Sander Guilliams: 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.
Sander Guilliams
Largest movements
- Cash -€16,190
down €16,190 (-27.8%), from €58,144 to €41,954
mainly Contributions, distributions and other (-€21,540) and Debts after one year (-€13,625)
- Tangible fixed assets -€14,816
down €14,816 (-28.9%), from €51,240 to €36,424
- Receivables within one year -€10,943
down €10,943 (-58.3%), from €18,759 to €7,816
of which Trade receivables: -€10,882
- Stocks and contracts +€1,870
up €1,870 (+68.0%), from €2,750 to €4,620
- Reserves -€20,986
down €20,986 (-31.0%), from €67,632 to €46,646
- Debts after one year -€13,625
down €13,625 (-56.9%), from €23,954 to €10,329
- Other debts -€3,214
down €3,214 (-37.3%), from €8,607 to €5,393
- Trade debts -€2,816
down €2,816 (-48.9%), from €5,754 to €2,938
- Gross operating margin -€8,362
down €8,362 (-32.2%), from €26,006 to €17,644
- Taxes -€2,368
down €2,368 (-85.7%), from €2,762 to €394
- Depreciation +€385
up €385 (+2.7%), from €14,431 to €14,816
- Financial charges -€378
down €378 (-24.0%), from €1,576 to €1,198
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 | €131,583 | €91,724 | -€39,859 | -30.3% |
| Fixed assets | 21/28 | €51,240 | €36,424 | -€14,816 | -28.9% |
| Tangible fixed assets | 22/27 | €51,240 | €36,424 | -€14,816 | -28.9% |
| Plant, machinery and equipment | 23 | €5,427 | €4,104 | -€1,323 | -24.4% |
| Furniture and vehicles | 24 | €6,405 | €3,961 | -€2,444 | -38.2% |
| Leasing and similar rights | 25 | €22,457 | €16,214 | -€6,243 | -27.8% |
| Other tangible fixed assets | 26 | €16,951 | €12,145 | -€4,806 | -28.4% |
| Current assets | 29/58 | €80,343 | €55,300 | -€25,043 | -31.2% |
| Stocks and contracts in progress | 3 | €2,750 | €4,620 | +€1,870 | +68.0% |
| Stocks | 30/36 | €2,750 | €4,620 | +€1,870 | +68.0% |
| Amounts receivable within one year | 40/41 | €18,759 | €7,816 | -€10,943 | -58.3% |
| Trade receivables | 40 | €11,607 | €725 | -€10,882 | -93.8% |
| Other amounts receivable | 41 | €7,152 | €7,091 | -€61 | -0.9% |
| Cash at bank and in hand | 54/58 | €58,144 | €41,954 | -€16,190 | -27.8% |
| Deferred charges and accrued income | 490/1 | €690 | €910 | +€220 | +31.9% |
| Total equity and liabilities | 10/49 | €131,583 | €91,724 | -€39,859 | -30.3% |
| Equity | 10/15 | €80,032 | €59,046 | -€20,986 | -26.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €67,632 | €46,646 | -€20,986 | -31.0% |
| Distributable reserves | 133 | €67,632 | €46,646 | -€20,986 | -31.0% |
| Amounts payable | 17/49 | €51,551 | €32,678 | -€18,873 | -36.6% |
| Amounts payable after more than one year | 17 | €23,954 | €10,329 | -€13,625 | -56.9% |
| Financial debts | 170/4 | €23,954 | €10,329 | -€13,625 | -56.9% |
| Amounts payable within one year | 42/48 | €27,597 | €22,349 | -€5,248 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €13,236 | €13,624 | +€388 | +2.9% |
| Trade debts | 44 | €5,754 | €2,938 | -€2,816 | -48.9% |
| Suppliers | 440/4 | €5,754 | €2,938 | -€2,816 | -48.9% |
| Taxes, remuneration and social security | 45 | - | €394 | +€394 | |
| Taxes | 450/3 | - | €394 | +€394 | |
| Other amounts payable | 47/48 | €8,607 | €5,393 | -€3,214 | -37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,431 | €14,816 | +€385 | +2.7% |
| Other operating charges | 640/8 | €603 | €682 | +€79 | +13.1% |
| Gross operating margin | 9900 | €26,006 | €17,644 | -€8,362 | -32.2% |
| Operating profit (loss) | 9901 | €10,972 | €2,146 | -€8,826 | -80.4% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €1,576 | €1,198 | -€378 | -24.0% |
| Recurring financial charges | 65 | €1,576 | €1,198 | -€378 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €9,404 | €948 | -€8,456 | -89.9% |
| Income taxes | 67/77 | €2,762 | €394 | -€2,368 | -85.7% |
| Profit (loss) for the period | 9904 | €6,642 | €554 | -€6,088 | -91.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,642 | €554 | -€6,088 | -91.7% |
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 30 October 2026 via checked.be.