SANBOR: 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.
SANBOR
Largest movements
- Receivables within one year +€71,056
up €71,056 (+107%), from €66,370 to €137,426
of which Trade receivables: +€56,823
- Stocks and contracts -€67,497
down €67,497 (-100%), from €67,497 to €0
- Cash +€63,536
up €63,536 (+98.5%), from €64,526 to €128,061
mainly Depreciation (+€91,275) and Net result for the year (+€86,380)
- Tangible fixed assets +€18,332
up €18,332 (+5.2%), from €355,936 to €374,268
of which Furniture and vehicles: +€35,287
- Reserves +€85,909
up €85,909 (+215%), from €40,000 to €125,909
- Trade debts -€26,036
down €26,036 (-21.3%), from €122,283 to €96,247
- Tax, wage and social debts +€20,105
up €20,105 (+94.4%), from €21,307 to €41,412
- Gross operating margin +€82,170
up €82,170 (+55.6%), from €147,809 to €229,979
- Taxes +€20,368
up €20,368 (+107%), from €19,059 to €39,428
- Depreciation +€16,890
up €16,890 (+22.7%), from €74,385 to €91,275
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 | €563,444 | €647,270 | +€83,826 | +14.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €355,936 | €374,268 | +€18,332 | +5.2% |
| Tangible fixed assets | 22/27 | €355,936 | €374,268 | +€18,332 | +5.2% |
| Land and buildings | 22 | €140,078 | €115,436 | -€24,641 | -17.6% |
| Plant, machinery and equipment | 23 | €121,887 | €129,574 | +€7,687 | +6.3% |
| Furniture and vehicles | 24 | €93,971 | €129,258 | +€35,287 | +37.6% |
| Current assets | 29/58 | €207,508 | €273,001 | +€65,493 | +31.6% |
| Stocks and contracts in progress | 3 | €67,497 | €0 | -€67,497 | -100% |
| Stocks | 30/36 | €67,497 | €0 | -€67,497 | -100% |
| Amounts receivable within one year | 40/41 | €66,370 | €137,426 | +€71,056 | +107% |
| Trade receivables | 40 | €66,284 | €123,107 | +€56,823 | +85.7% |
| Other amounts receivable | 41 | €86 | €14,319 | +€14,233 | +16,570% |
| Cash at bank and in hand | 54/58 | €64,526 | €128,061 | +€63,536 | +98.5% |
| Deferred charges and accrued income | 490/1 | €9,116 | €7,514 | -€1,602 | -17.6% |
| Total equity and liabilities | 10/49 | €563,444 | €647,270 | +€83,826 | +14.9% |
| Equity | 10/15 | €215,455 | €301,836 | +€86,380 | +40.1% |
| Contributions | 10/11 | €8,065 | €8,065 | = | 0.0% |
| Reserves | 13 | €40,000 | €125,909 | +€85,909 | +215% |
| Distributable reserves | 133 | €40,000 | €125,909 | +€85,909 | +215% |
| Profit (loss) carried forward | 14 | €167,390 | €167,861 | +€471 | +0.3% |
| Amounts payable | 17/49 | €347,989 | €345,434 | -€2,555 | -0.7% |
| Amounts payable after more than one year | 17 | €68,032 | €73,460 | +€5,427 | +8.0% |
| Financial debts | 170/4 | €68,032 | €73,460 | +€5,427 | +8.0% |
| Amounts payable within one year | 42/48 | €279,956 | €271,974 | -€7,982 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €37,675 | €36,239 | -€1,436 | -3.8% |
| Trade debts | 44 | €122,283 | €96,247 | -€26,036 | -21.3% |
| Suppliers | 440/4 | €122,283 | €96,247 | -€26,036 | -21.3% |
| Taxes, remuneration and social security | 45 | €21,307 | €41,412 | +€20,105 | +94.4% |
| Taxes | 450/3 | €21,307 | €41,412 | +€20,105 | +94.4% |
| Other amounts payable | 47/48 | €98,690 | €98,076 | -€615 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,385 | €91,275 | +€16,890 | +22.7% |
| Other operating charges | 640/8 | €2,929 | €1,896 | -€1,033 | -35.3% |
| Gross operating margin | 9900 | €147,809 | €229,979 | +€82,170 | +55.6% |
| Operating profit (loss) | 9901 | €70,494 | €136,808 | +€66,313 | +94.1% |
| Financial charges | 65/66B | €11,223 | €11,000 | -€224 | -2.0% |
| Recurring financial charges | 65 | €11,223 | €11,000 | -€224 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €59,271 | €125,808 | +€66,537 | +112% |
| Income taxes | 67/77 | €19,059 | €39,428 | +€20,368 | +107% |
| Profit (loss) for the period | 9904 | €40,212 | €86,380 | +€46,169 | +115% |
| Profit (loss) for the period to be appropriated | 9905 | €40,212 | €86,380 | +€46,169 | +115% |
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 21 October 2026 via checked.be.