DR. SANDER TRENSON: 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.
DR. SANDER TRENSON
Largest movements
- Receivables within one year +€325,177
up €325,177 (+30.7%), from €1.1m to €1.4m
of which Other amounts receivable: +€323,414
- Current investments -€110,000
no longer reported in 2025 (was €110,000)
- Cash -€73,052
down €73,052 (-86.3%), from €84,659 to €11,608
mainly Receivables within one year (-€325,177) and Contributions, distributions and other (-€321,831)
- Tangible fixed assets -€66,493
down €66,493 (-92.6%), from €71,830 to €5,336
of which Plant, machinery and equipment: -€64,838
- Reserves +€356,971
up €356,971 (+67.7%), from €527,419 to €884,390
of which Tax-exempt reserves: +€210,500
- Other debts -€213,944
down €213,944 (-32.2%), from €665,149 to €451,205
- Tax, wage and social debts -€73,381
down €73,381 (-52.3%), from €140,304 to €66,923
- Accrued charges and deferred income +€17,248
up €17,248 (+171%), from €10,095 to €27,343
- Gross operating margin +€103,990
up €103,990 (+13.0%), from €801,916 to €905,906
- Taxes +€28,212
up €28,212 (+14.5%), from €194,954 to €223,166
- Depreciation -€17,840
down €17,840 (-83.8%), from €21,281 to €3,442
- Financial charges +€17,138
up €17,138 (+178%), from €9,604 to €26,742
- Financial income -€14,589
down €14,589 (-35.4%), from €41,191 to €26,602
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 | €1,347,161 | €1,436,061 | +€88,900 | +6.6% |
| Fixed assets | 21/28 | €71,830 | €5,336 | -€66,493 | -92.6% |
| Tangible fixed assets | 22/27 | €71,830 | €5,336 | -€66,493 | -92.6% |
| Plant, machinery and equipment | 23 | €66,436 | €1,598 | -€64,838 | -97.6% |
| Other tangible fixed assets | 26 | €5,394 | €3,738 | -€1,656 | -30.7% |
| Current assets | 29/58 | €1,275,331 | €1,430,725 | +€155,394 | +12.2% |
| Amounts receivable within one year | 40/41 | €1,060,062 | €1,385,239 | +€325,177 | +30.7% |
| Trade receivables | 40 | €363,988 | €365,751 | +€1,764 | +0.5% |
| Other amounts receivable | 41 | €696,074 | €1,019,488 | +€323,414 | +46.5% |
| Current investments | 50/53 | €110,000 | - | -€110,000 | |
| Cash at bank and in hand | 54/58 | €84,659 | €11,608 | -€73,052 | -86.3% |
| Deferred charges and accrued income | 490/1 | €20,610 | €33,879 | +€13,268 | +64.4% |
| Total equity and liabilities | 10/49 | €1,347,161 | €1,436,061 | +€88,900 | +6.6% |
| Equity | 10/15 | €528,419 | €885,390 | +€356,971 | +67.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €527,419 | €884,390 | +€356,971 | +67.7% |
| Tax-exempt reserves | 132 | €210,500 | €421,000 | +€210,500 | +100% |
| Distributable reserves | 133 | €316,919 | €463,390 | +€146,471 | +46.2% |
| Amounts payable | 17/49 | €818,743 | €550,672 | -€268,071 | -32.7% |
| Amounts payable within one year | 42/48 | €808,647 | €523,329 | -€285,319 | -35.3% |
| Trade debts | 44 | €3,195 | €5,201 | +€2,006 | +62.8% |
| Suppliers | 440/4 | €3,195 | €5,201 | +€2,006 | +62.8% |
| Taxes, remuneration and social security | 45 | €140,304 | €66,923 | -€73,381 | -52.3% |
| Taxes | 450/3 | €140,304 | €66,923 | -€73,381 | -52.3% |
| Other amounts payable | 47/48 | €665,149 | €451,205 | -€213,944 | -32.2% |
| Accrued charges and deferred income | 492/3 | €10,095 | €27,343 | +€17,248 | +171% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,281 | €3,442 | -€17,840 | -83.8% |
| Other operating charges | 640/8 | €348 | €357 | +€9 | +2.5% |
| Gross operating margin | 9900 | €801,916 | €905,906 | +€103,990 | +13.0% |
| Operating profit (loss) | 9901 | €780,286 | €902,108 | +€121,821 | +15.6% |
| Financial income | 75/76B | €41,191 | €26,602 | -€14,589 | -35.4% |
| Recurring financial income | 75 | €41,191 | €26,602 | -€14,589 | -35.4% |
| Financial charges | 65/66B | €9,604 | €26,742 | +€17,138 | +178% |
| Recurring financial charges | 65 | €9,604 | €26,742 | +€17,138 | +178% |
| Profit (loss) for the period before taxes | 9903 | €811,873 | €901,968 | +€90,095 | +11.1% |
| Income taxes | 67/77 | €194,954 | €223,166 | +€28,212 | +14.5% |
| Profit (loss) for the period | 9904 | €616,919 | €678,802 | +€61,883 | +10.0% |
| Transfer to tax-exempt reserves | 689 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €616,919 | €468,302 | -€148,617 | -24.1% |
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 26 October 2026 via checked.be.