SAVEC: what changed
What changed
SAVEC
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€159,079
2024 · €254,443-€95,364
Equity
€1.0m
2024 · €845,658+€159,079
Cash
€231,185
2024 · €76,100+€155,085
Balance sheet total
€3.9m
2024 · €3.7m+€168,562
Largest movements
Assets
- Cash +€155,085
up €155,085 (+204%), from €76,100 to €231,185
mainly Net result for the year (+€159,079) and Depreciation (+€90,406)
Equity and liabilities
- Reserves +€159,079
up €159,079 (+19.4%), from €821,658 to €980,736
of which Distributable reserves: +€165,177
Income statement
- Gross operating margin -€145,531
down €145,531 (-31.1%), from €468,146 to €322,616
- Depreciation -€45,768
down €45,768 (-33.6%), from €136,174 to €90,406
- Taxes +€42,978
up €42,978 (+151%), from €28,376 to €71,355
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€254,443
Gross operating margin
-€145,531
Depreciation
+€45,768
Other operating charges
+€61
Financial income
+€0
Financial charges
+€347
Taxes
-€42,978
Deferred taxes and other
+€46,969
Result 2025
€159,079
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€266,568
Investment
-€98,209
Financing
-€13,273
Cash 2024
€76,100
From operations (derived)
+€266,568
Net result for the year
+€159,079
Depreciation
+€90,406
Receivables within one year
-€2,455
Deferred charges and accrued income
-€3,219
Provisions
-€1,525
Trade debts
-€137
Tax, wage and social debts
+€25,098
Other debts
+€1,188
Accrued charges and deferred income
-€1,867
Investment (derived)
-€98,209
Investment in fixed assets (net)
-€98,209
Financing
-€13,273
Debts after one year
-€13,748
Current portion of long-term debt
+€475
Cash 2025
€231,185
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,741,037 | €3,909,599 | +€168,562 | +4.5% |
| Fixed assets | 21/28 | €3,649,614 | €3,657,417 | +€7,803 | +0.2% |
| Tangible fixed assets | 22/27 | €3,649,614 | €3,657,417 | +€7,803 | +0.2% |
| Land and buildings | 22 | €3,649,614 | €3,564,118 | -€85,495 | -2.3% |
| Furniture and vehicles | 24 | - | €93,298 | +€93,298 | |
| Current assets | 29/58 | €91,424 | €252,183 | +€160,759 | +176% |
| Amounts receivable within one year | 40/41 | €12,940 | €15,395 | +€2,455 | +19.0% |
| Trade receivables | 40 | €6,316 | €8,771 | +€2,455 | +38.9% |
| Other amounts receivable | 41 | €6,624 | €6,624 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €76,100 | €231,185 | +€155,085 | +204% |
| Deferred charges and accrued income | 490/1 | €2,384 | €5,603 | +€3,219 | +135% |
| Total equity and liabilities | 10/49 | €3,741,037 | €3,909,599 | +€168,562 | +4.5% |
| Equity | 10/15 | €845,658 | €1,004,736 | +€159,079 | +18.8% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Reserves | 13 | €821,658 | €980,736 | +€159,079 | +19.4% |
| Non-distributable reserves | 130/1 | €2,400 | €2,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,400 | €2,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €181,776 | €175,677 | -€6,099 | -3.4% |
| Distributable reserves | 133 | €637,482 | €802,659 | +€165,177 | +25.9% |
| Provisions and deferred taxes | 16 | €45,444 | €43,919 | -€1,525 | -3.4% |
| Deferred taxes | 168 | €45,444 | €43,919 | -€1,525 | -3.4% |
| Amounts payable | 17/49 | €2,849,935 | €2,860,944 | +€11,008 | +0.4% |
| Amounts payable after more than one year | 17 | €42,737 | €28,989 | -€13,748 | -32.2% |
| Financial debts | 170/4 | €42,737 | €28,989 | -€13,748 | -32.2% |
| Amounts payable within one year | 42/48 | €2,796,536 | €2,823,159 | +€26,623 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €13,273 | €13,748 | +€475 | +3.6% |
| Trade debts | 44 | €678 | €541 | -€137 | -20.2% |
| Suppliers | 440/4 | €678 | €541 | -€137 | -20.2% |
| Taxes, remuneration and social security | 45 | €8,384 | €33,482 | +€25,098 | +299% |
| Taxes | 450/3 | €8,384 | €33,482 | +€25,098 | +299% |
| Other amounts payable | 47/48 | €2,774,200 | €2,775,388 | +€1,188 | 0.0% |
| Accrued charges and deferred income | 492/3 | €10,663 | €8,795 | -€1,867 | -17.5% |
| Non-recurring operating income | 76A | €228,701 | - | -€228,701 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,174 | €90,406 | -€45,768 | -33.6% |
| Other operating charges | 640/8 | €1,255 | €1,194 | -€61 | -4.9% |
| Gross operating margin | 9900 | €468,146 | €322,616 | -€145,531 | -31.1% |
| Operating profit (loss) | 9901 | €330,717 | €231,016 | -€99,702 | -30.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,454 | €2,107 | -€347 | -14.1% |
| Recurring financial charges | 65 | €2,454 | €2,107 | -€347 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €328,263 | €228,909 | -€99,354 | -30.3% |
| Transfer from deferred taxes | 780 | €296 | €1,525 | +€1,229 | +415% |
| Transfer to deferred taxes | 680 | €45,740 | - | -€45,740 | |
| Income taxes | 67/77 | €28,376 | €71,355 | +€42,978 | +151% |
| Profit (loss) for the period | 9904 | €254,443 | €159,079 | -€95,364 | -37.5% |
| Transfer from tax-exempt reserves | 789 | €1,184 | €6,099 | +€4,914 | +415% |
| Transfer to tax-exempt reserves | 689 | €182,960 | - | -€182,960 | |
| Profit (loss) for the period to be appropriated | 9905 | €72,667 | €165,177 | +€92,511 | +127% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.