SAYHAN: 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.
SAYHAN
Largest movements
- Receivables within one year +€34,261
up €34,261 (+89.6%), from €38,236 to €72,498
- Stocks and contracts +€9,400
up €9,400 (+78.4%), from €11,996 to €21,396
- Other debts +€21,483
up €21,483 (+177%), from €12,120 to €33,604
- Trade debts +€15,832
up €15,832, from €0 to €15,832
- Reserves +€8,270
up €8,270 (+17.7%), from €46,657 to €54,928
of which Distributable reserves: +€8,270
- Tax, wage and social debts -€1,571
down €1,571 (-31.3%), from €5,025 to €3,454
- Gross operating margin -€4,334
down €4,334 (-24.7%), from €17,572 to €13,238
- Taxes -€1,707
down €1,707 (-40.3%), from €4,231 to €2,524
- Financial charges +€524
up €524 (+120%), from €436 to €960
- Other operating charges +€493
up €493 (+57.7%), from €855 to €1,349
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 | €70,003 | €114,018 | +€44,015 | +62.9% |
| Fixed assets | 21/28 | €3,855 | €3,720 | -€135 | -3.5% |
| Tangible fixed assets | 22/27 | €135 | €0 | -€135 | -100% |
| Plant, machinery and equipment | 23 | €135 | €0 | -€135 | -100% |
| Financial fixed assets | 28 | €3,720 | €3,720 | = | 0.0% |
| Current assets | 29/58 | €66,148 | €110,298 | +€44,150 | +66.7% |
| Stocks and contracts in progress | 3 | €11,996 | €21,396 | +€9,400 | +78.4% |
| Stocks | 30/36 | €11,996 | €21,396 | +€9,400 | +78.4% |
| Amounts receivable within one year | 40/41 | €38,236 | €72,498 | +€34,261 | +89.6% |
| Trade receivables | 40 | €38,236 | €72,498 | +€34,261 | +89.6% |
| Cash at bank and in hand | 54/58 | €15,656 | €16,404 | +€748 | +4.8% |
| Deferred charges and accrued income | 490/1 | €259 | €0 | -€259 | -100% |
| Total equity and liabilities | 10/49 | €70,003 | €114,018 | +€44,015 | +62.9% |
| Equity | 10/15 | €52,857 | €61,128 | +€8,270 | +15.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €46,657 | €54,928 | +€8,270 | +17.7% |
| Non-distributable reserves | 130/1 | €764 | €764 | = | 0.0% |
| Reserves not available under the articles | 1311 | €764 | €764 | = | 0.0% |
| Distributable reserves | 133 | €45,893 | €54,164 | +€8,270 | +18.0% |
| Amounts payable | 17/49 | €17,146 | €52,890 | +€35,745 | +208% |
| Amounts payable within one year | 42/48 | €17,146 | €52,890 | +€35,745 | +208% |
| Trade debts | 44 | €0 | €15,832 | +€15,832 | |
| Suppliers | 440/4 | €0 | €15,832 | +€15,832 | |
| Taxes, remuneration and social security | 45 | €5,025 | €3,454 | -€1,571 | -31.3% |
| Taxes | 450/3 | €5,025 | €3,454 | -€1,571 | -31.3% |
| Other amounts payable | 47/48 | €12,120 | €33,604 | +€21,483 | +177% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135 | €135 | = | 0.0% |
| Other operating charges | 640/8 | €855 | €1,349 | +€493 | +57.7% |
| Gross operating margin | 9900 | €17,572 | €13,238 | -€4,334 | -24.7% |
| Operating profit (loss) | 9901 | €16,582 | €11,755 | -€4,827 | -29.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €436 | €960 | +€524 | +120% |
| Recurring financial charges | 65 | €436 | €960 | +€524 | +120% |
| Profit (loss) for the period before taxes | 9903 | €16,146 | €10,794 | -€5,351 | -33.1% |
| Income taxes | 67/77 | €4,231 | €2,524 | -€1,707 | -40.3% |
| Profit (loss) for the period | 9904 | €11,915 | €8,270 | -€3,645 | -30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,915 | €8,270 | -€3,645 | -30.6% |
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.