -€15,272 | -31.3% |
| Total equity and liabilities | 10/49 | €2,611,085 | €2,619,747 | +€8,662 | +0.3% |
| Equity | 10/15 | €46,477 | €312,833 | +€266,357 | +573% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €276,000 | +€273,000 | +9,100% |
| Non-distributable reserves | 130/1 | - | €273,000 | +€273,000 | |
| Reserves not available under the articles | 1311 | - | €273,000 | +€273,000 | |
| Distributable reserves | 133 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,477 | €6,833 | -€6,643 | -49.3% |
| Amounts payable | 17/49 | €2,564,608 | €2,306,914 | -€257,694 | -10.0% |
| Amounts payable after more than one year | 17 | - | €181,756 | +€181,756 | |
| Financial debts | 170/4 | - | €181,756 | +€181,756 | |
| Amounts payable within one year | 42/48 | €2,564,608 | €2,125,158 | -€439,450 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €263,663 | €314,435 | +€50,772 | +19.3% |
| Financial debts | 43 | €381,286 | €9,443 | -€371,843 | -97.5% |
| Credit institutions | 430/8 | €381,286 | €9,443 | -€371,843 | -97.5% |
| Trade debts | 44 | €1,266,490 | €1,204,776 | -€61,714 | -4.9% |
| Suppliers | 440/4 | €1,266,490 | €1,204,776 | -€61,714 | -4.9% |
| Taxes, remuneration and social security | 45 | €571,378 | €547,384 | -€23,995 | -4.2% |
| Taxes | 450/3 | €141,367 | €296,026 | +€154,660 | +109% |
| Remuneration and social security | 454/9 | €430,012 | €251,358 | -€178,654 | -41.5% |
| Other amounts payable | 47/48 | €81,791 | €49,120 | -€32,671 | -39.9% |
| Remuneration, social security and pensions | 62 | €3,865,341 | €3,333,663 | -€531,678 | -13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,939 | €42,003 | +€18,064 | +75.5% |
| Other operating charges | 640/8 | €2,790 | €3,370 | +€580 | +20.8% |
| Gross operating margin | 9900 | €4,134,910 | €3,891,038 | -€243,871 | -5.9% |
| Operating profit (loss) | 9901 | €242,840 | €512,003 | +€269,163 | +111% |
| Financial income | 75/76B | €1,995 | €140 | -€1,855 | -93.0% |
| Recurring financial income | 75 | €1,995 | €140 | -€1,855 | -93.0% |
| Financial charges | 65/66B | €59,626 | €57,410 | -€2,216 | -3.7% |
| Recurring financial charges | 65 | €59,626 | €57,410 | -€2,216 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €185,209 | €454,733 | +€269,524 | +146% |
| Income taxes | 67/77 | €89,617 | €141,318 | +€51,701 | +57.7% |
| Profit (loss) for the period | 9904 | €95,592 | €313,415 | +€217,823 | +228% |
| Profit (loss) for the period to be appropriated | 9905 | €95,592 | €313,415 | +€217,823 | +228% |
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 14 October 2026 via checked.be.