SANDESHOVED: 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.
What changed
SANDESHOVED
NACE 55.100, Hotels and similar accommodation
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€2.5m
2025 · €2.1m+€440,822
Equity
€4.1m
2025 · €4.1m+€67,267
Cash
€4.5m
2025 · €1.7m+€2.8m
Balance sheet total
€8.5m
2025 · €7.6m+€819,176
Largest movements
Assets
- Cash +€2.8m
up €2.8m (+159.0%), from €1.7m to €4.5m
mainly Net result for the year (+€2.5m) and Current investments (+€2.2m)
- Current investments -€2.2m
down €2.2m (-100.0%), from €2.2m to €0
- Tangible fixed assets +€124,611
up €124,611 (+3.6%), from €3.5m to €3.6m
of which Other tangible fixed assets: +€96,259
Equity and liabilities
- Other debts +€724,665
up €724,665 (+41.2%), from €1.8m to €2.5m
- Debts after one year +€262,682
up €262,682 (+58.6%), from €448,145 to €710,827
- Advances received -€112,157
down €112,157 (-31.7%), from €353,878 to €241,721
- Accrued charges and deferred income -€86,575
down €86,575 (-89.5%), from €96,703 to €10,128
Income statement
- Financial income +€551,767
up €551,767 (+1576.5%), from €35,000 to €586,766
- Services and other goods +€527,519
up €527,519 (+10.1%), from €5.2m to €5.8m
- Turnover +€450,309
up €450,309 (+3.5%), from €12.8m to €13.2m
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.
Result 2025
€2.1m
Turnover
+€450,309
Other operating income
-€217
Goods and materials
-€71,380
Services and other goods
-€527,519
Staff costs
-€66,529
Depreciation
+€22,564
Other operating charges
-€5,283
Financial income
+€551,767
Financial charges
+€41,098
Taxes
+€45,097
Deferred taxes and other
+€915
Result 2026
€2.5m
Cash bridge derived
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.
From operations
+€3.5m
Investment
+€1.5m
Financing
-€2.2m
Cash 2025
€1.7m
From operations (derived)
+€3.5m
Net result for the year
+€2.5m
Depreciation
+€621,399
Smaller working-capital items
-€2,547
Receivables within one year
-€82,039
Deferred charges and accrued income
-€52,800
Trade debts
-€20,595
Tax, wage and social debts
-€13,727
Advances received
-€112,157
Other debts
+€724,665
Accrued charges and deferred income
-€86,575
Investment (derived)
+€1.5m
Investment in fixed assets (net)
-€742,479
Current investments
+€2.2m
Financing
-€2.2m
Debts after one year
+€262,682
Contributions, distributions and other
-€2.5m
Cash 2026
€4.5m
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,648,243 | €8,467,419 | +€819,176 | +10.7% |
| Fixed assets | 21/28 | €3,578,596 | €3,699,677 | +€121,081 | +3.4% |
| Intangible fixed assets | 21 | €4,393 | €1,862 | -€2,530 | -57.6% |
| Tangible fixed assets | 22/27 | €3,483,153 | €3,607,765 | +€124,611 | +3.6% |
| Plant, machinery and equipment | 23 | €226,178 | €239,876 | +€13,698 | +6.1% |
| Furniture and vehicles | 24 | €103,284 | €101,419 | -€1,865 | -1.8% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €3,015,145 | €3,111,404 | +€96,259 | +3.2% |
| Assets under construction and advance payments | 27 | €138,546 | €155,065 | +€16,519 | +11.9% |
| Financial fixed assets | 28 | €91,050 | €90,050 | -€1,000 | -1.1% |
| Other financial fixed assets | 284/8 | €91,050 | €90,050 | -€1,000 | -1.1% |
| Amounts receivable and cash guarantees | 285/8 | €91,050 | €90,050 | -€1,000 | -1.1% |
| Current assets | 29/58 | €4,069,647 | €4,767,742 | +€698,095 | +17.2% |
| Stocks and contracts in progress | 3 | €8,591 | €8,754 | +€163 | +1.9% |
| Stocks | 30/36 | €8,591 | €8,754 | +€163 | +1.9% |
| Goods purchased for resale | 34 | €8,591 | €8,754 | +€163 | +1.9% |
| Amounts receivable within one year | 40/41 | €76,057 | €158,095 | +€82,039 | +107.9% |
| Trade receivables | 40 | €12,636 | €88,024 | +€75,389 | +596.6% |
| Other amounts receivable | 41 | €63,421 | €70,071 | +€6,650 | +10.5% |
| Current investments | 50/53 | €2,199,244 | €0 | -€2.2m | -100.0% |
| Other investments | 51/53 | €2,199,244 | €0 | -€2.2m | -100.0% |
| Cash at bank and in hand | 54/58 | €1,736,878 | €4,499,217 | +€2.8m | +159.0% |
| Deferred charges and accrued income | 490/1 | €48,876 | €101,676 | +€52,800 | +108.0% |
| Total equity and liabilities | 10/49 | €7,648,243 | €8,467,419 | +€819,176 | +10.7% |
| Equity | 10/15 | €4,073,014 | €4,140,281 | +€67,267 | +1.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,950,847 | €4,025,268 | +€74,422 | +1.9% |
| Distributable reserves | 133 | €3,950,847 | €4,025,268 | +€74,422 | +1.9% |
| Investment grants | 15 | €60,167 | €53,013 | -€7,154 | -11.9% |
| Provisions and deferred taxes | 16 | €20,056 | €17,671 | -€2,385 | -11.9% |
| Deferred taxes | 168 | €20,056 | €17,671 | -€2,385 | -11.9% |
| Amounts payable | 17/49 | €3,555,173 | €4,309,466 | +€754,293 | +21.2% |
| Amounts payable after more than one year | 17 | €448,145 | €710,827 | +€262,682 | +58.6% |
| Other amounts payable | 178/9 | €448,145 | €710,827 | +€262,682 | +58.6% |
| Amounts payable within one year | 42/48 | €3,010,325 | €3,588,511 | +€578,186 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €613,163 | €592,568 | -€20,595 | -3.4% |
| Suppliers | 440/4 | €613,163 | €592,568 | -€20,595 | -3.4% |
| Advances received on contracts in progress | 46 | €353,878 | €241,721 | -€112,157 | -31.7% |
| Taxes, remuneration and social security | 45 | €285,966 | €272,238 | -€13,727 | -4.8% |
| Taxes | 450/3 | €32,374 | €7,343 | -€25,030 | -77.3% |
| Remuneration and social security | 454/9 | €253,592 | €264,895 | +€11,303 | +4.5% |
| Other amounts payable | 47/48 | €1,757,319 | €2,481,984 | +€724,665 | +41.2% |
| Accrued charges and deferred income | 492/3 | €96,703 | €10,128 | -€86,575 | -89.5% |
| Operating income | 70/76A | €12,837,917 | €13,288,009 | +€450,092 | +3.5% |
| Turnover | 70 | €12,761,482 | €13,211,791 | +€450,309 | +3.5% |
| Other operating income | 74 | €76,435 | €76,218 | -€217 | -0.3% |
| Operating charges | 60/66A | €10,268,500 | €10,916,647 | +€648,147 | +6.3% |
| Goods for resale, raw materials and consumables | 60 | €2,237,192 | €2,308,572 | +€71,380 | +3.2% |
| Purchases | 600/8 | €2,235,547 | €2,308,735 | +€73,188 | +3.3% |
| Change in stocks: decrease (increase) | 609 | €1,645 | -€163 | -€1,808 | |
| Services and other goods | 61 | €5,228,296 | €5,755,815 | +€527,519 | +10.1% |
| Remuneration, social security and pensions | 62 | €2,081,341 | €2,147,870 | +€66,529 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €643,963 | €621,399 | -€22,564 | -3.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €77,708 | €82,991 | +€5,283 | +6.8% |
| Operating profit (loss) | 9901 | €2,569,417 | €2,371,362 | -€198,055 | -7.7% |
| Financial income | 75/76B | €35,000 | €586,766 | +€551,767 | +1576.5% |
| Recurring financial income | 75 | €35,000 | €586,766 | +€551,767 | +1576.5% |
| Income from current assets | 751 | €25,794 | €132,999 | +€107,205 | +415.6% |
| Other financial income | 752/9 | €9,206 | €453,767 | +€444,561 | +4829.2% |
| Financial charges | 65/66B | €42,378 | €1,279 | -€41,098 | -97.0% |
| Recurring financial charges | 65 | €42,378 | €1,279 | -€41,098 | -97.0% |
| Debt charges | 650 | €953 | €129 | -€824 | -86.5% |
| Other financial charges | 652/9 | €41,425 | €1,151 | -€40,274 | -97.2% |
| Profit (loss) for the period before taxes | 9903 | €2,562,039 | €2,956,849 | +€394,810 | +15.4% |
| Transfer from deferred taxes | 780 | €1,470 | €2,385 | +€915 | +62.2% |
| Income taxes | 67/77 | €479,909 | €434,812 | -€45,097 | -9.4% |
| Taxes | 670/3 | €479,909 | €442,550 | -€37,359 | -7.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €7,738 | +€7,738 | |
| Profit (loss) for the period | 9904 | €2,083,600 | €2,524,422 | +€440,822 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,083,600 | €2,524,422 | +€440,822 | +21.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.