SATERPA: 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.
SATERPA
Largest movements
- Cash -€109,575
down €109,575 (-96.5%), from €113,508 to €3,933
mainly Net result for the year (-€63,224) and Contributions, distributions and other (-€50,367)
- Tangible fixed assets -€36,956
down €36,956 (-37.3%), from €98,981 to €62,026
of which Plant, machinery and equipment: -€20,766
- Receivables within one year +€22,815
up €22,815 (+145%), from €15,742 to €38,557
of which Trade receivables: +€23,248
- Profit (loss) carried forward -€63,591
down €63,591, from €996 to -€62,595
- Reserves -€50,000
down €50,000 (-77.4%), from €64,602 to €14,602
of which Distributable reserves: -€50,000
- Other debts +€20,233
up €20,233 (+52.1%), from €38,818 to €59,050
- Debts after one year -€15,691
down €15,691 (-75.5%), from €20,787 to €5,096
- Current portion of long-term debt -€12,692
down €12,692 (-52.3%), from €24,264 to €11,572
- Gross operating margin -€119,871
down €119,871, from €101,907 to -€17,964
- Depreciation -€48,974
down €48,974 (-54.7%), from €89,560 to €40,586
- Taxes -€4,255
down €4,255 (-96.3%), from €4,416 to €161
- Financial charges -€1,079
down €1,079 (-39.2%), from €2,750 to €1,671
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 | €229,816 | €104,953 | -€124,863 | -54.3% |
| Fixed assets | 21/28 | €99,031 | €62,076 | -€36,956 | -37.3% |
| Tangible fixed assets | 22/27 | €98,981 | €62,026 | -€36,956 | -37.3% |
| Plant, machinery and equipment | 23 | €47,342 | €26,576 | -€20,766 | -43.9% |
| Furniture and vehicles | 24 | €51,639 | €35,449 | -€16,189 | -31.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €130,785 | €42,878 | -€87,907 | -67.2% |
| Amounts receivable within one year | 40/41 | €15,742 | €38,557 | +€22,815 | +145% |
| Trade receivables | 40 | €9,762 | €33,010 | +€23,248 | +238% |
| Other amounts receivable | 41 | €5,980 | €5,547 | -€433 | -7.2% |
| Cash at bank and in hand | 54/58 | €113,508 | €3,933 | -€109,575 | -96.5% |
| Deferred charges and accrued income | 490/1 | €1,534 | €387 | -€1,147 | -74.8% |
| Total equity and liabilities | 10/49 | €229,816 | €104,953 | -€124,863 | -54.3% |
| Equity | 10/15 | €127,598 | €14,007 | -€113,591 | -89.0% |
| 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 | €64,602 | €14,602 | -€50,000 | -77.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €58,402 | €8,402 | -€50,000 | -85.6% |
| Profit (loss) carried forward | 14 | €996 | -€62,595 | -€63,591 | |
| Amounts payable | 17/49 | €102,218 | €90,946 | -€11,272 | -11.0% |
| Amounts payable after more than one year | 17 | €20,787 | €5,096 | -€15,691 | -75.5% |
| Financial debts | 170/4 | €20,787 | €5,096 | -€15,691 | -75.5% |
| Amounts payable within one year | 42/48 | €81,432 | €85,851 | +€4,419 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €24,264 | €11,572 | -€12,692 | -52.3% |
| Trade debts | 44 | €4,691 | €5,392 | +€700 | +14.9% |
| Suppliers | 440/4 | €4,691 | €5,392 | +€700 | +14.9% |
| Taxes, remuneration and social security | 45 | €13,659 | €9,837 | -€3,822 | -28.0% |
| Taxes | 450/3 | €13,659 | €9,837 | -€3,822 | -28.0% |
| Other amounts payable | 47/48 | €38,818 | €59,050 | +€20,233 | +52.1% |
| Non-recurring operating income | 76A | €8,450 | - | -€8,450 | |
| Remuneration, social security and pensions | 62 | €1,748 | €1,734 | -€14 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,560 | €40,586 | -€48,974 | -54.7% |
| Other operating charges | 640/8 | €1,276 | €1,106 | -€170 | -13.3% |
| Gross operating margin | 9900 | €101,907 | -€17,964 | -€119,871 | |
| Operating profit (loss) | 9901 | €9,322 | -€61,391 | -€70,713 | |
| Financial charges | 65/66B | €2,750 | €1,671 | -€1,079 | -39.2% |
| Recurring financial charges | 65 | €2,750 | €1,671 | -€1,079 | -39.2% |
| Profit (loss) for the period before taxes | 9903 | €6,572 | -€63,063 | -€69,635 | |
| Income taxes | 67/77 | €4,416 | €161 | -€4,255 | -96.3% |
| Profit (loss) for the period | 9904 | €2,156 | -€63,224 | -€65,380 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,156 | -€63,224 | -€65,380 |
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 15 October 2026 via checked.be.