(S)anders: 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.
(S)anders
Largest movements
- Receivables within one year +€22,236
up €22,236 (+545%), from €4,081 to €26,317
of which Trade receivables: +€20,643
- Cash -€5,858
down €5,858 (-99.5%), from €5,885 to €27
mainly Receivables within one year (-€22,236) and Net result for the year (-€7,415)
- Tangible fixed assets -€2,180
down €2,180 (-49.7%), from €4,383 to €2,203
of which Plant, machinery and equipment: -€1,605
- Deferred charges and accrued income -€699
down €699 (-10.2%), from €6,838 to €6,139
- Other debts +€14,514
up €14,514 (+60.9%), from €23,836 to €38,350
- Profit (loss) carried forward -€7,415
down €7,415 (-55.4%), from -€13,386 to -€20,800
- Trade debts +€3,905
up €3,905 (+348%), from €1,121 to €5,026
- Short-term financial debts +€2,462
new in 2025: €2,462
- Gross operating margin +€5,112
up €5,112 (+59.1%), from -€8,651 to -€3,539
- Depreciation -€664
down €664 (-23.3%), from €2,844 to €2,180
- Other operating charges -€206
down €206 (-16.0%), from €1,288 to €1,083
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 | €21,188 | €34,686 | +€13,498 | +63.7% |
| Fixed assets | 21/28 | €4,383 | €2,203 | -€2,180 | -49.7% |
| Tangible fixed assets | 22/27 | €4,383 | €2,203 | -€2,180 | -49.7% |
| Plant, machinery and equipment | 23 | €3,608 | €2,002 | -€1,605 | -44.5% |
| Furniture and vehicles | 24 | €776 | €201 | -€575 | -74.1% |
| Current assets | 29/58 | €16,805 | €32,483 | +€15,678 | +93.3% |
| Amounts receivable within one year | 40/41 | €4,081 | €26,317 | +€22,236 | +545% |
| Trade receivables | 40 | €2,554 | €23,197 | +€20,643 | +808% |
| Other amounts receivable | 41 | €1,528 | €3,121 | +€1,593 | +104% |
| Cash at bank and in hand | 54/58 | €5,885 | €27 | -€5,858 | -99.5% |
| Deferred charges and accrued income | 490/1 | €6,838 | €6,139 | -€699 | -10.2% |
| Total equity and liabilities | 10/49 | €21,188 | €34,686 | +€13,498 | +63.7% |
| Equity | 10/15 | -€5,119 | -€12,533 | -€7,415 | -145% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €2,267 | €2,267 | = | 0.0% |
| Distributable reserves | 133 | €2,267 | €2,267 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,386 | -€20,800 | -€7,415 | -55.4% |
| Amounts payable | 17/49 | €26,306 | €47,219 | +€20,913 | +79.5% |
| Amounts payable within one year | 42/48 | €26,306 | €47,188 | +€20,881 | +79.4% |
| Financial debts | 43 | - | €2,462 | +€2,462 | |
| Credit institutions | 430/8 | - | €2,462 | +€2,462 | |
| Trade debts | 44 | €1,121 | €5,026 | +€3,905 | +348% |
| Suppliers | 440/4 | €1,121 | €5,026 | +€3,905 | +348% |
| Taxes, remuneration and social security | 45 | €1,350 | €1,350 | = | 0.0% |
| Taxes | 450/3 | €1,350 | €1,350 | = | 0.0% |
| Other amounts payable | 47/48 | €23,836 | €38,350 | +€14,514 | +60.9% |
| Accrued charges and deferred income | 492/3 | - | €32 | +€32 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,844 | €2,180 | -€664 | -23.3% |
| Other operating charges | 640/8 | €1,288 | €1,083 | -€206 | -16.0% |
| Gross operating margin | 9900 | -€8,651 | -€3,539 | +€5,112 | +59.1% |
| Operating profit (loss) | 9901 | -€12,783 | -€6,802 | +€5,981 | +46.8% |
| Financial income | 75/76B | €1 | €56 | +€55 | +3,885% |
| Recurring financial income | 75 | €1 | €56 | +€55 | +3,885% |
| Financial charges | 65/66B | €604 | €669 | +€65 | +10.8% |
| Recurring financial charges | 65 | €604 | €669 | +€65 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | -€13,386 | -€7,415 | +€5,971 | +44.6% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100% |
| Profit (loss) for the period | 9904 | -€13,386 | -€7,415 | +€5,971 | +44.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,386 | -€7,415 | +€5,971 | +44.6% |
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 13 October 2026 via checked.be.