SANCOFA: 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.
What changed
SANCOFA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€590,962
2024 · €866,096-€275,134
Equity
€27.0m
2024 · €26.5m+€415,962
Cash
€207,434
2024 · €292,078-€84,644
Balance sheet total
€29.5m
2024 · €29.8m-€297,540
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€805,480
down €805,480 (-30.0%), from €2.7m to €1.9m
- Reserves +€415,962
up €415,962 (+3.6%), from €11.4m to €11.8m
of which Distributable reserves: +€386,362
Income statement
- Financial income -€242,889
down €242,889 (-28.1%), from €862,903 to €620,014
- Services and other goods +€57,390
up €57,390 (+26.4%), from €217,106 to €274,497
- Taxes -€16,414
down €16,414 (-25.0%), from €65,785 to €49,371
- Financial charges -€11,011
down €11,011 (-17.1%), from €64,532 to €53,521
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.
Result 2024
€866,096
Turnover
-€559
Other operating income
-€1,379
Services and other goods
-€57,390
Depreciation
-€538
Other operating charges
+€197
Financial income
-€242,889
Financial charges
+€11,011
Taxes
+€16,414
Result 2025
€590,962
raises the resultlowers the result
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.
From operations
+€772,080
Investment
+€188,462
Financing
-€1.0m
Cash 2024
€292,078
From operations (derived)
+€772,080
Net result for the year
+€590,962
Depreciation
+€29,526
Receivables within one year
+€7,276
Deferred charges and accrued income
-€12,368
Trade debts
+€30,326
Tax, wage and social debts
-€1,854
Other debts
+€133,728
Accrued charges and deferred income
-€5,516
Investment (derived)
+€188,462
Investment in fixed assets (net)
-€6,538
Current investments
+€195,000
Financing
-€1.0m
Debts after one year
-€805,480
Current portion of long-term debt
-€64,706
Contributions, distributions and other
-€175,000
Cash 2025
€207,434
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,770,328 | €29,472,789 | -€297,540 | -1.0% |
| Fixed assets | 21/28 | €27,147,566 | €27,124,578 | -€22,988 | -0.1% |
| Intangible fixed assets | 21 | €270,588 | €245,264 | -€25,324 | -9.4% |
| Tangible fixed assets | 22/27 | €83,239 | €85,575 | +€2,336 | +2.8% |
| Furniture and vehicles | 24 | €11,101 | €6,899 | -€4,202 | -37.9% |
| Other tangible fixed assets | 26 | €72,138 | €78,676 | +€6,538 | +9.1% |
| Financial fixed assets | 28 | €26,793,740 | €26,793,740 | = | 0.0% |
| Affiliated companies | 280/1 | €26,793,740 | €26,793,740 | = | 0.0% |
| Participating interests | 280 | €24,583,740 | €24,583,740 | = | 0.0% |
| Amounts receivable | 281 | €2,210,000 | €2,210,000 | = | 0.0% |
| Current assets | 29/58 | €2,622,762 | €2,348,210 | -€274,552 | -10.5% |
| Amounts receivable within one year | 40/41 | €480,652 | €473,376 | -€7,276 | -1.5% |
| Trade receivables | 40 | €42,358 | €58,439 | +€16,081 | +38.0% |
| Other amounts receivable | 41 | €438,294 | €414,938 | -€23,356 | -5.3% |
| Current investments | 50/53 | €1,795,000 | €1,600,000 | -€195,000 | -10.9% |
| Other investments | 51/53 | €1,795,000 | €1,600,000 | -€195,000 | -10.9% |
| Cash at bank and in hand | 54/58 | €292,078 | €207,434 | -€84,644 | -29.0% |
| Deferred charges and accrued income | 490/1 | €55,032 | €67,400 | +€12,368 | +22.5% |
| Total equity and liabilities | 10/49 | €29,770,328 | €29,472,789 | -€297,540 | -1.0% |
| Equity | 10/15 | €26,540,927 | €26,956,889 | +€415,962 | +1.6% |
| Contributions | 10/11 | €15,112,098 | €15,112,098 | = | 0.0% |
| Capital | 10 | €15,058,804 | €15,058,804 | = | 0.0% |
| Issued capital | 100 | €16,058,804 | €16,058,804 | = | 0.0% |
| Uncalled capital | 101 | €1,000,000 | €1,000,000 | = | 0.0% |
| Contributions outside capital | 11 | €53,293 | €53,293 | = | 0.0% |
| Share premium | 1100/10 | €53,293 | €53,293 | = | 0.0% |
| Reserves | 13 | €11,428,830 | €11,844,792 | +€415,962 | +3.6% |
| Non-distributable reserves | 130/1 | €1,230,868 | €1,260,468 | +€29,600 | +2.4% |
| Legal reserve | 130 | €1,230,868 | €1,260,468 | +€29,600 | +2.4% |
| Distributable reserves | 133 | €10,197,962 | €10,584,324 | +€386,362 | +3.8% |
| Amounts payable | 17/49 | €3,229,401 | €2,515,900 | -€713,501 | -22.1% |
| Amounts payable after more than one year | 17 | €2,683,163 | €1,877,684 | -€805,480 | -30.0% |
| Financial debts | 170/4 | €2,683,163 | €1,877,684 | -€805,480 | -30.0% |
| Credit institutions | 173 | €1,182,729 | €877,684 | -€305,046 | -25.8% |
| Other loans | 174 | €1,500,434 | €1,000,000 | -€500,434 | -33.4% |
| Amounts payable within one year | 42/48 | €451,761 | €549,255 | +€97,494 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €369,752 | €305,046 | -€64,706 | -17.5% |
| Trade debts | 44 | €13,785 | €44,111 | +€30,326 | +220% |
| Suppliers | 440/4 | €13,785 | €44,111 | +€30,326 | +220% |
| Taxes, remuneration and social security | 45 | €21,672 | €19,819 | -€1,854 | -8.6% |
| Taxes | 450/3 | €21,672 | €19,819 | -€1,854 | -8.6% |
| Other amounts payable | 47/48 | €46,551 | €180,280 | +€133,728 | +287% |
| Accrued charges and deferred income | 492/3 | €94,477 | €88,961 | -€5,516 | -5.8% |
| Operating income | 70/76A | €382,493 | €380,555 | -€1,938 | -0.5% |
| Turnover | 70 | €369,480 | €368,921 | -€559 | -0.2% |
| Other operating income | 74 | €13,013 | €11,633 | -€1,379 | -10.6% |
| Operating charges | 60/66A | €248,984 | €306,716 | +€57,731 | +23.2% |
| Services and other goods | 61 | €217,106 | €274,497 | +€57,390 | +26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,989 | €29,526 | +€538 | +1.9% |
| Other operating charges | 640/8 | €2,889 | €2,693 | -€197 | -6.8% |
| Operating profit (loss) | 9901 | €133,509 | €73,839 | -€59,670 | -44.7% |
| Financial income | 75/76B | €862,903 | €620,014 | -€242,889 | -28.1% |
| Recurring financial income | 75 | €862,903 | €620,014 | -€242,889 | -28.1% |
| Income from financial fixed assets | 750 | €862,246 | €619,669 | -€242,577 | -28.1% |
| Income from current assets | 751 | €658 | €345 | -€312 | -47.5% |
| Financial charges | 65/66B | €64,532 | €53,521 | -€11,011 | -17.1% |
| Recurring financial charges | 65 | €64,532 | €53,521 | -€11,011 | -17.1% |
| Debt charges | 650 | €63,479 | €52,437 | -€11,042 | -17.4% |
| Other financial charges | 652/9 | €1,052 | €1,084 | +€31 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €931,881 | €640,333 | -€291,548 | -31.3% |
| Income taxes | 67/77 | €65,785 | €49,371 | -€16,414 | -25.0% |
| Taxes | 670/3 | €65,785 | €49,371 | -€16,414 | -25.0% |
| Profit (loss) for the period | 9904 | €866,096 | €590,962 | -€275,134 | -31.8% |
| Profit (loss) for the period to be appropriated | 9905 | €866,096 | €590,962 | -€275,134 | -31.8% |
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 28 October 2026 via checked.be.