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
- Receivables within one year +€99,470
up €99,470 (+37.5%), from €265,331 to €364,801
of which Other amounts receivable: +€210,000
- Cash -€47,980
down €47,980 (-26.6%), from €180,423 to €132,443
mainly Trade debts (-€116,768) and Receivables within one year (-€99,470)
- Tangible fixed assets +€40,352
up €40,352 (+134.6%), from €29,968 to €70,319
of which Plant, machinery and equipment: +€41,546
- Financial fixed assets +€6,750
up €6,750 (+56.3%), from €12,000 to €18,750
- Trade debts -€116,768
down €116,768 (-81.6%), from €143,119 to €26,351
- Reserves +€102,737
up €102,737 (+45.1%), from €227,630 to €330,367
of which Distributable reserves: +€102,737
- Debts after one year +€50,000
new in 2025: €50,000
- Tax, wage and social debts +€44,689
up €44,689 (+57.7%), from €77,405 to €122,094
of which Taxes: +€24,160
- Other debts +€20,392
up €20,392 (+87.9%), from €23,208 to €43,601
- Gross operating margin +€149,906
up €149,906 (+55.1%), from €272,262 to €422,169
- Staff costs +€120,899
up €120,899 (+92.0%), from €131,434 to €252,332
- Depreciation +€11,235
up €11,235 (+173.4%), from €6,478 to €17,713
- Other operating charges +€9,903
up €9,903 (+111.8%), from €8,857 to €18,760
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 | €490,362 | €592,804 | +€102,442 | +20.9% |
| Fixed assets | 21/28 | €41,968 | €89,069 | +€47,102 | +112.2% |
| Tangible fixed assets | 22/27 | €29,968 | €70,319 | +€40,352 | +134.6% |
| Land and buildings | 22 | €1,465 | €270 | -€1,194 | -81.6% |
| Plant, machinery and equipment | 23 | €28,503 | €70,049 | +€41,546 | +145.8% |
| Financial fixed assets | 28 | €12,000 | €18,750 | +€6,750 | +56.3% |
| Current assets | 29/58 | €448,394 | €503,734 | +€55,340 | +12.3% |
| Stocks and contracts in progress | 3 | €2,640 | €6,490 | +€3,850 | +145.8% |
| Stocks | 30/36 | €2,640 | €6,490 | +€3,850 | +145.8% |
| Amounts receivable within one year | 40/41 | €265,331 | €364,801 | +€99,470 | +37.5% |
| Trade receivables | 40 | €123,586 | €13,056 | -€110,530 | -89.4% |
| Other amounts receivable | 41 | €141,746 | €351,746 | +€210,000 | +148.2% |
| Cash at bank and in hand | 54/58 | €180,423 | €132,443 | -€47,980 | -26.6% |
| Total equity and liabilities | 10/49 | €490,362 | €592,804 | +€102,442 | +20.9% |
| Equity | 10/15 | €246,630 | €349,367 | +€102,737 | +41.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €227,630 | €330,367 | +€102,737 | +45.1% |
| Non-distributable reserves | 130/1 | €2,142 | €2,142 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,142 | €2,142 | = | 0.0% |
| Distributable reserves | 133 | €225,488 | €328,225 | +€102,737 | +45.6% |
| Amounts payable | 17/49 | €243,732 | €243,437 | -€296 | -0.1% |
| Amounts payable after more than one year | 17 | - | €50,000 | +€50,000 | |
| Financial debts | 170/4 | - | €50,000 | +€50,000 | |
| Amounts payable within one year | 42/48 | €243,732 | €192,046 | -€51,686 | -21.2% |
| Trade debts | 44 | €143,119 | €26,351 | -€116,768 | -81.6% |
| Suppliers | 440/4 | €143,119 | €26,351 | -€116,768 | -81.6% |
| Taxes, remuneration and social security | 45 | €77,405 | €122,094 | +€44,689 | +57.7% |
| Taxes | 450/3 | €54,311 | €78,471 | +€24,160 | +44.5% |
| Remuneration and social security | 454/9 | €23,095 | €43,624 | +€20,529 | +88.9% |
| Other amounts payable | 47/48 | €23,208 | €43,601 | +€20,392 | +87.9% |
| Accrued charges and deferred income | 492/3 | - | €1,391 | +€1,391 | |
| Remuneration, social security and pensions | 62 | €131,434 | €252,332 | +€120,899 | +92.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,478 | €17,713 | +€11,235 | +173.4% |
| Other operating charges | 640/8 | €8,857 | €18,760 | +€9,903 | +111.8% |
| Gross operating margin | 9900 | €272,262 | €422,169 | +€149,906 | +55.1% |
| Operating profit (loss) | 9901 | €125,494 | €133,363 | +€7,869 | +6.3% |
| Financial income | 75/76B | €932 | €617 | -€314 | -33.7% |
| Recurring financial income | 75 | €932 | €617 | -€314 | -33.7% |
| Financial charges | 65/66B | €1,056 | €1,999 | +€942 | +89.2% |
| Recurring financial charges | 65 | €1,056 | €1,999 | +€942 | +89.2% |
| Profit (loss) for the period before taxes | 9903 | €125,369 | €131,982 | +€6,613 | +5.3% |
| Income taxes | 67/77 | €31,676 | €29,245 | -€2,432 | -7.7% |
| Profit (loss) for the period | 9904 | €93,693 | €102,737 | +€9,045 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €93,693 | €102,737 | +€9,045 | +9.7% |
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 12 October 2026 via checked.be.