SAZS: 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.
SAZS
Largest movements
- Tangible fixed assets -€29,673
down €29,673 (-24.0%), from €123,390 to €93,716
of which Furniture and vehicles: -€15,353
- Cash +€15,048
up €15,048 (+32.6%), from €46,121 to €61,169
mainly Depreciation (+€29,673) and Other debts (+€17,231)
- Receivables within one year -€9,291
down €9,291 (-98.9%), from €9,398 to €107
of which Trade receivables: -€8,062
- Profit (loss) carried forward -€37,831
down €37,831, from €32,408 to -€5,423
- Other debts +€17,231
up €17,231 (+29.9%), from €57,654 to €74,885
- Debts after one year -€7,277
down €7,277 (-13.2%), from €55,057 to €47,780
- Trade debts +€3,160
up €3,160 (+163.9%), from €1,928 to €5,088
- Current portion of long-term debt +€1,909
up €1,909 (+26.7%), from €7,151 to €9,061
- Gross operating margin -€102,187
down €102,187, from €98,490 to -€3,698
- Depreciation -€23,876
down €23,876 (-44.6%), from €53,550 to €29,673
- Taxes -€11,003
no longer reported in 2025 (was €11,003)
- Other operating charges +€1,639
up €1,639 (+75.0%), from €2,185 to €3,824
- Financial charges +€1,219
up €1,219 (+1547.7%), from €79 to €1,297
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 | €180,290 | €157,431 | -€22,859 | -12.7% |
| Fixed assets | 21/28 | €123,390 | €93,716 | -€29,673 | -24.0% |
| Tangible fixed assets | 22/27 | €123,390 | €93,716 | -€29,673 | -24.0% |
| Plant, machinery and equipment | 23 | €57,004 | €46,910 | -€10,095 | -17.7% |
| Furniture and vehicles | 24 | €31,423 | €16,069 | -€15,353 | -48.9% |
| Other tangible fixed assets | 26 | €34,963 | €30,737 | -€4,226 | -12.1% |
| Current assets | 29/58 | €56,900 | €63,715 | +€6,815 | +12.0% |
| Amounts receivable within one year | 40/41 | €9,398 | €107 | -€9,291 | -98.9% |
| Trade receivables | 40 | €8,062 | - | -€8,062 | |
| Other amounts receivable | 41 | €1,336 | €107 | -€1,228 | -92.0% |
| Cash at bank and in hand | 54/58 | €46,121 | €61,169 | +€15,048 | +32.6% |
| Deferred charges and accrued income | 490/1 | €1,381 | €2,439 | +€1,057 | +76.5% |
| Total equity and liabilities | 10/49 | €180,290 | €157,431 | -€22,859 | -12.7% |
| Equity | 10/15 | €47,408 | €9,577 | -€37,831 | -79.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,408 | -€5,423 | -€37,831 | |
| Amounts payable | 17/49 | €132,882 | €147,854 | +€14,972 | +11.3% |
| Amounts payable after more than one year | 17 | €55,057 | €47,780 | -€7,277 | -13.2% |
| Financial debts | 170/4 | €55,057 | €47,780 | -€7,277 | -13.2% |
| Amounts payable within one year | 42/48 | €77,736 | €100,074 | +€22,338 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €7,151 | €9,061 | +€1,909 | +26.7% |
| Trade debts | 44 | €1,928 | €5,088 | +€3,160 | +163.9% |
| Suppliers | 440/4 | €1,928 | €5,088 | +€3,160 | +163.9% |
| Taxes, remuneration and social security | 45 | €11,003 | €11,040 | +€37 | +0.3% |
| Taxes | 450/3 | €11,003 | €11,040 | +€37 | +0.3% |
| Other amounts payable | 47/48 | €57,654 | €74,885 | +€17,231 | +29.9% |
| Accrued charges and deferred income | 492/3 | €89 | - | -€89 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,550 | €29,673 | -€23,876 | -44.6% |
| Other operating charges | 640/8 | €2,185 | €3,824 | +€1,639 | +75.0% |
| Gross operating margin | 9900 | €98,490 | -€3,698 | -€102,187 | |
| Operating profit (loss) | 9901 | €42,755 | -€37,195 | -€79,950 | |
| Financial income | 75/76B | €734 | €661 | -€73 | -9.9% |
| Recurring financial income | 75 | €734 | €661 | -€73 | -9.9% |
| Financial charges | 65/66B | €79 | €1,297 | +€1,219 | +1547.7% |
| Recurring financial charges | 65 | €79 | €1,297 | +€1,219 | +1547.7% |
| Profit (loss) for the period before taxes | 9903 | €43,411 | -€37,831 | -€81,241 | |
| Income taxes | 67/77 | €11,003 | - | -€11,003 | |
| Profit (loss) for the period | 9904 | €32,408 | -€37,831 | -€70,239 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,408 | -€37,831 | -€70,239 |
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 28 September 2026 via checked.be.