SANDSTONE: 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.
SANDSTONE
Largest movements
- Receivables within one year -€1.4m
down €1.4m (-41.2%), from €3.4m to €2.0m
of which Other amounts receivable: -€1.5m
- Stocks and contracts -€384,347
down €384,347 (-23.3%), from €1.6m to €1.3m
- Financial fixed assets +€250,000
up €250,000 (+3676.5%), from €6,800 to €256,800
- Cash +€94,955
up €94,955 (+356.4%), from €26,641 to €121,596
mainly Receivables within one year (+€1.4m) and Stocks and contracts (+€384,347)
- Other debts -€1.2m
down €1.2m (-33.6%), from €3.6m to €2.4m
- Short-term financial debts -€361,119
down €361,119 (-30.0%), from €1.2m to €844,241
- Accrued charges and deferred income -€114,580
down €114,580 (-46.5%), from €246,579 to €131,999
- Debts after one year +€89,873
up €89,873 (+52.2%), from €172,138 to €262,011
- Trade debts +€62,769
up €62,769 (+1030.5%), from €6,091 to €68,861
- Financial charges -€47,891
down €47,891 (-18.2%), from €263,625 to €215,733
- Financial income -€47,768
down €47,768 (-44.7%), from €106,877 to €59,109
- Taxes +€6,713
up €6,713 (+144.9%), from €4,632 to €11,345
- Other operating charges -€5,525
down €5,525 (-28.6%), from €19,326 to €13,801
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 | €6,235,631 | €4,765,235 | -€1.5m | -23.6% |
| Fixed assets | 21/28 | €1,172,149 | €1,371,530 | +€199,382 | +17.0% |
| Tangible fixed assets | 22/27 | €1,165,349 | €1,114,730 | -€50,618 | -4.3% |
| Furniture and vehicles | 24 | €1,018 | €417 | -€601 | -59.0% |
| Other tangible fixed assets | 26 | €1,164,330 | €1,114,313 | -€50,017 | -4.3% |
| Financial fixed assets | 28 | €6,800 | €256,800 | +€250,000 | +3676.5% |
| Current assets | 29/58 | €5,063,483 | €3,393,705 | -€1.7m | -33.0% |
| Stocks and contracts in progress | 3 | €1,648,177 | €1,263,830 | -€384,347 | -23.3% |
| Stocks | 30/36 | €1,648,177 | €1,263,830 | -€384,347 | -23.3% |
| Amounts receivable within one year | 40/41 | €3,383,989 | €1,990,865 | -€1.4m | -41.2% |
| Trade receivables | 40 | €205,432 | €289,571 | +€84,140 | +41.0% |
| Other amounts receivable | 41 | €3,178,557 | €1,701,294 | -€1.5m | -46.5% |
| Cash at bank and in hand | 54/58 | €26,641 | €121,596 | +€94,955 | +356.4% |
| Deferred charges and accrued income | 490/1 | €4,676 | €17,413 | +€12,737 | +272.4% |
| Total equity and liabilities | 10/49 | €6,235,631 | €4,765,235 | -€1.5m | -23.6% |
| Equity | 10/15 | €979,536 | €997,406 | +€17,870 | +1.8% |
| Contributions | 10/11 | €90,430 | €90,430 | = | 0.0% |
| Reserves | 13 | €784,170 | €784,170 | = | 0.0% |
| Distributable reserves | 133 | €784,170 | €784,170 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,936 | €122,806 | +€17,870 | +17.0% |
| Amounts payable | 17/49 | €5,256,095 | €3,767,829 | -€1.5m | -28.3% |
| Amounts payable after more than one year | 17 | €172,138 | €262,011 | +€89,873 | +52.2% |
| Financial debts | 170/4 | €172,138 | €262,011 | +€89,873 | +52.2% |
| Amounts payable within one year | 42/48 | €4,837,379 | €3,373,819 | -€1.5m | -30.3% |
| Current portion of amounts payable after more than one year | 42 | €64,377 | €92,110 | +€27,733 | +43.1% |
| Financial debts | 43 | €1,205,360 | €844,241 | -€361,119 | -30.0% |
| Credit institutions | 430/8 | €1,205,360 | €844,241 | -€361,119 | -30.0% |
| Trade debts | 44 | €6,091 | €68,861 | +€62,769 | +1030.5% |
| Suppliers | 440/4 | €6,091 | €68,861 | +€62,769 | +1030.5% |
| Taxes, remuneration and social security | 45 | €10,765 | €10,534 | -€232 | -2.2% |
| Taxes | 450/3 | €10,765 | €10,534 | -€232 | -2.2% |
| Other amounts payable | 47/48 | €3,550,785 | €2,358,073 | -€1.2m | -33.6% |
| Accrued charges and deferred income | 492/3 | €246,579 | €131,999 | -€114,580 | -46.5% |
| Non-recurring operating income | 76A | €4,000 | - | -€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,860 | €53,725 | -€135 | -0.2% |
| Other operating charges | 640/8 | €19,326 | €13,801 | -€5,525 | -28.6% |
| Gross operating margin | 9900 | €251,006 | €253,365 | +€2,359 | +0.9% |
| Operating profit (loss) | 9901 | €177,820 | €185,839 | +€8,019 | +4.5% |
| Financial income | 75/76B | €106,877 | €59,109 | -€47,768 | -44.7% |
| Recurring financial income | 75 | €106,877 | €59,109 | -€47,768 | -44.7% |
| Financial charges | 65/66B | €263,625 | €215,733 | -€47,891 | -18.2% |
| Recurring financial charges | 65 | €263,625 | €215,733 | -€47,891 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €21,073 | €29,214 | +€8,142 | +38.6% |
| Income taxes | 67/77 | €4,632 | €11,345 | +€6,713 | +144.9% |
| Profit (loss) for the period | 9904 | €16,441 | €17,870 | +€1,429 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,441 | €17,870 | +€1,429 | +8.7% |
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 6 October 2026 via checked.be.