SANDEB: 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.
SANDEB
Largest movements
- Tangible fixed assets -€1.0m
down €1.0m (-33.5%), from €3.1m to €2.0m
of which Land and buildings: -€999,752
- Deferred charges and accrued income +€46,543
up €46,543 (+2,124%), from €2,192 to €48,735
- Receivables within one year +€45,412
up €45,412 (+273%), from €16,621 to €62,033
of which Trade receivables: +€36,687
- Short-term financial debts -€800,000
no longer reported in 2025 (was €800,000)
- Debts after one year -€180,000
down €180,000 (-42.9%), from €420,000 to €240,000
- Current portion of long-term debt +€60,000
up €60,000 (+100%), from €60,000 to €120,000
- Gross operating margin -€35,148
down €35,148 (-9.6%), from €365,827 to €330,679
- Taxes -€18,182
down €18,182 (-70.4%), from €25,813 to €7,631
- Financial charges -€12,325
down €12,325 (-14.6%), from €84,685 to €72,360
- Depreciation -€5,220
down €5,220 (-3.0%), from €173,150 to €167,930
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 | €3,136,175 | €2,180,350 | -€955,826 | -30.5% |
| Fixed assets | 21/28 | €3,075,163 | €2,044,043 | -€1.0m | -33.5% |
| Tangible fixed assets | 22/27 | €3,075,163 | €2,044,043 | -€1.0m | -33.5% |
| Land and buildings | 22 | €2,954,916 | €1,955,165 | -€999,752 | -33.8% |
| Furniture and vehicles | 24 | €120,247 | €88,878 | -€31,369 | -26.1% |
| Current assets | 29/58 | €61,012 | €136,307 | +€75,295 | +123% |
| Amounts receivable within one year | 40/41 | €16,621 | €62,033 | +€45,412 | +273% |
| Trade receivables | 40 | - | €36,687 | +€36,687 | |
| Other amounts receivable | 41 | €16,621 | €25,346 | +€8,724 | +52.5% |
| Cash at bank and in hand | 54/58 | €42,199 | €25,539 | -€16,660 | -39.5% |
| Deferred charges and accrued income | 490/1 | €2,192 | €48,735 | +€46,543 | +2,124% |
| Total equity and liabilities | 10/49 | €3,136,175 | €2,180,350 | -€955,826 | -30.5% |
| Equity | 10/15 | €1,624,502 | €1,618,027 | -€6,475 | -0.4% |
| Contributions | 10/11 | €232,740 | €232,740 | = | 0.0% |
| Capital | 10 | €232,740 | €232,740 | = | 0.0% |
| Issued capital | 100 | €232,740 | €232,740 | = | 0.0% |
| Reserves | 13 | €1,391,762 | €1,391,762 | = | 0.0% |
| Non-distributable reserves | 130/1 | €23,274 | €23,274 | = | 0.0% |
| Legal reserve | 130 | €23,274 | €23,274 | = | 0.0% |
| Distributable reserves | 133 | €1,368,488 | €1,368,488 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€6,475 | -€6,475 | |
| Amounts payable | 17/49 | €1,511,673 | €562,323 | -€949,350 | -62.8% |
| Amounts payable after more than one year | 17 | €420,000 | €240,000 | -€180,000 | -42.9% |
| Financial debts | 170/4 | €420,000 | €240,000 | -€180,000 | -42.9% |
| Amounts payable within one year | 42/48 | €1,091,673 | €322,323 | -€769,350 | -70.5% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €120,000 | +€60,000 | +100% |
| Financial debts | 43 | €800,000 | - | -€800,000 | |
| Credit institutions | 430/8 | €800,000 | - | -€800,000 | |
| Trade debts | 44 | €2,937 | €187 | -€2,750 | -93.6% |
| Suppliers | 440/4 | €2,937 | €187 | -€2,750 | -93.6% |
| Taxes, remuneration and social security | 45 | €5,178 | €4,410 | -€768 | -14.8% |
| Taxes | 450/3 | €5,178 | €4,410 | -€768 | -14.8% |
| Other amounts payable | 47/48 | €223,558 | €197,726 | -€25,832 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,150 | €167,930 | -€5,220 | -3.0% |
| Other operating charges | 640/8 | €7,411 | €6,904 | -€507 | -6.8% |
| Non-recurring operating charges | 66A | - | €82,331 | +€82,331 | |
| Gross operating margin | 9900 | €365,827 | €330,679 | -€35,148 | -9.6% |
| Operating profit (loss) | 9901 | €185,265 | €73,514 | -€111,751 | -60.3% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €84,685 | €72,360 | -€12,325 | -14.6% |
| Recurring financial charges | 65 | €84,685 | €72,360 | -€12,325 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €100,581 | €1,156 | -€99,425 | -98.9% |
| Income taxes | 67/77 | €25,813 | €7,631 | -€18,182 | -70.4% |
| Profit (loss) for the period | 9904 | €74,767 | -€6,475 | -€81,243 | |
| Profit (loss) for the period to be appropriated | 9905 | €74,767 | -€6,475 | -€81,243 |
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 18 October 2026 via checked.be.