San Bao: 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.
San Bao
Largest movements
- Cash -€31,182
down €31,182 (-38.4%), from €81,257 to €50,075
mainly Current investments (-€30,000) and Investment in fixed assets (net) (-€21,004)
- Current investments +€30,000
new in 2025: €30,000
- Tangible fixed assets +€9,018
up €9,018 (+31.8%), from €28,374 to €37,392
of which Furniture and vehicles: +€15,947
- Stocks and contracts -€3,384
down €3,384 (-11.7%), from €28,816 to €25,432
- Receivables within one year -€2,576
down €2,576 (-46.7%), from €5,511 to €2,935
of which Other amounts receivable: -€1,541
- Reserves +€10,952
up €10,952 (+10.3%), from €106,429 to €117,381
- Debts after one year -€4,332
down €4,332 (-74.9%), from €5,786 to €1,453
- Tax, wage and social debts -€2,414
down €2,414 (-22.0%), from €10,967 to €8,553
of which Taxes: -€2,414
- Depreciation -€5,022
down €5,022 (-29.5%), from €17,007 to €11,986
- Gross operating margin -€3,498
down €3,498 (-10.9%), from €31,982 to €28,484
- Other operating charges -€850
down €850 (-68.0%), from €1,250 to €400
- Taxes +€648
up €648 (+17.8%), from €3,648 to €4,296
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 | €144,915 | €148,478 | +€3,563 | +2.5% |
| Fixed assets | 21/28 | €28,374 | €37,392 | +€9,018 | +31.8% |
| Tangible fixed assets | 22/27 | €28,374 | €37,392 | +€9,018 | +31.8% |
| Plant, machinery and equipment | 23 | €17,820 | €10,891 | -€6,929 | -38.9% |
| Furniture and vehicles | 24 | €10,554 | €26,501 | +€15,947 | +151% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €116,542 | €111,086 | -€5,455 | -4.7% |
| Stocks and contracts in progress | 3 | €28,816 | €25,432 | -€3,384 | -11.7% |
| Stocks | 30/36 | €28,816 | €25,432 | -€3,384 | -11.7% |
| Amounts receivable within one year | 40/41 | €5,511 | €2,935 | -€2,576 | -46.7% |
| Trade receivables | 40 | €3,237 | €2,202 | -€1,035 | -32.0% |
| Other amounts receivable | 41 | €2,274 | €732 | -€1,541 | -67.8% |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €81,257 | €50,075 | -€31,182 | -38.4% |
| Deferred charges and accrued income | 490/1 | €958 | €2,644 | +€1,686 | +176% |
| Total equity and liabilities | 10/49 | €144,915 | €148,478 | +€3,563 | +2.5% |
| Equity | 10/15 | €121,429 | €132,381 | +€10,952 | +9.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €106,429 | €117,381 | +€10,952 | +10.3% |
| Distributable reserves | 133 | €106,429 | €117,381 | +€10,952 | +10.3% |
| Amounts payable | 17/49 | €23,486 | €16,097 | -€7,389 | -31.5% |
| Amounts payable after more than one year | 17 | €5,786 | €1,453 | -€4,332 | -74.9% |
| Financial debts | 170/4 | €5,786 | €1,453 | -€4,332 | -74.9% |
| Amounts payable within one year | 42/48 | €17,258 | €14,382 | -€2,877 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €2,803 | €2,842 | +€39 | +1.4% |
| Trade debts | 44 | €2,498 | €1,821 | -€677 | -27.1% |
| Suppliers | 440/4 | €2,498 | €1,821 | -€677 | -27.1% |
| Taxes, remuneration and social security | 45 | €10,967 | €8,553 | -€2,414 | -22.0% |
| Taxes | 450/3 | €8,951 | €6,537 | -€2,414 | -27.0% |
| Remuneration and social security | 454/9 | €2,016 | €2,016 | = | 0.0% |
| Other amounts payable | 47/48 | €989 | €1,166 | +€176 | +17.8% |
| Accrued charges and deferred income | 492/3 | €442 | €263 | -€180 | -40.6% |
| Non-recurring operating income | 76A | - | €7,240 | +€7,240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,007 | €11,986 | -€5,022 | -29.5% |
| Other operating charges | 640/8 | €1,250 | €400 | -€850 | -68.0% |
| Gross operating margin | 9900 | €31,982 | €28,484 | -€3,498 | -10.9% |
| Operating profit (loss) | 9901 | €13,725 | €16,099 | +€2,373 | +17.3% |
| Financial income | 75/76B | €4 | €27 | +€24 | +637% |
| Recurring financial income | 75 | €4 | €27 | +€24 | +637% |
| Financial charges | 65/66B | €1,010 | €878 | -€132 | -13.1% |
| Recurring financial charges | 65 | €1,010 | €878 | -€132 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €12,719 | €15,248 | +€2,529 | +19.9% |
| Income taxes | 67/77 | €3,648 | €4,296 | +€648 | +17.8% |
| Profit (loss) for the period | 9904 | €9,070 | €10,952 | +€1,881 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,070 | €10,952 | +€1,881 | +20.7% |
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 18 October 2026 via checked.be.