SAN-DER: 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-DER
Largest movements
- Current investments -€158,439
no longer reported in 2025 (was €158,439)
- Cash +€101,562
up €101,562 (+2631.3%), from €3,860 to €105,422
mainly Current investments (+€158,439) and Net result for the year (+€68,163)
- Receivables after one year -€60,000
no longer reported in 2025 (was €60,000)
- Receivables within one year +€3,548
up €3,548 (+19.7%), from €17,975 to €21,523
of which Other amounts receivable: +€7,653
- Other debts -€88,981
down €88,981 (-57.6%), from €154,601 to €65,620
- Tax, wage and social debts -€17,179
down €17,179 (-48.2%), from €35,665 to €18,486
- Profit (loss) carried forward -€9,037
down €9,037 (-99.7%), from €9,060 to €24
- Gross operating margin -€13,572
down €13,572 (-13.7%), from €98,829 to €85,257
- Taxes -€2,190
down €2,190 (-11.2%), from €19,511 to €17,321
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 | €242,760 | €127,701 | -€115,059 | -47.4% |
| Fixed assets | 21/28 | €1,735 | - | -€1,735 | |
| Tangible fixed assets | 22/27 | €1,735 | - | -€1,735 | |
| Furniture and vehicles | 24 | €1,735 | - | -€1,735 | |
| Current assets | 29/58 | €241,026 | €127,701 | -€113,325 | -47.0% |
| Amounts receivable after more than one year | 29 | €60,000 | - | -€60,000 | |
| Other amounts receivable | 291 | €60,000 | - | -€60,000 | |
| Amounts receivable within one year | 40/41 | €17,975 | €21,523 | +€3,548 | +19.7% |
| Trade receivables | 40 | €17,301 | €13,195 | -€4,106 | -23.7% |
| Other amounts receivable | 41 | €674 | €8,327 | +€7,653 | +1135.4% |
| Current investments | 50/53 | €158,439 | - | -€158,439 | |
| Cash at bank and in hand | 54/58 | €3,860 | €105,422 | +€101,562 | +2631.3% |
| Deferred charges and accrued income | 490/1 | €752 | €756 | +€4 | +0.6% |
| Total equity and liabilities | 10/49 | €242,760 | €127,701 | -€115,059 | -47.4% |
| Equity | 10/15 | €51,560 | €42,524 | -€9,037 | -17.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €40,000 | €40,000 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,060 | €24 | -€9,037 | -99.7% |
| Amounts payable | 17/49 | €191,200 | €85,178 | -€106,022 | -55.5% |
| Amounts payable within one year | 42/48 | €191,200 | €85,178 | -€106,022 | -55.5% |
| Trade debts | 44 | €934 | €1,072 | +€138 | +14.8% |
| Suppliers | 440/4 | €934 | €1,072 | +€138 | +14.8% |
| Taxes, remuneration and social security | 45 | €35,665 | €18,486 | -€17,179 | -48.2% |
| Taxes | 450/3 | €35,665 | €18,486 | -€17,179 | -48.2% |
| Other amounts payable | 47/48 | €154,601 | €65,620 | -€88,981 | -57.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,417 | €1,735 | -€682 | -28.2% |
| Other operating charges | 640/8 | €309 | €330 | +€21 | +6.7% |
| Gross operating margin | 9900 | €98,829 | €85,257 | -€13,572 | -13.7% |
| Operating profit (loss) | 9901 | €96,103 | €83,192 | -€12,911 | -13.4% |
| Financial income | 75/76B | €2,239 | €2,354 | +€115 | +5.1% |
| Recurring financial income | 75 | €2,239 | €2,354 | +€115 | +5.1% |
| Financial charges | 65/66B | €65 | €63 | -€2 | -3.4% |
| Recurring financial charges | 65 | €65 | €63 | -€2 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €98,278 | €85,484 | -€12,794 | -13.0% |
| Income taxes | 67/77 | €19,511 | €17,321 | -€2,190 | -11.2% |
| Profit (loss) for the period | 9904 | €78,767 | €68,163 | -€10,603 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €78,767 | €68,163 | -€10,603 | -13.5% |
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 9 October 2026 via checked.be.