SATELLITE: 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.
What changed
SATELLITE
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€3,968
2024 · -€12,551+€8,582
Equity
€21,995
2024 · €15,423+€6,573
Cash
€4,305
2024 · €457+€3,848
Balance sheet total
€510,581
2024 · €528,886-€18,306
Largest movements
Assets
- Tangible fixed assets -€22,960
down €22,960 (-4.8%), from €482,182 to €459,222
of which Land and buildings: -€15,674
Equity and liabilities
- Debts after one year -€14,081
down €14,081 (-11.1%), from €126,728 to €112,647
- Provisions -€12,234
down €12,234 (-32.6%), from €37,471 to €25,237
- Reserves +€5,461
up €5,461 (+4.0%), from €137,448 to €142,910
of which Tax-exempt reserves: +€5,461
Income statement
- Gross operating margin +€9,918
up €9,918 (+77.8%), from €12,752 to €22,670
- Other operating charges +€1,165
up €1,165 (+28.1%), from €4,143 to €5,308
- Financial charges -€430
down €430 (-15.6%), from €2,755 to €2,325
- Depreciation +€310
up €310 (+1.4%), from €22,650 to €22,960
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.
Result 2024
-€12,551
Gross operating margin
+€9,918
Depreciation
-€310
Other operating charges
-€1,165
Financial income
+€214
Financial charges
+€430
Taxes
-€3
Deferred taxes and other
-€501
Result 2025
-€3,968
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.
From operations
+€7,167
Investment
€0
Financing
-€3,319
Cash 2024
€457
From operations (derived)
+€7,167
Net result for the year
-€3,968
Depreciation
+€22,960
Receivables within one year
+€1,606
Deferred charges and accrued income
-€2,413
Provisions
-€12,234
Trade debts
+€1,269
Tax, wage and social debts
+€1,169
Other debts
+€851
Accrued charges and deferred income
-€2,074
Financing
-€3,319
Debts after one year
-€14,081
Current portion of long-term debt
+€221
Contributions, distributions and other
+€10,541
Cash 2025
€4,305
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €528,886 | €510,581 | -€18,306 | -3.5% |
| Fixed assets | 21/28 | €482,680 | €459,720 | -€22,960 | -4.8% |
| Tangible fixed assets | 22/27 | €482,182 | €459,222 | -€22,960 | -4.8% |
| Land and buildings | 22 | €474,700 | €459,026 | -€15,674 | -3.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €7,482 | €196 | -€7,286 | -97.4% |
| Financial fixed assets | 28 | €498 | €498 | = | 0.0% |
| Current assets | 29/58 | €46,206 | €50,861 | +€4,655 | +10.1% |
| Amounts receivable within one year | 40/41 | €37,055 | €35,448 | -€1,606 | -4.3% |
| Trade receivables | 40 | €1,643 | €0 | -€1,643 | -100.0% |
| Other amounts receivable | 41 | €35,412 | €35,448 | +€36 | +0.1% |
| Cash at bank and in hand | 54/58 | €457 | €4,305 | +€3,848 | +842.2% |
| Deferred charges and accrued income | 490/1 | €8,695 | €11,108 | +€2,413 | +27.7% |
| Total equity and liabilities | 10/49 | €528,886 | €510,581 | -€18,306 | -3.5% |
| Equity | 10/15 | €15,423 | €21,995 | +€6,573 | +42.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €137,448 | €142,910 | +€5,461 | +4.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,874 | €14,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €70,248 | €75,710 | +€5,461 | +7.8% |
| Distributable reserves | 133 | €52,326 | €52,326 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€140,625 | -€139,514 | +€1,111 | +0.8% |
| Provisions and deferred taxes | 16 | €37,471 | €25,237 | -€12,234 | -32.6% |
| Deferred taxes | 168 | €37,471 | €25,237 | -€12,234 | -32.6% |
| Amounts payable | 17/49 | €475,993 | €463,349 | -€12,644 | -2.7% |
| Amounts payable after more than one year | 17 | €126,728 | €112,647 | -€14,081 | -11.1% |
| Financial debts | 170/4 | €126,728 | €112,647 | -€14,081 | -11.1% |
| Amounts payable within one year | 42/48 | €347,191 | €350,702 | +€3,511 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €13,859 | €14,081 | +€221 | +1.6% |
| Trade debts | 44 | €914 | €2,183 | +€1,269 | +138.9% |
| Suppliers | 440/4 | €914 | €2,183 | +€1,269 | +138.9% |
| Taxes, remuneration and social security | 45 | €1,183 | €2,353 | +€1,169 | +98.8% |
| Taxes | 450/3 | €1,183 | €2,353 | +€1,169 | +98.8% |
| Other amounts payable | 47/48 | €331,235 | €332,085 | +€851 | +0.3% |
| Accrued charges and deferred income | 492/3 | €2,074 | €0 | -€2,074 | -100.0% |
| Non-recurring operating income | 76A | €1,402 | €0 | -€1,402 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,650 | €22,960 | +€310 | +1.4% |
| Other operating charges | 640/8 | €4,143 | €5,308 | +€1,165 | +28.1% |
| Gross operating margin | 9900 | €12,752 | €22,670 | +€9,918 | +77.8% |
| Operating profit (loss) | 9901 | -€14,041 | -€5,598 | +€8,443 | +60.1% |
| Financial income | 75/76B | €2,222 | €2,436 | +€214 | +9.6% |
| Recurring financial income | 75 | €2,222 | €2,436 | +€214 | +9.6% |
| Financial charges | 65/66B | €2,755 | €2,325 | -€430 | -15.6% |
| Recurring financial charges | 65 | €2,755 | €2,325 | -€430 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | -€14,574 | -€5,487 | +€9,087 | +62.3% |
| Transfer from deferred taxes | 780 | €2,194 | €1,693 | -€501 | -22.8% |
| Income taxes | 67/77 | €171 | €174 | +€3 | +1.9% |
| Profit (loss) for the period | 9904 | -€12,551 | -€3,968 | +€8,582 | +68.4% |
| Transfer from tax-exempt reserves | 789 | €4,578 | €5,079 | +€501 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,973 | €1,111 | +€9,084 |
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 6 October 2026 via checked.be.