SAN: 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.
SAN
Largest movements
- Current investments +€250,809
new in 2025: €250,809
- Cash +€250,014
up €250,014 (+48.6%), from €514,466 to €764,480
mainly Net result for the year (+€412,715) and Tax, wage and social debts (+€124,436)
- Deferred charges and accrued income +€25,349
up €25,349 (+10.0%), from €253,509 to €278,858
- Profit (loss) carried forward +€412,715
up €412,715 (+392.9%), from €105,048 to €517,763
- Tax, wage and social debts +€124,436
up €124,436 (+76.6%), from €162,477 to €286,912
- Gross operating margin +€48,018
up €48,018 (+9.8%), from €488,186 to €536,205
- Financial income +€15,032
up €15,032 (+1304.7%), from €1,152 to €16,184
- Taxes -€12,238
down €12,238 (-8.6%), from €141,820 to €129,582
- Financial charges +€5,457
up €5,457 (+144.5%), from €3,777 to €9,234
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 | €807,830 | €1,342,385 | +€534,554 | +66.2% |
| Fixed assets | 21/28 | €2,831 | €2,374 | -€458 | -16.2% |
| Tangible fixed assets | 22/27 | €1,983 | €1,526 | -€458 | -23.1% |
| Furniture and vehicles | 24 | €1,983 | €1,526 | -€458 | -23.1% |
| Financial fixed assets | 28 | €848 | €848 | = | 0.0% |
| Current assets | 29/58 | €804,999 | €1,340,011 | +€535,012 | +66.5% |
| Amounts receivable within one year | 40/41 | €37,024 | €45,864 | +€8,840 | +23.9% |
| Trade receivables | 40 | €37,024 | €40,929 | +€3,905 | +10.5% |
| Other amounts receivable | 41 | - | €4,935 | +€4,935 | |
| Current investments | 50/53 | - | €250,809 | +€250,809 | |
| Cash at bank and in hand | 54/58 | €514,466 | €764,480 | +€250,014 | +48.6% |
| Deferred charges and accrued income | 490/1 | €253,509 | €278,858 | +€25,349 | +10.0% |
| Total equity and liabilities | 10/49 | €807,830 | €1,342,385 | +€534,554 | +66.2% |
| Equity | 10/15 | €638,548 | €1,051,263 | +€412,715 | +64.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €530,000 | €530,000 | = | 0.0% |
| Distributable reserves | 133 | €530,000 | €530,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,048 | €517,763 | +€412,715 | +392.9% |
| Amounts payable | 17/49 | €169,282 | €291,121 | +€121,839 | +72.0% |
| Amounts payable within one year | 42/48 | €169,282 | €291,121 | +€121,839 | +72.0% |
| Trade debts | 44 | €5,062 | €2,803 | -€2,259 | -44.6% |
| Suppliers | 440/4 | €5,062 | €2,803 | -€2,259 | -44.6% |
| Taxes, remuneration and social security | 45 | €162,477 | €286,912 | +€124,436 | +76.6% |
| Taxes | 450/3 | €162,477 | €286,912 | +€124,436 | +76.6% |
| Other amounts payable | 47/48 | €1,743 | €1,406 | -€337 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €305 | €458 | +€153 | +50.0% |
| Other operating charges | 640/8 | €1,240 | €400 | -€841 | -67.8% |
| Gross operating margin | 9900 | €488,186 | €536,205 | +€48,018 | +9.8% |
| Operating profit (loss) | 9901 | €486,641 | €535,347 | +€48,707 | +10.0% |
| Financial income | 75/76B | €1,152 | €16,184 | +€15,032 | +1304.7% |
| Recurring financial income | 75 | €1,152 | €16,184 | +€15,032 | +1304.7% |
| Financial charges | 65/66B | €3,777 | €9,234 | +€5,457 | +144.5% |
| Recurring financial charges | 65 | €3,777 | €9,234 | +€5,457 | +144.5% |
| Profit (loss) for the period before taxes | 9903 | €484,015 | €542,297 | +€58,282 | +12.0% |
| Income taxes | 67/77 | €141,820 | €129,582 | -€12,238 | -8.6% |
| Profit (loss) for the period | 9904 | €342,195 | €412,715 | +€70,520 | +20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €342,195 | €412,715 | +€70,520 | +20.6% |
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 3 October 2026 via checked.be.