SANDBOUW: 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.
SANDBOUW
Largest movements
- Receivables within one year +€55,577
up €55,577 (+100%), from €55,302 to €110,879
of which Trade receivables: +€58,904
- Tangible fixed assets -€42,337
down €42,337 (-11.3%), from €376,242 to €333,905
of which Land and buildings: -€25,557
- Stocks and contracts -€26,110
down €26,110 (-31.2%), from €83,633 to €57,523
- Cash +€20,898
up €20,898 (+3.7%), from €568,088 to €588,986
mainly Net result for the year (+€55,640) and Depreciation (+€42,337)
- Reserves +€55,640
up €55,640 (+7.8%), from €711,219 to €766,859
- Other debts -€16,512
down €16,512 (-6.1%), from €271,270 to €254,757
- Trade debts -€14,607
down €14,607 (-47.3%), from €30,852 to €16,245
- Tax, wage and social debts -€13,381
down €13,381 (-63.3%), from €21,141 to €7,760
of which Taxes: -€9,104
- Gross operating margin -€32,522
down €32,522 (-20.4%), from €159,801 to €127,280
- Taxes -€9,660
down €9,660 (-32.4%), from €29,809 to €20,149
- Depreciation +€2,578
up €2,578 (+6.5%), from €39,759 to €42,337
- Staff costs -€2,018
down €2,018 (-17.3%), from €11,675 to €9,657
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 | €1,084,684 | €1,093,392 | +€8,708 | +0.8% |
| Fixed assets | 21/28 | €376,242 | €333,905 | -€42,337 | -11.3% |
| Tangible fixed assets | 22/27 | €376,242 | €333,905 | -€42,337 | -11.3% |
| Land and buildings | 22 | €316,490 | €290,933 | -€25,557 | -8.1% |
| Plant, machinery and equipment | 23 | €1,350 | - | -€1,350 | |
| Furniture and vehicles | 24 | €56,760 | €42,248 | -€14,512 | -25.6% |
| Other tangible fixed assets | 26 | €1,642 | €724 | -€918 | -55.9% |
| Current assets | 29/58 | €708,442 | €759,487 | +€51,045 | +7.2% |
| Stocks and contracts in progress | 3 | €83,633 | €57,523 | -€26,110 | -31.2% |
| Stocks | 30/36 | €83,633 | €57,523 | -€26,110 | -31.2% |
| Amounts receivable within one year | 40/41 | €55,302 | €110,879 | +€55,577 | +100% |
| Trade receivables | 40 | €35,302 | €94,206 | +€58,904 | +167% |
| Other amounts receivable | 41 | €20,000 | €16,673 | -€3,327 | -16.6% |
| Cash at bank and in hand | 54/58 | €568,088 | €588,986 | +€20,898 | +3.7% |
| Deferred charges and accrued income | 490/1 | €1,418 | €2,099 | +€681 | +48.0% |
| Total equity and liabilities | 10/49 | €1,084,684 | €1,093,392 | +€8,708 | +0.8% |
| Equity | 10/15 | €761,421 | €814,629 | +€53,208 | +7.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €711,219 | €766,859 | +€55,640 | +7.8% |
| Distributable reserves | 133 | €711,219 | €766,859 | +€55,640 | +7.8% |
| Investment grants | 15 | €31,610 | €29,178 | -€2,432 | -7.7% |
| Amounts payable | 17/49 | €323,263 | €278,762 | -€44,500 | -13.8% |
| Amounts payable within one year | 42/48 | €323,263 | €278,762 | -€44,500 | -13.8% |
| Trade debts | 44 | €30,852 | €16,245 | -€14,607 | -47.3% |
| Suppliers | 440/4 | €30,852 | €16,245 | -€14,607 | -47.3% |
| Taxes, remuneration and social security | 45 | €21,141 | €7,760 | -€13,381 | -63.3% |
| Taxes | 450/3 | €16,104 | €7,000 | -€9,104 | -56.5% |
| Remuneration and social security | 454/9 | €5,037 | €760 | -€4,277 | -84.9% |
| Other amounts payable | 47/48 | €271,270 | €254,757 | -€16,512 | -6.1% |
| Remuneration, social security and pensions | 62 | €11,675 | €9,657 | -€2,018 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,759 | €42,337 | +€2,578 | +6.5% |
| Other operating charges | 640/8 | €4,079 | €4,392 | +€313 | +7.7% |
| Gross operating margin | 9900 | €159,801 | €127,280 | -€32,522 | -20.4% |
| Operating profit (loss) | 9901 | €104,287 | €70,894 | -€33,394 | -32.0% |
| Financial income | 75/76B | €8,166 | €6,856 | -€1,310 | -16.0% |
| Recurring financial income | 75 | €8,166 | €6,856 | -€1,310 | -16.0% |
| Financial charges | 65/66B | €1,996 | €1,960 | -€36 | -1.8% |
| Recurring financial charges | 65 | €1,996 | €1,960 | -€36 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €110,457 | €75,789 | -€34,668 | -31.4% |
| Income taxes | 67/77 | €29,809 | €20,149 | -€9,660 | -32.4% |
| Profit (loss) for the period | 9904 | €80,648 | €55,640 | -€25,008 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,648 | €55,640 | -€25,008 | -31.0% |
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.