Sanders: 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.
Sanders
Largest movements
- Receivables within one year -€23,493
down €23,493 (-64.9%), from €36,197 to €12,704
of which Trade receivables: -€20,708
- Tangible fixed assets -€12,219
down €12,219 (-29.1%), from €42,001 to €29,781
of which Furniture and vehicles: -€15,206
- Cash -€6,539
down €6,539 (-9.5%), from €68,613 to €62,074
mainly Other debts (-€77,066) and Trade debts (-€4,907)
- Other debts -€77,066
down €77,066 (-88.7%), from €86,906 to €9,841
- Profit (loss) carried forward +€20,516
up €20,516, from -€20,516 to €0
- Reserves +€18,377
up €18,377 (+46.9%), from €39,192 to €57,568
of which Distributable reserves: +€18,377
- Trade debts -€4,907
down €4,907 (-60.2%), from €8,156 to €3,249
- Gross operating margin +€5,724
up €5,724 (+8.6%), from €66,941 to €72,665
- Depreciation -€5,595
down €5,595 (-25.4%), from €22,062 to €16,467
- Taxes +€4,849
up €4,849 (+58.6%), from €8,272 to €13,120
- Financial charges -€2,479
down €2,479 (-67.5%), from €3,671 to €1,192
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 | €147,770 | €105,495 | -€42,275 | -28.6% |
| Fixed assets | 21/28 | €42,001 | €29,781 | -€12,219 | -29.1% |
| Tangible fixed assets | 22/27 | €42,001 | €29,781 | -€12,219 | -29.1% |
| Plant, machinery and equipment | 23 | €2,190 | €5,176 | +€2,986 | +136% |
| Furniture and vehicles | 24 | €39,811 | €24,605 | -€15,206 | -38.2% |
| Current assets | 29/58 | €105,769 | €75,714 | -€30,056 | -28.4% |
| Amounts receivable within one year | 40/41 | €36,197 | €12,704 | -€23,493 | -64.9% |
| Trade receivables | 40 | €33,412 | €12,704 | -€20,708 | -62.0% |
| Other amounts receivable | 41 | €2,786 | €0 | -€2,786 | -100% |
| Cash at bank and in hand | 54/58 | €68,613 | €62,074 | -€6,539 | -9.5% |
| Deferred charges and accrued income | 490/1 | €959 | €935 | -€24 | -2.5% |
| Total equity and liabilities | 10/49 | €147,770 | €105,495 | -€42,275 | -28.6% |
| Equity | 10/15 | €48,676 | €87,568 | +€38,893 | +79.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €39,192 | €57,568 | +€18,377 | +46.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €39,192 | €57,568 | +€18,377 | +46.9% |
| Profit (loss) carried forward | 14 | -€20,516 | €0 | +€20,516 | |
| Amounts payable | 17/49 | €99,094 | €17,927 | -€81,168 | -81.9% |
| Amounts payable within one year | 42/48 | €98,514 | €16,799 | -€81,715 | -82.9% |
| Trade debts | 44 | €8,156 | €3,249 | -€4,907 | -60.2% |
| Suppliers | 440/4 | €8,156 | €3,249 | -€4,907 | -60.2% |
| Taxes, remuneration and social security | 45 | €3,451 | €3,709 | +€258 | +7.5% |
| Taxes | 450/3 | €3,451 | €3,709 | +€258 | +7.5% |
| Other amounts payable | 47/48 | €86,906 | €9,841 | -€77,066 | -88.7% |
| Accrued charges and deferred income | 492/3 | €581 | €1,128 | +€547 | +94.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,062 | €16,467 | -€5,595 | -25.4% |
| Other operating charges | 640/8 | €3,076 | €3,166 | +€90 | +2.9% |
| Gross operating margin | 9900 | €66,941 | €72,665 | +€5,724 | +8.6% |
| Operating profit (loss) | 9901 | €41,803 | €53,032 | +€11,229 | +26.9% |
| Financial income | 75/76B | €0 | €173 | +€173 | +1,730,900% |
| Recurring financial income | 75 | €0 | €173 | +€173 | +1,730,900% |
| Financial charges | 65/66B | €3,671 | €1,192 | -€2,479 | -67.5% |
| Recurring financial charges | 65 | €3,671 | €1,192 | -€2,479 | -67.5% |
| Profit (loss) for the period before taxes | 9903 | €38,133 | €52,013 | +€13,881 | +36.4% |
| Income taxes | 67/77 | €8,272 | €13,120 | +€4,849 | +58.6% |
| Profit (loss) for the period | 9904 | €29,861 | €38,893 | +€9,032 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,861 | €38,893 | +€9,032 | +30.2% |
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 14 October 2026 via checked.be.