Sanders Construct: what changed
Two fiscal 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 Construct
Largest movements
- Cash +€116,956
up €116,956 (+148.3%), from €78,885 to €195,841
mainly Net result for the year (+€110,339) and Current investments (+€63,758)
- Current investments -€63,758
down €63,758 (-30.4%), from €210,000 to €146,242
- Receivables within one year +€24,107
up €24,107 (+31.0%), from €77,766 to €101,873
of which Trade receivables: +€26,735
- Profit (loss) carried forward +€110,339
up €110,339 (+42.8%), from €257,544 to €367,884
- Tax, wage and social debts -€47,067
down €47,067 (-51.6%), from €91,257 to €44,190
of which Taxes: -€45,217
- Trade debts +€15,693
up €15,693 (+631.5%), from €2,485 to €18,178
- Gross operating margin +€9,900
up €9,900 (+7.2%), from €137,370 to €147,270
- Depreciation +€3,575
up €3,575 (+205.5%), from €1,740 to €5,315
- Taxes +€1,530
up €1,530 (+5.2%), from €29,544 to €31,074
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.
Cash bridge derived
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 | €381,286 | €460,252 | +€78,965 | +20.7% |
| Fixed assets | 21/28 | €14,636 | €16,296 | +€1,660 | +11.3% |
| Tangible fixed assets | 22/27 | €14,636 | €16,296 | +€1,660 | +11.3% |
| Land and buildings | 22 | - | €1,058 | +€1,058 | |
| Plant, machinery and equipment | 23 | €1,067 | €838 | -€228 | -21.4% |
| Furniture and vehicles | 24 | €13,569 | €14,399 | +€830 | +6.1% |
| Current assets | 29/58 | €366,650 | €443,956 | +€77,306 | +21.1% |
| Amounts receivable within one year | 40/41 | €77,766 | €101,873 | +€24,107 | +31.0% |
| Trade receivables | 40 | €47,136 | €73,871 | +€26,735 | +56.7% |
| Other amounts receivable | 41 | €30,629 | €28,002 | -€2,628 | -8.6% |
| Current investments | 50/53 | €210,000 | €146,242 | -€63,758 | -30.4% |
| Cash at bank and in hand | 54/58 | €78,885 | €195,841 | +€116,956 | +148.3% |
| Total equity and liabilities | 10/49 | €381,286 | €460,252 | +€78,965 | +20.7% |
| Equity | 10/15 | €287,544 | €397,884 | +€110,339 | +38.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €257,544 | €367,884 | +€110,339 | +42.8% |
| Amounts payable | 17/49 | €93,742 | €62,368 | -€31,374 | -33.5% |
| Amounts payable within one year | 42/48 | €93,742 | €62,368 | -€31,374 | -33.5% |
| Trade debts | 44 | €2,485 | €18,178 | +€15,693 | +631.5% |
| Suppliers | 440/4 | €2,485 | €18,178 | +€15,693 | +631.5% |
| Taxes, remuneration and social security | 45 | €91,257 | €44,190 | -€47,067 | -51.6% |
| Taxes | 450/3 | €89,407 | €44,190 | -€45,217 | -50.6% |
| Remuneration and social security | 454/9 | €1,850 | €0 | -€1,850 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,740 | €5,315 | +€3,575 | +205.5% |
| Other operating charges | 640/8 | €126 | €318 | +€192 | +152.7% |
| Gross operating margin | 9900 | €137,370 | €147,270 | +€9,900 | +7.2% |
| Operating profit (loss) | 9901 | €135,504 | €141,636 | +€6,132 | +4.5% |
| Financial income | 75/76B | €2 | €59 | +€58 | +3761.7% |
| Recurring financial income | 75 | €2 | €59 | +€58 | +3761.7% |
| Financial charges | 65/66B | €289 | €283 | -€6 | -2.2% |
| Recurring financial charges | 65 | €289 | €283 | -€6 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €135,216 | €141,413 | +€6,197 | +4.6% |
| Income taxes | 67/77 | €29,544 | €31,074 | +€1,530 | +5.2% |
| Profit (loss) for the period | 9904 | €105,672 | €110,339 | +€4,667 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €105,672 | €110,339 | +€4,667 | +4.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.