SAV: 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.
SAV
Largest movements
- Financial fixed assets +€3.5m
new in 2025: €3.5m
- Tangible fixed assets -€85,504
down €85,504 (-92.1%), from €92,885 to €7,381
- Cash +€74,364
up €74,364 (+351.5%), from €21,156 to €95,520
mainly Debts after one year (+€3.2m) and Current portion of long-term debt (+€251,038)
- Debts after one year +€3.2m
new in 2025: €3.2m
- Current portion of long-term debt +€251,038
new in 2025: €251,038
- Other debts -€74,136
down €74,136 (-100.0%), from €74,167 to €31
- Profit (loss) carried forward +€61,316
up €61,316 (+160.2%), from €38,272 to €99,588
- Tax, wage and social debts +€41,353
up €41,353 (+294.9%), from €14,022 to €55,375
of which Taxes: +€37,258
- Gross operating margin +€98,029
up €98,029 (+175.2%), from €55,964 to €153,993
- Financial charges +€46,520
up €46,520 (+3722.4%), from €1,250 to €47,769
- Taxes +€11,889
up €11,889 (+123.1%), from €9,657 to €21,546
- Depreciation -€5,990
down €5,990 (-90.8%), from €6,597 to €608
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 | €129,712 | €3,634,311 | +€3.5m | +2701.8% |
| Fixed assets | 21/28 | €92,885 | €3,507,381 | +€3.4m | +3676.0% |
| Tangible fixed assets | 22/27 | €92,885 | €7,381 | -€85,504 | -92.1% |
| Furniture and vehicles | 24 | €92,885 | €7,381 | -€85,504 | -92.1% |
| Financial fixed assets | 28 | - | €3,500,000 | +€3.5m | |
| Current assets | 29/58 | €36,826 | €126,930 | +€90,103 | +244.7% |
| Amounts receivable within one year | 40/41 | €11,833 | €25,410 | +€13,577 | +114.7% |
| Trade receivables | 40 | €667 | €25,410 | +€24,743 | +3711.5% |
| Other amounts receivable | 41 | €11,167 | €0 | -€11,167 | -100.0% |
| Cash at bank and in hand | 54/58 | €21,156 | €95,520 | +€74,364 | +351.5% |
| Deferred charges and accrued income | 490/1 | €3,837 | €6,000 | +€2,163 | +56.4% |
| Total equity and liabilities | 10/49 | €129,712 | €3,634,311 | +€3.5m | +2701.8% |
| Equity | 10/15 | €41,272 | €102,588 | +€61,316 | +148.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,272 | €99,588 | +€61,316 | +160.2% |
| Amounts payable | 17/49 | €88,439 | €3,531,723 | +€3.4m | +3893.4% |
| Amounts payable after more than one year | 17 | - | €3,198,625 | +€3.2m | |
| Financial debts | 170/4 | - | €3,198,625 | +€3.2m | |
| Amounts payable within one year | 42/48 | €88,439 | €311,043 | +€222,604 | +251.7% |
| Current portion of amounts payable after more than one year | 42 | - | €251,038 | +€251,038 | |
| Trade debts | 44 | €251 | €4,600 | +€4,349 | +1735.7% |
| Suppliers | 440/4 | €251 | €4,600 | +€4,349 | +1735.7% |
| Taxes, remuneration and social security | 45 | €14,022 | €55,375 | +€41,353 | +294.9% |
| Taxes | 450/3 | €14,022 | €51,280 | +€37,258 | +265.7% |
| Remuneration and social security | 454/9 | - | €4,095 | +€4,095 | |
| Other amounts payable | 47/48 | €74,167 | €31 | -€74,136 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €22,055 | +€22,055 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,597 | €608 | -€5,990 | -90.8% |
| Other operating charges | 640/8 | €188 | €581 | +€393 | +208.8% |
| Non-recurring operating charges | 66A | - | €22,174 | +€22,174 | |
| Gross operating margin | 9900 | €55,964 | €153,993 | +€98,029 | +175.2% |
| Operating profit (loss) | 9901 | €49,179 | €130,631 | +€81,452 | +165.6% |
| Financial charges | 65/66B | €1,250 | €47,769 | +€46,520 | +3722.4% |
| Recurring financial charges | 65 | €1,250 | €47,769 | +€46,520 | +3722.4% |
| Profit (loss) for the period before taxes | 9903 | €47,929 | €82,862 | +€34,932 | +72.9% |
| Income taxes | 67/77 | €9,657 | €21,546 | +€11,889 | +123.1% |
| Profit (loss) for the period | 9904 | €38,272 | €61,316 | +€23,043 | +60.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,272 | €61,316 | +€23,043 | +60.2% |
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 9 October 2026 via checked.be.