SANDEL: 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.
SANDEL
Largest movements
- Cash +€340,415
up €340,415 (+190.5%), from €178,678 to €519,093
mainly Current investments (+€200,000) and Net result for the year (+€180,820)
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Tangible fixed assets -€76,828
down €76,828 (-12.0%), from €641,558 to €564,731
of which Land and buildings: -€56,784
- Receivables within one year +€53,540
up €53,540 (+38.1%), from €140,618 to €194,158
of which Other amounts receivable: +€59,058
- Reserves +€155,014
up €155,014 (+22.2%), from €697,280 to €852,295
- Debts after one year -€59,209
down €59,209 (-19.6%), from €301,835 to €242,626
- Trade debts +€38,265
up €38,265 (+188.4%), from €20,313 to €58,578
- Other debts +€25,806
new in 2025: €25,806
- Tax, wage and social debts -€18,452
down €18,452 (-24.3%), from €75,935 to €57,484
of which Taxes: -€24,301
- Staff costs +€52,588
up €52,588 (+27.9%), from €188,354 to €240,942
- Financial income +€7,720
up €7,720 (+81.1%), from €9,519 to €17,238
- Financial charges -€7,183
down €7,183 (-27.5%), from €26,074 to €18,891
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 | €1,192,033 | €1,315,527 | +€123,494 | +10.4% |
| Fixed assets | 21/28 | €642,013 | €565,185 | -€76,828 | -12.0% |
| Tangible fixed assets | 22/27 | €641,558 | €564,731 | -€76,828 | -12.0% |
| Land and buildings | 22 | €462,758 | €405,975 | -€56,784 | -12.3% |
| Plant, machinery and equipment | 23 | €174,826 | €157,418 | -€17,408 | -10.0% |
| Furniture and vehicles | 24 | €3,973 | €1,338 | -€2,636 | -66.3% |
| Financial fixed assets | 28 | €455 | €455 | = | 0.0% |
| Current assets | 29/58 | €550,020 | €750,341 | +€200,321 | +36.4% |
| Stocks and contracts in progress | 3 | €16,742 | €15,016 | -€1,726 | -10.3% |
| Stocks | 30/36 | €16,742 | €15,016 | -€1,726 | -10.3% |
| Amounts receivable within one year | 40/41 | €140,618 | €194,158 | +€53,540 | +38.1% |
| Trade receivables | 40 | €30,861 | €25,343 | -€5,518 | -17.9% |
| Other amounts receivable | 41 | €109,757 | €168,815 | +€59,058 | +53.8% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €178,678 | €519,093 | +€340,415 | +190.5% |
| Deferred charges and accrued income | 490/1 | €13,983 | €22,075 | +€8,092 | +57.9% |
| Total equity and liabilities | 10/49 | €1,192,033 | €1,315,527 | +€123,494 | +10.4% |
| Equity | 10/15 | €715,880 | €870,895 | +€155,014 | +21.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €697,280 | €852,295 | +€155,014 | +22.2% |
| Distributable reserves | 133 | €697,280 | €852,295 | +€155,014 | +22.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €476,152 | €444,632 | -€31,520 | -6.6% |
| Amounts payable after more than one year | 17 | €301,835 | €242,626 | -€59,209 | -19.6% |
| Financial debts | 170/4 | €301,835 | €242,626 | -€59,209 | -19.6% |
| Amounts payable within one year | 42/48 | €173,655 | €201,351 | +€27,696 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | €77,407 | €59,209 | -€18,197 | -23.5% |
| Trade debts | 44 | €20,313 | €58,578 | +€38,265 | +188.4% |
| Suppliers | 440/4 | €20,313 | €58,578 | +€38,265 | +188.4% |
| Advances received on contracts in progress | 46 | - | €274 | +€274 | |
| Taxes, remuneration and social security | 45 | €75,935 | €57,484 | -€18,452 | -24.3% |
| Taxes | 450/3 | €43,385 | €19,084 | -€24,301 | -56.0% |
| Remuneration and social security | 454/9 | €32,551 | €38,400 | +€5,849 | +18.0% |
| Other amounts payable | 47/48 | - | €25,806 | +€25,806 | |
| Accrued charges and deferred income | 492/3 | €662 | €655 | -€7 | -1.1% |
| Remuneration, social security and pensions | 62 | €188,354 | €240,942 | +€52,588 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,193 | €96,128 | +€1,934 | +2.1% |
| Other operating charges | 640/8 | €6,695 | €9,357 | +€2,662 | +39.8% |
| Gross operating margin | 9900 | €622,600 | €621,308 | -€1,292 | -0.2% |
| Operating profit (loss) | 9901 | €333,358 | €274,881 | -€58,477 | -17.5% |
| Financial income | 75/76B | €9,519 | €17,238 | +€7,720 | +81.1% |
| Recurring financial income | 75 | €9,519 | €17,238 | +€7,720 | +81.1% |
| Financial charges | 65/66B | €26,074 | €18,891 | -€7,183 | -27.5% |
| Recurring financial charges | 65 | €26,074 | €18,891 | -€7,183 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €316,802 | €273,228 | -€43,575 | -13.8% |
| Income taxes | 67/77 | €97,865 | €92,407 | -€5,457 | -5.6% |
| Profit (loss) for the period | 9904 | €218,938 | €180,820 | -€38,117 | -17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €218,938 | €180,820 | -€38,117 | -17.4% |
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 3 October 2026 via checked.be.