Sander & Partners: 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 & Partners
Largest movements
- Receivables within one year +€467,505
up €467,505 (+36.7%), from €1.3m to €1.7m
of which Trade receivables: +€445,951
- Cash +€200,095
up €200,095 (+63.9%), from €313,156 to €513,251
mainly Tax, wage and social debts (+€306,434) and Net result for the year (+€269,474)
- Deferred charges and accrued income -€72,296
down €72,296 (-23.9%), from €302,358 to €230,062
- Current investments +€67,868
new in 2025: €67,868
- Tangible fixed assets -€52,739
down €52,739 (-29.9%), from €176,111 to €123,373
of which Furniture and vehicles: -€48,076
- Tax, wage and social debts +€306,434
up €306,434 (+145%), from €211,040 to €517,474
of which Taxes: +€162,541
- Trade debts +€161,986
up €161,986 (+28.9%), from €560,706 to €722,692
- Other debts +€132,650
new in 2025: €132,650
- Current portion of long-term debt +€98,606
up €98,606 (+127%), from €77,855 to €176,461
- Debts after one year -€31,441
down €31,441 (-79.7%), from €39,437 to €7,995
- Gross operating margin +€553,193
up €553,193 (+27.2%), from €2.0m to €2.6m
- Staff costs +€510,330
up €510,330 (+34.2%), from €1.5m to €2.0m
- Other operating charges +€35,771
up €35,771 (+238%), from €15,016 to €50,786
- Depreciation +€26,811
up €26,811 (+38.6%), from €69,407 to €96,218
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 | €2,333,691 | €2,978,805 | +€645,114 | +27.6% |
| Fixed assets | 21/28 | €416,248 | €413,615 | -€2,633 | -0.6% |
| Intangible fixed assets | 21 | €210,070 | €258,800 | +€48,730 | +23.2% |
| Tangible fixed assets | 22/27 | €176,111 | €123,373 | -€52,739 | -29.9% |
| Furniture and vehicles | 24 | €141,822 | €93,746 | -€48,076 | -33.9% |
| Other tangible fixed assets | 26 | €34,289 | €29,627 | -€4,662 | -13.6% |
| Financial fixed assets | 28 | €30,067 | €31,442 | +€1,375 | +4.6% |
| Current assets | 29/58 | €1,917,444 | €2,565,190 | +€647,747 | +33.8% |
| Amounts receivable after more than one year | 29 | €29,674 | €14,248 | -€15,426 | -52.0% |
| Other amounts receivable | 291 | €29,674 | €14,248 | -€15,426 | -52.0% |
| Amounts receivable within one year | 40/41 | €1,272,256 | €1,739,762 | +€467,505 | +36.7% |
| Trade receivables | 40 | €1,271,849 | €1,717,800 | +€445,951 | +35.1% |
| Other amounts receivable | 41 | €407 | €21,962 | +€21,555 | +5,292% |
| Current investments | 50/53 | - | €67,868 | +€67,868 | |
| Cash at bank and in hand | 54/58 | €313,156 | €513,251 | +€200,095 | +63.9% |
| Deferred charges and accrued income | 490/1 | €302,358 | €230,062 | -€72,296 | -23.9% |
| Total equity and liabilities | 10/49 | €2,333,691 | €2,978,805 | +€645,114 | +27.6% |
| Equity | 10/15 | €1,442,058 | €1,421,532 | -€20,526 | -1.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,417,058 | €1,396,532 | -€20,526 | -1.4% |
| Amounts payable | 17/49 | €891,633 | €1,557,273 | +€665,639 | +74.7% |
| Amounts payable after more than one year | 17 | €39,437 | €7,995 | -€31,441 | -79.7% |
| Financial debts | 170/4 | €39,437 | €7,995 | -€31,441 | -79.7% |
| Amounts payable within one year | 42/48 | €849,601 | €1,549,277 | +€699,676 | +82.4% |
| Current portion of amounts payable after more than one year | 42 | €77,855 | €176,461 | +€98,606 | +127% |
| Trade debts | 44 | €560,706 | €722,692 | +€161,986 | +28.9% |
| Suppliers | 440/4 | €560,706 | €722,692 | +€161,986 | +28.9% |
| Taxes, remuneration and social security | 45 | €211,040 | €517,474 | +€306,434 | +145% |
| Taxes | 450/3 | €64,135 | €226,676 | +€162,541 | +253% |
| Remuneration and social security | 454/9 | €146,904 | €290,798 | +€143,893 | +98.0% |
| Other amounts payable | 47/48 | - | €132,650 | +€132,650 | |
| Accrued charges and deferred income | 492/3 | €2,596 | - | -€2,596 | |
| Remuneration, social security and pensions | 62 | €1,493,385 | €2,003,715 | +€510,330 | +34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,407 | €96,218 | +€26,811 | +38.6% |
| Other operating charges | 640/8 | €15,016 | €50,786 | +€35,771 | +238% |
| Gross operating margin | 9900 | €2,030,831 | €2,584,024 | +€553,193 | +27.2% |
| Operating profit (loss) | 9901 | €453,023 | €433,305 | -€19,718 | -4.4% |
| Financial income | 75/76B | €2,957 | €15,717 | +€12,760 | +432% |
| Recurring financial income | 75 | €2,957 | €15,717 | +€12,760 | +432% |
| Financial charges | 65/66B | €13,370 | €19,393 | +€6,023 | +45.0% |
| Recurring financial charges | 65 | €13,370 | €19,393 | +€6,023 | +45.0% |
| Profit (loss) for the period before taxes | 9903 | €442,610 | €429,630 | -€12,980 | -2.9% |
| Income taxes | 67/77 | €148,329 | €160,155 | +€11,827 | +8.0% |
| Profit (loss) for the period | 9904 | €294,281 | €269,474 | -€24,807 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €294,281 | €269,474 | -€24,807 | -8.4% |
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 17 October 2026 via checked.be.