SANDOCAN: 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.
What changed
SANDOCAN
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€145,196
2024 · -€153,778+€8,582
Equity
€158,620
2024 · €303,815-€145,196
Cash
€221
2024 · €2,148-€1,927
Balance sheet total
€1.1m
2024 · €1.2m-€47,903
Largest movements
Assets
- Intangible fixed assets -€97,952
down €97,952 (-11.1%), from €881,558 to €783,607
- Tangible fixed assets +€57,520
up €57,520 (+18.9%), from €304,128 to €361,648
of which Land and buildings: +€179,755
Equity and liabilities
- Profit (loss) carried forward -€145,196
down €145,196 (-94.4%), from -€153,778 to -€298,974
- Debts after one year +€46,308
up €46,308 (+670%), from €6,907 to €53,214
- Other debts +€41,697
up €41,697 (+4.8%), from €870,976 to €912,673
Income statement
- Gross operating margin +€19,231
up €19,231 (+82.5%), from -€23,313 to -€4,082
- Depreciation +€7,736
up €7,736 (+6.1%), from €126,903 to €134,640
- Other operating charges +€2,990
up €2,990 (+115%), from €2,608 to €5,598
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.
Result 2024
-€153,778
Gross operating margin
+€19,231
Depreciation
-€7,736
Other operating charges
-€2,990
Financial income
-€6
Financial charges
+€135
Taxes
-€51
Result 2025
-€145,196
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€42,640
Investment
-€94,208
Financing
+€49,640
Cash 2024
€2,148
From operations (derived)
+€42,640
Net result for the year
-€145,196
Depreciation
+€134,640
Receivables within one year
+€5,574
Deferred charges and accrued income
-€29
Trade debts
+€6,851
Tax, wage and social debts
-€896
Other debts
+€41,697
Investment (derived)
-€94,208
Investment in fixed assets (net)
-€94,208
Financing
+€49,640
Debts after one year
+€46,308
Current portion of long-term debt
+€172
Short-term financial debts
+€3,161
Cash 2025
€221
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,194,353 | €1,146,450 | -€47,903 | -4.0% |
| Fixed assets | 21/28 | €1,185,687 | €1,145,255 | -€40,432 | -3.4% |
| Intangible fixed assets | 21 | €881,558 | €783,607 | -€97,952 | -11.1% |
| Tangible fixed assets | 22/27 | €304,128 | €361,648 | +€57,520 | +18.9% |
| Land and buildings | 22 | €162,434 | €342,189 | +€179,755 | +111% |
| Plant, machinery and equipment | 23 | €10,276 | €7,118 | -€3,159 | -30.7% |
| Furniture and vehicles | 24 | €19,466 | €12,342 | -€7,125 | -36.6% |
| Other tangible fixed assets | 26 | €111,952 | €0 | -€111,952 | -100% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €8,667 | €1,195 | -€7,472 | -86.2% |
| Amounts receivable within one year | 40/41 | €6,401 | €827 | -€5,574 | -87.1% |
| Trade receivables | 40 | €5,470 | €662 | -€4,808 | -87.9% |
| Other amounts receivable | 41 | €931 | €166 | -€766 | -82.2% |
| Cash at bank and in hand | 54/58 | €2,148 | €221 | -€1,927 | -89.7% |
| Deferred charges and accrued income | 490/1 | €117 | €146 | +€29 | +24.9% |
| Total equity and liabilities | 10/49 | €1,194,353 | €1,146,450 | -€47,903 | -4.0% |
| Equity | 10/15 | €303,815 | €158,620 | -€145,196 | -47.8% |
| Contributions | 10/11 | €325,000 | €325,000 | = | 0.0% |
| Reserves | 13 | €132,593 | €132,593 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,028 | €1,028 | = | 0.0% |
| Distributable reserves | 133 | €131,565 | €131,565 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€153,778 | -€298,974 | -€145,196 | -94.4% |
| Amounts payable | 17/49 | €890,538 | €987,830 | +€97,293 | +10.9% |
| Amounts payable after more than one year | 17 | €6,907 | €53,214 | +€46,308 | +670% |
| Financial debts | 170/4 | €6,907 | €53,214 | +€46,308 | +670% |
| Amounts payable within one year | 42/48 | €880,131 | €931,116 | +€50,985 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €3,520 | €3,692 | +€172 | +4.9% |
| Financial debts | 43 | - | €3,161 | +€3,161 | |
| Credit institutions | 430/8 | - | €3,161 | +€3,161 | |
| Trade debts | 44 | €4,285 | €11,136 | +€6,851 | +160% |
| Suppliers | 440/4 | €4,285 | €11,136 | +€6,851 | +160% |
| Taxes, remuneration and social security | 45 | €1,350 | €453 | -€896 | -66.4% |
| Taxes | 450/3 | €1,350 | €453 | -€896 | -66.4% |
| Other amounts payable | 47/48 | €870,976 | €912,673 | +€41,697 | +4.8% |
| Accrued charges and deferred income | 492/3 | €3,500 | €3,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,903 | €134,640 | +€7,736 | +6.1% |
| Other operating charges | 640/8 | €2,608 | €5,598 | +€2,990 | +115% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€23,313 | -€4,082 | +€19,231 | +82.5% |
| Operating profit (loss) | 9901 | -€152,824 | -€144,319 | +€8,505 | +5.6% |
| Financial income | 75/76B | €8 | €1 | -€6 | -82.4% |
| Recurring financial income | 75 | €8 | €1 | -€6 | -82.4% |
| Financial charges | 65/66B | €760 | €625 | -€135 | -17.7% |
| Recurring financial charges | 65 | €760 | €625 | -€135 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | -€153,576 | -€144,943 | +€8,633 | +5.6% |
| Income taxes | 67/77 | €202 | €253 | +€51 | +25.4% |
| Profit (loss) for the period | 9904 | -€153,778 | -€145,196 | +€8,582 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€153,778 | -€145,196 | +€8,582 | +5.6% |
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 30 October 2026 via checked.be.