SANDRA LENOIR: 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.
SANDRA LENOIR
Largest movements
- Cash -€20,193
down €20,193 (-29.9%), from €67,572 to €47,379
mainly Debts after one year (-€20,393) and Net result for the year (-€20,334)
- Tangible fixed assets -€17,897
down €17,897 (-7.2%), from €250,186 to €232,288
of which Land and buildings: -€16,682
- Receivables within one year -€9,634
down €9,634 (-31.0%), from €31,125 to €21,491
of which Trade receivables: -€8,383
- Debts after one year -€20,393
down €20,393 (-9.6%), from €213,135 to €192,742
- Profit (loss) carried forward -€20,334
down €20,334 (-25.2%), from -€80,679 to -€101,014
- Trade debts -€5,225
down €5,225 (-18.9%), from €27,629 to €22,403
- Tax, wage and social debts -€4,421
down €4,421 (-79.8%), from €5,539 to €1,118
- Gross operating margin +€29,099
up €29,099, from -€24,451 to €4,648
- Depreciation +€8,443
up €8,443 (+97.5%), from €8,661 to €17,104
- Other operating charges +€1,637
up €1,637 (+91.9%), from €1,782 to €3,419
- Financial income -€1,335
no longer reported in 2025 (was €1,335)
- Financial charges -€1,273
down €1,273 (-22.2%), from €5,732 to €4,459
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €353,463 | €301,409 | -€52,055 | -14.7% |
| Fixed assets | 21/28 | €250,436 | €232,538 | -€17,897 | -7.1% |
| Tangible fixed assets | 22/27 | €250,186 | €232,288 | -€17,897 | -7.2% |
| Land and buildings | 22 | €248,853 | €232,172 | -€16,682 | -6.7% |
| Plant, machinery and equipment | 23 | €143 | €117 | -€26 | -18.4% |
| Furniture and vehicles | 24 | €1,189 | - | -€1,189 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €103,028 | €68,870 | -€34,157 | -33.2% |
| Stocks and contracts in progress | 3 | €3,000 | - | -€3,000 | |
| Stocks | 30/36 | €3,000 | - | -€3,000 | |
| Amounts receivable within one year | 40/41 | €31,125 | €21,491 | -€9,634 | -31.0% |
| Trade receivables | 40 | €8,383 | - | -€8,383 | |
| Other amounts receivable | 41 | €22,742 | €21,491 | -€1,250 | -5.5% |
| Cash at bank and in hand | 54/58 | €67,572 | €47,379 | -€20,193 | -29.9% |
| Deferred charges and accrued income | 490/1 | €1,331 | - | -€1,331 | |
| Total equity and liabilities | 10/49 | €353,463 | €301,409 | -€52,055 | -14.7% |
| Equity | 10/15 | €84,625 | €64,291 | -€20,334 | -24.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €146,705 | €146,705 | = | 0.0% |
| Distributable reserves | 133 | €146,705 | €146,705 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,679 | -€101,014 | -€20,334 | -25.2% |
| Amounts payable | 17/49 | €268,838 | €237,118 | -€31,720 | -11.8% |
| Amounts payable after more than one year | 17 | €213,135 | €192,742 | -€20,393 | -9.6% |
| Financial debts | 170/4 | €213,135 | €192,742 | -€20,393 | -9.6% |
| Amounts payable within one year | 42/48 | €53,655 | €44,376 | -€9,279 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €19,972 | €20,393 | +€420 | +2.1% |
| Financial debts | 43 | €515 | €462 | -€52 | -10.2% |
| Credit institutions | 430/8 | €515 | €462 | -€52 | -10.2% |
| Trade debts | 44 | €27,629 | €22,403 | -€5,225 | -18.9% |
| Suppliers | 440/4 | €27,629 | €22,403 | -€5,225 | -18.9% |
| Taxes, remuneration and social security | 45 | €5,539 | €1,118 | -€4,421 | -79.8% |
| Taxes | 450/3 | €5,539 | €1,118 | -€4,421 | -79.8% |
| Accrued charges and deferred income | 492/3 | €2,049 | - | -€2,049 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,661 | €17,104 | +€8,443 | +97.5% |
| Other operating charges | 640/8 | €1,782 | €3,419 | +€1,637 | +91.9% |
| Gross operating margin | 9900 | -€24,451 | €4,648 | +€29,099 | |
| Operating profit (loss) | 9901 | -€34,894 | -€15,875 | +€19,019 | +54.5% |
| Financial income | 75/76B | €1,335 | - | -€1,335 | |
| Recurring financial income | 75 | €1,335 | - | -€1,335 | |
| Financial charges | 65/66B | €5,732 | €4,459 | -€1,273 | -22.2% |
| Recurring financial charges | 65 | €5,732 | €4,459 | -€1,273 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | -€39,291 | -€20,334 | +€18,957 | +48.2% |
| Income taxes | 67/77 | €226 | - | -€226 | |
| Profit (loss) for the period | 9904 | -€39,517 | -€20,334 | +€19,182 | +48.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,517 | -€20,334 | +€19,182 | +48.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.