SATEX: 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.
SATEX
Largest movements
- Cash -€7,818
down €7,818 (-47.7%), from €16,381 to €8,563
mainly Trade debts (-€11,318) and Other debts (-€6,095)
- Receivables within one year +€5,497
up €5,497 (+36.1%), from €15,210 to €20,706
of which Other amounts receivable: +€5,223
- Tangible fixed assets -€3,789
no longer reported in 2025 (was €3,789)
- Stocks and contracts +€2,382
up €2,382 (+17.1%), from €13,895 to €16,277
- Deferred charges and accrued income +€1,211
up €1,211 (+370.8%), from €326 to €1,537
- Profit (loss) carried forward +€17,492
up €17,492 (+11.0%), from -€159,592 to -€142,100
- Trade debts -€11,318
down €11,318 (-76.9%), from €14,716 to €3,398
- Other debts -€6,095
down €6,095 (-3.6%), from €167,712 to €161,618
- Tax, wage and social debts -€2,597
down €2,597 (-35.4%), from €7,333 to €4,736
of which Taxes: -€2,626
- Financial charges -€8,139
down €8,139 (-76.7%), from €10,614 to €2,475
- Gross operating margin +€3,768
up €3,768 (+11.4%), from €33,059 to €36,826
- Staff costs +€1,802
up €1,802 (+12.7%), from €14,197 to €15,999
- Depreciation -€1,245
no longer reported in 2025 (was €1,245)
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 | €50,101 | €47,584 | -€2,517 | -5.0% |
| Fixed assets | 21/28 | €4,289 | €500 | -€3,789 | -88.3% |
| Tangible fixed assets | 22/27 | €3,789 | - | -€3,789 | |
| Furniture and vehicles | 24 | €3,789 | - | -€3,789 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €45,812 | €47,084 | +€1,272 | +2.8% |
| Stocks and contracts in progress | 3 | €13,895 | €16,277 | +€2,382 | +17.1% |
| Stocks | 30/36 | €13,895 | €16,277 | +€2,382 | +17.1% |
| Amounts receivable within one year | 40/41 | €15,210 | €20,706 | +€5,497 | +36.1% |
| Trade receivables | 40 | - | €274 | +€274 | |
| Other amounts receivable | 41 | €15,210 | €20,432 | +€5,223 | +34.3% |
| Cash at bank and in hand | 54/58 | €16,381 | €8,563 | -€7,818 | -47.7% |
| Deferred charges and accrued income | 490/1 | €326 | €1,537 | +€1,211 | +370.8% |
| Total equity and liabilities | 10/49 | €50,101 | €47,584 | -€2,517 | -5.0% |
| Equity | 10/15 | -€139,660 | -€122,168 | +€17,492 | +12.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,340 | €1,340 | = | 0.0% |
| Distributable reserves | 133 | €1,340 | €1,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€159,592 | -€142,100 | +€17,492 | +11.0% |
| Amounts payable | 17/49 | €189,761 | €169,752 | -€20,009 | -10.5% |
| Amounts payable within one year | 42/48 | €189,761 | €169,752 | -€20,009 | -10.5% |
| Trade debts | 44 | €14,716 | €3,398 | -€11,318 | -76.9% |
| Suppliers | 440/4 | €14,716 | €3,398 | -€11,318 | -76.9% |
| Taxes, remuneration and social security | 45 | €7,333 | €4,736 | -€2,597 | -35.4% |
| Taxes | 450/3 | €3,668 | €1,042 | -€2,626 | -71.6% |
| Remuneration and social security | 454/9 | €3,665 | €3,695 | +€30 | +0.8% |
| Other amounts payable | 47/48 | €167,712 | €161,618 | -€6,095 | -3.6% |
| Non-recurring operating income | 76A | - | €1,583 | +€1,583 | |
| Remuneration, social security and pensions | 62 | €14,197 | €15,999 | +€1,802 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,245 | - | -€1,245 | |
| Other operating charges | 640/8 | €919 | €837 | -€82 | -8.9% |
| Gross operating margin | 9900 | €33,059 | €36,826 | +€3,768 | +11.4% |
| Operating profit (loss) | 9901 | €16,698 | €19,990 | +€3,292 | +19.7% |
| Financial income | 75/76B | €0 | €0 | +€0 | +300.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +300.0% |
| Financial charges | 65/66B | €10,614 | €2,475 | -€8,139 | -76.7% |
| Recurring financial charges | 65 | €10,614 | €2,475 | -€8,139 | -76.7% |
| Profit (loss) for the period before taxes | 9903 | €6,084 | €17,515 | +€11,431 | +187.9% |
| Income taxes | 67/77 | €244 | €24 | -€221 | -90.4% |
| Profit (loss) for the period | 9904 | €5,840 | €17,492 | +€11,652 | +199.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,840 | €17,492 | +€11,652 | +199.5% |
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.