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
- Cash +€73,003
up €73,003 (+643%), from €11,358 to €84,361
mainly Trade debts (+€53,650) and Debts after one year (+€51,290)
- Tangible fixed assets +€60,856
up €60,856 (+377%), from €16,152 to €77,008
of which Leasing and similar rights: +€62,400
- Receivables within one year +€23,039
up €23,039 (+38.8%), from €59,333 to €82,371
of which Trade receivables: +€24,019
- Trade debts +€53,650
up €53,650 (+67.4%), from €79,615 to €133,265
- Debts after one year +€51,290
up €51,290 (+17.6%), from €291,596 to €342,886
of which Financial debts: +€48,999
- Profit (loss) carried forward +€26,475
new in 2026: €26,475
- Contributions -€18,540
down €18,540 (-99.7%), from €18,600 to €60
- Other debts +€14,650
up €14,650 (+87.7%), from €16,698 to €31,348
- Gross operating margin +€16,715
up €16,715 (+28.0%), from €59,615 to €76,330
- Staff costs -€11,017
no longer reported in 2026 (was €11,017)
- Depreciation +€7,791
up €7,791 (+93.7%), from €8,313 to €16,104
- Taxes +€2,334
up €2,334 (+58.1%), from €4,020 to €6,354
- Financial income +€1,435
up €1,435 (+897%), from €160 to €1,596
of which Non-recurring financial income: +€1,596
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €687,975 | €837,547 | +€149,572 | +21.7% |
| Fixed assets | 21/28 | €19,353 | €78,448 | +€59,095 | +305% |
| Intangible fixed assets | 21 | €1,761 | - | -€1,761 | |
| Tangible fixed assets | 22/27 | €16,152 | €77,008 | +€60,856 | +377% |
| Plant, machinery and equipment | 23 | €14,991 | €12,264 | -€2,727 | -18.2% |
| Furniture and vehicles | 24 | €1,161 | €2,344 | +€1,183 | +102% |
| Leasing and similar rights | 25 | - | €62,400 | +€62,400 | |
| Financial fixed assets | 28 | €1,440 | €1,440 | = | 0.0% |
| Current assets | 29/58 | €668,622 | €759,099 | +€90,477 | +13.5% |
| Stocks and contracts in progress | 3 | €597,931 | €592,367 | -€5,564 | -0.9% |
| Stocks | 30/36 | €597,931 | €592,367 | -€5,564 | -0.9% |
| Amounts receivable within one year | 40/41 | €59,333 | €82,371 | +€23,039 | +38.8% |
| Trade receivables | 40 | €58,353 | €82,371 | +€24,019 | +41.2% |
| Other amounts receivable | 41 | €980 | - | -€980 | |
| Cash at bank and in hand | 54/58 | €11,358 | €84,361 | +€73,003 | +643% |
| Total equity and liabilities | 10/49 | €687,975 | €837,547 | +€149,572 | +21.7% |
| Equity | 10/15 | €82,600 | €90,535 | +€7,935 | +9.6% |
| Contributions | 10/11 | €18,600 | €60 | -€18,540 | -99.7% |
| Reserves | 13 | €64,000 | €64,000 | = | 0.0% |
| Distributable reserves | 133 | €64,000 | €64,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €26,475 | +€26,475 | |
| Amounts payable | 17/49 | €605,375 | €747,012 | +€141,637 | +23.4% |
| Amounts payable after more than one year | 17 | €291,596 | €342,886 | +€51,290 | +17.6% |
| Financial debts | 170/4 | €150,000 | €198,999 | +€48,999 | +32.7% |
| Other amounts payable | 178/9 | €141,596 | €143,886 | +€2,290 | +1.6% |
| Amounts payable within one year | 42/48 | €309,004 | €401,101 | +€92,097 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | - | €13,878 | +€13,878 | |
| Financial debts | 43 | €195,000 | €195,000 | = | 0.0% |
| Credit institutions | 430/8 | €195,000 | €195,000 | = | 0.0% |
| Trade debts | 44 | €79,615 | €133,265 | +€53,650 | +67.4% |
| Suppliers | 440/4 | €79,615 | €133,265 | +€53,650 | +67.4% |
| Taxes, remuneration and social security | 45 | €17,690 | €27,609 | +€9,918 | +56.1% |
| Taxes | 450/3 | €16,510 | €27,609 | +€11,099 | +67.2% |
| Remuneration and social security | 454/9 | €1,181 | - | -€1,181 | |
| Other amounts payable | 47/48 | €16,698 | €31,348 | +€14,650 | +87.7% |
| Accrued charges and deferred income | 492/3 | €4,775 | €3,026 | -€1,749 | -36.6% |
| Remuneration, social security and pensions | 62 | €11,017 | - | -€11,017 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,313 | €16,104 | +€7,791 | +93.7% |
| Other operating charges | 640/8 | €2,490 | €2,247 | -€243 | -9.8% |
| Gross operating margin | 9900 | €59,615 | €76,330 | +€16,715 | +28.0% |
| Operating profit (loss) | 9901 | €37,794 | €57,979 | +€20,185 | +53.4% |
| Financial income | 75/76B | €160 | €1,596 | +€1,435 | +897% |
| Recurring financial income | 75 | €160 | €0 | -€160 | -100.0% |
| Non-recurring financial income | 76B | - | €1,596 | +€1,596 | |
| Financial charges | 65/66B | €18,650 | €17,746 | -€904 | -4.8% |
| Recurring financial charges | 65 | €18,650 | €17,746 | -€904 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €19,304 | €41,829 | +€22,525 | +117% |
| Income taxes | 67/77 | €4,020 | €6,354 | +€2,334 | +58.1% |
| Profit (loss) for the period | 9904 | €15,284 | €35,475 | +€20,191 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €15,284 | €35,475 | +€20,191 | +132% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.