SANDT: 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.
SANDT
Largest movements
- Receivables within one year +€157,090
up €157,090 (+60.6%), from €259,110 to €416,200
of which Trade receivables: +€110,612
- Tangible fixed assets +€96,448
up €96,448 (+3,405%), from €2,833 to €99,281
of which Furniture and vehicles: +€74,235
- Current investments -€94,194
no longer reported in 2025 (was €94,194)
- Deferred charges and accrued income +€17,131
up €17,131 (+684%), from €2,504 to €19,636
- Cash +€12,749
new in 2025: €12,749
mainly Trade debts (+€106,965) and Current investments (+€94,194)
- Trade debts +€106,965
up €106,965 (+69.8%), from €153,334 to €260,299
- Tax, wage and social debts +€48,963
up €48,963 (+53.5%), from €91,602 to €140,565
of which Remuneration and social security: +€53,842
- Debts after one year +€47,988
new in 2025: €47,988
- Short-term financial debts -€30,553
down €30,553 (-28.9%), from €105,553 to €75,000
- Current portion of long-term debt +€18,211
new in 2025: €18,211
- Gross operating margin +€447,153
up €447,153 (+165%), from €270,887 to €718,040
- Staff costs +€422,189
up €422,189 (+167%), from €252,988 to €675,177
- Depreciation +€19,044
up €19,044 (+4,576%), from €416 to €19,460
- Taxes +€8,610
up €8,610 (+147%), from €5,840 to €14,450
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 | €358,641 | €550,865 | +€192,224 | +53.6% |
| Fixed assets | 21/28 | €2,833 | €102,281 | +€99,448 | +3,510% |
| Tangible fixed assets | 22/27 | €2,833 | €99,281 | +€96,448 | +3,405% |
| Plant, machinery and equipment | 23 | €1,247 | €11,452 | +€10,205 | +818% |
| Furniture and vehicles | 24 | €1,586 | €75,821 | +€74,235 | +4,681% |
| Other tangible fixed assets | 26 | - | €12,008 | +€12,008 | |
| Financial fixed assets | 28 | - | €3,000 | +€3,000 | |
| Current assets | 29/58 | €355,809 | €448,584 | +€92,776 | +26.1% |
| Amounts receivable within one year | 40/41 | €259,110 | €416,200 | +€157,090 | +60.6% |
| Trade receivables | 40 | €258,060 | €368,673 | +€110,612 | +42.9% |
| Other amounts receivable | 41 | €1,050 | €47,528 | +€46,478 | +4,426% |
| Current investments | 50/53 | €94,194 | - | -€94,194 | |
| Cash at bank and in hand | 54/58 | - | €12,749 | +€12,749 | |
| Deferred charges and accrued income | 490/1 | €2,504 | €19,636 | +€17,131 | +684% |
| Total equity and liabilities | 10/49 | €358,641 | €550,865 | +€192,224 | +53.6% |
| Equity | 10/15 | €8,151 | €8,485 | +€334 | +4.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,151 | €3,485 | +€334 | +10.6% |
| Amounts payable | 17/49 | €350,490 | €542,380 | +€191,890 | +54.7% |
| Amounts payable after more than one year | 17 | - | €47,988 | +€47,988 | |
| Financial debts | 170/4 | - | €47,988 | +€47,988 | |
| Amounts payable within one year | 42/48 | €350,490 | €494,075 | +€143,585 | +41.0% |
| Current portion of amounts payable after more than one year | 42 | - | €18,211 | +€18,211 | |
| Financial debts | 43 | €105,553 | €75,000 | -€30,553 | -28.9% |
| Credit institutions | 430/8 | €105,553 | €75,000 | -€30,553 | -28.9% |
| Trade debts | 44 | €153,334 | €260,299 | +€106,965 | +69.8% |
| Suppliers | 440/4 | €153,334 | €260,299 | +€106,965 | +69.8% |
| Taxes, remuneration and social security | 45 | €91,602 | €140,565 | +€48,963 | +53.5% |
| Taxes | 450/3 | €91,602 | €86,723 | -€4,880 | -5.3% |
| Remuneration and social security | 454/9 | - | €53,842 | +€53,842 | |
| Accrued charges and deferred income | 492/3 | - | €317 | +€317 | |
| Non-recurring operating income | 76A | €53 | - | -€53 | |
| Remuneration, social security and pensions | 62 | €252,988 | €675,177 | +€422,189 | +167% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €416 | €19,460 | +€19,044 | +4,576% |
| Other operating charges | 640/8 | €646 | €1,791 | +€1,145 | +177% |
| Gross operating margin | 9900 | €270,887 | €718,040 | +€447,153 | +165% |
| Operating profit (loss) | 9901 | €16,836 | €21,611 | +€4,775 | +28.4% |
| Financial income | 75/76B | €53 | €951 | +€897 | +1,684% |
| Recurring financial income | 75 | €53 | €951 | +€897 | +1,684% |
| Financial charges | 65/66B | €7,898 | €7,778 | -€121 | -1.5% |
| Recurring financial charges | 65 | €7,898 | €7,778 | -€121 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €8,991 | €14,784 | +€5,793 | +64.4% |
| Income taxes | 67/77 | €5,840 | €14,450 | +€8,610 | +147% |
| Profit (loss) for the period | 9904 | €3,151 | €334 | -€2,817 | -89.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,151 | €334 | -€2,817 | -89.4% |
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 31 October 2026 via checked.be.