SANAMAT: 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.
SANAMAT
Largest movements
- Cash +€144,974
up €144,974 (+574%), from €25,258 to €170,233
mainly Depreciation (+€218,903) and Receivables within one year (+€81,094)
- Tangible fixed assets -€126,351
down €126,351 (-17.0%), from €742,050 to €615,699
of which Furniture and vehicles: -€73,511
- Receivables within one year -€81,094
down €81,094 (-34.2%), from €237,214 to €156,120
of which Trade receivables: -€132,739
- Stocks and contracts +€24,149
new in 2025: €24,149
- Debts after one year -€63,055
down €63,055 (-43.6%), from €144,617 to €81,562
of which Financial debts: -€34,055
- Other debts +€24,737
up €24,737 (+59.4%), from €41,659 to €66,396
- Tax, wage and social debts -€23,374
down €23,374 (-91.0%), from €25,690 to €2,316
of which Taxes: -€22,630
- Depreciation +€9,740
up €9,740 (+4.7%), from €209,164 to €218,903
- Taxes +€3,799
up €3,799 (+2,968%), from €128 to €3,927
- Gross operating margin +€3,416
up €3,416 (+1.6%), from €217,038 to €220,454
- Financial charges -€2,878
down €2,878 (-26.1%), from €11,030 to €8,151
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 | €1,723,416 | €1,672,488 | -€50,927 | -3.0% |
| Fixed assets | 21/28 | €1,441,256 | €1,314,905 | -€126,351 | -8.8% |
| Tangible fixed assets | 22/27 | €742,050 | €615,699 | -€126,351 | -17.0% |
| Plant, machinery and equipment | 23 | €353,767 | €331,667 | -€22,100 | -6.2% |
| Furniture and vehicles | 24 | €212,029 | €138,517 | -€73,511 | -34.7% |
| Leasing and similar rights | 25 | €4,275 | €0 | -€4,275 | -100% |
| Other tangible fixed assets | 26 | €171,979 | €145,514 | -€26,465 | -15.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €699,206 | €699,206 | = | 0.0% |
| Current assets | 29/58 | €282,160 | €357,583 | +€75,424 | +26.7% |
| Stocks and contracts in progress | 3 | - | €24,149 | +€24,149 | |
| Stocks | 30/36 | - | €24,149 | +€24,149 | |
| Amounts receivable within one year | 40/41 | €237,214 | €156,120 | -€81,094 | -34.2% |
| Trade receivables | 40 | €191,694 | €58,955 | -€132,739 | -69.2% |
| Other amounts receivable | 41 | €45,520 | €97,165 | +€51,645 | +113% |
| Cash at bank and in hand | 54/58 | €25,258 | €170,233 | +€144,974 | +574% |
| Deferred charges and accrued income | 490/1 | €19,688 | €7,082 | -€12,605 | -64.0% |
| Total equity and liabilities | 10/49 | €1,723,416 | €1,672,488 | -€50,927 | -3.0% |
| Equity | 10/15 | €1,378,337 | €1,388,568 | +€10,231 | +0.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,316,288 | €1,326,518 | +€10,230 | +0.8% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €139,441 | €111,721 | -€27,720 | -19.9% |
| Distributable reserves | 133 | €1,170,650 | €1,208,600 | +€37,950 | +3.2% |
| Profit (loss) carried forward | 14 | €76 | €77 | +€1 | +1.9% |
| Provisions and deferred taxes | 16 | €25,485 | €18,555 | -€6,930 | -27.2% |
| Deferred taxes | 168 | €25,485 | €18,555 | -€6,930 | -27.2% |
| Amounts payable | 17/49 | €319,594 | €265,365 | -€54,229 | -17.0% |
| Amounts payable after more than one year | 17 | €144,617 | €81,562 | -€63,055 | -43.6% |
| Financial debts | 170/4 | €78,817 | €44,762 | -€34,055 | -43.2% |
| Other amounts payable | 178/9 | €65,800 | €36,800 | -€29,000 | -44.1% |
| Amounts payable within one year | 42/48 | €169,864 | €180,121 | +€10,256 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €68,719 | €65,825 | -€2,894 | -4.2% |
| Trade debts | 44 | €33,796 | €45,583 | +€11,787 | +34.9% |
| Suppliers | 440/4 | €33,796 | €45,583 | +€11,787 | +34.9% |
| Taxes, remuneration and social security | 45 | €25,690 | €2,316 | -€23,374 | -91.0% |
| Taxes | 450/3 | €24,946 | €2,316 | -€22,630 | -90.7% |
| Remuneration and social security | 454/9 | €744 | €0 | -€744 | -100% |
| Other amounts payable | 47/48 | €41,659 | €66,396 | +€24,737 | +59.4% |
| Accrued charges and deferred income | 492/3 | €5,112 | €3,682 | -€1,430 | -28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €209,164 | €218,903 | +€9,740 | +4.7% |
| Other operating charges | 640/8 | €15,909 | €16,209 | +€300 | +1.9% |
| Gross operating margin | 9900 | €217,038 | €220,454 | +€3,416 | +1.6% |
| Operating profit (loss) | 9901 | -€8,034 | -€14,659 | -€6,624 | -82.4% |
| Financial income | 75/76B | €30,586 | €30,038 | -€548 | -1.8% |
| Recurring financial income | 75 | €30,586 | €30,038 | -€548 | -1.8% |
| Financial charges | 65/66B | €11,030 | €8,151 | -€2,878 | -26.1% |
| Recurring financial charges | 65 | €11,030 | €8,151 | -€2,878 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €11,522 | €7,228 | -€4,294 | -37.3% |
| Transfer from deferred taxes | 780 | €7,252 | €7,254 | +€1 | 0.0% |
| Transfer to deferred taxes | 680 | €10,000 | €324 | -€9,676 | -96.8% |
| Income taxes | 67/77 | €128 | €3,927 | +€3,799 | +2,968% |
| Profit (loss) for the period | 9904 | €8,647 | €10,231 | +€1,585 | +18.3% |
| Transfer from tax-exempt reserves | 789 | €29,009 | €29,014 | +€5 | 0.0% |
| Transfer to tax-exempt reserves | 689 | €40,000 | €1,294 | -€38,706 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,344 | €37,951 | +€40,295 |
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.