SANDERS CONSULT: 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 CONSULT
Largest movements
- Tangible fixed assets +€12,786
up €12,786 (+545%), from €2,344 to €15,131
of which Other tangible fixed assets: +€13,454
- Cash -€8,539
down €8,539 (-7.7%), from €110,786 to €102,247
mainly Other debts (-€40,829) and Investment in fixed assets (net) (-€14,087)
- Receivables within one year -€7,316
down €7,316 (-12.9%), from €56,770 to €49,454
of which Trade receivables: -€15,844
- Profit (loss) carried forward +€48,226
up €48,226 (+47.2%), from €102,117 to €150,343
- Other debts -€40,829
no longer reported in 2025 (was €40,829)
- Tax, wage and social debts -€10,866
down €10,866 (-40.3%), from €26,954 to €16,088
- Gross operating margin +€3,090
up €3,090 (+5.2%), from €59,885 to €62,974
- Taxes +€1,482
up €1,482 (+11.7%), from €12,695 to €14,177
- Depreciation +€634
up €634 (+94.9%), from €668 to €1,301
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 | €170,900 | €167,831 | -€3,069 | -1.8% |
| Fixed assets | 21/28 | €3,344 | €16,131 | +€12,786 | +382% |
| Tangible fixed assets | 22/27 | €2,344 | €15,131 | +€12,786 | +545% |
| Furniture and vehicles | 24 | €2,344 | €1,677 | -€668 | -28.5% |
| Other tangible fixed assets | 26 | - | €13,454 | +€13,454 | |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €167,556 | €151,701 | -€15,855 | -9.5% |
| Amounts receivable within one year | 40/41 | €56,770 | €49,454 | -€7,316 | -12.9% |
| Trade receivables | 40 | €22,994 | €7,150 | -€15,844 | -68.9% |
| Other amounts receivable | 41 | €33,776 | €42,304 | +€8,528 | +25.2% |
| Cash at bank and in hand | 54/58 | €110,786 | €102,247 | -€8,539 | -7.7% |
| Total equity and liabilities | 10/49 | €170,900 | €167,831 | -€3,069 | -1.8% |
| Equity | 10/15 | €103,117 | €151,343 | +€48,226 | +46.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,117 | €150,343 | +€48,226 | +47.2% |
| Amounts payable | 17/49 | €67,783 | €16,488 | -€51,295 | -75.7% |
| Amounts payable within one year | 42/48 | €67,783 | €16,488 | -€51,295 | -75.7% |
| Trade debts | 44 | - | €400 | +€400 | |
| Suppliers | 440/4 | - | €400 | +€400 | |
| Taxes, remuneration and social security | 45 | €26,954 | €16,088 | -€10,866 | -40.3% |
| Taxes | 450/3 | €26,954 | €16,088 | -€10,866 | -40.3% |
| Other amounts payable | 47/48 | €40,829 | - | -€40,829 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €668 | €1,301 | +€634 | +94.9% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €59,885 | €62,974 | +€3,090 | +5.2% |
| Operating profit (loss) | 9901 | €58,830 | €61,274 | +€2,444 | +4.2% |
| Financial income | 75/76B | €1,096 | €1,332 | +€236 | +21.5% |
| Recurring financial income | 75 | €1,096 | €1,332 | +€236 | +21.5% |
| Financial charges | 65/66B | €176 | €202 | +€26 | +14.7% |
| Recurring financial charges | 65 | €176 | €202 | +€26 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €59,749 | €62,403 | +€2,654 | +4.4% |
| Income taxes | 67/77 | €12,695 | €14,177 | +€1,482 | +11.7% |
| Profit (loss) for the period | 9904 | €47,054 | €48,226 | +€1,172 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €47,054 | €48,226 | +€1,172 | +2.5% |
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 19 October 2026 via checked.be.