SANDHU: 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.
SANDHU
Largest movements
- Stocks and contracts +€27,548
up €27,548 (+95.8%), from €28,768 to €56,316
- Cash +€8,513
up €8,513 (+96.5%), from €8,826 to €17,338
mainly Net result for the year (+€26,831) and Tax, wage and social debts (+€7,778)
- Financial fixed assets +€5,000
new in 2025: €5,000
- Receivables within one year +€1,956
up €1,956 (+38.0%), from €5,143 to €7,099
of which Other amounts receivable: +€2,077
- Tangible fixed assets -€1,830
down €1,830 (-33.1%), from €5,527 to €3,698
of which Plant, machinery and equipment: -€1,428
- Profit (loss) carried forward +€26,831
up €26,831 (+865.6%), from €3,100 to €29,930
- Tax, wage and social debts +€7,778
up €7,778 (+798.5%), from €974 to €8,752
of which Taxes: +€4,878
- Trade debts +€6,152
up €6,152 (+43.4%), from €14,190 to €20,342
- Other debts +€4,269
up €4,269 (+52.6%), from €8,111 to €12,381
- Current portion of long-term debt -€3,843
no longer reported in 2025 (was €3,843)
- Gross operating margin +€25,188
up €25,188 (+153.4%), from €16,422 to €41,609
- Taxes +€5,445
up €5,445 (+3902.7%), from €140 to €5,585
- Financial charges +€2,489
up €2,489 (+59.8%), from €4,163 to €6,652
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 | €48,264 | €89,451 | +€41,187 | +85.3% |
| Fixed assets | 21/28 | €5,527 | €8,698 | +€3,170 | +57.4% |
| Tangible fixed assets | 22/27 | €5,527 | €3,698 | -€1,830 | -33.1% |
| Plant, machinery and equipment | 23 | €4,823 | €3,394 | -€1,428 | -29.6% |
| Furniture and vehicles | 24 | €705 | €303 | -€401 | -56.9% |
| Financial fixed assets | 28 | - | €5,000 | +€5,000 | |
| Current assets | 29/58 | €42,736 | €80,753 | +€38,017 | +89.0% |
| Stocks and contracts in progress | 3 | €28,768 | €56,316 | +€27,548 | +95.8% |
| Stocks | 30/36 | €28,768 | €56,316 | +€27,548 | +95.8% |
| Amounts receivable within one year | 40/41 | €5,143 | €7,099 | +€1,956 | +38.0% |
| Trade receivables | 40 | €343 | €222 | -€121 | -35.3% |
| Other amounts receivable | 41 | €4,800 | €6,877 | +€2,077 | +43.3% |
| Cash at bank and in hand | 54/58 | €8,826 | €17,338 | +€8,513 | +96.5% |
| Total equity and liabilities | 10/49 | €48,264 | €89,451 | +€41,187 | +85.3% |
| Equity | 10/15 | €13,100 | €39,930 | +€26,831 | +204.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,100 | €29,930 | +€26,831 | +865.6% |
| Amounts payable | 17/49 | €35,164 | €49,520 | +€14,356 | +40.8% |
| Amounts payable after more than one year | 17 | €8,046 | €8,046 | = | 0.0% |
| Financial debts | 170/4 | €8,046 | €8,046 | = | 0.0% |
| Amounts payable within one year | 42/48 | €27,119 | €41,475 | +€14,356 | +52.9% |
| Current portion of amounts payable after more than one year | 42 | €3,843 | - | -€3,843 | |
| Trade debts | 44 | €14,190 | €20,342 | +€6,152 | +43.4% |
| Suppliers | 440/4 | €14,190 | €20,342 | +€6,152 | +43.4% |
| Taxes, remuneration and social security | 45 | €974 | €8,752 | +€7,778 | +798.5% |
| Taxes | 450/3 | €974 | €5,852 | +€4,878 | +500.8% |
| Remuneration and social security | 454/9 | - | €2,900 | +€2,900 | |
| Other amounts payable | 47/48 | €8,111 | €12,381 | +€4,269 | +52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,952 | €1,830 | -€122 | -6.3% |
| Other operating charges | 640/8 | €830 | €713 | -€117 | -14.1% |
| Gross operating margin | 9900 | €16,422 | €41,609 | +€25,188 | +153.4% |
| Operating profit (loss) | 9901 | €13,640 | €39,067 | +€25,427 | +186.4% |
| Financial income | 75/76B | €190 | - | -€190 | |
| Recurring financial income | 75 | €190 | - | -€190 | |
| Financial charges | 65/66B | €4,163 | €6,652 | +€2,489 | +59.8% |
| Recurring financial charges | 65 | €4,163 | €6,652 | +€2,489 | +59.8% |
| Profit (loss) for the period before taxes | 9903 | €9,667 | €32,416 | +€22,749 | +235.3% |
| Income taxes | 67/77 | €140 | €5,585 | +€5,445 | +3902.7% |
| Profit (loss) for the period | 9904 | €9,527 | €26,831 | +€17,304 | +181.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,527 | €26,831 | +€17,304 | +181.6% |
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 11 October 2026 via checked.be.