SANDOVAL: 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.
SANDOVAL
Largest movements
- Tangible fixed assets -€8,063
down €8,063 (-60.2%), from €13,383 to €5,320
of which Furniture and vehicles: -€7,553
- Receivables within one year -€5,482
down €5,482 (-21.4%), from €25,563 to €20,081
of which Trade receivables: -€8,559
- Deferred charges and accrued income -€5,083
no longer reported in 2025 (was €5,083)
- Reserves +€28,387
up €28,387 (+16.0%), from €177,634 to €206,020
- Other debts -€24,347
down €24,347 (-69.9%), from €34,841 to €10,493
- Debts after one year -€21,838
down €21,838 (-74.8%), from €29,204 to €7,367
- Tax, wage and social debts +€6,107
up €6,107 (+109.5%), from €5,576 to €11,682
- Current portion of long-term debt -€5,085
down €5,085 (-18.9%), from €26,923 to €21,838
- Gross operating margin +€11,035
up €11,035 (+15.5%), from €71,036 to €82,071
- Taxes +€4,552
up €4,552 (+22.7%), from €20,078 to €24,630
- Depreciation -€2,346
down €2,346 (-22.5%), from €10,409 to €8,063
- Financial income -€871
down €871 (-10.1%), from €8,645 to €7,774
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 | €298,827 | €277,494 | -€21,333 | -7.1% |
| Fixed assets | 21/28 | €194,733 | €186,670 | -€8,063 | -4.1% |
| Tangible fixed assets | 22/27 | €13,383 | €5,320 | -€8,063 | -60.2% |
| Plant, machinery and equipment | 23 | €2,476 | €1,966 | -€510 | -20.6% |
| Furniture and vehicles | 24 | €10,908 | €3,354 | -€7,553 | -69.2% |
| Financial fixed assets | 28 | €181,350 | €181,350 | = | 0.0% |
| Current assets | 29/58 | €104,093 | €90,824 | -€13,270 | -12.7% |
| Amounts receivable after more than one year | 29 | €18,000 | €18,000 | = | 0.0% |
| Other amounts receivable | 291 | €18,000 | €18,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €25,563 | €20,081 | -€5,482 | -21.4% |
| Trade receivables | 40 | €8,559 | - | -€8,559 | |
| Other amounts receivable | 41 | €17,004 | €20,081 | +€3,077 | +18.1% |
| Cash at bank and in hand | 54/58 | €55,448 | €52,743 | -€2,705 | -4.9% |
| Deferred charges and accrued income | 490/1 | €5,083 | - | -€5,083 | |
| Total equity and liabilities | 10/49 | €298,827 | €277,494 | -€21,333 | -7.1% |
| Equity | 10/15 | €196,234 | €224,620 | +€28,387 | +14.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €177,634 | €206,020 | +€28,387 | +16.0% |
| Distributable reserves | 133 | €177,634 | €206,020 | +€28,387 | +16.0% |
| Amounts payable | 17/49 | €102,593 | €52,874 | -€49,719 | -48.5% |
| Amounts payable after more than one year | 17 | €29,204 | €7,367 | -€21,838 | -74.8% |
| Financial debts | 170/4 | €29,204 | €7,367 | -€21,838 | -74.8% |
| Amounts payable within one year | 42/48 | €73,389 | €45,507 | -€27,882 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €26,923 | €21,838 | -€5,085 | -18.9% |
| Trade debts | 44 | €6,050 | €1,494 | -€4,556 | -75.3% |
| Suppliers | 440/4 | €6,050 | €1,494 | -€4,556 | -75.3% |
| Taxes, remuneration and social security | 45 | €5,576 | €11,682 | +€6,107 | +109.5% |
| Taxes | 450/3 | €5,576 | €11,682 | +€6,107 | +109.5% |
| Other amounts payable | 47/48 | €34,841 | €10,493 | -€24,347 | -69.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,409 | €8,063 | -€2,346 | -22.5% |
| Other operating charges | 640/8 | €485 | €643 | +€158 | +32.5% |
| Gross operating margin | 9900 | €71,036 | €82,071 | +€11,035 | +15.5% |
| Operating profit (loss) | 9901 | €60,142 | €73,365 | +€13,223 | +22.0% |
| Financial income | 75/76B | €8,645 | €7,774 | -€871 | -10.1% |
| Recurring financial income | 75 | €8,645 | €7,774 | -€871 | -10.1% |
| Financial charges | 65/66B | €1,501 | €1,046 | -€455 | -30.3% |
| Recurring financial charges | 65 | €1,501 | €1,046 | -€455 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €67,285 | €80,092 | +€12,807 | +19.0% |
| Income taxes | 67/77 | €20,078 | €24,630 | +€4,552 | +22.7% |
| Profit (loss) for the period | 9904 | €47,208 | €55,462 | +€8,255 | +17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €47,208 | €55,462 | +€8,255 | +17.5% |
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.