SANELCO: 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.
SANELCO
Largest movements
- Receivables within one year +€102,511
up €102,511 (+69.6%), from €147,328 to €249,839
of which Other amounts receivable: +€100,000
- Cash -€38,998
down €38,998 (-14.1%), from €275,938 to €236,940
mainly Receivables within one year (-€102,511) and Investment in fixed assets (net) (-€14,769)
- Tangible fixed assets +€10,403
up €10,403 (+11.7%), from €89,155 to €99,558
of which Plant, machinery and equipment: +€13,935
- Reserves +€36,141
up €36,141 (+5.0%), from €729,180 to €765,320
of which Distributable reserves: +€36,141
- Trade debts +€31,179
up €31,179 (+132%), from €23,602 to €54,781
- Staff costs -€30,583
down €30,583 (-20.2%), from €151,163 to €120,580
- Gross operating margin +€1,971
up €1,971 (+1.2%), from €163,030 to €165,001
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 | €866,732 | €943,125 | +€76,393 | +8.8% |
| Fixed assets | 21/28 | €89,155 | €99,558 | +€10,403 | +11.7% |
| Tangible fixed assets | 22/27 | €89,155 | €99,558 | +€10,403 | +11.7% |
| Land and buildings | 22 | €89,155 | €85,623 | -€3,532 | -4.0% |
| Plant, machinery and equipment | 23 | - | €13,935 | +€13,935 | |
| Current assets | 29/58 | €777,577 | €843,567 | +€65,990 | +8.5% |
| Stocks and contracts in progress | 3 | €232,542 | €235,020 | +€2,478 | +1.1% |
| Stocks | 30/36 | €232,542 | €235,020 | +€2,478 | +1.1% |
| Amounts receivable within one year | 40/41 | €147,328 | €249,839 | +€102,511 | +69.6% |
| Trade receivables | 40 | €147,328 | €149,839 | +€2,511 | +1.7% |
| Other amounts receivable | 41 | - | €100,000 | +€100,000 | |
| Current investments | 50/53 | €111,768 | €111,768 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €275,938 | €236,940 | -€38,998 | -14.1% |
| Deferred charges and accrued income | 490/1 | €10,000 | €10,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €866,732 | €943,125 | +€76,393 | +8.8% |
| Equity | 10/15 | €824,497 | €860,638 | +€36,141 | +4.4% |
| Contributions | 10/11 | €95,318 | €95,318 | = | 0.0% |
| Capital | 10 | €95,318 | €95,318 | = | 0.0% |
| Issued capital | 100 | €95,318 | €95,318 | = | 0.0% |
| Reserves | 13 | €729,180 | €765,320 | +€36,141 | +5.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €677,080 | €713,220 | +€36,141 | +5.3% |
| Amounts payable | 17/49 | €42,235 | €82,488 | +€40,252 | +95.3% |
| Amounts payable within one year | 42/48 | €42,235 | €82,488 | +€40,252 | +95.3% |
| Trade debts | 44 | €23,602 | €54,781 | +€31,179 | +132% |
| Suppliers | 440/4 | €23,602 | €54,781 | +€31,179 | +132% |
| Taxes, remuneration and social security | 45 | €18,633 | €27,706 | +€9,073 | +48.7% |
| Taxes | 450/3 | €2,297 | €9,686 | +€7,390 | +322% |
| Remuneration and social security | 454/9 | €16,337 | €18,020 | +€1,683 | +10.3% |
| Remuneration, social security and pensions | 62 | €151,163 | €120,580 | -€30,583 | -20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,886 | €4,366 | -€1,519 | -25.8% |
| Other operating charges | 640/8 | €9,783 | €10,062 | +€280 | +2.9% |
| Gross operating margin | 9900 | €163,030 | €165,001 | +€1,971 | +1.2% |
| Operating profit (loss) | 9901 | -€3,801 | €29,993 | +€33,793 | |
| Financial income | 75/76B | €24,687 | €24,803 | +€116 | +0.5% |
| Recurring financial income | 75 | €24,687 | €24,803 | +€116 | +0.5% |
| Financial charges | 65/66B | €7,481 | €7,307 | -€174 | -2.3% |
| Recurring financial charges | 65 | €7,481 | €7,307 | -€174 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €13,405 | €47,489 | +€34,084 | +254% |
| Income taxes | 67/77 | €10,849 | €11,348 | +€500 | +4.6% |
| Profit (loss) for the period | 9904 | €2,556 | €36,141 | +€33,584 | +1,314% |
| Profit (loss) for the period to be appropriated | 9905 | €2,556 | €36,141 | +€33,584 | +1,314% |
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 15 October 2026 via checked.be.