SANALU: 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.
SANALU
Largest movements
- Receivables within one year +€470,310
up €470,310 (+81.3%), from €578,170 to €1.0m
of which Trade receivables: +€366,939
- Stocks and contracts +€45,688
up €45,688 (+7.4%), from €617,700 to €663,388
- Tangible fixed assets -€40,302
down €40,302 (-5.7%), from €708,400 to €668,098
of which Land and buildings: -€30,794
- Short-term financial debts +€400,086
up €400,086 (+806.6%), from €49,602 to €449,688
- Debts after one year -€221,288
down €221,288 (-39.7%), from €556,962 to €335,674
- Other debts +€153,655
up €153,655 (+20.3%), from €756,842 to €910,496
- Tax, wage and social debts +€69,648
up €69,648 (+448.8%), from €15,518 to €85,166
- Trade debts +€49,640
up €49,640 (+33.0%), from €150,310 to €199,950
- Financial income +€6,956
up €6,956 (+387.8%), from €1,794 to €8,750
of which Non-recurring financial income: +€8,727
- Financial charges -€6,718
down €6,718 (-19.7%), from €34,086 to €27,368
- Taxes +€5,186
up €5,186, from -€4,121 to €1,065
- Gross operating margin +€4,704
up €4,704 (+6.3%), from €74,331 to €79,035
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 | €1,909,902 | €2,386,039 | +€476,137 | +24.9% |
| Fixed assets | 21/28 | €708,400 | €668,098 | -€40,302 | -5.7% |
| Tangible fixed assets | 22/27 | €708,400 | €668,098 | -€40,302 | -5.7% |
| Land and buildings | 22 | €698,854 | €668,059 | -€30,794 | -4.4% |
| Plant, machinery and equipment | 23 | €7,067 | €39 | -€7,028 | -99.4% |
| Furniture and vehicles | 24 | €2,480 | - | -€2,480 | |
| Current assets | 29/58 | €1,201,502 | €1,717,941 | +€516,439 | +43.0% |
| Stocks and contracts in progress | 3 | €617,700 | €663,388 | +€45,688 | +7.4% |
| Stocks | 30/36 | €617,700 | €663,388 | +€45,688 | +7.4% |
| Amounts receivable within one year | 40/41 | €578,170 | €1,048,479 | +€470,310 | +81.3% |
| Trade receivables | 40 | €507,019 | €873,958 | +€366,939 | +72.4% |
| Other amounts receivable | 41 | €71,151 | €174,521 | +€103,370 | +145.3% |
| Cash at bank and in hand | 54/58 | - | €1,281 | +€1,281 | |
| Deferred charges and accrued income | 490/1 | €5,631 | €4,792 | -€839 | -14.9% |
| Total equity and liabilities | 10/49 | €1,909,902 | €2,386,039 | +€476,137 | +24.9% |
| Equity | 10/15 | €279,904 | €305,960 | +€26,056 | +9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €310,666 | €310,666 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €233,438 | €233,438 | = | 0.0% |
| Distributable reserves | 133 | €75,368 | €75,368 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,362 | -€23,306 | +€26,056 | +52.8% |
| Provisions and deferred taxes | 16 | €77,813 | €77,813 | = | 0.0% |
| Deferred taxes | 168 | €77,813 | €77,813 | = | 0.0% |
| Amounts payable | 17/49 | €1,552,186 | €2,002,266 | +€450,081 | +29.0% |
| Amounts payable after more than one year | 17 | €556,962 | €335,674 | -€221,288 | -39.7% |
| Financial debts | 170/4 | €556,962 | €335,674 | -€221,288 | -39.7% |
| Amounts payable within one year | 42/48 | €995,224 | €1,666,592 | +€671,368 | +67.5% |
| Current portion of amounts payable after more than one year | 42 | €22,951 | €21,291 | -€1,660 | -7.2% |
| Financial debts | 43 | €49,602 | €449,688 | +€400,086 | +806.6% |
| Credit institutions | 430/8 | €49,602 | €449,688 | +€400,086 | +806.6% |
| Trade debts | 44 | €150,310 | €199,950 | +€49,640 | +33.0% |
| Suppliers | 440/4 | €150,310 | €199,950 | +€49,640 | +33.0% |
| Taxes, remuneration and social security | 45 | €15,518 | €85,166 | +€69,648 | +448.8% |
| Taxes | 450/3 | €15,518 | €85,166 | +€69,648 | +448.8% |
| Other amounts payable | 47/48 | €756,842 | €910,496 | +€153,655 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,048 | €30,300 | -€747 | -2.4% |
| Other operating charges | 640/8 | €7,988 | €8,359 | +€371 | +4.6% |
| Non-recurring operating charges | 66A | - | -€5,365 | -€5,365 | |
| Gross operating margin | 9900 | €74,331 | €79,035 | +€4,704 | +6.3% |
| Operating profit (loss) | 9901 | €35,295 | €45,740 | +€10,445 | +29.6% |
| Financial income | 75/76B | €1,794 | €8,750 | +€6,956 | +387.8% |
| Recurring financial income | 75 | €1,794 | €22 | -€1,771 | -98.8% |
| Non-recurring financial income | 76B | - | €8,727 | +€8,727 | |
| Financial charges | 65/66B | €34,086 | €27,368 | -€6,718 | -19.7% |
| Recurring financial charges | 65 | €34,086 | €27,368 | -€6,718 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €3,003 | €27,121 | +€24,119 | +803.2% |
| Transfer from deferred taxes | 780 | €2,490 | - | -€2,490 | |
| Income taxes | 67/77 | -€4,121 | €1,065 | +€5,186 | |
| Profit (loss) for the period | 9904 | €9,614 | €26,056 | +€16,442 | +171.0% |
| Transfer from tax-exempt reserves | 789 | €7,470 | - | -€7,470 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,084 | €26,056 | +€8,972 | +52.5% |
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 11 October 2026 via checked.be.