SAM Estates: what changed
What changed
SAM Estates
NACE 68.321, Property management for co-owned buildings (syndics)
filed annual accounts (NBB)
Net result for the year
-€304,148
2024 · -€324,812+€20,664
Equity
-€423,308
2024 · -€119,160-€304,148
Cash
€975,670
2024 · €22,335+€953,335
Balance sheet total
€26.6m
2024 · €18.7m+€7.9m
Largest movements
Assets
- Tangible fixed assets +€7.1m
up €7.1m (+38.7%), from €18.4m to €25.6m
of which Land and buildings: +€7.1m
- Cash +€953,335
up €953,335 (+4,268%), from €22,335 to €975,670
mainly Debts after one year (+€7.1m) and Other debts (+€893,291)
Equity and liabilities
- Debts after one year +€7.1m
up €7.1m (+51.9%), from €13.6m to €20.7m
of which Financial debts: +€5.0m
- Other debts +€893,291
up €893,291 (+18.0%), from €5.0m to €5.8m
- Profit (loss) carried forward -€304,148
down €304,148 (-93.6%), from -€324,812 to -€628,959
Income statement
- Gross operating margin +€576,684
up €576,684 (+109%), from €528,683 to €1.1m
- Depreciation +€260,899
up €260,899 (+66.3%), from €393,501 to €654,400
- Financial charges +€198,149
up €198,149 (+67.5%), from €293,598 to €491,747
- Staff costs +€64,380
up €64,380 (+58.8%), from €109,436 to €173,816
- Other operating charges +€33,020
up €33,020 (+58.0%), from €56,960 to €89,980
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€324,812
Gross operating margin
+€576,684
Staff costs
-€64,380
Depreciation
-€260,899
Other operating charges
-€33,020
Financial income
+€673
Financial charges
-€198,149
Taxes
-€245
Result 2025
-€304,148
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.5m
Investment
-€7.8m
Financing
+€7.3m
Cash 2024
€22,335
From operations (derived)
+€1.5m
Net result for the year
-€304,148
Depreciation
+€654,400
Stocks and contracts
+€206,663
Smaller working-capital items
+€9,001
Other debts
+€893,291
Investment (derived)
-€7.8m
Investment in fixed assets (net)
-€7.8m
Financing
+€7.3m
Debts after one year
+€7.1m
Current portion of long-term debt
+€235,748
Cash 2025
€975,670
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,731,379 | €26,619,096 | +€7.9m | +42.1% |
| Fixed assets | 21/28 | €18,444,535 | €25,585,530 | +€7.1m | +38.7% |
| Tangible fixed assets | 22/27 | €18,444,535 | €25,585,530 | +€7.1m | +38.7% |
| Land and buildings | 22 | €18,414,890 | €25,563,121 | +€7.1m | +38.8% |
| Plant, machinery and equipment | 23 | €4,488 | €5,230 | +€742 | +16.5% |
| Furniture and vehicles | 24 | €25,157 | €17,178 | -€7,980 | -31.7% |
| Current assets | 29/58 | €286,844 | €1,033,566 | +€746,722 | +260% |
| Stocks and contracts in progress | 3 | €214,458 | €7,796 | -€206,663 | -96.4% |
| Stocks | 30/36 | €214,458 | €7,796 | -€206,663 | -96.4% |
| Amounts receivable within one year | 40/41 | €50,050 | €50,100 | +€50 | +0.1% |
| Trade receivables | 40 | €50,000 | €49,000 | -€1,000 | -2.0% |
| Other amounts receivable | 41 | €50 | €1,100 | +€1,050 | +2,100% |
| Cash at bank and in hand | 54/58 | €22,335 | €975,670 | +€953,335 | +4,268% |
| Total equity and liabilities | 10/49 | €18,731,379 | €26,619,096 | +€7.9m | +42.1% |
| Equity | 10/15 | -€119,160 | -€423,308 | -€304,148 | -255% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €155,652 | €155,652 | = | 0.0% |
| Distributable reserves | 133 | €155,652 | €155,652 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€324,812 | -€628,959 | -€304,148 | -93.6% |
| Amounts payable | 17/49 | €18,850,539 | €27,042,403 | +€8.2m | +43.5% |
| Amounts payable after more than one year | 17 | €13,601,042 | €20,654,817 | +€7.1m | +51.9% |
| Financial debts | 170/4 | €11,261,042 | €16,246,143 | +€5.0m | +44.3% |
| Other amounts payable | 178/9 | €2,340,000 | €4,408,674 | +€2.1m | +88.4% |
| Amounts payable within one year | 42/48 | €5,249,496 | €6,387,586 | +€1.1m | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €255,544 | €491,291 | +€235,748 | +92.3% |
| Trade debts | 44 | €28,402 | €35,641 | +€7,238 | +25.5% |
| Suppliers | 440/4 | €28,402 | €35,641 | +€7,238 | +25.5% |
| Taxes, remuneration and social security | 45 | €14,667 | €16,479 | +€1,813 | +12.4% |
| Taxes | 450/3 | - | €245 | +€245 | |
| Remuneration and social security | 454/9 | €14,667 | €16,235 | +€1,568 | +10.7% |
| Other amounts payable | 47/48 | €4,950,884 | €5,844,175 | +€893,291 | +18.0% |
| Remuneration, social security and pensions | 62 | €109,436 | €173,816 | +€64,380 | +58.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €393,501 | €654,400 | +€260,899 | +66.3% |
| Other operating charges | 640/8 | €56,960 | €89,980 | +€33,020 | +58.0% |
| Gross operating margin | 9900 | €528,683 | €1,105,367 | +€576,684 | +109% |
| Operating profit (loss) | 9901 | -€31,214 | €187,171 | +€218,385 | |
| Financial income | 75/76B | - | €673 | +€673 | |
| Recurring financial income | 75 | - | €673 | +€673 | |
| Financial charges | 65/66B | €293,598 | €491,747 | +€198,149 | +67.5% |
| Recurring financial charges | 65 | €293,598 | €491,747 | +€198,149 | +67.5% |
| Profit (loss) for the period before taxes | 9903 | -€324,812 | -€303,903 | +€20,909 | +6.4% |
| Income taxes | 67/77 | - | €245 | +€245 | |
| Profit (loss) for the period | 9904 | -€324,812 | -€304,148 | +€20,664 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€324,812 | -€304,148 | +€20,664 | +6.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.