SAW: 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.
SAW
Largest movements
- Cash -€379,595
down €379,595 (-94.7%), from €400,738 to €21,144
mainly Other debts (-€313,823) and Contributions, distributions and other (-€75,000)
- Receivables within one year +€52,188
up €52,188 (+1,029%), from €5,072 to €57,260
of which Other amounts receivable: +€50,796
- Other debts -€313,823
down €313,823 (-80.7%), from €388,823 to €75,000
- Tax, wage and social debts -€20,269
down €20,269 (-83.2%), from €24,361 to €4,091
- Profit (loss) carried forward +€4,796
up €4,796 (+55.2%), from €8,690 to €13,486
- Gross operating margin -€29,386
down €29,386 (-20.0%), from €147,135 to €117,749
- Taxes -€3,269
down €3,269 (-10.1%), from €32,361 to €29,091
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 | €428,489 | €100,136 | -€328,352 | -76.6% |
| Fixed assets | 21/28 | €21,623 | €20,220 | -€1,403 | -6.5% |
| Tangible fixed assets | 22/27 | €19,883 | €18,480 | -€1,403 | -7.1% |
| Land and buildings | 22 | €10,700 | €8,562 | -€2,138 | -20.0% |
| Plant, machinery and equipment | 23 | €8,348 | €7,486 | -€862 | -10.3% |
| Furniture and vehicles | 24 | €835 | €2,432 | +€1,597 | +191% |
| Financial fixed assets | 28 | €1,740 | €1,740 | = | 0.0% |
| Current assets | 29/58 | €406,866 | €79,916 | -€326,950 | -80.4% |
| Amounts receivable within one year | 40/41 | €5,072 | €57,260 | +€52,188 | +1,029% |
| Trade receivables | 40 | €5,072 | €6,464 | +€1,392 | +27.4% |
| Other amounts receivable | 41 | - | €50,796 | +€50,796 | |
| Cash at bank and in hand | 54/58 | €400,738 | €21,144 | -€379,595 | -94.7% |
| Deferred charges and accrued income | 490/1 | €1,056 | €1,513 | +€457 | +43.3% |
| Total equity and liabilities | 10/49 | €428,489 | €100,136 | -€328,352 | -76.6% |
| Equity | 10/15 | €10,690 | €15,486 | +€4,796 | +44.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,690 | €13,486 | +€4,796 | +55.2% |
| Amounts payable | 17/49 | €417,799 | €84,650 | -€333,149 | -79.7% |
| Amounts payable within one year | 42/48 | €417,799 | €84,650 | -€333,149 | -79.7% |
| Trade debts | 44 | €4,615 | €5,559 | +€943 | +20.4% |
| Suppliers | 440/4 | €4,615 | €5,559 | +€943 | +20.4% |
| Taxes, remuneration and social security | 45 | €24,361 | €4,091 | -€20,269 | -83.2% |
| Taxes | 450/3 | €24,361 | €4,091 | -€20,269 | -83.2% |
| Other amounts payable | 47/48 | €388,823 | €75,000 | -€313,823 | -80.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,307 | €6,592 | -€715 | -9.8% |
| Other operating charges | 640/8 | €1,482 | €2,275 | +€793 | +53.5% |
| Gross operating margin | 9900 | €147,135 | €117,749 | -€29,386 | -20.0% |
| Operating profit (loss) | 9901 | €138,346 | €108,883 | -€29,464 | -21.3% |
| Financial income | 75/76B | - | €898 | +€898 | |
| Recurring financial income | 75 | - | €898 | +€898 | |
| Financial charges | 65/66B | €852 | €893 | +€41 | +4.8% |
| Recurring financial charges | 65 | €852 | €893 | +€41 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €137,494 | €108,888 | -€28,606 | -20.8% |
| Income taxes | 67/77 | €32,361 | €29,091 | -€3,269 | -10.1% |
| Profit (loss) for the period | 9904 | €105,133 | €79,796 | -€25,337 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €105,133 | €79,796 | -€25,337 | -24.1% |
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 13 October 2026 via checked.be.