SANDER HERMANS: 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 HERMANS
Largest movements
- Stocks and contracts +€12,785
up €12,785 (+177%), from €7,215 to €20,000
of which Contracts in progress: +€20,000
- Tangible fixed assets -€8,852
down €8,852 (-39.2%), from €22,576 to €13,724
of which Furniture and vehicles: -€8,120
- Deferred charges and accrued income -€2,492
down €2,492 (-26.4%), from €9,423 to €6,932
- Receivables within one year +€2,346
up €2,346 (+52.3%), from €4,487 to €6,833
of which Trade receivables: +€3,861
- Other debts +€6,220
up €6,220 (+28.5%), from €21,854 to €28,074
- Current portion of long-term debt -€5,867
down €5,867 (-44.0%), from €13,329 to €7,463
- Trade debts +€4,456
up €4,456 (+90.2%), from €4,939 to €9,395
- Debts after one year -€3,199
down €3,199 (-19.5%), from €16,393 to €13,194
- Tax, wage and social debts +€1,970
up €1,970 (+52.7%), from €3,740 to €5,710
of which Taxes: +€1,721
- Gross operating margin +€17,257
up €17,257, from -€238 to €17,019
- Staff costs -€11,530
down €11,530 (-75.4%), from €15,292 to €3,762
- Depreciation -€2,280
down €2,280 (-19.1%), from €11,949 to €9,669
- Financial charges -€1,224
down €1,224 (-32.6%), from €3,753 to €2,529
- Other operating charges +€334
up €334 (+26.2%), from €1,273 to €1,607
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 | €43,701 | €47,489 | +€3,788 | +8.7% |
| Fixed assets | 21/28 | €22,576 | €13,724 | -€8,852 | -39.2% |
| Tangible fixed assets | 22/27 | €22,576 | €13,724 | -€8,852 | -39.2% |
| Plant, machinery and equipment | 23 | €2,931 | €2,199 | -€732 | -25.0% |
| Furniture and vehicles | 24 | €19,645 | €11,525 | -€8,120 | -41.3% |
| Current assets | 29/58 | €21,125 | €33,765 | +€12,639 | +59.8% |
| Stocks and contracts in progress | 3 | €7,215 | €20,000 | +€12,785 | +177% |
| Stocks | 30/36 | €7,215 | - | -€7,215 | |
| Contracts in progress | 37 | - | €20,000 | +€20,000 | |
| Amounts receivable within one year | 40/41 | €4,487 | €6,833 | +€2,346 | +52.3% |
| Trade receivables | 40 | €2,873 | €6,733 | +€3,861 | +134% |
| Other amounts receivable | 41 | €1,615 | €100 | -€1,515 | -93.8% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €9,423 | €6,932 | -€2,492 | -26.4% |
| Total equity and liabilities | 10/49 | €43,701 | €47,489 | +€3,788 | +8.7% |
| Equity | 10/15 | -€19,038 | -€19,615 | -€576 | -3.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €8,602 | €8,602 | = | 0.0% |
| Distributable reserves | 133 | €8,602 | €8,602 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,641 | -€33,217 | -€576 | -1.8% |
| Amounts payable | 17/49 | €62,739 | €67,103 | +€4,364 | +7.0% |
| Amounts payable after more than one year | 17 | €16,393 | €13,194 | -€3,199 | -19.5% |
| Financial debts | 170/4 | €16,393 | €13,194 | -€3,199 | -19.5% |
| Amounts payable within one year | 42/48 | €46,346 | €53,909 | +€7,563 | +16.3% |
| Current portion of amounts payable after more than one year | 42 | €13,329 | €7,463 | -€5,867 | -44.0% |
| Financial debts | 43 | €2,484 | €3,267 | +€783 | +31.5% |
| Credit institutions | 430/8 | €2,484 | €3,267 | +€783 | +31.5% |
| Trade debts | 44 | €4,939 | €9,395 | +€4,456 | +90.2% |
| Suppliers | 440/4 | €4,939 | €9,395 | +€4,456 | +90.2% |
| Taxes, remuneration and social security | 45 | €3,740 | €5,710 | +€1,970 | +52.7% |
| Taxes | 450/3 | €305 | €2,026 | +€1,721 | +565% |
| Remuneration and social security | 454/9 | €3,435 | €3,684 | +€249 | +7.3% |
| Other amounts payable | 47/48 | €21,854 | €28,074 | +€6,220 | +28.5% |
| Remuneration, social security and pensions | 62 | €15,292 | €3,762 | -€11,530 | -75.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,949 | €9,669 | -€2,280 | -19.1% |
| Other operating charges | 640/8 | €1,273 | €1,607 | +€334 | +26.2% |
| Gross operating margin | 9900 | -€238 | €17,019 | +€17,257 | |
| Operating profit (loss) | 9901 | -€28,753 | €1,981 | +€30,734 | |
| Financial income | 75/76B | €5 | €113 | +€108 | +2,334% |
| Recurring financial income | 75 | €5 | €113 | +€108 | +2,334% |
| Financial charges | 65/66B | €3,753 | €2,529 | -€1,224 | -32.6% |
| Recurring financial charges | 65 | €3,753 | €2,529 | -€1,224 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | -€32,501 | -€435 | +€32,066 | +98.7% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€32,641 | -€576 | +€32,064 | +98.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,641 | -€576 | +€32,064 | +98.2% |
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 24 October 2026 via checked.be.