SAX MORAUX: 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 MORAUX
Largest movements
- Stocks and contracts -€18,107
down €18,107 (-8.6%), from €211,090 to €192,983
- Receivables within one year +€6,908
up €6,908 (+50.7%), from €13,622 to €20,530
of which Trade receivables: +€4,549
- Tangible fixed assets -€5,933
down €5,933 (-8.8%), from €67,193 to €61,260
of which Land and buildings: -€4,800
- Profit (loss) carried forward -€7,546
down €7,546 (-4.5%), from €168,410 to €160,864
- Trade debts -€6,763
down €6,763 (-45.5%), from €14,865 to €8,102
- Debts after one year -€6,440
down €6,440 (-12.5%), from €51,447 to €45,007
- Short-term financial debts +€5,000
up €5,000 (+12.5%), from €40,000 to €45,000
- Gross operating margin -€11,510
down €11,510 (-57.2%), from €20,131 to €8,621
- Staff costs +€4,554
new in 2025: €4,554
- Taxes -€2,243
down €2,243 (-91.6%), from €2,449 to €206
- Other operating charges -€1,336
down €1,336 (-43.0%), from €3,110 to €1,774
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 | €330,372 | €309,048 | -€21,324 | -6.5% |
| Fixed assets | 21/28 | €73,212 | €67,279 | -€5,933 | -8.1% |
| Tangible fixed assets | 22/27 | €67,193 | €61,260 | -€5,933 | -8.8% |
| Land and buildings | 22 | €64,873 | €60,073 | -€4,800 | -7.4% |
| Furniture and vehicles | 24 | €2,320 | €1,187 | -€1,133 | -48.8% |
| Financial fixed assets | 28 | €6,019 | €6,019 | = | 0.0% |
| Current assets | 29/58 | €257,160 | €241,769 | -€15,391 | -6.0% |
| Stocks and contracts in progress | 3 | €211,090 | €192,983 | -€18,107 | -8.6% |
| Stocks | 30/36 | €211,090 | €192,983 | -€18,107 | -8.6% |
| Amounts receivable within one year | 40/41 | €13,622 | €20,530 | +€6,908 | +50.7% |
| Trade receivables | 40 | €11,083 | €15,632 | +€4,549 | +41.0% |
| Other amounts receivable | 41 | €2,539 | €4,898 | +€2,359 | +92.9% |
| Cash at bank and in hand | 54/58 | €29,823 | €27,435 | -€2,388 | -8.0% |
| Deferred charges and accrued income | 490/1 | €2,625 | €821 | -€1,804 | -68.7% |
| Total equity and liabilities | 10/49 | €330,372 | €309,048 | -€21,324 | -6.5% |
| Equity | 10/15 | €176,470 | €168,924 | -€7,546 | -4.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €168,410 | €160,864 | -€7,546 | -4.5% |
| Amounts payable | 17/49 | €153,902 | €140,124 | -€13,778 | -9.0% |
| Amounts payable after more than one year | 17 | €51,447 | €45,007 | -€6,440 | -12.5% |
| Financial debts | 170/4 | €51,447 | €45,007 | -€6,440 | -12.5% |
| Amounts payable within one year | 42/48 | €96,888 | €92,452 | -€4,436 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €6,317 | €6,440 | +€123 | +1.9% |
| Financial debts | 43 | €40,000 | €45,000 | +€5,000 | +12.5% |
| Credit institutions | 430/8 | €40,000 | €45,000 | +€5,000 | +12.5% |
| Trade debts | 44 | €14,865 | €8,102 | -€6,763 | -45.5% |
| Suppliers | 440/4 | €14,865 | €8,102 | -€6,763 | -45.5% |
| Taxes, remuneration and social security | 45 | €17,643 | €16,434 | -€1,209 | -6.9% |
| Taxes | 450/3 | €17,643 | €16,108 | -€1,535 | -8.7% |
| Remuneration and social security | 454/9 | - | €326 | +€326 | |
| Other amounts payable | 47/48 | €18,063 | €16,476 | -€1,587 | -8.8% |
| Accrued charges and deferred income | 492/3 | €5,567 | €2,665 | -€2,902 | -52.1% |
| Remuneration, social security and pensions | 62 | - | €4,554 | +€4,554 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,802 | €5,933 | +€131 | +2.3% |
| Other operating charges | 640/8 | €3,110 | €1,774 | -€1,336 | -43.0% |
| Gross operating margin | 9900 | €20,131 | €8,621 | -€11,510 | -57.2% |
| Operating profit (loss) | 9901 | €11,219 | -€3,640 | -€14,859 | |
| Financial charges | 65/66B | €3,781 | €3,700 | -€81 | -2.1% |
| Recurring financial charges | 65 | €3,781 | €3,700 | -€81 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €7,438 | -€7,340 | -€14,778 | |
| Income taxes | 67/77 | €2,449 | €206 | -€2,243 | -91.6% |
| Profit (loss) for the period | 9904 | €4,989 | -€7,546 | -€12,535 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,989 | -€7,546 | -€12,535 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.