SATIM: 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.
SATIM
Largest movements
- Receivables within one year -€690,829
down €690,829 (-45.9%), from €1.5m to €814,350
of which Trade receivables: -€712,495
- Cash +€103,792
up €103,792 (+74.8%), from €138,821 to €242,613
mainly Receivables within one year (+€690,829) and Depreciation (+€111,197)
- Tangible fixed assets -€95,020
down €95,020 (-7.5%), from €1.3m to €1.2m
of which Leasing and similar rights: -€80,000
- Stocks and contracts +€68,961
up €68,961 (+39.1%), from €176,233 to €245,194
- Trade debts -€680,514
down €680,514 (-71.0%), from €958,603 to €278,089
- Debts after one year -€77,316
down €77,316 (-7.6%), from €1.0m to €943,361
- Tax, wage and social debts +€70,520
up €70,520 (+142%), from €49,763 to €120,284
of which Taxes: +€60,181
- Reserves +€40,993
up €40,993 (+38.6%), from €106,290 to €147,283
of which Distributable reserves: +€40,993
- Current portion of long-term debt +€37,555
up €37,555 (+36.1%), from €103,897 to €141,452
- Gross operating margin -€97,955
down €97,955 (-14.7%), from €668,206 to €570,252
- Staff costs -€33,518
down €33,518 (-9.2%), from €362,988 to €329,471
- Financial charges -€30,351
down €30,351 (-30.3%), from €100,092 to €69,741
- Other operating charges +€18,794
up €18,794 (+472%), from €3,985 to €22,779
- Taxes -€6,966
down €6,966 (-57.6%), from €12,085 to €5,119
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 | €3,134,104 | €2,520,849 | -€613,255 | -19.6% |
| Fixed assets | 21/28 | €1,275,170 | €1,180,150 | -€95,020 | -7.5% |
| Tangible fixed assets | 22/27 | €1,266,618 | €1,171,598 | -€95,020 | -7.5% |
| Land and buildings | 22 | €41,926 | €51,308 | +€9,382 | +22.4% |
| Plant, machinery and equipment | 23 | €101,207 | €88,740 | -€12,468 | -12.3% |
| Furniture and vehicles | 24 | €22,078 | €10,625 | -€11,453 | -51.9% |
| Leasing and similar rights | 25 | €1,097,205 | €1,017,205 | -€80,000 | -7.3% |
| Other tangible fixed assets | 26 | €4,201 | €3,720 | -€481 | -11.4% |
| Financial fixed assets | 28 | €8,552 | €8,552 | = | 0.0% |
| Current assets | 29/58 | €1,858,934 | €1,340,699 | -€518,235 | -27.9% |
| Amounts receivable after more than one year | 29 | €37,500 | €37,500 | = | 0.0% |
| Other amounts receivable | 291 | €37,500 | €37,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €176,233 | €245,194 | +€68,961 | +39.1% |
| Stocks | 30/36 | €176,233 | €245,194 | +€68,961 | +39.1% |
| Amounts receivable within one year | 40/41 | €1,505,179 | €814,350 | -€690,829 | -45.9% |
| Trade receivables | 40 | €1,349,229 | €636,734 | -€712,495 | -52.8% |
| Other amounts receivable | 41 | €155,950 | €177,616 | +€21,666 | +13.9% |
| Cash at bank and in hand | 54/58 | €138,821 | €242,613 | +€103,792 | +74.8% |
| Deferred charges and accrued income | 490/1 | €1,201 | €1,042 | -€159 | -13.2% |
| Total equity and liabilities | 10/49 | €3,134,104 | €2,520,849 | -€613,255 | -19.6% |
| Equity | 10/15 | €746,671 | €787,664 | +€40,993 | +5.5% |
| Contributions | 10/11 | €88,535 | €88,535 | = | 0.0% |
| Reserves | 13 | €106,290 | €147,283 | +€40,993 | +38.6% |
| Non-distributable reserves | 130/1 | €23,750 | €23,750 | = | 0.0% |
| Reserves not available under the articles | 1311 | €23,750 | €23,750 | = | 0.0% |
| Distributable reserves | 133 | €82,540 | €123,533 | +€40,993 | +49.7% |
| Profit (loss) carried forward | 14 | €551,846 | €551,846 | = | 0.0% |
| Amounts payable | 17/49 | €2,387,433 | €1,733,185 | -€654,248 | -27.4% |
| Amounts payable after more than one year | 17 | €1,020,676 | €943,361 | -€77,316 | -7.6% |
| Financial debts | 170/4 | €1,020,676 | €943,361 | -€77,316 | -7.6% |
| Amounts payable within one year | 42/48 | €1,366,757 | €789,824 | -€576,933 | -42.2% |
| Current portion of amounts payable after more than one year | 42 | €103,897 | €141,452 | +€37,555 | +36.1% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €958,603 | €278,089 | -€680,514 | -71.0% |
| Suppliers | 440/4 | €958,603 | €278,089 | -€680,514 | -71.0% |
| Advances received on contracts in progress | 46 | €4,494 | - | -€4,494 | |
| Taxes, remuneration and social security | 45 | €49,763 | €120,284 | +€70,520 | +142% |
| Taxes | 450/3 | €9,664 | €69,845 | +€60,181 | +623% |
| Remuneration and social security | 454/9 | €40,099 | €50,439 | +€10,339 | +25.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €362,988 | €329,471 | -€33,518 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,748 | €111,197 | -€551 | -0.5% |
| Other operating charges | 640/8 | €3,985 | €22,779 | +€18,794 | +472% |
| Gross operating margin | 9900 | €668,206 | €570,252 | -€97,955 | -14.7% |
| Operating profit (loss) | 9901 | €189,485 | €106,805 | -€82,680 | -43.6% |
| Financial income | 75/76B | €5,232 | €9,048 | +€3,816 | +72.9% |
| Recurring financial income | 75 | €1,464 | €193 | -€1,271 | -86.8% |
| Non-recurring financial income | 76B | €3,768 | €8,855 | +€5,087 | +135% |
| Financial charges | 65/66B | €100,092 | €69,741 | -€30,351 | -30.3% |
| Recurring financial charges | 65 | €100,092 | €69,741 | -€30,351 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €94,625 | €46,112 | -€48,513 | -51.3% |
| Income taxes | 67/77 | €12,085 | €5,119 | -€6,966 | -57.6% |
| Profit (loss) for the period | 9904 | €82,540 | €40,993 | -€41,547 | -50.3% |
| Profit (loss) for the period to be appropriated | 9905 | €82,540 | €40,993 | -€41,547 | -50.3% |
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 24 October 2026 via checked.be.