S.SENDROWICZ: 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.SENDROWICZ
Largest movements
- Receivables after one year -€222,516
down €222,516 (-31.0%), from €716,790 to €494,275
- Receivables within one year +€120,611
up €120,611 (+156.9%), from €76,888 to €197,498
of which Other amounts receivable: +€120,813
- Cash -€56,124
down €56,124 (-47.8%), from €117,340 to €61,216
mainly Trade debts (-€184,340) and Other debts (-€150,121)
- Trade debts -€184,340
down €184,340 (-96.1%), from €191,811 to €7,471
- Other debts -€150,121
down €150,121 (-49.8%), from €301,168 to €151,047
- Debts after one year +€115,542
up €115,542 (+309.3%), from €37,357 to €152,899
- Reserves +€80,079
up €80,079 (+9.4%), from €850,887 to €930,966
- Tax, wage and social debts -€71,281
down €71,281 (-100.0%), from €71,281 to €0
- Financial income +€123,911
up €123,911 (+753.3%), from €16,450 to €140,361
- Gross operating margin -€60,942
down €60,942, from €20,448 to -€40,494
- Financial charges -€27,319
down €27,319 (-87.8%), from €31,118 to €3,799
- Taxes -€1,286
down €1,286 (-100.0%), from €1,286 to €0
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 | €3,251,138 | €3,070,008 | -€181,130 | -5.6% |
| Fixed assets | 21/28 | €2,322,071 | €2,317,019 | -€5,052 | -0.2% |
| Tangible fixed assets | 22/27 | €61,321 | €46,331 | -€14,990 | -24.4% |
| Plant, machinery and equipment | 23 | €6,275 | €5,620 | -€656 | -10.4% |
| Furniture and vehicles | 24 | €55,046 | €40,712 | -€14,335 | -26.0% |
| Financial fixed assets | 28 | €2,260,749 | €2,270,688 | +€9,938 | +0.4% |
| Current assets | 29/58 | €929,067 | €752,989 | -€176,078 | -19.0% |
| Amounts receivable after more than one year | 29 | €716,790 | €494,275 | -€222,516 | -31.0% |
| Other amounts receivable | 291 | €716,790 | €494,275 | -€222,516 | -31.0% |
| Amounts receivable within one year | 40/41 | €76,888 | €197,498 | +€120,611 | +156.9% |
| Trade receivables | 40 | €202 | €0 | -€202 | -100.0% |
| Other amounts receivable | 41 | €76,686 | €197,498 | +€120,813 | +157.5% |
| Cash at bank and in hand | 54/58 | €117,340 | €61,216 | -€56,124 | -47.8% |
| Deferred charges and accrued income | 490/1 | €18,049 | €0 | -€18,049 | -100.0% |
| Total equity and liabilities | 10/49 | €3,251,138 | €3,070,008 | -€181,130 | -5.6% |
| Equity | 10/15 | €2,636,512 | €2,716,591 | +€80,079 | +3.0% |
| Contributions | 10/11 | €1,785,625 | €1,785,625 | = | 0.0% |
| Reserves | 13 | €850,887 | €930,966 | +€80,079 | +9.4% |
| Distributable reserves | 133 | €850,887 | €930,966 | +€80,079 | +9.4% |
| Amounts payable | 17/49 | €614,626 | €353,417 | -€261,209 | -42.5% |
| Amounts payable after more than one year | 17 | €37,357 | €152,899 | +€115,542 | +309.3% |
| Financial debts | 170/4 | €37,357 | €152,899 | +€115,542 | +309.3% |
| Amounts payable within one year | 42/48 | €575,796 | €200,518 | -€375,278 | -65.2% |
| Current portion of amounts payable after more than one year | 42 | €11,536 | €42,000 | +€30,464 | +264.1% |
| Trade debts | 44 | €191,811 | €7,471 | -€184,340 | -96.1% |
| Suppliers | 440/4 | €191,811 | €7,471 | -€184,340 | -96.1% |
| Taxes, remuneration and social security | 45 | €71,281 | €0 | -€71,281 | -100.0% |
| Taxes | 450/3 | €71,281 | €0 | -€71,281 | -100.0% |
| Other amounts payable | 47/48 | €301,168 | €151,047 | -€150,121 | -49.8% |
| Accrued charges and deferred income | 492/3 | €1,473 | €0 | -€1,473 | -100.0% |
| Non-recurring operating income | 76A | €51,250 | €6,813 | -€44,438 | -86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,997 | €14,990 | -€7 | 0.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €20,448 | -€40,494 | -€60,942 | |
| Operating profit (loss) | 9901 | €4,483 | -€56,482 | -€60,965 | |
| Financial income | 75/76B | €16,450 | €140,361 | +€123,911 | +753.3% |
| Recurring financial income | 75 | €16,450 | €140,361 | +€123,911 | +753.3% |
| Financial charges | 65/66B | €31,118 | €3,799 | -€27,319 | -87.8% |
| Recurring financial charges | 65 | €31,118 | €3,799 | -€27,319 | -87.8% |
| Profit (loss) for the period before taxes | 9903 | -€10,185 | €80,079 | +€90,264 | |
| Income taxes | 67/77 | €1,286 | €0 | -€1,286 | -100.0% |
| Profit (loss) for the period | 9904 | -€11,472 | €80,079 | +€91,551 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,472 | €80,079 | +€91,551 |
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 10 October 2026 via checked.be.