SANDSTONE DEVELOPMENT: 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
SANDSTONE DEVELOPMENT
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€91,638
2024 · €171,139-€79,501
Equity
€117,634
2024 · €105,996+€11,638
Cash
€221,921
2024 · €111,603+€110,318
Balance sheet total
€3.9m
2024 · €6.5m-€2.6m
Largest movements
Assets
- Stocks and contracts -€2.8m
down €2.8m (-44.2%), from €6.2m to €3.5m
- Cash +€110,318
up €110,318 (+98.8%), from €111,603 to €221,921
mainly Stocks and contracts (+€2.8m) and Net result for the year (+€91,638)
Equity and liabilities
- Other debts -€1.5m
down €1.5m (-45.6%), from €3.3m to €1.8m
- Short-term financial debts -€932,358
down €932,358 (-35.5%), from €2.6m to €1.7m
- Tax, wage and social debts -€198,368
down €198,368 (-90.9%), from €218,134 to €19,766
of which Taxes: -€182,535
Income statement
- Gross operating margin -€283,388
down €283,388 (-39.4%), from €719,627 to €436,240
- Financial charges -€223,276
down €223,276 (-61.2%), from €365,029 to €141,754
- Provisions +€25,000
new in 2025: €25,000
- Taxes -€12,473
down €12,473 (-69.6%), from €17,922 to €5,449
- Other operating charges +€7,534
up €7,534 (+40.2%), from €18,745 to €26,279
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
€171,139
Gross operating margin
-€283,388
Staff costs
-€800
Depreciation
+€306
Provisions
-€25,000
Other operating charges
-€7,534
Other operating items
-€45
Financial income
+€1,211
Financial charges
+€223,276
Taxes
+€12,473
Result 2025
€91,638
raises the resultlowers the resultnot broken down further in the accounts
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
+€1.1m
Investment
-€3,681
Financing
-€1.0m
Cash 2024
€111,603
From operations (derived)
+€1.1m
Net result for the year
+€91,638
Depreciation
+€5,731
Stocks and contracts
+€2.8m
Receivables within one year
-€43,363
Deferred charges and accrued income
-€10,915
Provisions
+€25,000
Trade debts
-€14,378
Tax, wage and social debts
-€198,368
Other debts
-€1.5m
Accrued charges and deferred income
-€5,598
Investment (derived)
-€3,681
Investment in fixed assets (net)
-€3,681
Financing
-€1.0m
Short-term financial debts
-€932,358
Contributions, distributions and other
-€80,000
Cash 2025
€221,921
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,473,689 | €3,875,995 | -€2.6m | -40.1% |
| Fixed assets | 21/28 | €13,247 | €11,196 | -€2,050 | -15.5% |
| Intangible fixed assets | 21 | €389 | - | -€389 | |
| Tangible fixed assets | 22/27 | €12,658 | €10,996 | -€1,661 | -13.1% |
| Plant, machinery and equipment | 23 | €1,493 | €969 | -€524 | -35.1% |
| Furniture and vehicles | 24 | €8,636 | €7,655 | -€982 | -11.4% |
| Other tangible fixed assets | 26 | €2,529 | €2,373 | -€156 | -6.2% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €6,460,442 | €3,864,798 | -€2.6m | -40.2% |
| Stocks and contracts in progress | 3 | €6,245,563 | €3,485,323 | -€2.8m | -44.2% |
| Stocks | 30/36 | €6,245,563 | €3,485,323 | -€2.8m | -44.2% |
| Amounts receivable within one year | 40/41 | €93,337 | €136,700 | +€43,363 | +46.5% |
| Trade receivables | 40 | €41,222 | €54,202 | +€12,980 | +31.5% |
| Other amounts receivable | 41 | €52,115 | €82,498 | +€30,383 | +58.3% |
| Cash at bank and in hand | 54/58 | €111,603 | €221,921 | +€110,318 | +98.8% |
| Deferred charges and accrued income | 490/1 | €9,939 | €20,854 | +€10,915 | +110% |
| Total equity and liabilities | 10/49 | €6,473,689 | €3,875,995 | -€2.6m | -40.1% |
| Equity | 10/15 | €105,996 | €117,634 | +€11,638 | +11.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,270 | €1,270 | = | 0.0% |
| Distributable reserves | 133 | €1,270 | €1,270 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98,525 | €110,164 | +€11,638 | +11.8% |
| Provisions and deferred taxes | 16 | - | €25,000 | +€25,000 | |
| Provisions for liabilities and charges | 160/5 | - | €25,000 | +€25,000 | |
| Environmental obligations | 163 | - | €25,000 | +€25,000 | |
| Amounts payable | 17/49 | €6,367,693 | €3,733,361 | -€2.6m | -41.4% |
| Amounts payable within one year | 42/48 | €6,356,547 | €3,727,813 | -€2.6m | -41.4% |
| Financial debts | 43 | €2,626,810 | €1,694,452 | -€932,358 | -35.5% |
| Credit institutions | 430/8 | €2,626,810 | €1,694,452 | -€932,358 | -35.5% |
| Trade debts | 44 | €258,067 | €243,689 | -€14,378 | -5.6% |
| Suppliers | 440/4 | €258,067 | €243,689 | -€14,378 | -5.6% |
| Taxes, remuneration and social security | 45 | €218,134 | €19,766 | -€198,368 | -90.9% |
| Taxes | 450/3 | €189,677 | €7,142 | -€182,535 | -96.2% |
| Remuneration and social security | 454/9 | €28,457 | €12,623 | -€15,834 | -55.6% |
| Other amounts payable | 47/48 | €3,253,536 | €1,769,907 | -€1.5m | -45.6% |
| Accrued charges and deferred income | 492/3 | €11,146 | €5,547 | -€5,598 | -50.2% |
| Non-recurring operating income | 76A | €870 | €2,397 | +€1,527 | +175% |
| Remuneration, social security and pensions | 62 | €141,922 | €142,722 | +€800 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,037 | €5,731 | -€306 | -5.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €25,000 | +€25,000 | |
| Other operating charges | 640/8 | €18,745 | €26,279 | +€7,534 | +40.2% |
| Non-recurring operating charges | 66A | €40 | €85 | +€45 | +113% |
| Gross operating margin | 9900 | €719,627 | €436,240 | -€283,388 | -39.4% |
| Operating profit (loss) | 9901 | €552,882 | €236,422 | -€316,460 | -57.2% |
| Financial income | 75/76B | €1,208 | €2,419 | +€1,211 | +100% |
| Recurring financial income | 75 | €1,208 | €2,419 | +€1,211 | +100% |
| Financial charges | 65/66B | €365,029 | €141,754 | -€223,276 | -61.2% |
| Recurring financial charges | 65 | €365,029 | €141,754 | -€223,276 | -61.2% |
| Profit (loss) for the period before taxes | 9903 | €189,061 | €97,087 | -€91,974 | -48.6% |
| Income taxes | 67/77 | €17,922 | €5,449 | -€12,473 | -69.6% |
| Profit (loss) for the period | 9904 | €171,139 | €91,638 | -€79,501 | -46.5% |
| Profit (loss) for the period to be appropriated | 9905 | €171,139 | €91,638 | -€79,501 | -46.5% |
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 14 October 2026 via checked.be.