San'dwich: 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'dwich
Largest movements
- Tangible fixed assets -€18,788
down €18,788 (-25.2%), from €74,693 to €55,905
of which Furniture and vehicles: -€15,532
- Receivables within one year +€15,047
up €15,047 (+78.1%), from €19,267 to €34,314
of which Trade receivables: +€8,562
- Cash +€9,587
up €9,587 (+26.8%), from €35,722 to €45,309
mainly Net result for the year (+€56,630) and Other debts (+€36,725)
- Intangible fixed assets -€9,000
down €9,000 (-12.2%), from €73,500 to €64,500
- Stocks and contracts -€2,655
down €2,655 (-23.0%), from €11,549 to €8,894
- Other debts +€36,725
up €36,725 (+96.0%), from €38,275 to €75,000
- Reserves -€18,370
down €18,370 (-17.8%), from €103,415 to €85,046
- Debts after one year -€13,807
down €13,807 (-43.8%), from €31,526 to €17,719
- Current portion of long-term debt -€8,196
down €8,196 (-46.3%), from €17,706 to €9,510
- Trade debts -€2,891
down €2,891 (-34.0%), from €8,511 to €5,620
- Gross operating margin +€63,803
up €63,803 (+39.3%), from €162,231 to €226,034
- Staff costs +€21,612
up €21,612 (+24.4%), from €88,411 to €110,023
- Taxes +€11,767
up €11,767 (+115%), from €10,271 to €22,038
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 | €214,732 | €208,923 | -€5,809 | -2.7% |
| Fixed assets | 21/28 | €148,193 | €120,405 | -€27,788 | -18.8% |
| Intangible fixed assets | 21 | €73,500 | €64,500 | -€9,000 | -12.2% |
| Tangible fixed assets | 22/27 | €74,693 | €55,905 | -€18,788 | -25.2% |
| Plant, machinery and equipment | 23 | €25,894 | €22,637 | -€3,256 | -12.6% |
| Furniture and vehicles | 24 | €48,800 | €33,268 | -€15,532 | -31.8% |
| Current assets | 29/58 | €66,539 | €88,517 | +€21,979 | +33.0% |
| Stocks and contracts in progress | 3 | €11,549 | €8,894 | -€2,655 | -23.0% |
| Stocks | 30/36 | €11,549 | €8,894 | -€2,655 | -23.0% |
| Amounts receivable within one year | 40/41 | €19,267 | €34,314 | +€15,047 | +78.1% |
| Trade receivables | 40 | €9,268 | €17,830 | +€8,562 | +92.4% |
| Other amounts receivable | 41 | €9,999 | €16,484 | +€6,485 | +64.9% |
| Cash at bank and in hand | 54/58 | €35,722 | €45,309 | +€9,587 | +26.8% |
| Total equity and liabilities | 10/49 | €214,732 | €208,923 | -€5,809 | -2.7% |
| Equity | 10/15 | €109,415 | €91,046 | -€18,370 | -16.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Capital | 10 | €6,000 | €6,000 | = | 0.0% |
| Issued capital | 100 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €103,415 | €85,046 | -€18,370 | -17.8% |
| Distributable reserves | 133 | €103,415 | €85,046 | -€18,370 | -17.8% |
| Amounts payable | 17/49 | €105,316 | €117,877 | +€12,561 | +11.9% |
| Amounts payable after more than one year | 17 | €31,526 | €17,719 | -€13,807 | -43.8% |
| Financial debts | 170/4 | €31,526 | €17,719 | -€13,807 | -43.8% |
| Amounts payable within one year | 42/48 | €73,791 | €100,159 | +€26,368 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | €17,706 | €9,510 | -€8,196 | -46.3% |
| Trade debts | 44 | €8,511 | €5,620 | -€2,891 | -34.0% |
| Suppliers | 440/4 | €8,511 | €5,620 | -€2,891 | -34.0% |
| Taxes, remuneration and social security | 45 | €9,299 | €10,028 | +€730 | +7.8% |
| Taxes | 450/3 | €1,234 | €10,028 | +€8,794 | +712% |
| Remuneration and social security | 454/9 | €8,064 | - | -€8,064 | |
| Other amounts payable | 47/48 | €38,275 | €75,000 | +€36,725 | +96.0% |
| Non-recurring operating income | 76A | €5,530 | €2,209 | -€3,321 | -60.1% |
| Remuneration, social security and pensions | 62 | €88,411 | €110,023 | +€21,612 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,585 | €34,553 | -€33 | -0.1% |
| Other operating charges | 640/8 | €1,727 | €1,040 | -€687 | -39.8% |
| Gross operating margin | 9900 | €162,231 | €226,034 | +€63,803 | +39.3% |
| Operating profit (loss) | 9901 | €37,507 | €80,418 | +€42,911 | +114% |
| Financial income | 75/76B | €534 | €143 | -€391 | -73.2% |
| Recurring financial income | 75 | €534 | €143 | -€391 | -73.2% |
| Financial charges | 65/66B | €1,776 | €1,893 | +€117 | +6.6% |
| Recurring financial charges | 65 | €1,776 | €1,893 | +€117 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €36,266 | €78,669 | +€42,403 | +117% |
| Income taxes | 67/77 | €10,271 | €22,038 | +€11,767 | +115% |
| Profit (loss) for the period | 9904 | €25,995 | €56,630 | +€30,636 | +118% |
| Profit (loss) for the period to be appropriated | 9905 | €25,995 | €56,630 | +€30,636 | +118% |
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 26 October 2026 via checked.be.