SANA: what changed
Two fiscal 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.
SANA
Largest movements
- Current investments +€89,904
up €89,904 (+87.9%), from €102,302 to €192,206
- Tangible fixed assets -€42,167
down €42,167 (-6.9%), from €611,423 to €569,256
of which Land and buildings: -€40,415
- Cash -€11,380
down €11,380 (-9.7%), from €116,966 to €105,586
mainly Current investments (-€89,904) and Contributions, distributions and other (-€57,832)
- Other debts +€32,662
up €32,662 (+155.9%), from €20,954 to €53,616
- Debts after one year -€24,833
down €24,833 (-19.0%), from €130,666 to €105,833
- Reserves +€24,400
up €24,400 (+12.2%), from €199,850 to €224,250
of which Distributable reserves: +€24,400
- Gross operating margin +€10,978
up €10,978 (+6.1%), from €180,628 to €191,606
- Depreciation -€4,071
down €4,071 (-7.3%), from €55,971 to €51,900
- Taxes +€3,929
up €3,929 (+11.6%), from €33,768 to €37,697
- Other operating charges +€3,787
up €3,787 (+25.1%), from €15,066 to €18,853
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 | €850,491 | €882,431 | +€31,940 | +3.8% |
| Fixed assets | 21/28 | €611,423 | €569,256 | -€42,167 | -6.9% |
| Tangible fixed assets | 22/27 | €611,423 | €569,256 | -€42,167 | -6.9% |
| Land and buildings | 22 | €609,671 | €569,256 | -€40,415 | -6.6% |
| Plant, machinery and equipment | 23 | €1,752 | - | -€1,752 | |
| Current assets | 29/58 | €239,068 | €313,175 | +€74,107 | +31.0% |
| Amounts receivable within one year | 40/41 | €19,156 | €14,719 | -€4,437 | -23.2% |
| Trade receivables | 40 | €19,156 | €14,719 | -€4,437 | -23.2% |
| Current investments | 50/53 | €102,302 | €192,206 | +€89,904 | +87.9% |
| Cash at bank and in hand | 54/58 | €116,966 | €105,586 | -€11,380 | -9.7% |
| Deferred charges and accrued income | 490/1 | €644 | €664 | +€20 | +3.1% |
| Total equity and liabilities | 10/49 | €850,491 | €882,431 | +€31,940 | +3.8% |
| Equity | 10/15 | €647,754 | €672,196 | +€24,442 | +3.8% |
| Contributions | 10/11 | €284,505 | €284,505 | = | 0.0% |
| Capital | 10 | €284,505 | €284,505 | = | 0.0% |
| Issued capital | 100 | €284,505 | €284,505 | = | 0.0% |
| Reserves | 13 | €199,850 | €224,250 | +€24,400 | +12.2% |
| Non-distributable reserves | 130/1 | €28,450 | €28,450 | = | 0.0% |
| Legal reserve | 130 | €28,450 | €28,450 | = | 0.0% |
| Distributable reserves | 133 | €171,400 | €195,800 | +€24,400 | +14.2% |
| Profit (loss) carried forward | 14 | €163,399 | €163,441 | +€42 | 0.0% |
| Amounts payable | 17/49 | €202,737 | €210,235 | +€7,498 | +3.7% |
| Amounts payable after more than one year | 17 | €130,666 | €105,833 | -€24,833 | -19.0% |
| Financial debts | 170/4 | €130,666 | €105,833 | -€24,833 | -19.0% |
| Amounts payable within one year | 42/48 | €72,071 | €104,402 | +€32,331 | +44.9% |
| Current portion of amounts payable after more than one year | 42 | €24,618 | €24,833 | +€215 | +0.9% |
| Taxes, remuneration and social security | 45 | €26,499 | €25,953 | -€546 | -2.1% |
| Taxes | 450/3 | €26,499 | €25,953 | -€546 | -2.1% |
| Other amounts payable | 47/48 | €20,954 | €53,616 | +€32,662 | +155.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,971 | €51,900 | -€4,071 | -7.3% |
| Other operating charges | 640/8 | €15,066 | €18,853 | +€3,787 | +25.1% |
| Gross operating margin | 9900 | €180,628 | €191,606 | +€10,978 | +6.1% |
| Operating profit (loss) | 9901 | €109,591 | €120,853 | +€11,262 | +10.3% |
| Financial income | 75/76B | €1,346 | €748 | -€598 | -44.4% |
| Recurring financial income | 75 | €1,346 | €748 | -€598 | -44.4% |
| Financial charges | 65/66B | €1,903 | €1,630 | -€273 | -14.3% |
| Recurring financial charges | 65 | €1,903 | €1,630 | -€273 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €109,034 | €119,971 | +€10,937 | +10.0% |
| Income taxes | 67/77 | €33,768 | €37,697 | +€3,929 | +11.6% |
| Profit (loss) for the period | 9904 | €75,266 | €82,274 | +€7,008 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €75,266 | €82,274 | +€7,008 | +9.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.