SANDERS & SEYS: 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 & SEYS
Largest movements
- Tangible fixed assets -€20,694
down €20,694 (-30.9%), from €67,062 to €46,368
of which Land and buildings: -€17,484
- Cash +€5,497
up €5,497 (+4.3%), from €128,517 to €134,014
mainly Depreciation (+€20,694) and Net result for the year (+€12,905)
- Receivables within one year -€2,832
down €2,832 (-61.9%), from €4,575 to €1,744
- Debts after one year -€18,009
down €18,009 (-44.1%), from €40,870 to €22,861
- Gross operating margin +€2,929
up €2,929 (+7.1%), from €41,350 to €44,279
- Taxes +€832
up €832 (+18.8%), from €4,425 to €5,256
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 | €217,914 | €199,812 | -€18,103 | -8.3% |
| Fixed assets | 21/28 | €67,062 | €46,368 | -€20,694 | -30.9% |
| Tangible fixed assets | 22/27 | €67,062 | €46,368 | -€20,694 | -30.9% |
| Land and buildings | 22 | €55,018 | €37,534 | -€17,484 | -31.8% |
| Plant, machinery and equipment | 23 | €12,044 | €8,834 | -€3,210 | -26.7% |
| Current assets | 29/58 | €150,852 | €153,444 | +€2,592 | +1.7% |
| Amounts receivable within one year | 40/41 | €4,575 | €1,744 | -€2,832 | -61.9% |
| Other amounts receivable | 41 | €4,575 | €1,744 | -€2,832 | -61.9% |
| Current investments | 50/53 | €17,193 | €17,109 | -€84 | -0.5% |
| Cash at bank and in hand | 54/58 | €128,517 | €134,014 | +€5,497 | +4.3% |
| Deferred charges and accrued income | 490/1 | €567 | €577 | +€10 | +1.8% |
| Total equity and liabilities | 10/49 | €217,914 | €199,812 | -€18,103 | -8.3% |
| Equity | 10/15 | €123,238 | €122,144 | -€1,095 | -0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €104,524 | €103,429 | -€1,095 | -1.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €102,664 | €101,569 | -€1,095 | -1.1% |
| Profit (loss) carried forward | 14 | €114 | €114 | = | 0.0% |
| Amounts payable | 17/49 | €94,676 | €77,668 | -€17,008 | -18.0% |
| Amounts payable after more than one year | 17 | €40,870 | €22,861 | -€18,009 | -44.1% |
| Financial debts | 170/4 | €40,870 | €22,861 | -€18,009 | -44.1% |
| Amounts payable within one year | 42/48 | €53,806 | €54,807 | +€1,001 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €17,764 | €18,009 | +€245 | +1.4% |
| Trade debts | 44 | €1,351 | €1,963 | +€612 | +45.3% |
| Suppliers | 440/4 | €1,351 | €1,963 | +€612 | +45.3% |
| Taxes, remuneration and social security | 45 | €12,711 | €11,865 | -€846 | -6.7% |
| Taxes | 450/3 | €10,861 | €10,015 | -€846 | -7.8% |
| Remuneration and social security | 454/9 | €1,850 | €1,850 | = | 0.0% |
| Other amounts payable | 47/48 | €21,980 | €22,970 | +€990 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,443 | €20,694 | +€252 | +1.2% |
| Other operating charges | 640/8 | €3,746 | €3,751 | +€5 | +0.1% |
| Gross operating margin | 9900 | €41,350 | €44,279 | +€2,929 | +7.1% |
| Operating profit (loss) | 9901 | €17,161 | €19,833 | +€2,672 | +15.6% |
| Financial charges | 65/66B | €1,669 | €1,672 | +€2 | +0.1% |
| Recurring financial charges | 65 | €1,669 | €1,672 | +€2 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €15,492 | €18,162 | +€2,670 | +17.2% |
| Income taxes | 67/77 | €4,425 | €5,256 | +€832 | +18.8% |
| Profit (loss) for the period | 9904 | €11,067 | €12,905 | +€1,838 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,067 | €12,905 | +€1,838 | +16.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.