SANDUNE: 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.
SANDUNE
Largest movements
- Tangible fixed assets -€34,320
down €34,320 (-7.3%), from €468,311 to €433,991
of which Land and buildings: -€33,241
- Current investments -€15,009
down €15,009 (-51.7%), from €29,051 to €14,042
- Reserves -€96,320
down €96,320 (-75.9%), from €126,980 to €30,660
of which Distributable reserves: -€96,320
- Other debts +€55,660
up €55,660 (+159.2%), from €34,961 to €90,621
- Current portion of long-term debt -€27,451
no longer reported in 2025 (was €27,451)
- Profit (loss) carried forward +€20,943
up €20,943 (+86.2%), from -€24,298 to -€3,355
- Gross operating margin -€30,980
down €30,980 (-33.1%), from €93,631 to €62,651
- Staff costs -€3,479
no longer reported in 2025 (was €3,479)
- Financial charges +€1,845
up €1,845, from -€478 to €1,366
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 | €532,281 | €483,041 | -€49,240 | -9.3% |
| Fixed assets | 21/28 | €468,311 | €433,991 | -€34,320 | -7.3% |
| Tangible fixed assets | 22/27 | €468,311 | €433,991 | -€34,320 | -7.3% |
| Land and buildings | 22 | €412,204 | €378,962 | -€33,241 | -8.1% |
| Plant, machinery and equipment | 23 | €7,598 | €6,650 | -€948 | -12.5% |
| Furniture and vehicles | 24 | €48,510 | €48,379 | -€131 | -0.3% |
| Current assets | 29/58 | €63,970 | €49,050 | -€14,920 | -23.3% |
| Stocks and contracts in progress | 3 | €26,931 | €26,404 | -€527 | -2.0% |
| Stocks | 30/36 | €10,272 | €9,745 | -€527 | -5.1% |
| Contracts in progress | 37 | €16,659 | €16,659 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €166 | €193 | +€27 | +16.0% |
| Other amounts receivable | 41 | €166 | €193 | +€27 | +16.0% |
| Current investments | 50/53 | €29,051 | €14,042 | -€15,009 | -51.7% |
| Cash at bank and in hand | 54/58 | €7,823 | €8,412 | +€589 | +7.5% |
| Total equity and liabilities | 10/49 | €532,281 | €483,041 | -€49,240 | -9.3% |
| Equity | 10/15 | €396,882 | €321,505 | -€75,377 | -19.0% |
| Contributions | 10/11 | €294,200 | €294,200 | = | 0.0% |
| Reserves | 13 | €126,980 | €30,660 | -€96,320 | -75.9% |
| Non-distributable reserves | 130/1 | €30,660 | €30,660 | = | 0.0% |
| Other | 1319 | €30,660 | €30,660 | = | 0.0% |
| Distributable reserves | 133 | €96,320 | - | -€96,320 | |
| Profit (loss) carried forward | 14 | -€24,298 | -€3,355 | +€20,943 | +86.2% |
| Amounts payable | 17/49 | €135,399 | €161,536 | +€26,137 | +19.3% |
| Amounts payable after more than one year | 17 | €34,996 | €34,996 | = | 0.0% |
| Financial debts | 170/4 | €34,996 | €34,996 | = | 0.0% |
| Amounts payable within one year | 42/48 | €87,426 | €117,989 | +€30,562 | +35.0% |
| Current portion of amounts payable after more than one year | 42 | €27,451 | - | -€27,451 | |
| Trade debts | 44 | €9,324 | €7,492 | -€1,832 | -19.6% |
| Suppliers | 440/4 | €9,324 | €7,492 | -€1,832 | -19.6% |
| Advances received on contracts in progress | 46 | €11,010 | €11,010 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €4,680 | €8,866 | +€4,185 | +89.4% |
| Taxes | 450/3 | €4,680 | €8,866 | +€4,185 | +89.4% |
| Other amounts payable | 47/48 | €34,961 | €90,621 | +€55,660 | +159.2% |
| Accrued charges and deferred income | 492/3 | €12,977 | €8,552 | -€4,425 | -34.1% |
| Non-recurring operating income | 76A | €1,468 | - | -€1,468 | |
| Remuneration, social security and pensions | 62 | €3,479 | - | -€3,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,809 | €36,927 | +€118 | +0.3% |
| Other operating charges | 640/8 | €3,476 | €3,507 | +€31 | +0.9% |
| Gross operating margin | 9900 | €93,631 | €62,651 | -€30,980 | -33.1% |
| Operating profit (loss) | 9901 | €49,867 | €22,217 | -€27,650 | -55.4% |
| Financial income | 75/76B | €221 | €303 | +€81 | +36.8% |
| Recurring financial income | 75 | €221 | €303 | +€81 | +36.8% |
| Financial charges | 65/66B | -€478 | €1,366 | +€1,845 | |
| Recurring financial charges | 65 | -€478 | €1,366 | +€1,845 | |
| Profit (loss) for the period before taxes | 9903 | €50,566 | €21,153 | -€29,413 | -58.2% |
| Income taxes | 67/77 | €197 | €210 | +€13 | +6.4% |
| Profit (loss) for the period | 9904 | €50,369 | €20,943 | -€29,426 | -58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €50,369 | €20,943 | -€29,426 | -58.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.