SATURNE 5: 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.
SATURNE 5
Largest movements
- Receivables within one year +€102,246
up €102,246 (+117%), from €87,045 to €189,292
of which Trade receivables: +€103,279
- Tangible fixed assets +€61,349
up €61,349 (+2.7%), from €2.3m to €2.3m
of which Plant, machinery and equipment: +€148,847
- Cash -€44,776
down €44,776 (-63.8%), from €70,206 to €25,431
mainly Investment in fixed assets (net) (-€176,457) and Receivables within one year (-€102,246)
- Profit (loss) carried forward +€104,011
up €104,011 (+15.4%), from €675,145 to €779,155
- Trade debts +€71,899
up €71,899 (+67.7%), from €106,266 to €178,166
- Other debts -€62,708
down €62,708 (-19.5%), from €320,917 to €258,209
- Debts after one year -€34,784
down €34,784 (-2.9%), from €1.2m to €1.2m
- Gross operating margin +€24,823
up €24,823 (+8.8%), from €281,895 to €306,718
- Depreciation +€8,383
up €8,383 (+7.9%), from €106,725 to €115,108
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 | €2,475,679 | €2,596,374 | +€120,694 | +4.9% |
| Fixed assets | 21/28 | €2,286,542 | €2,347,891 | +€61,349 | +2.7% |
| Tangible fixed assets | 22/27 | €2,286,542 | €2,347,891 | +€61,349 | +2.7% |
| Land and buildings | 22 | €2,150,255 | €2,063,838 | -€86,417 | -4.0% |
| Plant, machinery and equipment | 23 | €132,806 | €281,652 | +€148,847 | +112% |
| Furniture and vehicles | 24 | €3,481 | €2,401 | -€1,080 | -31.0% |
| Current assets | 29/58 | €189,138 | €248,483 | +€59,345 | +31.4% |
| Amounts receivable within one year | 40/41 | €87,045 | €189,292 | +€102,246 | +117% |
| Trade receivables | 40 | €86,012 | €189,292 | +€103,279 | +120% |
| Other amounts receivable | 41 | €1,033 | €0 | -€1,033 | -100% |
| Cash at bank and in hand | 54/58 | €70,206 | €25,431 | -€44,776 | -63.8% |
| Deferred charges and accrued income | 490/1 | €31,886 | €33,760 | +€1,874 | +5.9% |
| Total equity and liabilities | 10/49 | €2,475,679 | €2,596,374 | +€120,694 | +4.9% |
| Equity | 10/15 | €695,605 | €799,615 | +€104,011 | +15.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €675,145 | €779,155 | +€104,011 | +15.4% |
| Amounts payable | 17/49 | €1,780,075 | €1,796,758 | +€16,684 | +0.9% |
| Amounts payable after more than one year | 17 | €1,188,883 | €1,154,099 | -€34,784 | -2.9% |
| Financial debts | 170/4 | €1,188,883 | €1,154,099 | -€34,784 | -2.9% |
| Amounts payable within one year | 42/48 | €590,503 | €641,436 | +€50,932 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €145,628 | €171,575 | +€25,947 | +17.8% |
| Trade debts | 44 | €106,266 | €178,166 | +€71,899 | +67.7% |
| Suppliers | 440/4 | €106,266 | €178,166 | +€71,899 | +67.7% |
| Taxes, remuneration and social security | 45 | €17,692 | €33,486 | +€15,793 | +89.3% |
| Taxes | 450/3 | €17,692 | €33,486 | +€15,793 | +89.3% |
| Other amounts payable | 47/48 | €320,917 | €258,209 | -€62,708 | -19.5% |
| Accrued charges and deferred income | 492/3 | €688 | €1,224 | +€536 | +77.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,725 | €115,108 | +€8,383 | +7.9% |
| Other operating charges | 640/8 | €22,262 | €22,963 | +€701 | +3.1% |
| Gross operating margin | 9900 | €281,895 | €306,718 | +€24,823 | +8.8% |
| Operating profit (loss) | 9901 | €152,908 | €168,647 | +€15,739 | +10.3% |
| Financial charges | 65/66B | €28,624 | €29,270 | +€646 | +2.3% |
| Recurring financial charges | 65 | €28,624 | €29,270 | +€646 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €124,284 | €139,377 | +€15,093 | +12.1% |
| Income taxes | 67/77 | €32,692 | €35,366 | +€2,674 | +8.2% |
| Profit (loss) for the period | 9904 | €91,591 | €104,011 | +€12,419 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €91,591 | €104,011 | +€12,419 | +13.6% |
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.