SANGERS MANAGEMENT: 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.
SANGERS MANAGEMENT
Largest movements
- Cash -€74,875
down €74,875 (-60.4%), from €124,022 to €49,147
mainly Contributions, distributions and other (-€54,227) and Net result for the year (-€47,316)
- Reserves -€54,227
down €54,227 (-36.6%), from €148,083 to €93,856
- Profit (loss) carried forward -€47,316
down €47,316 (-87.3%), from -€54,177 to -€101,493
- Other debts +€33,506
up €33,506 (+392%), from €8,547 to €42,053
- Trade debts -€5,377
down €5,377 (-67.7%), from €7,947 to €2,570
- Tax, wage and social debts -€2,268
down €2,268 (-80.9%), from €2,803 to €535
of which Remuneration and social security: -€1,820
- Gross operating margin -€36,522
down €36,522 (-572%), from -€6,386 to -€42,908
- Financial income -€19,832
down €19,832 (-100.0%), from €19,837 to €5
- Other operating charges -€10,243
down €10,243 (-93.7%), from €10,931 to €688
- Financial charges -€1,129
down €1,129 (-27.9%), from €4,046 to €2,918
- Depreciation -€925
down €925 (-62.2%), from €1,488 to €563
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 | €128,894 | €53,571 | -€75,323 | -58.4% |
| Fixed assets | 21/28 | €373 | €679 | +€306 | +82.0% |
| Tangible fixed assets | 22/27 | €373 | €679 | +€306 | +82.0% |
| Plant, machinery and equipment | 23 | €373 | €679 | +€306 | +82.0% |
| Current assets | 29/58 | €128,521 | €52,892 | -€75,629 | -58.8% |
| Amounts receivable within one year | 40/41 | €4,111 | €2,829 | -€1,282 | -31.2% |
| Trade receivables | 40 | €2,993 | - | -€2,993 | |
| Other amounts receivable | 41 | €1,119 | €2,829 | +€1,710 | +153% |
| Current investments | 50/53 | €362 | €362 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €124,022 | €49,147 | -€74,875 | -60.4% |
| Deferred charges and accrued income | 490/1 | €25 | €554 | +€529 | +2,096% |
| Total equity and liabilities | 10/49 | €128,894 | €53,571 | -€75,323 | -58.4% |
| Equity | 10/15 | €106,306 | €4,763 | -€101,543 | -95.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €148,083 | €93,856 | -€54,227 | -36.6% |
| Distributable reserves | 133 | €148,083 | €93,856 | -€54,227 | -36.6% |
| Profit (loss) carried forward | 14 | -€54,177 | -€101,493 | -€47,316 | -87.3% |
| Amounts payable | 17/49 | €22,588 | €48,808 | +€26,220 | +116% |
| Amounts payable within one year | 42/48 | €19,297 | €46,526 | +€27,229 | +141% |
| Financial debts | 43 | - | €1,368 | +€1,368 | |
| Credit institutions | 430/8 | - | €1,368 | +€1,368 | |
| Trade debts | 44 | €7,947 | €2,570 | -€5,377 | -67.7% |
| Suppliers | 440/4 | €7,947 | €2,570 | -€5,377 | -67.7% |
| Taxes, remuneration and social security | 45 | €2,803 | €535 | -€2,268 | -80.9% |
| Taxes | 450/3 | €984 | €535 | -€449 | -45.6% |
| Remuneration and social security | 454/9 | €1,820 | - | -€1,820 | |
| Other amounts payable | 47/48 | €8,547 | €42,053 | +€33,506 | +392% |
| Accrued charges and deferred income | 492/3 | €3,291 | €2,282 | -€1,009 | -30.7% |
| Non-recurring operating income | 76A | €125 | - | -€125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,488 | €563 | -€925 | -62.2% |
| Other operating charges | 640/8 | €10,931 | €688 | -€10,243 | -93.7% |
| Non-recurring operating charges | 66A | €118 | - | -€118 | |
| Gross operating margin | 9900 | -€6,386 | -€42,908 | -€36,522 | -572% |
| Operating profit (loss) | 9901 | -€18,923 | -€44,158 | -€25,235 | -133% |
| Financial income | 75/76B | €19,837 | €5 | -€19,832 | -100.0% |
| Recurring financial income | 75 | €19,837 | €5 | -€19,832 | -100.0% |
| Financial charges | 65/66B | €4,046 | €2,918 | -€1,129 | -27.9% |
| Recurring financial charges | 65 | €4,046 | €2,918 | -€1,129 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,133 | -€47,071 | -€43,938 | -1,403% |
| Income taxes | 67/77 | €214 | €245 | +€31 | +14.5% |
| Profit (loss) for the period | 9904 | -€3,347 | -€47,316 | -€43,969 | -1,314% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,347 | -€47,316 | -€43,969 | -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 24 October 2026 via checked.be.