SAREFRA: 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.
SAREFRA
Largest movements
- Receivables within one year -€19,388
down €19,388 (-43.1%), from €44,942 to €25,555
- Stocks and contracts -€11,554
down €11,554 (-24.7%), from €46,824 to €35,270
- Cash -€10,763
down €10,763 (-93.7%), from €11,482 to €718
mainly Debts after one year (-€86,586)
- Debts after one year -€86,586
down €86,586 (-34.0%), from €255,000 to €168,414
- Profit (loss) carried forward +€35,684
up €35,684 (+22.9%), from -€156,064 to -€120,380
- Tax, wage and social debts +€7,773
up €7,773 (+203.9%), from €3,812 to €11,585
- Trade debts +€1,425
new in 2025: €1,425
- Gross operating margin +€119,576
up €119,576, from -€57,964 to €61,612
- Staff costs -€72,070
down €72,070 (-74.2%), from €97,164 to €25,093
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 | €103,248 | €61,543 | -€41,704 | -40.4% |
| Current assets | 29/58 | €103,248 | €61,543 | -€41,704 | -40.4% |
| Stocks and contracts in progress | 3 | €46,824 | €35,270 | -€11,554 | -24.7% |
| Stocks | 30/36 | €46,824 | €35,270 | -€11,554 | -24.7% |
| Amounts receivable within one year | 40/41 | €44,942 | €25,555 | -€19,388 | -43.1% |
| Trade receivables | 40 | €44,942 | €25,555 | -€19,388 | -43.1% |
| Cash at bank and in hand | 54/58 | €11,482 | €718 | -€10,763 | -93.7% |
| Total equity and liabilities | 10/49 | €103,248 | €61,543 | -€41,704 | -40.4% |
| Equity | 10/15 | -€155,564 | -€119,880 | +€35,684 | +22.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€156,064 | -€120,380 | +€35,684 | +22.9% |
| Amounts payable | 17/49 | €258,812 | €181,424 | -€77,389 | -29.9% |
| Amounts payable after more than one year | 17 | €255,000 | €168,414 | -€86,586 | -34.0% |
| Other amounts payable | 178/9 | €255,000 | €168,414 | -€86,586 | -34.0% |
| Amounts payable within one year | 42/48 | €3,812 | €13,010 | +€9,198 | +241.3% |
| Trade debts | 44 | - | €1,425 | +€1,425 | |
| Suppliers | 440/4 | - | €1,425 | +€1,425 | |
| Taxes, remuneration and social security | 45 | €3,812 | €11,585 | +€7,773 | +203.9% |
| Taxes | 450/3 | €3,812 | €11,585 | +€7,773 | +203.9% |
| Remuneration, social security and pensions | 62 | €97,164 | €25,093 | -€72,070 | -74.2% |
| Other operating charges | 640/8 | €834 | €515 | -€319 | -38.2% |
| Gross operating margin | 9900 | -€57,964 | €61,612 | +€119,576 | |
| Operating profit (loss) | 9901 | -€155,961 | €36,004 | +€191,965 | |
| Financial charges | 65/66B | €104 | €86 | -€18 | -17.0% |
| Recurring financial charges | 65 | €104 | €86 | -€18 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | -€156,064 | €35,918 | +€191,982 | |
| Income taxes | 67/77 | - | €234 | +€234 | |
| Profit (loss) for the period | 9904 | -€156,064 | €35,684 | +€191,749 | |
| Profit (loss) for the period to be appropriated | 9905 | -€156,064 | €35,684 | +€191,749 |
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 5 October 2026 via checked.be.