SAND: 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.
SAND
Largest movements
- Stocks and contracts -€1.4m
down €1.4m (-41.4%), from €3.3m to €1.9m
- Receivables within one year +€432,398
up €432,398 (+46.4%), from €932,630 to €1.4m
of which Trade receivables: +€297,860
- Tangible fixed assets +€303,840
up €303,840 (+30.9%), from €983,425 to €1.3m
of which Plant, machinery and equipment: +€319,080
- Financial fixed assets +€125,000
up €125,000 (+14.3%), from €875,000 to €1.0m
- Short-term financial debts -€1.1m
down €1.1m (-79.1%), from €1.4m to €287,950
- Debts after one year +€478,051
up €478,051 (+116%), from €411,415 to €889,466
- Trade debts -€437,439
down €437,439 (-35.4%), from €1.2m to €798,322
- Reserves +€289,602
up €289,602 (+16.0%), from €1.8m to €2.1m
of which Distributable reserves: +€289,602
- Other debts +€110,253
up €110,253 (+10.0%), from €1.1m to €1.2m
- Gross operating margin +€326,743
up €326,743 (+81.4%), from €401,252 to €727,995
- Taxes +€53,447
up €53,447 (+141%), from €37,968 to €91,415
- Financial charges +€42,116
up €42,116 (+33.7%), from €125,110 to €167,226
- Depreciation +€41,851
up €41,851 (+110%), from €37,972 to €79,823
- Financial income -€10,811
down €10,811 (-15.6%), from €69,296 to €58,485
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 | €6,169,608 | €5,652,673 | -€516,935 | -8.4% |
| Fixed assets | 21/28 | €1,858,425 | €2,287,265 | +€428,840 | +23.1% |
| Tangible fixed assets | 22/27 | €983,425 | €1,287,265 | +€303,840 | +30.9% |
| Land and buildings | 22 | €796,220 | €790,715 | -€5,505 | -0.7% |
| Plant, machinery and equipment | 23 | €172,771 | €491,851 | +€319,080 | +185% |
| Furniture and vehicles | 24 | €14,434 | €4,699 | -€9,735 | -67.4% |
| Financial fixed assets | 28 | €875,000 | €1,000,000 | +€125,000 | +14.3% |
| Current assets | 29/58 | €4,311,183 | €3,365,408 | -€945,775 | -21.9% |
| Stocks and contracts in progress | 3 | €3,326,522 | €1,948,554 | -€1.4m | -41.4% |
| Stocks | 30/36 | €3,326,522 | €1,948,554 | -€1.4m | -41.4% |
| Amounts receivable within one year | 40/41 | €932,630 | €1,365,028 | +€432,398 | +46.4% |
| Trade receivables | 40 | €144,776 | €442,636 | +€297,860 | +206% |
| Other amounts receivable | 41 | €787,854 | €922,392 | +€134,538 | +17.1% |
| Cash at bank and in hand | 54/58 | €30,786 | €46,119 | +€15,333 | +49.8% |
| Deferred charges and accrued income | 490/1 | €21,245 | €5,707 | -€15,538 | -73.1% |
| Total equity and liabilities | 10/49 | €6,169,608 | €5,652,673 | -€516,935 | -8.4% |
| Equity | 10/15 | €1,877,575 | €2,167,177 | +€289,602 | +15.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,815,575 | €2,105,177 | +€289,602 | +16.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,790,625 | €2,080,227 | +€289,602 | +16.2% |
| Amounts payable | 17/49 | €4,292,033 | €3,485,496 | -€806,537 | -18.8% |
| Amounts payable after more than one year | 17 | €411,415 | €889,466 | +€478,051 | +116% |
| Financial debts | 170/4 | €411,415 | €889,466 | +€478,051 | +116% |
| Amounts payable within one year | 42/48 | €3,837,282 | €2,531,416 | -€1.3m | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €34,266 | €66,600 | +€32,334 | +94.4% |
| Financial debts | 43 | €1,375,393 | €287,950 | -€1.1m | -79.1% |
| Credit institutions | 430/8 | €1,375,393 | €287,950 | -€1.1m | -79.1% |
| Trade debts | 44 | €1,235,761 | €798,322 | -€437,439 | -35.4% |
| Suppliers | 440/4 | €1,235,761 | €798,322 | -€437,439 | -35.4% |
| Taxes, remuneration and social security | 45 | €90,581 | €167,010 | +€76,429 | +84.4% |
| Taxes | 450/3 | €61,936 | €143,995 | +€82,059 | +132% |
| Remuneration and social security | 454/9 | €28,645 | €23,015 | -€5,630 | -19.7% |
| Other amounts payable | 47/48 | €1,101,281 | €1,211,534 | +€110,253 | +10.0% |
| Accrued charges and deferred income | 492/3 | €43,336 | €64,614 | +€21,278 | +49.1% |
| Remuneration, social security and pensions | 62 | €148,170 | €145,005 | -€3,165 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,972 | €79,823 | +€41,851 | +110% |
| Other operating charges | 640/8 | €5,864 | €13,410 | +€7,546 | +129% |
| Gross operating margin | 9900 | €401,252 | €727,995 | +€326,743 | +81.4% |
| Operating profit (loss) | 9901 | €209,246 | €489,757 | +€280,511 | +134% |
| Financial income | 75/76B | €69,296 | €58,485 | -€10,811 | -15.6% |
| Recurring financial income | 75 | €69,296 | €58,485 | -€10,811 | -15.6% |
| Financial charges | 65/66B | €125,110 | €167,226 | +€42,116 | +33.7% |
| Recurring financial charges | 65 | €125,110 | €167,226 | +€42,116 | +33.7% |
| Profit (loss) for the period before taxes | 9903 | €153,432 | €381,016 | +€227,584 | +148% |
| Income taxes | 67/77 | €37,968 | €91,415 | +€53,447 | +141% |
| Profit (loss) for the period | 9904 | €115,464 | €289,601 | +€174,137 | +151% |
| Profit (loss) for the period to be appropriated | 9905 | €115,464 | €289,601 | +€174,137 | +151% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.