SAN REMO: 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 REMO
Largest movements
- Tangible fixed assets +€104,616
up €104,616 (+69.3%), from €150,927 to €255,543
of which Furniture and vehicles: +€97,998
- Cash -€67,442
down €67,442 (-24.5%), from €274,896 to €207,455
mainly Investment in fixed assets (net) (-€141,896) and Contributions, distributions and other (-€105,655)
- Receivables within one year -€64,528
down €64,528 (-23.4%), from €276,127 to €211,599
of which Other amounts receivable: -€43,622
- Trade debts +€122,602
up €122,602 (+400%), from €30,629 to €153,231
- Reserves -€71,136
down €71,136 (-23.2%), from €306,682 to €235,546
of which Distributable reserves: -€71,136
- Debts after one year -€49,129
down €49,129 (-39.1%), from €125,719 to €76,590
- Tax, wage and social debts -€32,347
down €32,347 (-18.8%), from €171,846 to €139,498
of which Taxes: -€46,206
- Short-term financial debts +€20,878
new in 2025: €20,878
- Staff costs +€61,388
up €61,388 (+8.5%), from €721,304 to €782,692
- Gross operating margin +€57,156
up €57,156 (+6.5%), from €882,622 to €939,778
- Depreciation +€18,047
up €18,047 (+93.8%), from €19,232 to €37,279
- Taxes +€13,635
up €13,635 (+29.7%), from €45,863 to €59,497
- Other operating charges +€10,202
up €10,202 (+321%), from €3,174 to €13,376
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 | €723,171 | €694,350 | -€28,821 | -4.0% |
| Fixed assets | 21/28 | €153,366 | €257,982 | +€104,616 | +68.2% |
| Tangible fixed assets | 22/27 | €150,927 | €255,543 | +€104,616 | +69.3% |
| Plant, machinery and equipment | 23 | €20,653 | €28,522 | +€7,869 | +38.1% |
| Furniture and vehicles | 24 | €121,763 | €219,761 | +€97,998 | +80.5% |
| Other tangible fixed assets | 26 | €8,510 | €7,260 | -€1,250 | -14.7% |
| Financial fixed assets | 28 | €2,439 | €2,439 | = | 0.0% |
| Current assets | 29/58 | €569,806 | €436,368 | -€133,438 | -23.4% |
| Stocks and contracts in progress | 3 | €14,650 | €15,175 | +€525 | +3.6% |
| Stocks | 30/36 | €14,650 | €15,175 | +€525 | +3.6% |
| Amounts receivable within one year | 40/41 | €276,127 | €211,599 | -€64,528 | -23.4% |
| Trade receivables | 40 | €30,630 | €9,725 | -€20,906 | -68.3% |
| Other amounts receivable | 41 | €245,497 | €201,874 | -€43,622 | -17.8% |
| Cash at bank and in hand | 54/58 | €274,896 | €207,455 | -€67,442 | -24.5% |
| Deferred charges and accrued income | 490/1 | €4,132 | €2,139 | -€1,993 | -48.2% |
| Total equity and liabilities | 10/49 | €723,171 | €694,350 | -€28,821 | -4.0% |
| Equity | 10/15 | €325,282 | €254,146 | -€71,136 | -21.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €306,682 | €235,546 | -€71,136 | -23.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €304,822 | €233,686 | -€71,136 | -23.3% |
| Amounts payable | 17/49 | €397,889 | €440,204 | +€42,315 | +10.6% |
| Amounts payable after more than one year | 17 | €125,719 | €76,590 | -€49,129 | -39.1% |
| Financial debts | 170/4 | €125,719 | €76,590 | -€49,129 | -39.1% |
| Amounts payable within one year | 42/48 | €272,170 | €363,615 | +€91,444 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | €69,696 | €50,007 | -€19,689 | -28.2% |
| Financial debts | 43 | - | €20,878 | +€20,878 | |
| Credit institutions | 430/8 | - | €20,878 | +€20,878 | |
| Trade debts | 44 | €30,629 | €153,231 | +€122,602 | +400% |
| Suppliers | 440/4 | €30,629 | €153,231 | +€122,602 | +400% |
| Taxes, remuneration and social security | 45 | €171,846 | €139,498 | -€32,347 | -18.8% |
| Taxes | 450/3 | €80,727 | €34,521 | -€46,206 | -57.2% |
| Remuneration and social security | 454/9 | €91,118 | €104,977 | +€13,859 | +15.2% |
| Remuneration, social security and pensions | 62 | €721,304 | €782,692 | +€61,388 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,232 | €37,279 | +€18,047 | +93.8% |
| Other operating charges | 640/8 | €3,174 | €13,376 | +€10,202 | +321% |
| Non-recurring operating charges | 66A | €21,421 | - | -€21,421 | |
| Gross operating margin | 9900 | €882,622 | €939,778 | +€57,156 | +6.5% |
| Operating profit (loss) | 9901 | €117,491 | €106,430 | -€11,061 | -9.4% |
| Financial income | 75/76B | €347 | €30 | -€317 | -91.3% |
| Recurring financial income | 75 | €347 | €30 | -€317 | -91.3% |
| Financial charges | 65/66B | €8,417 | €12,444 | +€4,027 | +47.8% |
| Recurring financial charges | 65 | €8,417 | €12,444 | +€4,027 | +47.8% |
| Profit (loss) for the period before taxes | 9903 | €109,421 | €94,016 | -€15,405 | -14.1% |
| Income taxes | 67/77 | €45,863 | €59,497 | +€13,635 | +29.7% |
| Profit (loss) for the period | 9904 | €63,558 | €34,519 | -€29,039 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €63,558 | €34,519 | -€29,039 | -45.7% |
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 19 October 2026 via checked.be.