SAX & PARTNERS: 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 & PARTNERS
Largest movements
- Cash -€43,084
down €43,084 (-86.6%), from €49,745 to €6,661
mainly Contributions, distributions and other (-€260,000) and Debts after one year (-€226,984)
- Debts after one year -€226,984
down €226,984 (-14.8%), from €1.5m to €1.3m
of which Other amounts payable: -€128,552
- Other debts +€160,767
up €160,767 (+133%), from €121,000 to €281,767
- Reserves +€45,626
up €45,626 (+9.7%), from €471,867 to €517,493
- Gross operating margin +€137,593
up €137,593 (+65.3%), from €210,599 to €348,192
- Financial charges -€17,311
down €17,311 (-46.5%), from €37,247 to €19,937
- Taxes +€7,232
up €7,232 (+50.6%), from €14,286 to €21,518
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 | €2,350,722 | €2,311,128 | -€39,595 | -1.7% |
| Fixed assets | 21/28 | €1,786,467 | €1,786,467 | = | 0.0% |
| Tangible fixed assets | 22/27 | €5,000 | €5,000 | = | 0.0% |
| Other tangible fixed assets | 26 | €5,000 | €5,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,781,467 | €1,781,467 | = | 0.0% |
| Current assets | 29/58 | €564,256 | €524,661 | -€39,595 | -7.0% |
| Amounts receivable within one year | 40/41 | €514,511 | €518,000 | +€3,489 | +0.7% |
| Other amounts receivable | 41 | €514,511 | €518,000 | +€3,489 | +0.7% |
| Cash at bank and in hand | 54/58 | €49,745 | €6,661 | -€43,084 | -86.6% |
| Total equity and liabilities | 10/49 | €2,350,722 | €2,311,128 | -€39,595 | -1.7% |
| Equity | 10/15 | €555,313 | €600,939 | +€45,626 | +8.2% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €471,867 | €517,493 | +€45,626 | +9.7% |
| Distributable reserves | 133 | €471,867 | €517,493 | +€45,626 | +9.7% |
| Profit (loss) carried forward | 14 | €3,446 | €3,446 | = | 0.0% |
| Amounts payable | 17/49 | €1,795,409 | €1,710,189 | -€85,220 | -4.7% |
| Amounts payable after more than one year | 17 | €1,533,408 | €1,306,424 | -€226,984 | -14.8% |
| Financial debts | 170/4 | €287,203 | €188,771 | -€98,432 | -34.3% |
| Other amounts payable | 178/9 | €1,246,205 | €1,117,653 | -€128,552 | -10.3% |
| Amounts payable within one year | 42/48 | €262,001 | €403,765 | +€141,764 | +54.1% |
| Current portion of amounts payable after more than one year | 42 | €123,948 | €100,481 | -€23,467 | -18.9% |
| Trade debts | 44 | €13,257 | €12,000 | -€1,257 | -9.5% |
| Suppliers | 440/4 | €13,257 | €12,000 | -€1,257 | -9.5% |
| Taxes, remuneration and social security | 45 | €3,796 | €9,518 | +€5,721 | +151% |
| Taxes | 450/3 | €3,796 | €9,518 | +€5,721 | +151% |
| Other amounts payable | 47/48 | €121,000 | €281,767 | +€160,767 | +133% |
| Other operating charges | 640/8 | €1,101 | €1,112 | +€11 | +1.0% |
| Gross operating margin | 9900 | €210,599 | €348,192 | +€137,593 | +65.3% |
| Operating profit (loss) | 9901 | €209,498 | €347,080 | +€137,582 | +65.7% |
| Financial charges | 65/66B | €37,247 | €19,937 | -€17,311 | -46.5% |
| Recurring financial charges | 65 | €37,247 | €19,937 | -€17,311 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €172,250 | €327,143 | +€154,893 | +89.9% |
| Income taxes | 67/77 | €14,286 | €21,518 | +€7,232 | +50.6% |
| Profit (loss) for the period | 9904 | €157,965 | €305,626 | +€147,661 | +93.5% |
| Profit (loss) for the period to be appropriated | 9905 | €157,965 | €305,626 | +€147,661 | +93.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.