SAX: 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.
SAX
Largest movements
- Stocks and contracts -€10,095
down €10,095 (-35.3%), from €28,595 to €18,500
- Cash -€2,176
down €2,176 (-43.0%), from €5,055 to €2,879
mainly Other debts (-€12,580) and Net result for the year (-€108)
- Other debts -€12,580
down €12,580 (-40.0%), from €31,488 to €18,908
- Purchases and services -€61,980
no longer reported in 2025 (was €61,980)
- Turnover -€59,044
no longer reported in 2025 (was €59,044)
- Gross operating margin -€6,799
down €6,799 (-67.7%), from €10,047 to €3,248
- Taxes -€644
down €644 (-61.9%), from €1,040 to €396
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 | €60,529 | €48,258 | -€12,271 | -20.3% |
| Fixed assets | 21/28 | €26,878 | €26,878 | = | 0.0% |
| Tangible fixed assets | 22/27 | €26,878 | €26,878 | = | 0.0% |
| Land and buildings | 22 | €26,842 | €26,842 | = | 0.0% |
| Plant, machinery and equipment | 23 | €36 | €36 | = | 0.0% |
| Current assets | 29/58 | €33,650 | €21,379 | -€12,271 | -36.5% |
| Stocks and contracts in progress | 3 | €28,595 | €18,500 | -€10,095 | -35.3% |
| Stocks | 30/36 | €28,595 | €18,500 | -€10,095 | -35.3% |
| Cash at bank and in hand | 54/58 | €5,055 | €2,879 | -€2,176 | -43.0% |
| Total equity and liabilities | 10/49 | €60,529 | €48,258 | -€12,271 | -20.3% |
| Equity | 10/15 | €21,305 | €21,197 | -€108 | -0.5% |
| Contributions | 10/11 | €8,676 | €8,676 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,770 | €10,661 | -€108 | -1.0% |
| Amounts payable | 17/49 | €39,224 | €27,061 | -€12,163 | -31.0% |
| Amounts payable within one year | 42/48 | €39,224 | €27,061 | -€12,163 | -31.0% |
| Trade debts | 44 | €5,311 | €5,630 | +€319 | +6.0% |
| Suppliers | 440/4 | €5,311 | €5,630 | +€319 | +6.0% |
| Taxes, remuneration and social security | 45 | €2,425 | €2,523 | +€98 | +4.0% |
| Taxes | 450/3 | €2,425 | €2,523 | +€98 | +4.0% |
| Other amounts payable | 47/48 | €31,488 | €18,908 | -€12,580 | -40.0% |
| Turnover | 70 | €59,044 | - | -€59,044 | |
| Goods, raw materials, services and sundry goods | 60/61 | €61,980 | - | -€61,980 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €362 | - | -€362 | |
| Other operating charges | 640/8 | €2,217 | €2,052 | -€165 | -7.4% |
| Gross operating margin | 9900 | €10,047 | €3,248 | -€6,799 | -67.7% |
| Operating profit (loss) | 9901 | €7,469 | €1,196 | -€6,273 | -84.0% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €816 | €909 | +€93 | +11.4% |
| Recurring financial charges | 65 | €816 | €909 | +€93 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €6,653 | €287 | -€6,366 | -95.7% |
| Income taxes | 67/77 | €1,040 | €396 | -€644 | -61.9% |
| Profit (loss) for the period | 9904 | €5,614 | -€108 | -€5,722 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,614 | -€108 | -€5,722 |
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.