Sandeco: what changed
Two fiscal 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.
Sandeco
Largest movements
- Tangible fixed assets -€7,820
down €7,820 (-4.2%), from €187,762 to €179,942
- Reserves -€4,863
down €4,863 (-4.0%), from €120,215 to €115,352
of which Tax-exempt reserves: -€4,863
- Provisions -€2,043
down €2,043 (-5.4%), from €37,732 to €35,689
- Depreciation -€718
down €718 (-8.4%), from €8,538 to €7,820
- Other operating charges +€434
up €434 (+45.4%), from €956 to €1,390
- Gross operating margin +€264
up €264 (+11.4%), from €2,313 to €2,577
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.
Cash bridge derived
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 | €196,428 | €189,718 | -€6,710 | -3.4% |
| Fixed assets | 21/28 | €187,762 | €179,942 | -€7,820 | -4.2% |
| Tangible fixed assets | 22/27 | €187,762 | €179,942 | -€7,820 | -4.2% |
| Land and buildings | 22 | €187,762 | €179,942 | -€7,820 | -4.2% |
| Current assets | 29/58 | €8,666 | €9,777 | +€1,111 | +12.8% |
| Amounts receivable within one year | 40/41 | €275 | €0 | -€275 | -100.0% |
| Other amounts receivable | 41 | €275 | €0 | -€275 | -100.0% |
| Cash at bank and in hand | 54/58 | €8,187 | €9,566 | +€1,379 | +16.8% |
| Deferred charges and accrued income | 490/1 | €204 | €210 | +€7 | +3.2% |
| Total equity and liabilities | 10/49 | €196,428 | €189,718 | -€6,710 | -3.4% |
| Equity | 10/15 | €147,474 | €142,807 | -€4,667 | -3.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €120,215 | €115,352 | -€4,863 | -4.0% |
| Tax-exempt reserves | 132 | €89,827 | €84,964 | -€4,863 | -5.4% |
| Distributable reserves | 133 | €30,388 | €30,388 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,259 | €7,455 | +€196 | +2.7% |
| Provisions and deferred taxes | 16 | €37,732 | €35,689 | -€2,043 | -5.4% |
| Deferred taxes | 168 | €37,732 | €35,689 | -€2,043 | -5.4% |
| Amounts payable | 17/49 | €11,223 | €11,223 | = | 0.0% |
| Amounts payable within one year | 42/48 | €11,223 | €11,223 | = | 0.0% |
| Other amounts payable | 47/48 | €11,223 | €11,223 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,538 | €7,820 | -€718 | -8.4% |
| Other operating charges | 640/8 | €956 | €1,390 | +€434 | +45.4% |
| Gross operating margin | 9900 | €2,313 | €2,577 | +€264 | +11.4% |
| Operating profit (loss) | 9901 | -€7,181 | -€6,634 | +€547 | +7.6% |
| Financial income | 75/76B | €2 | €0 | -€2 | -100.0% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100.0% |
| Financial charges | 65/66B | €72 | €76 | +€4 | +5.4% |
| Recurring financial charges | 65 | €72 | €76 | +€4 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,251 | -€6,710 | +€541 | +7.5% |
| Transfer from deferred taxes | 780 | €2,230 | €2,043 | -€187 | -8.4% |
| Profit (loss) for the period | 9904 | -€5,021 | -€4,667 | +€354 | +7.0% |
| Transfer from tax-exempt reserves | 789 | €5,310 | €4,863 | -€446 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €289 | €196 | -€93 | -32.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.