SAUL: 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.
SAUL
Largest movements
- Tangible fixed assets +€14,415
up €14,415 (+19.0%), from €75,993 to €90,408
of which Plant, machinery and equipment: +€13,431
- Cash -€7,287
down €7,287 (-16.7%), from €43,670 to €36,383
mainly Investment in fixed assets (net) (-€48,042) and Debts after one year (-€13,798)
- Receivables within one year +€2,781
up €2,781 (+73.0%), from €3,808 to €6,589
of which Trade receivables: +€4,148
- Reserves +€33,272
up €33,272 (+277%), from €12,015 to €45,287
- Debts after one year -€13,798
down €13,798 (-29.1%), from €47,416 to €33,618
- Other debts -€11,221
down €11,221 (-25.2%), from €44,458 to €33,238
- Gross operating margin +€41,517
up €41,517 (+103%), from €40,288 to €81,806
- Depreciation +€12,910
up €12,910 (+61.7%), from €20,918 to €33,827
- Taxes +€5,889
up €5,889 (+168%), from €3,511 to €9,400
- Other operating charges +€1,031
up €1,031 (+72.4%), from €1,423 to €2,454
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 | €125,897 | €135,491 | +€9,594 | +7.6% |
| Formation expenses | 20 | €200 | €0 | -€200 | -100% |
| Fixed assets | 21/28 | €75,993 | €90,408 | +€14,415 | +19.0% |
| Tangible fixed assets | 22/27 | €75,993 | €90,408 | +€14,415 | +19.0% |
| Plant, machinery and equipment | 23 | €37,931 | €51,362 | +€13,431 | +35.4% |
| Furniture and vehicles | 24 | €38,062 | €39,047 | +€985 | +2.6% |
| Current assets | 29/58 | €49,704 | €45,083 | -€4,621 | -9.3% |
| Amounts receivable within one year | 40/41 | €3,808 | €6,589 | +€2,781 | +73.0% |
| Trade receivables | 40 | €1,499 | €5,647 | +€4,148 | +277% |
| Other amounts receivable | 41 | €2,309 | €941 | -€1,368 | -59.2% |
| Cash at bank and in hand | 54/58 | €43,670 | €36,383 | -€7,287 | -16.7% |
| Deferred charges and accrued income | 490/1 | €2,226 | €2,110 | -€116 | -5.2% |
| Total equity and liabilities | 10/49 | €125,897 | €135,491 | +€9,594 | +7.6% |
| Equity | 10/15 | €13,015 | €46,287 | +€33,272 | +256% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €12,015 | €45,287 | +€33,272 | +277% |
| Distributable reserves | 133 | €12,015 | €45,287 | +€33,272 | +277% |
| Amounts payable | 17/49 | €112,882 | €89,204 | -€23,678 | -21.0% |
| Amounts payable after more than one year | 17 | €47,416 | €33,618 | -€13,798 | -29.1% |
| Financial debts | 170/4 | €47,416 | €33,618 | -€13,798 | -29.1% |
| Amounts payable within one year | 42/48 | €65,466 | €55,586 | -€9,881 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €13,141 | €13,798 | +€657 | +5.0% |
| Trade debts | 44 | €1,153 | €2,067 | +€914 | +79.3% |
| Suppliers | 440/4 | €1,153 | €2,067 | +€914 | +79.3% |
| Taxes, remuneration and social security | 45 | €6,714 | €6,483 | -€231 | -3.4% |
| Taxes | 450/3 | €6,714 | €6,483 | -€231 | -3.4% |
| Other amounts payable | 47/48 | €44,458 | €33,238 | -€11,221 | -25.2% |
| Non-recurring operating income | 76A | - | €3,023 | +€3,023 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,918 | €33,827 | +€12,910 | +61.7% |
| Other operating charges | 640/8 | €1,423 | €2,454 | +€1,031 | +72.4% |
| Gross operating margin | 9900 | €40,288 | €81,806 | +€41,517 | +103% |
| Operating profit (loss) | 9901 | €17,948 | €45,525 | +€27,577 | +154% |
| Financial income | 75/76B | €1 | €12 | +€12 | +1,842% |
| Recurring financial income | 75 | €1 | €12 | +€12 | +1,842% |
| Financial charges | 65/66B | €2,423 | €2,866 | +€443 | +18.3% |
| Recurring financial charges | 65 | €2,423 | €2,866 | +€443 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €15,526 | €42,672 | +€27,146 | +175% |
| Income taxes | 67/77 | €3,511 | €9,400 | +€5,889 | +168% |
| Profit (loss) for the period | 9904 | €12,015 | €33,272 | +€21,257 | +177% |
| Profit (loss) for the period to be appropriated | 9905 | €12,015 | €33,272 | +€21,257 | +177% |
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 14 October 2026 via checked.be.