SANDE: 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.
SANDE
Largest movements
- Receivables within one year +€25,155
up €25,155 (+61.0%), from €41,260 to €66,416
of which Other amounts receivable: +€22,016
- Tangible fixed assets -€16,302
no longer reported in 2025 (was €16,302)
- Stocks and contracts -€10,889
no longer reported in 2025 (was €10,889)
- Cash +€5,895
up €5,895 (+14.5%), from €40,724 to €46,619
mainly Investment in fixed assets (net) (+€17,983) and Stocks and contracts (+€10,889)
- Financial fixed assets -€4,979
down €4,979 (-94.7%), from €5,260 to €281
- Reserves -€5,233
down €5,233 (-6.1%), from €85,372 to €80,139
of which Distributable reserves: -€5,233
- Tax, wage and social debts +€2,343
up €2,343 (+19.5%), from €12,031 to €14,374
of which Taxes: +€2,571
- Staff costs -€5,982
down €5,982 (-4.6%), from €130,709 to €124,727
- Gross operating margin -€4,634
down €4,634 (-3.5%), from €131,802 to €127,168
- Depreciation -€3,783
down €3,783 (-53.4%), from €7,081 to €3,298
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 | €116,833 | €113,316 | -€3,517 | -3.0% |
| Fixed assets | 21/28 | €21,563 | €281 | -€21,281 | -98.7% |
| Tangible fixed assets | 22/27 | €16,302 | - | -€16,302 | |
| Plant, machinery and equipment | 23 | €3,616 | - | -€3,616 | |
| Furniture and vehicles | 24 | €6,157 | - | -€6,157 | |
| Other tangible fixed assets | 26 | €6,529 | - | -€6,529 | |
| Financial fixed assets | 28 | €5,260 | €281 | -€4,979 | -94.7% |
| Current assets | 29/58 | €95,270 | €113,035 | +€17,765 | +18.6% |
| Stocks and contracts in progress | 3 | €10,889 | - | -€10,889 | |
| Stocks | 30/36 | €10,889 | - | -€10,889 | |
| Amounts receivable within one year | 40/41 | €41,260 | €66,416 | +€25,155 | +61.0% |
| Trade receivables | 40 | €1,530 | €4,668 | +€3,139 | +205% |
| Other amounts receivable | 41 | €39,731 | €61,747 | +€22,016 | +55.4% |
| Cash at bank and in hand | 54/58 | €40,724 | €46,619 | +€5,895 | +14.5% |
| Deferred charges and accrued income | 490/1 | €2,396 | - | -€2,396 | |
| Total equity and liabilities | 10/49 | €116,833 | €113,316 | -€3,517 | -3.0% |
| Equity | 10/15 | €97,772 | €92,539 | -€5,233 | -5.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €85,372 | €80,139 | -€5,233 | -6.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €83,512 | €78,279 | -€5,233 | -6.3% |
| Amounts payable | 17/49 | €19,060 | €20,777 | +€1,717 | +9.0% |
| Amounts payable within one year | 42/48 | €19,060 | €20,777 | +€1,717 | +9.0% |
| Trade debts | 44 | €7,030 | €6,403 | -€626 | -8.9% |
| Suppliers | 440/4 | €7,030 | €6,403 | -€626 | -8.9% |
| Taxes, remuneration and social security | 45 | €12,031 | €14,374 | +€2,343 | +19.5% |
| Taxes | 450/3 | €3,901 | €6,472 | +€2,571 | +65.9% |
| Remuneration and social security | 454/9 | €8,130 | €7,902 | -€227 | -2.8% |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Remuneration, social security and pensions | 62 | €130,709 | €124,727 | -€5,982 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,081 | €3,298 | -€3,783 | -53.4% |
| Other operating charges | 640/8 | €1,869 | €3,052 | +€1,184 | +63.3% |
| Non-recurring operating charges | 66A | - | €1,498 | +€1,498 | |
| Gross operating margin | 9900 | €131,802 | €127,168 | -€4,634 | -3.5% |
| Operating profit (loss) | 9901 | -€7,856 | -€5,407 | +€2,450 | +31.2% |
| Financial income | 75/76B | €333 | €817 | +€483 | +145% |
| Recurring financial income | 75 | €333 | €817 | +€483 | +145% |
| Financial charges | 65/66B | €106 | €412 | +€306 | +290% |
| Recurring financial charges | 65 | €106 | €412 | +€306 | +290% |
| Profit (loss) for the period before taxes | 9903 | -€7,629 | -€5,002 | +€2,627 | +34.4% |
| Income taxes | 67/77 | €240 | €231 | -€9 | -3.6% |
| Profit (loss) for the period | 9904 | -€7,869 | -€5,233 | +€2,635 | +33.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,869 | -€5,233 | +€2,635 | +33.5% |
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 15 October 2026 via checked.be.