SANDMAN: 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.
SANDMAN
Largest movements
- Cash +€27,725
up €27,725 (+34.1%), from €81,372 to €109,097
mainly Net result for the year (+€21,189) and Tax, wage and social debts (+€6,679)
- Profit (loss) carried forward +€16,542
no longer reported in 2025 (was -€16,542)
- Tax, wage and social debts +€6,679
up €6,679 (+1016.6%), from €657 to €7,336
- Reserves +€4,647
up €4,647 (+5.9%), from €79,032 to €83,679
- Gross operating margin +€39,597
up €39,597, from -€16,211 to €23,385
- Taxes +€1,827
new in 2025: €1,827
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 | €85,415 | €112,255 | +€26,840 | +31.4% |
| Fixed assets | 21/28 | €344 | €402 | +€58 | +16.9% |
| Tangible fixed assets | 22/27 | €344 | €402 | +€58 | +16.9% |
| Plant, machinery and equipment | 23 | €344 | €43 | -€301 | -87.5% |
| Furniture and vehicles | 24 | - | €359 | +€359 | |
| Current assets | 29/58 | €85,071 | €111,853 | +€26,782 | +31.5% |
| Amounts receivable within one year | 40/41 | €1,049 | €106 | -€942 | -89.9% |
| Other amounts receivable | 41 | €1,049 | €106 | -€942 | -89.9% |
| Current investments | 50/53 | €2,650 | €2,650 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €81,372 | €109,097 | +€27,725 | +34.1% |
| Total equity and liabilities | 10/49 | €85,415 | €112,255 | +€26,840 | +31.4% |
| Equity | 10/15 | €81,083 | €102,271 | +€21,189 | +26.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €79,032 | €83,679 | +€4,647 | +5.9% |
| Distributable reserves | 133 | €79,032 | €83,679 | +€4,647 | +5.9% |
| Profit (loss) carried forward | 14 | -€16,542 | - | +€16,542 | |
| Amounts payable | 17/49 | €4,332 | €9,984 | +€5,652 | +130.5% |
| Amounts payable within one year | 42/48 | €4,332 | €9,984 | +€5,652 | +130.5% |
| Trade debts | 44 | €1,556 | €612 | -€944 | -60.7% |
| Suppliers | 440/4 | €1,556 | €612 | -€944 | -60.7% |
| Taxes, remuneration and social security | 45 | €657 | €7,336 | +€6,679 | +1016.6% |
| Taxes | 450/3 | €657 | €7,336 | +€6,679 | +1016.6% |
| Other amounts payable | 47/48 | €2,119 | €2,036 | -€83 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €301 | €334 | +€33 | +10.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€16,211 | €23,385 | +€39,597 | |
| Operating profit (loss) | 9901 | -€16,900 | €22,652 | +€39,552 | |
| Financial income | 75/76B | €689 | €571 | -€118 | -17.1% |
| Recurring financial income | 75 | €689 | €571 | -€118 | -17.1% |
| Financial charges | 65/66B | €330 | €207 | -€123 | -37.3% |
| Recurring financial charges | 65 | €330 | €207 | -€123 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | -€16,542 | €23,016 | +€39,557 | |
| Income taxes | 67/77 | - | €1,827 | +€1,827 | |
| Profit (loss) for the period | 9904 | -€16,542 | €21,189 | +€37,730 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,542 | €21,189 | +€37,730 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.