SANGAS: 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.
SANGAS
Largest movements
- Current investments +€28,960
up €28,960 (+41.7%), from €69,374 to €98,334
- Tangible fixed assets -€9,522
down €9,522 (-2.9%), from €329,098 to €319,576
of which Land and buildings: -€7,804
- Other debts +€165,873
up €165,873 (+1,067%), from €15,541 to €181,414
- Reserves -€124,494
down €124,494 (-38.9%), from €320,292 to €195,798
- Debts after one year -€21,382
down €21,382 (-28.1%), from €76,003 to €54,621
- Short-term financial debts -€6,175
down €6,175 (-55.0%), from €11,232 to €5,057
- Gross operating margin +€7,965
up €7,965 (+7.3%), from €109,029 to €116,994
- Financial charges +€5,662
up €5,662 (+121%), from €4,688 to €10,350
- Taxes +€1,761
up €1,761 (+9.2%), from €19,181 to €20,943
- Financial income +€1,279
up €1,279 (+83.1%), from €1,540 to €2,819
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 | €464,513 | €484,971 | +€20,459 | +4.4% |
| Fixed assets | 21/28 | €329,098 | €319,576 | -€9,522 | -2.9% |
| Tangible fixed assets | 22/27 | €329,098 | €319,576 | -€9,522 | -2.9% |
| Land and buildings | 22 | €319,284 | €311,480 | -€7,804 | -2.4% |
| Plant, machinery and equipment | 23 | €4,257 | €2,937 | -€1,320 | -31.0% |
| Furniture and vehicles | 24 | €125 | - | -€125 | |
| Other tangible fixed assets | 26 | €5,433 | €5,158 | -€274 | -5.1% |
| Current assets | 29/58 | €135,414 | €165,395 | +€29,981 | +22.1% |
| Amounts receivable within one year | 40/41 | €52,826 | €51,265 | -€1,561 | -3.0% |
| Trade receivables | 40 | €52,445 | €48,920 | -€3,525 | -6.7% |
| Other amounts receivable | 41 | €381 | €2,345 | +€1,964 | +515% |
| Current investments | 50/53 | €69,374 | €98,334 | +€28,960 | +41.7% |
| Cash at bank and in hand | 54/58 | €8,247 | €10,409 | +€2,162 | +26.2% |
| Deferred charges and accrued income | 490/1 | €4,967 | €5,387 | +€421 | +8.5% |
| Total equity and liabilities | 10/49 | €464,513 | €484,971 | +€20,459 | +4.4% |
| Equity | 10/15 | €321,292 | €196,798 | -€124,494 | -38.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €320,292 | €195,798 | -€124,494 | -38.9% |
| Distributable reserves | 133 | €320,292 | €195,798 | -€124,494 | -38.9% |
| Amounts payable | 17/49 | €143,221 | €288,174 | +€144,953 | +101% |
| Amounts payable after more than one year | 17 | €76,003 | €54,621 | -€21,382 | -28.1% |
| Financial debts | 170/4 | €76,003 | €54,621 | -€21,382 | -28.1% |
| Amounts payable within one year | 42/48 | €65,498 | €229,042 | +€163,544 | +250% |
| Current portion of amounts payable after more than one year | 42 | €23,014 | €21,382 | -€1,633 | -7.1% |
| Financial debts | 43 | €11,232 | €5,057 | -€6,175 | -55.0% |
| Credit institutions | 430/8 | €11,232 | €5,057 | -€6,175 | -55.0% |
| Trade debts | 44 | €5,247 | €6,307 | +€1,060 | +20.2% |
| Suppliers | 440/4 | €5,247 | €6,307 | +€1,060 | +20.2% |
| Taxes, remuneration and social security | 45 | €10,464 | €14,882 | +€4,418 | +42.2% |
| Taxes | 450/3 | €10,464 | €11,959 | +€1,495 | +14.3% |
| Remuneration and social security | 454/9 | - | €2,923 | +€2,923 | |
| Other amounts payable | 47/48 | €15,541 | €181,414 | +€165,873 | +1,067% |
| Accrued charges and deferred income | 492/3 | €1,720 | €4,510 | +€2,790 | +162% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,544 | €9,522 | -€22 | -0.2% |
| Other operating charges | 640/8 | €2,458 | €3,492 | +€1,034 | +42.1% |
| Gross operating margin | 9900 | €109,029 | €116,994 | +€7,965 | +7.3% |
| Operating profit (loss) | 9901 | €97,027 | €103,979 | +€6,952 | +7.2% |
| Financial income | 75/76B | €1,540 | €2,819 | +€1,279 | +83.1% |
| Recurring financial income | 75 | €1,540 | €2,819 | +€1,279 | +83.1% |
| Financial charges | 65/66B | €4,688 | €10,350 | +€5,662 | +121% |
| Recurring financial charges | 65 | €4,688 | €10,350 | +€5,662 | +121% |
| Profit (loss) for the period before taxes | 9903 | €93,878 | €96,448 | +€2,570 | +2.7% |
| Income taxes | 67/77 | €19,181 | €20,943 | +€1,761 | +9.2% |
| Profit (loss) for the period | 9904 | €74,697 | €75,506 | +€809 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €74,697 | €75,506 | +€809 | +1.1% |
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 24 October 2026 via checked.be.