SAN-Connect: 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-Connect
Largest movements
- Tangible fixed assets -€45,018
down €45,018 (-31.7%), from €142,007 to €96,989
of which Land and buildings: -€129,663
- Cash +€40,142
up €40,142 (+10.4%), from €385,996 to €426,137
mainly Net result for the year (+€145,730) and Investment in fixed assets (net) (+€28,494)
- Tax, wage and social debts +€15,570
up €15,570 (+646%), from €2,410 to €17,980
- Current portion of long-term debt -€13,222
down €13,222 (-100%), from €13,222 to €0
- Gross operating margin +€132,337
up €132,337 (+165%), from €80,333 to €212,670
- Taxes +€32,706
up €32,706 (+188%), from €17,374 to €50,080
- Depreciation -€11,287
down €11,287 (-40.6%), from €27,810 to €16,524
- Financial income -€3,039
down €3,039 (-64.4%), from €4,717 to €1,678
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 | €647,569 | €642,948 | -€4,621 | -0.7% |
| Fixed assets | 21/28 | €142,007 | €96,989 | -€45,018 | -31.7% |
| Tangible fixed assets | 22/27 | €142,007 | €96,989 | -€45,018 | -31.7% |
| Land and buildings | 22 | €129,663 | €0 | -€129,663 | -100% |
| Plant, machinery and equipment | 23 | €382 | €1,483 | +€1,101 | +288% |
| Furniture and vehicles | 24 | €11,962 | €95,506 | +€83,544 | +698% |
| Current assets | 29/58 | €505,562 | €545,959 | +€40,397 | +8.0% |
| Amounts receivable within one year | 40/41 | €16,335 | €17,696 | +€1,361 | +8.3% |
| Trade receivables | 40 | €16,335 | €17,696 | +€1,361 | +8.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €385,996 | €426,137 | +€40,142 | +10.4% |
| Deferred charges and accrued income | 490/1 | €3,231 | €2,126 | -€1,106 | -34.2% |
| Total equity and liabilities | 10/49 | €647,569 | €642,948 | -€4,621 | -0.7% |
| Equity | 10/15 | €630,598 | €624,908 | -€5,689 | -0.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €624,398 | €618,708 | -€5,689 | -0.9% |
| Distributable reserves | 133 | €624,398 | €618,708 | -€5,689 | -0.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €16,971 | €18,039 | +€1,069 | +6.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €15,632 | €18,039 | +€2,407 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €13,222 | €0 | -€13,222 | -100% |
| Trade debts | 44 | €0 | €59 | +€59 | |
| Suppliers | 440/4 | €0 | €59 | +€59 | |
| Taxes, remuneration and social security | 45 | €2,410 | €17,980 | +€15,570 | +646% |
| Taxes | 450/3 | €2,410 | €17,980 | +€15,570 | +646% |
| Accrued charges and deferred income | 492/3 | €1,338 | €0 | -€1,338 | -100% |
| Non-recurring operating income | 76A | - | €136,898 | +€136,898 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,810 | €16,524 | -€11,287 | -40.6% |
| Other operating charges | 640/8 | €3,281 | €1,257 | -€2,024 | -61.7% |
| Gross operating margin | 9900 | €80,333 | €212,670 | +€132,337 | +165% |
| Operating profit (loss) | 9901 | €49,242 | €194,889 | +€145,647 | +296% |
| Financial income | 75/76B | €4,717 | €1,678 | -€3,039 | -64.4% |
| Recurring financial income | 75 | €4,717 | €1,678 | -€3,039 | -64.4% |
| Financial charges | 65/66B | €968 | €757 | -€211 | -21.8% |
| Recurring financial charges | 65 | €968 | €757 | -€211 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €52,991 | €195,810 | +€142,819 | +270% |
| Income taxes | 67/77 | €17,374 | €50,080 | +€32,706 | +188% |
| Profit (loss) for the period | 9904 | €35,617 | €145,730 | +€110,113 | +309% |
| Profit (loss) for the period to be appropriated | 9905 | €35,617 | €145,730 | +€110,113 | +309% |
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 14 October 2026 via checked.be.