SAZ Management: what changed
Two fiscal 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.
SAZ Management
Largest movements
- Receivables within one year +€47,900
up €47,900 (+83.9%), from €57,107 to €105,007
of which Other amounts receivable: +€77,640
- Cash -€22,965
down €22,965 (-52.8%), from €43,527 to €20,562
mainly Receivables within one year (-€47,900) and Trade debts (-€13,772)
- Reserves +€35,084
up €35,084 (+60.0%), from €58,448 to €93,533
- Trade debts -€13,772
down €13,772 (-82.1%), from €16,780 to €3,008
- Tax, wage and social debts +€4,509
up €4,509 (+19.9%), from €22,671 to €27,181
of which Taxes: +€4,509
- Gross operating margin -€8,174
down €8,174 (-15.5%), from €52,784 to €44,610
- Financial income +€2,250
up €2,250 (+456.1%), from €493 to €2,743
- Taxes -€830
down €830 (-6.9%), from €11,997 to €11,168
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 | €101,182 | €126,935 | +€25,754 | +25.5% |
| Fixed assets | 21/28 | €536 | €264 | -€272 | -50.8% |
| Tangible fixed assets | 22/27 | €536 | €264 | -€272 | -50.8% |
| Furniture and vehicles | 24 | €536 | €264 | -€272 | -50.8% |
| Current assets | 29/58 | €100,645 | €126,671 | +€26,026 | +25.9% |
| Amounts receivable within one year | 40/41 | €57,107 | €105,007 | +€47,900 | +83.9% |
| Trade receivables | 40 | €41,704 | €11,964 | -€29,740 | -71.3% |
| Other amounts receivable | 41 | €15,403 | €93,043 | +€77,640 | +504.0% |
| Cash at bank and in hand | 54/58 | €43,527 | €20,562 | -€22,965 | -52.8% |
| Deferred charges and accrued income | 490/1 | €11 | €1,102 | +€1,091 | +9945.8% |
| Total equity and liabilities | 10/49 | €101,182 | €126,935 | +€25,754 | +25.5% |
| Equity | 10/15 | €61,448 | €96,533 | +€35,084 | +57.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €58,448 | €93,533 | +€35,084 | +60.0% |
| Distributable reserves | 133 | €58,448 | €93,533 | +€35,084 | +60.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €39,733 | €30,403 | -€9,330 | -23.5% |
| Amounts payable within one year | 42/48 | €39,451 | €30,188 | -€9,263 | -23.5% |
| Trade debts | 44 | €16,780 | €3,008 | -€13,772 | -82.1% |
| Suppliers | 440/4 | €16,780 | €3,008 | -€13,772 | -82.1% |
| Taxes, remuneration and social security | 45 | €22,671 | €27,181 | +€4,509 | +19.9% |
| Taxes | 450/3 | €22,671 | €27,181 | +€4,509 | +19.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €282 | €215 | -€68 | -24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €272 | €272 | +€0 | 0.0% |
| Other operating charges | 640/8 | €536 | €588 | +€52 | +9.7% |
| Gross operating margin | 9900 | €52,784 | €44,610 | -€8,174 | -15.5% |
| Operating profit (loss) | 9901 | €51,976 | €43,750 | -€8,226 | -15.8% |
| Financial income | 75/76B | €493 | €2,743 | +€2,250 | +456.1% |
| Recurring financial income | 75 | €493 | €2,743 | +€2,250 | +456.1% |
| Financial charges | 65/66B | €135 | €242 | +€106 | +78.6% |
| Recurring financial charges | 65 | €135 | €242 | +€106 | +78.6% |
| Profit (loss) for the period before taxes | 9903 | €52,334 | €46,252 | -€6,082 | -11.6% |
| Income taxes | 67/77 | €11,997 | €11,168 | -€830 | -6.9% |
| Profit (loss) for the period | 9904 | €40,337 | €35,084 | -€5,253 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,337 | €35,084 | -€5,253 | -13.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.