SAZIVEST: 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.
What changed
SAZIVEST
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10,696
2024 · €3,857+€6,838
Equity
€172,828
2024 · €163,360+€9,469
Cash
€48,933
2024 · €26,647+€22,286
Balance sheet total
€399,537
2024 · €371,321+€28,216
Largest movements
Assets
- Cash +€22,286
up €22,286 (+83.6%), from €26,647 to €48,933
mainly Trade debts (+€27,445) and Depreciation (+€14,926)
- Intangible fixed assets +€4,557
new in 2025: €4,557
Equity and liabilities
- Trade debts +€27,445
up €27,445 (+307%), from €8,949 to €36,393
- Reserves +€10,500
up €10,500 (+7.4%), from €141,900 to €152,400
- Tax, wage and social debts -€5,349
down €5,349 (-44.9%), from €11,920 to €6,571
of which Taxes: -€5,979
Income statement
- Gross operating margin +€5,521
up €5,521 (+15.3%), from €36,167 to €41,689
- Depreciation -€3,297
down €3,297 (-18.1%), from €18,223 to €14,926
- Taxes +€2,140
up €2,140 (+72.6%), from €2,947 to €5,087
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.
Result 2024
€3,857
Gross operating margin
+€5,521
Depreciation
+€3,297
Other operating charges
-€170
Financial income
-€25
Financial charges
+€355
Taxes
-€2,140
Result 2025
€10,696
raises the resultlowers the result
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.
From operations
+€47,446
Investment
-€22,132
Financing
-€3,028
Cash 2024
€26,647
From operations (derived)
+€47,446
Net result for the year
+€10,696
Depreciation
+€14,926
Receivables within one year
+€3,040
Deferred charges and accrued income
-€1,765
Provisions
-€409
Trade debts
+€27,445
Tax, wage and social debts
-€5,349
Accrued charges and deferred income
-€1,139
Investment (derived)
-€22,132
Investment in fixed assets (net)
-€22,132
Current investments
+€0
Financing
-€3,028
Debts after one year
-€1,392
Current portion of long-term debt
-€409
Contributions, distributions and other
-€1,227
Cash 2025
€48,933
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €371,321 | €399,537 | +€28,216 | +7.6% |
| Fixed assets | 21/28 | €184,926 | €192,131 | +€7,205 | +3.9% |
| Intangible fixed assets | 21 | - | €4,557 | +€4,557 | |
| Tangible fixed assets | 22/27 | €184,926 | €187,574 | +€2,648 | +1.4% |
| Land and buildings | 22 | €183,382 | €183,179 | -€203 | -0.1% |
| Furniture and vehicles | 24 | €1,543 | €4,395 | +€2,851 | +185% |
| Current assets | 29/58 | €186,396 | €207,407 | +€21,011 | +11.3% |
| Amounts receivable within one year | 40/41 | €37,629 | €34,589 | -€3,040 | -8.1% |
| Trade receivables | 40 | €33,079 | €30,259 | -€2,820 | -8.5% |
| Other amounts receivable | 41 | €4,550 | €4,330 | -€220 | -4.8% |
| Current investments | 50/53 | €120,836 | €120,836 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €26,647 | €48,933 | +€22,286 | +83.6% |
| Deferred charges and accrued income | 490/1 | €1,284 | €3,049 | +€1,765 | +137% |
| Total equity and liabilities | 10/49 | €371,321 | €399,537 | +€28,216 | +7.6% |
| Equity | 10/15 | €163,360 | €172,828 | +€9,469 | +5.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €141,900 | €152,400 | +€10,500 | +7.4% |
| Distributable reserves | 133 | €141,900 | €152,400 | +€10,500 | +7.4% |
| Profit (loss) carried forward | 14 | €1,512 | €1,707 | +€196 | +12.9% |
| Investment grants | 15 | €1,398 | €171 | -€1,227 | -87.8% |
| Provisions and deferred taxes | 16 | €895 | €486 | -€409 | -45.7% |
| Deferred taxes | 168 | €895 | €486 | -€409 | -45.7% |
| Amounts payable | 17/49 | €207,067 | €226,223 | +€19,156 | +9.3% |
| Amounts payable after more than one year | 17 | €161,728 | €160,336 | -€1,392 | -0.9% |
| Financial debts | 170/4 | €114,066 | €110,925 | -€3,141 | -2.8% |
| Other amounts payable | 178/9 | €47,662 | €49,411 | +€1,749 | +3.7% |
| Amounts payable within one year | 42/48 | €44,003 | €65,690 | +€21,687 | +49.3% |
| Current portion of amounts payable after more than one year | 42 | €23,134 | €22,725 | -€409 | -1.8% |
| Trade debts | 44 | €8,949 | €36,393 | +€27,445 | +307% |
| Suppliers | 440/4 | €8,949 | €36,393 | +€27,445 | +307% |
| Taxes, remuneration and social security | 45 | €11,920 | €6,571 | -€5,349 | -44.9% |
| Taxes | 450/3 | €10,420 | €4,441 | -€5,979 | -57.4% |
| Remuneration and social security | 454/9 | €1,500 | €2,130 | +€630 | +42.0% |
| Accrued charges and deferred income | 492/3 | €1,335 | €196 | -€1,139 | -85.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,223 | €14,926 | -€3,297 | -18.1% |
| Other operating charges | 640/8 | €4,458 | €4,628 | +€170 | +3.8% |
| Gross operating margin | 9900 | €36,167 | €41,689 | +€5,521 | +15.3% |
| Operating profit (loss) | 9901 | €13,486 | €22,134 | +€8,649 | +64.1% |
| Financial income | 75/76B | €1,252 | €1,227 | -€25 | -2.0% |
| Recurring financial income | 75 | €1,252 | €1,227 | -€25 | -2.0% |
| Financial charges | 65/66B | €8,342 | €7,988 | -€355 | -4.2% |
| Recurring financial charges | 65 | €8,342 | €7,988 | -€355 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €6,395 | €15,374 | +€8,978 | +140% |
| Transfer from deferred taxes | 780 | €409 | €409 | = | 0.0% |
| Income taxes | 67/77 | €2,947 | €5,087 | +€2,140 | +72.6% |
| Profit (loss) for the period | 9904 | €3,857 | €10,696 | +€6,838 | +177% |
| Profit (loss) for the period to be appropriated | 9905 | €3,857 | €10,696 | +€6,838 | +177% |
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 16 October 2026 via checked.be.