SAVO: 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.
SAVO
Largest movements
- Tangible fixed assets +€196,249
up €196,249 (+76.6%), from €256,189 to €452,438
of which Land and buildings: +€163,975
- Receivables within one year -€145,633
down €145,633 (-37.3%), from €390,924 to €245,292
of which Trade receivables: -€153,933
- Cash -€20,875
down €20,875 (-22.5%), from €92,884 to €72,009
mainly Investment in fixed assets (net) (-€220,958) and Trade debts (-€73,443)
- Stocks and contracts +€11,400
up €11,400 (+7.7%), from €147,541 to €158,941
of which Contracts in progress: +€9,889
- Revaluation surpluses +€163,975
up €163,975 (+89.0%), from €184,272 to €348,247
- Debts after one year +€135,205
up €135,205 (+1,322%), from €10,224 to €145,429
- Reserves -€106,502
down €106,502 (-65.0%), from €163,763 to €57,260
of which Distributable reserves: -€106,502
- Trade debts -€73,443
down €73,443 (-22.9%), from €320,430 to €246,987
- Short-term financial debts -€70,000
down €70,000 (-100%), from €70,000 to €0
- Staff costs +€127,043
up €127,043 (+19.2%), from €662,040 to €789,082
- Gross operating margin +€112,986
up €112,986 (+15.8%), from €715,515 to €828,502
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 | €901,577 | €942,852 | +€41,275 | +4.6% |
| Fixed assets | 21/28 | €257,370 | €455,071 | +€197,701 | +76.8% |
| Tangible fixed assets | 22/27 | €256,189 | €452,438 | +€196,249 | +76.6% |
| Land and buildings | 22 | €241,165 | €405,140 | +€163,975 | +68.0% |
| Plant, machinery and equipment | 23 | €1,081 | €6,981 | +€5,900 | +546% |
| Furniture and vehicles | 24 | €814 | €30,835 | +€30,021 | +3,689% |
| Leasing and similar rights | 25 | €13,130 | €9,483 | -€3,647 | -27.8% |
| Financial fixed assets | 28 | €1,181 | €2,633 | +€1,451 | +123% |
| Current assets | 29/58 | €644,207 | €487,782 | -€156,425 | -24.3% |
| Stocks and contracts in progress | 3 | €147,541 | €158,941 | +€11,400 | +7.7% |
| Stocks | 30/36 | €65,930 | €67,441 | +€1,511 | +2.3% |
| Contracts in progress | 37 | €81,611 | €91,500 | +€9,889 | +12.1% |
| Amounts receivable within one year | 40/41 | €390,924 | €245,292 | -€145,633 | -37.3% |
| Trade receivables | 40 | €354,526 | €200,594 | -€153,933 | -43.4% |
| Other amounts receivable | 41 | €36,398 | €44,698 | +€8,300 | +22.8% |
| Cash at bank and in hand | 54/58 | €92,884 | €72,009 | -€20,875 | -22.5% |
| Deferred charges and accrued income | 490/1 | €12,858 | €11,540 | -€1,318 | -10.2% |
| Total equity and liabilities | 10/49 | €901,577 | €942,852 | +€41,275 | +4.6% |
| Equity | 10/15 | €447,587 | €478,774 | +€31,187 | +7.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Revaluation surpluses | 12 | €184,272 | €348,247 | +€163,975 | +89.0% |
| Reserves | 13 | €163,763 | €57,260 | -€106,502 | -65.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,736 | €18,736 | = | 0.0% |
| Distributable reserves | 133 | €138,527 | €32,025 | -€106,502 | -76.9% |
| Profit (loss) carried forward | 14 | €34,553 | €8,267 | -€26,286 | -76.1% |
| Amounts payable | 17/49 | €453,990 | €464,078 | +€10,088 | +2.2% |
| Amounts payable after more than one year | 17 | €10,224 | €145,429 | +€135,205 | +1,322% |
| Financial debts | 170/4 | €10,224 | €145,429 | +€135,205 | +1,322% |
| Amounts payable within one year | 42/48 | €443,766 | €317,651 | -€126,115 | -28.4% |
| Current portion of amounts payable after more than one year | 42 | €3,412 | €29,349 | +€25,937 | +760% |
| Financial debts | 43 | €70,000 | €0 | -€70,000 | -100% |
| Credit institutions | 430/8 | €70,000 | €0 | -€70,000 | -100% |
| Trade debts | 44 | €320,430 | €246,987 | -€73,443 | -22.9% |
| Suppliers | 440/4 | €320,430 | €246,987 | -€73,443 | -22.9% |
| Taxes, remuneration and social security | 45 | €32,195 | €41,315 | +€9,120 | +28.3% |
| Taxes | 450/3 | €153 | €875 | +€721 | +470% |
| Remuneration and social security | 454/9 | €32,042 | €40,440 | +€8,398 | +26.2% |
| Other amounts payable | 47/48 | €17,729 | €0 | -€17,729 | -100% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €662,040 | €789,082 | +€127,043 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,489 | €23,257 | +€768 | +3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,448 | €0 | +€7,448 | |
| Other operating charges | 640/8 | €11,641 | €8,423 | -€3,218 | -27.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €715,515 | €828,502 | +€112,986 | +15.8% |
| Operating profit (loss) | 9901 | €26,794 | €7,740 | -€19,054 | -71.1% |
| Financial income | 75/76B | €3,091 | €8,234 | +€5,143 | +166% |
| Recurring financial income | 75 | €3,091 | €8,234 | +€5,143 | +166% |
| Financial charges | 65/66B | €1,435 | €8,568 | +€7,133 | +497% |
| Recurring financial charges | 65 | €1,435 | €8,568 | +€7,133 | +497% |
| Profit (loss) for the period before taxes | 9903 | €28,449 | €7,405 | -€21,044 | -74.0% |
| Income taxes | 67/77 | €10,720 | €6,218 | -€4,502 | -42.0% |
| Profit (loss) for the period | 9904 | €17,729 | €1,187 | -€16,542 | -93.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,729 | €1,187 | -€16,542 | -93.3% |
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.