Satinex: 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.
Satinex
Largest movements
- Stocks and contracts -€102,787
down €102,787 (-28.5%), from €360,508 to €257,721
- Receivables within one year -€64,215
down €64,215 (-59.6%), from €107,813 to €43,598
of which Trade receivables: -€67,409
- Cash +€55,330
up €55,330 (+3.7%), from €1.5m to €1.5m
mainly Stocks and contracts (+€102,787) and Receivables within one year (+€64,215)
- Other debts -€104,000
down €104,000 (-100%), from €104,000 to €0
- Gross operating margin -€190,477
down €190,477 (-68.5%), from €278,196 to €87,719
- Financial charges -€121,110
down €121,110, from €24,114 to -€96,995
- Other operating charges +€104,924
up €104,924 (+1,144%), from €9,176 to €114,100
- Financial income -€17,107
down €17,107 (-40.1%), from €42,649 to €25,541
- Staff costs -€17,091
down €17,091 (-19.5%), from €87,701 to €70,610
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 | €1,981,503 | €1,859,597 | -€121,905 | -6.2% |
| Fixed assets | 21/28 | €23,239 | €12,841 | -€10,398 | -44.7% |
| Tangible fixed assets | 22/27 | €23,239 | €12,841 | -€10,398 | -44.7% |
| Land and buildings | 22 | €12,188 | €7,438 | -€4,750 | -39.0% |
| Plant, machinery and equipment | 23 | €9,199 | €4,227 | -€4,972 | -54.0% |
| Furniture and vehicles | 24 | €1,852 | €1,175 | -€677 | -36.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,958,263 | €1,846,757 | -€111,507 | -5.7% |
| Stocks and contracts in progress | 3 | €360,508 | €257,721 | -€102,787 | -28.5% |
| Stocks | 30/36 | €360,508 | €257,721 | -€102,787 | -28.5% |
| Amounts receivable within one year | 40/41 | €107,813 | €43,598 | -€64,215 | -59.6% |
| Trade receivables | 40 | €93,071 | €25,663 | -€67,409 | -72.4% |
| Other amounts receivable | 41 | €14,741 | €17,935 | +€3,194 | +21.7% |
| Cash at bank and in hand | 54/58 | €1,489,212 | €1,544,542 | +€55,330 | +3.7% |
| Deferred charges and accrued income | 490/1 | €731 | €896 | +€165 | +22.5% |
| Total equity and liabilities | 10/49 | €1,981,503 | €1,859,597 | -€121,905 | -6.2% |
| Equity | 10/15 | €1,806,615 | €1,805,938 | -€677 | 0.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €1,731,615 | €1,731,615 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €1,724,115 | €1,724,115 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€677 | -€677 | |
| Amounts payable | 17/49 | €174,888 | €53,659 | -€121,229 | -69.3% |
| Amounts payable within one year | 42/48 | €174,888 | €53,659 | -€121,229 | -69.3% |
| Trade debts | 44 | €64,597 | €48,616 | -€15,981 | -24.7% |
| Suppliers | 440/4 | €64,597 | €48,616 | -€15,981 | -24.7% |
| Taxes, remuneration and social security | 45 | €6,291 | €5,043 | -€1,248 | -19.8% |
| Taxes | 450/3 | €231 | €0 | -€231 | -100% |
| Remuneration and social security | 454/9 | €6,060 | €5,043 | -€1,016 | -16.8% |
| Other amounts payable | 47/48 | €104,000 | €0 | -€104,000 | -100% |
| Remuneration, social security and pensions | 62 | €87,701 | €70,610 | -€17,091 | -19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,385 | €10,398 | -€4,987 | -32.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €13,518 | +€13,518 | |
| Other operating charges | 640/8 | €9,176 | €114,100 | +€104,924 | +1,144% |
| Gross operating margin | 9900 | €278,196 | €87,719 | -€190,477 | -68.5% |
| Operating profit (loss) | 9901 | €165,934 | -€120,908 | -€286,842 | |
| Financial income | 75/76B | €42,649 | €25,541 | -€17,107 | -40.1% |
| Recurring financial income | 75 | €42,649 | €25,541 | -€17,107 | -40.1% |
| Financial charges | 65/66B | €24,114 | -€96,995 | -€121,110 | |
| Recurring financial charges | 65 | €24,114 | -€96,995 | -€121,110 | |
| Profit (loss) for the period before taxes | 9903 | €184,468 | €1,629 | -€182,839 | -99.1% |
| Income taxes | 67/77 | €13,688 | €2,306 | -€11,382 | -83.2% |
| Profit (loss) for the period | 9904 | €170,780 | -€677 | -€171,457 | |
| Profit (loss) for the period to be appropriated | 9905 | €170,780 | -€677 | -€171,457 |
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 19 October 2026 via checked.be.