Sandy Aers: 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.
Sandy Aers
Largest movements
- Tangible fixed assets +€516,958
up €516,958 (+2,050%), from €25,219 to €542,177
of which Land and buildings: +€513,338
- Cash -€137,792
down €137,792 (-39.6%), from €347,619 to €209,827
mainly Contributions, distributions and other (-€646,954) and Investment in fixed assets (net) (-€538,110)
- Receivables within one year +€86,074
up €86,074 (+66.4%), from €129,612 to €215,686
of which Trade receivables: +€86,073
- Other debts +€438,299
up €438,299 (+2,020%), from €21,698 to €459,997
- Reserves -€337,695
down €337,695 (-97.3%), from €346,954 to €9,259
- Debts after one year +€329,482
up €329,482 (+2,631%), from €12,524 to €342,006
- Current portion of long-term debt +€35,454
up €35,454 (+371%), from €9,554 to €45,008
- Gross operating margin +€102,527
up €102,527 (+25.3%), from €404,536 to €507,063
- Other operating charges +€61,387
up €61,387 (+4,061%), from €1,512 to €62,899
- Depreciation +€13,296
up €13,296 (+169%), from €7,856 to €21,152
- Financial charges +€11,720
up €11,720 (+501%), from €2,342 to €14,062
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 | €504,733 | €969,910 | +€465,177 | +92.2% |
| Fixed assets | 21/28 | €25,219 | €542,177 | +€516,958 | +2,050% |
| Tangible fixed assets | 22/27 | €25,219 | €542,177 | +€516,958 | +2,050% |
| Land and buildings | 22 | - | €513,338 | +€513,338 | |
| Furniture and vehicles | 24 | €25,219 | €28,838 | +€3,620 | +14.4% |
| Current assets | 29/58 | €479,514 | €427,733 | -€51,781 | -10.8% |
| Amounts receivable within one year | 40/41 | €129,612 | €215,686 | +€86,074 | +66.4% |
| Trade receivables | 40 | €129,612 | €215,685 | +€86,073 | +66.4% |
| Other amounts receivable | 41 | €0 | €1 | +€1 | |
| Cash at bank and in hand | 54/58 | €347,619 | €209,827 | -€137,792 | -39.6% |
| Deferred charges and accrued income | 490/1 | €2,283 | €2,220 | -€63 | -2.8% |
| Total equity and liabilities | 10/49 | €504,733 | €969,910 | +€465,177 | +92.2% |
| Equity | 10/15 | €365,504 | €27,809 | -€337,695 | -92.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €346,954 | €9,259 | -€337,695 | -97.3% |
| Distributable reserves | 133 | €346,954 | €9,259 | -€337,695 | -97.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €139,229 | €942,102 | +€802,873 | +577% |
| Amounts payable after more than one year | 17 | €12,524 | €342,006 | +€329,482 | +2,631% |
| Financial debts | 170/4 | €12,524 | €342,006 | +€329,482 | +2,631% |
| Amounts payable within one year | 42/48 | €126,705 | €600,096 | +€473,391 | +374% |
| Current portion of amounts payable after more than one year | 42 | €9,554 | €45,008 | +€35,454 | +371% |
| Financial debts | 43 | €66 | €613 | +€547 | +827% |
| Credit institutions | 430/8 | €66 | €613 | +€547 | +827% |
| Trade debts | 44 | €5,231 | €1,607 | -€3,624 | -69.3% |
| Suppliers | 440/4 | €5,231 | €1,607 | -€3,624 | -69.3% |
| Taxes, remuneration and social security | 45 | €90,156 | €92,871 | +€2,715 | +3.0% |
| Taxes | 450/3 | €90,156 | €92,871 | +€2,715 | +3.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €21,698 | €459,997 | +€438,299 | +2,020% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,856 | €21,152 | +€13,296 | +169% |
| Other operating charges | 640/8 | €1,512 | €62,899 | +€61,387 | +4,061% |
| Gross operating margin | 9900 | €404,536 | €507,063 | +€102,527 | +25.3% |
| Operating profit (loss) | 9901 | €395,168 | €423,012 | +€27,844 | +7.0% |
| Financial income | 75/76B | €745 | €1,144 | +€398 | +53.4% |
| Recurring financial income | 75 | €745 | €1,144 | +€398 | +53.4% |
| Financial charges | 65/66B | €2,342 | €14,062 | +€11,720 | +501% |
| Recurring financial charges | 65 | €2,342 | €14,062 | +€11,720 | +501% |
| Profit (loss) for the period before taxes | 9903 | €393,572 | €410,094 | +€16,522 | +4.2% |
| Income taxes | 67/77 | €97,347 | €100,835 | +€3,488 | +3.6% |
| Profit (loss) for the period | 9904 | €296,225 | €309,259 | +€13,033 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €296,225 | €309,259 | +€13,033 | +4.4% |
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 25 October 2026 via checked.be.