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
- Tangible fixed assets +€43,232
up €43,232 (+84.8%), from €50,965 to €94,197
of which Furniture and vehicles: +€50,646
- Cash +€27,038
up €27,038 (+150%), from €18,013 to €45,051
mainly Trade debts (+€39,657) and Depreciation (+€33,714)
- Receivables within one year -€17,426
down €17,426 (-75.9%), from €22,944 to €5,518
of which Trade receivables: -€20,637
- Trade debts +€39,657
up €39,657 (+307%), from €12,934 to €52,591
- Reserves +€27,804
up €27,804 (+90.5%), from €30,714 to €58,518
- Current portion of long-term debt -€8,504
no longer reported in 2025 (was €8,504)
- Debts after one year -€4,485
no longer reported in 2025 (was €4,485)
- Depreciation +€13,935
up €13,935 (+70.5%), from €19,779 to €33,714
- Gross operating margin +€10,284
up €10,284 (+16.4%), from €62,888 to €73,172
- Taxes -€1,137
down €1,137 (-10.5%), from €10,815 to €9,677
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 | €92,279 | €144,766 | +€52,487 | +56.9% |
| Fixed assets | 21/28 | €50,965 | €94,197 | +€43,232 | +84.8% |
| Tangible fixed assets | 22/27 | €50,965 | €94,197 | +€43,232 | +84.8% |
| Plant, machinery and equipment | 23 | €20,270 | €12,857 | -€7,413 | -36.6% |
| Furniture and vehicles | 24 | €30,694 | €81,340 | +€50,646 | +165% |
| Current assets | 29/58 | €41,314 | €50,569 | +€9,255 | +22.4% |
| Amounts receivable within one year | 40/41 | €22,944 | €5,518 | -€17,426 | -75.9% |
| Trade receivables | 40 | €22,944 | €2,307 | -€20,637 | -89.9% |
| Other amounts receivable | 41 | - | €3,211 | +€3,211 | |
| Cash at bank and in hand | 54/58 | €18,013 | €45,051 | +€27,038 | +150% |
| Deferred charges and accrued income | 490/1 | €357 | - | -€357 | |
| Total equity and liabilities | 10/49 | €92,279 | €144,766 | +€52,487 | +56.9% |
| Equity | 10/15 | €31,714 | €59,518 | +€27,804 | +87.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €30,714 | €58,518 | +€27,804 | +90.5% |
| Distributable reserves | 133 | €30,714 | €58,518 | +€27,804 | +90.5% |
| Amounts payable | 17/49 | €60,565 | €85,248 | +€24,683 | +40.8% |
| Amounts payable after more than one year | 17 | €4,485 | - | -€4,485 | |
| Financial debts | 170/4 | €4,485 | - | -€4,485 | |
| Amounts payable within one year | 42/48 | €56,081 | €85,248 | +€29,168 | +52.0% |
| Current portion of amounts payable after more than one year | 42 | €8,504 | - | -€8,504 | |
| Trade debts | 44 | €12,934 | €52,591 | +€39,657 | +307% |
| Suppliers | 440/4 | €12,934 | €52,591 | +€39,657 | +307% |
| Taxes, remuneration and social security | 45 | €6,246 | €4,815 | -€1,431 | -22.9% |
| Taxes | 450/3 | €6,246 | €4,815 | -€1,431 | -22.9% |
| Other amounts payable | 47/48 | €28,397 | €27,842 | -€554 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,779 | €33,714 | +€13,935 | +70.5% |
| Other operating charges | 640/8 | €966 | €1,269 | +€303 | +31.4% |
| Gross operating margin | 9900 | €62,888 | €73,172 | +€10,284 | +16.4% |
| Operating profit (loss) | 9901 | €42,143 | €38,189 | -€3,954 | -9.4% |
| Financial income | 75/76B | €408 | €3 | -€405 | -99.2% |
| Recurring financial income | 75 | €408 | €3 | -€405 | -99.2% |
| Financial charges | 65/66B | €1,023 | €711 | -€312 | -30.5% |
| Recurring financial charges | 65 | €1,023 | €711 | -€312 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €41,528 | €37,481 | -€4,047 | -9.7% |
| Income taxes | 67/77 | €10,815 | €9,677 | -€1,137 | -10.5% |
| Profit (loss) for the period | 9904 | €30,714 | €27,804 | -€2,909 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,714 | €27,804 | -€2,909 | -9.5% |
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 15 October 2026 via checked.be.