URADI SAM BELGRADO: 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.
URADI SAM BELGRADO
Largest movements
- Receivables within one year -€178,268
down €178,268 (-17.5%), from €1.0m to €840,053
of which Other amounts receivable: -€203,521
- Stocks and contracts +€41,179
up €41,179 (+149%), from €27,643 to €68,822
- Cash +€32,541
up €32,541 (+28.9%), from €112,502 to €145,043
mainly Net result for the year (+€468,089) and Receivables within one year (+€178,268)
- Reserves -€131,911
down €131,911 (-18.2%), from €724,279 to €592,368
- Trade debts +€128,565
up €128,565 (+42.9%), from €299,994 to €428,559
- Current portion of long-term debt -€51,914
no longer reported in 2025 (was €51,914)
- Debts after one year -€50,000
no longer reported in 2025 (was €50,000)
- Financial income -€732,192
down €732,192 (-63.6%), from €1.2m to €419,236
- Gross operating margin -€14,014
down €14,014 (-7.8%), from €179,234 to €165,220
- Financial charges -€7,006
down €7,006 (-64.0%), from €10,953 to €3,947
- Staff costs +€4,233
up €4,233 (+5.2%), from €80,930 to €85,163
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 | €1,456,862 | €1,347,528 | -€109,334 | -7.5% |
| Fixed assets | 21/28 | €296,691 | €291,685 | -€5,006 | -1.7% |
| Tangible fixed assets | 22/27 | €6,257 | €1,251 | -€5,006 | -80.0% |
| Furniture and vehicles | 24 | €6,257 | €1,251 | -€5,006 | -80.0% |
| Financial fixed assets | 28 | €290,434 | €290,434 | = | 0.0% |
| Current assets | 29/58 | €1,160,171 | €1,055,843 | -€104,328 | -9.0% |
| Stocks and contracts in progress | 3 | €27,643 | €68,822 | +€41,179 | +149% |
| Stocks | 30/36 | €27,643 | €68,822 | +€41,179 | +149% |
| Amounts receivable within one year | 40/41 | €1,018,321 | €840,053 | -€178,268 | -17.5% |
| Trade receivables | 40 | €11,019 | €36,272 | +€25,253 | +229% |
| Other amounts receivable | 41 | €1,007,302 | €803,781 | -€203,521 | -20.2% |
| Cash at bank and in hand | 54/58 | €112,502 | €145,043 | +€32,541 | +28.9% |
| Deferred charges and accrued income | 490/1 | €1,705 | €1,925 | +€220 | +12.9% |
| Total equity and liabilities | 10/49 | €1,456,862 | €1,347,528 | -€109,334 | -7.5% |
| Equity | 10/15 | €992,879 | €860,968 | -€131,911 | -13.3% |
| Contributions | 10/11 | €268,600 | €268,600 | = | 0.0% |
| Reserves | 13 | €724,279 | €592,368 | -€131,911 | -18.2% |
| Distributable reserves | 133 | €724,279 | €592,368 | -€131,911 | -18.2% |
| Amounts payable | 17/49 | €463,983 | €486,560 | +€22,577 | +4.9% |
| Amounts payable after more than one year | 17 | €50,000 | - | -€50,000 | |
| Financial debts | 170/4 | €50,000 | - | -€50,000 | |
| Amounts payable within one year | 42/48 | €413,983 | €486,560 | +€72,577 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €51,914 | - | -€51,914 | |
| Trade debts | 44 | €299,994 | €428,559 | +€128,565 | +42.9% |
| Suppliers | 440/4 | €299,994 | €428,559 | +€128,565 | +42.9% |
| Taxes, remuneration and social security | 45 | €12,075 | €8,001 | -€4,074 | -33.7% |
| Taxes | 450/3 | €4,931 | €600 | -€4,331 | -87.8% |
| Remuneration and social security | 454/9 | €7,144 | €7,401 | +€257 | +3.6% |
| Other amounts payable | 47/48 | €50,000 | €50,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €80,930 | €85,163 | +€4,233 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,005 | €5,006 | +€1 | 0.0% |
| Other operating charges | 640/8 | €1,713 | €1,841 | +€128 | +7.5% |
| Gross operating margin | 9900 | €179,234 | €165,220 | -€14,014 | -7.8% |
| Operating profit (loss) | 9901 | €91,586 | €73,210 | -€18,376 | -20.1% |
| Financial income | 75/76B | €1,151,428 | €419,236 | -€732,192 | -63.6% |
| Recurring financial income | 75 | €1,151,428 | €419,236 | -€732,192 | -63.6% |
| Financial charges | 65/66B | €10,953 | €3,947 | -€7,006 | -64.0% |
| Recurring financial charges | 65 | €10,953 | €3,947 | -€7,006 | -64.0% |
| Profit (loss) for the period before taxes | 9903 | €1,232,061 | €488,499 | -€743,562 | -60.4% |
| Income taxes | 67/77 | €21,986 | €20,410 | -€1,576 | -7.2% |
| Profit (loss) for the period | 9904 | €1,210,075 | €468,089 | -€741,986 | -61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,210,075 | €468,089 | -€741,986 | -61.3% |
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 28 October 2026 via checked.be.