SANDI: 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.
SANDI
Largest movements
- Receivables within one year +€234,332
up €234,332 (+206.5%), from €113,479 to €347,812
of which Trade receivables: +€185,922
- Stocks and contracts -€61,353
down €61,353 (-62.8%), from €97,650 to €36,297
- Cash -€57,601
down €57,601 (-32.8%), from €175,609 to €118,008
mainly Receivables within one year (-€234,332) and Investment in fixed assets (net) (-€103,891)
- Tangible fixed assets +€52,268
up €52,268 (+18.9%), from €275,911 to €328,179
of which Other tangible fixed assets: +€64,678
- Debts after one year +€107,379
new in 2025: €107,379
- Accrued charges and deferred income -€70,395
down €70,395 (-100.0%), from €70,395 to €0
- Trade debts +€67,469
up €67,469 (+23.1%), from €292,548 to €360,018
- Current portion of long-term debt +€67,203
new in 2025: €67,203
- Profit (loss) carried forward -€9,505
down €9,505 (-4.3%), from €219,667 to €210,162
- Gross operating margin -€21,252
down €21,252 (-3.8%), from €552,665 to €531,413
- Taxes -€16,838
down €16,838 (-100.0%), from €16,838 to €0
- Staff costs -€11,853
down €11,853 (-2.7%), from €443,850 to €431,997
- Financial charges +€11,478
up €11,478 (+197.6%), from €5,808 to €17,286
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 | €663,304 | €830,296 | +€166,992 | +25.2% |
| Fixed assets | 21/28 | €275,911 | €328,179 | +€52,268 | +18.9% |
| Tangible fixed assets | 22/27 | €275,911 | €328,179 | +€52,268 | +18.9% |
| Plant, machinery and equipment | 23 | €48,570 | €49,296 | +€726 | +1.5% |
| Furniture and vehicles | 24 | €46,263 | €33,128 | -€13,135 | -28.4% |
| Other tangible fixed assets | 26 | €181,077 | €245,756 | +€64,678 | +35.7% |
| Current assets | 29/58 | €387,393 | €502,117 | +€114,724 | +29.6% |
| Stocks and contracts in progress | 3 | €97,650 | €36,297 | -€61,353 | -62.8% |
| Stocks | 30/36 | €97,650 | €36,297 | -€61,353 | -62.8% |
| Amounts receivable within one year | 40/41 | €113,479 | €347,812 | +€234,332 | +206.5% |
| Trade receivables | 40 | €6,873 | €192,795 | +€185,922 | +2705.1% |
| Other amounts receivable | 41 | €106,606 | €155,017 | +€48,411 | +45.4% |
| Cash at bank and in hand | 54/58 | €175,609 | €118,008 | -€57,601 | -32.8% |
| Deferred charges and accrued income | 490/1 | €654 | €0 | -€654 | -100.0% |
| Total equity and liabilities | 10/49 | €663,304 | €830,296 | +€166,992 | +25.2% |
| Equity | 10/15 | €238,267 | €228,762 | -€9,505 | -4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Profit (loss) carried forward | 14 | €219,667 | €210,162 | -€9,505 | -4.3% |
| Amounts payable | 17/49 | €425,036 | €601,534 | +€176,497 | +41.5% |
| Amounts payable after more than one year | 17 | - | €107,379 | +€107,379 | |
| Financial debts | 170/4 | - | €107,379 | +€107,379 | |
| Amounts payable within one year | 42/48 | €354,641 | €494,155 | +€139,514 | +39.3% |
| Current portion of amounts payable after more than one year | 42 | - | €67,203 | +€67,203 | |
| Trade debts | 44 | €292,548 | €360,018 | +€67,469 | +23.1% |
| Suppliers | 440/4 | €292,548 | €360,018 | +€67,469 | +23.1% |
| Taxes, remuneration and social security | 45 | €62,093 | €66,934 | +€4,841 | +7.8% |
| Taxes | 450/3 | €38,733 | €12,627 | -€26,106 | -67.4% |
| Remuneration and social security | 454/9 | €23,360 | €54,307 | +€30,946 | +132.5% |
| Accrued charges and deferred income | 492/3 | €70,395 | €0 | -€70,395 | -100.0% |
| Remuneration, social security and pensions | 62 | €443,850 | €431,997 | -€11,853 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,457 | €51,623 | -€1,834 | -3.4% |
| Other operating charges | 640/8 | €7,067 | €2,874 | -€4,193 | -59.3% |
| Non-recurring operating charges | 66A | - | €41,079 | +€41,079 | |
| Gross operating margin | 9900 | €552,665 | €531,413 | -€21,252 | -3.8% |
| Operating profit (loss) | 9901 | €48,291 | €3,840 | -€44,451 | -92.0% |
| Financial income | 75/76B | €5 | €3,941 | +€3,936 | +76270.0% |
| Recurring financial income | 75 | €5 | €3,941 | +€3,936 | +76270.0% |
| Financial charges | 65/66B | €5,808 | €17,286 | +€11,478 | +197.6% |
| Recurring financial charges | 65 | €5,808 | €17,286 | +€11,478 | +197.6% |
| Profit (loss) for the period before taxes | 9903 | €42,489 | -€9,505 | -€51,994 | |
| Income taxes | 67/77 | €16,838 | €0 | -€16,838 | -100.0% |
| Profit (loss) for the period | 9904 | €25,651 | -€9,505 | -€35,156 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,651 | -€9,505 | -€35,156 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.