Dr. Sanders Tom: 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. Sanders Tom
Largest movements
- Receivables after one year -€124,874
down €124,874 (-51.7%), from €241,700 to €116,826
- Cash +€21,738
up €21,738 (+21.8%), from €99,668 to €121,406
mainly Receivables after one year (+€124,874) and Net result for the year (+€57,460)
- Receivables within one year +€16,773
up €16,773 (+51.9%), from €32,304 to €49,077
of which Other amounts receivable: +€17,378
- Reserves -€67,614
down €67,614 (-18.8%), from €359,773 to €292,159
- Other debts -€7,600
down €7,600 (-100%), from €7,600 to €0
- Debts after one year -€6,220
down €6,220 (-53.8%), from €11,555 to €5,335
- Trade debts -€4,444
down €4,444 (-89.9%), from €4,944 to €500
- Gross operating margin -€6,418
down €6,418 (-6.8%), from €94,687 to €88,269
- Depreciation +€1,802
up €1,802 (+13.7%), from €13,142 to €14,943
- Taxes -€1,455
down €1,455 (-6.0%), from €24,147 to €22,693
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 | €417,061 | €331,951 | -€85,111 | -20.4% |
| Fixed assets | 21/28 | €37,105 | €37,173 | +€68 | +0.2% |
| Tangible fixed assets | 22/27 | €37,105 | €37,173 | +€68 | +0.2% |
| Plant, machinery and equipment | 23 | €1,609 | €7,806 | +€6,197 | +385% |
| Furniture and vehicles | 24 | €35,496 | €29,367 | -€6,129 | -17.3% |
| Current assets | 29/58 | €379,956 | €294,777 | -€85,179 | -22.4% |
| Amounts receivable after more than one year | 29 | €241,700 | €116,826 | -€124,874 | -51.7% |
| Other amounts receivable | 291 | €241,700 | €116,826 | -€124,874 | -51.7% |
| Amounts receivable within one year | 40/41 | €32,304 | €49,077 | +€16,773 | +51.9% |
| Trade receivables | 40 | €6,149 | €5,543 | -€605 | -9.8% |
| Other amounts receivable | 41 | €26,156 | €43,534 | +€17,378 | +66.4% |
| Cash at bank and in hand | 54/58 | €99,668 | €121,406 | +€21,738 | +21.8% |
| Deferred charges and accrued income | 490/1 | €6,284 | €7,468 | +€1,184 | +18.8% |
| Total equity and liabilities | 10/49 | €417,061 | €331,951 | -€85,111 | -20.4% |
| Equity | 10/15 | €372,173 | €304,559 | -€67,614 | -18.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €359,773 | €292,159 | -€67,614 | -18.8% |
| Distributable reserves | 133 | €359,773 | €292,159 | -€67,614 | -18.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €44,888 | €27,391 | -€17,497 | -39.0% |
| Amounts payable after more than one year | 17 | €11,555 | €5,335 | -€6,220 | -53.8% |
| Financial debts | 170/4 | €11,555 | €5,335 | -€6,220 | -53.8% |
| Amounts payable within one year | 42/48 | €33,333 | €22,056 | -€11,277 | -33.8% |
| Current portion of amounts payable after more than one year | 42 | €6,026 | €6,220 | +€194 | +3.2% |
| Trade debts | 44 | €4,944 | €500 | -€4,444 | -89.9% |
| Suppliers | 440/4 | €4,944 | €500 | -€4,444 | -89.9% |
| Taxes, remuneration and social security | 45 | €14,763 | €15,336 | +€573 | +3.9% |
| Taxes | 450/3 | €11,763 | €11,836 | +€73 | +0.6% |
| Remuneration and social security | 454/9 | €3,000 | €3,500 | +€500 | +16.7% |
| Other amounts payable | 47/48 | €7,600 | €0 | -€7,600 | -100% |
| Remuneration, social security and pensions | 62 | €100 | €250 | +€150 | +150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,142 | €14,943 | +€1,802 | +13.7% |
| Other operating charges | 640/8 | €943 | €546 | -€397 | -42.1% |
| Gross operating margin | 9900 | €94,687 | €88,269 | -€6,418 | -6.8% |
| Operating profit (loss) | 9901 | €80,502 | €72,529 | -€7,973 | -9.9% |
| Financial income | 75/76B | €7,654 | €8,294 | +€639 | +8.4% |
| Recurring financial income | 75 | €7,654 | €8,294 | +€639 | +8.4% |
| Financial charges | 65/66B | €1,378 | €670 | -€708 | -51.4% |
| Recurring financial charges | 65 | €1,378 | €670 | -€708 | -51.4% |
| Profit (loss) for the period before taxes | 9903 | €86,778 | €80,152 | -€6,625 | -7.6% |
| Income taxes | 67/77 | €24,147 | €22,693 | -€1,455 | -6.0% |
| Profit (loss) for the period | 9904 | €62,630 | €57,460 | -€5,170 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €62,630 | €57,460 | -€5,170 | -8.3% |
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.