SANO Projects: 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.
SANO Projects
Largest movements
- Cash +€38,685
up €38,685 (+39.2%), from €98,798 to €137,483
mainly Net result for the year (+€39,019) and Depreciation (+€18,058)
- Tangible fixed assets +€20,959
up €20,959 (+47.7%), from €43,931 to €64,890
of which Plant, machinery and equipment: +€18,062
- Receivables within one year -€7,285
down €7,285 (-17.1%), from €42,492 to €35,207
of which Trade receivables: -€8,066
- Deferred charges and accrued income +€3,110
up €3,110 (+231.9%), from €1,341 to €4,451
- Profit (loss) carried forward +€39,019
up €39,019 (+49.3%), from €79,146 to €118,165
- Debts after one year +€7,502
up €7,502 (+37.6%), from €19,978 to €27,480
- Current portion of long-term debt +€5,857
up €5,857 (+51.6%), from €11,352 to €17,209
- Trade debts +€5,699
up €5,699 (+18.5%), from €30,888 to €36,587
- Staff costs -€7,281
down €7,281 (-41.0%), from €17,744 to €10,463
- Depreciation +€5,554
up €5,554 (+44.4%), from €12,504 to €18,058
- Gross operating margin -€5,201
down €5,201 (-5.9%), from €88,348 to €83,147
- Taxes -€1,313
down €1,313 (-9.6%), from €13,725 to €12,412
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 | €198,712 | €254,181 | +€55,469 | +27.9% |
| Fixed assets | 21/28 | €56,081 | €77,040 | +€20,959 | +37.4% |
| Tangible fixed assets | 22/27 | €43,931 | €64,890 | +€20,959 | +47.7% |
| Plant, machinery and equipment | 23 | €37,007 | €55,069 | +€18,062 | +48.8% |
| Furniture and vehicles | 24 | €3,632 | €5,342 | +€1,710 | +47.1% |
| Other tangible fixed assets | 26 | €3,292 | €4,479 | +€1,187 | +36.1% |
| Financial fixed assets | 28 | €12,150 | €12,150 | = | 0.0% |
| Current assets | 29/58 | €142,631 | €177,141 | +€34,510 | +24.2% |
| Amounts receivable within one year | 40/41 | €42,492 | €35,207 | -€7,285 | -17.1% |
| Trade receivables | 40 | €32,663 | €24,597 | -€8,066 | -24.7% |
| Other amounts receivable | 41 | €9,829 | €10,610 | +€781 | +7.9% |
| Cash at bank and in hand | 54/58 | €98,798 | €137,483 | +€38,685 | +39.2% |
| Deferred charges and accrued income | 490/1 | €1,341 | €4,451 | +€3,110 | +231.9% |
| Total equity and liabilities | 10/49 | €198,712 | €254,181 | +€55,469 | +27.9% |
| Equity | 10/15 | €97,746 | €136,765 | +€39,019 | +39.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,146 | €118,165 | +€39,019 | +49.3% |
| Amounts payable | 17/49 | €100,966 | €117,416 | +€16,450 | +16.3% |
| Amounts payable after more than one year | 17 | €19,978 | €27,480 | +€7,502 | +37.6% |
| Financial debts | 170/4 | €19,978 | €27,480 | +€7,502 | +37.6% |
| Amounts payable within one year | 42/48 | €80,988 | €89,936 | +€8,948 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €11,352 | €17,209 | +€5,857 | +51.6% |
| Trade debts | 44 | €30,888 | €36,587 | +€5,699 | +18.5% |
| Suppliers | 440/4 | €30,888 | €36,587 | +€5,699 | +18.5% |
| Advances received on contracts in progress | 46 | €7,500 | €6,250 | -€1,250 | -16.7% |
| Taxes, remuneration and social security | 45 | €1,322 | - | -€1,322 | |
| Remuneration and social security | 454/9 | €1,322 | - | -€1,322 | |
| Other amounts payable | 47/48 | €29,926 | €29,890 | -€36 | -0.1% |
| Remuneration, social security and pensions | 62 | €17,744 | €10,463 | -€7,281 | -41.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,504 | €18,058 | +€5,554 | +44.4% |
| Other operating charges | 640/8 | €599 | €799 | +€200 | +33.4% |
| Gross operating margin | 9900 | €88,348 | €83,147 | -€5,201 | -5.9% |
| Operating profit (loss) | 9901 | €57,501 | €53,827 | -€3,674 | -6.4% |
| Financial income | 75/76B | €842 | €453 | -€389 | -46.2% |
| Recurring financial income | 75 | €842 | €453 | -€389 | -46.2% |
| Financial charges | 65/66B | €2,265 | €2,849 | +€584 | +25.8% |
| Recurring financial charges | 65 | €2,265 | €2,849 | +€584 | +25.8% |
| Profit (loss) for the period before taxes | 9903 | €56,078 | €51,431 | -€4,647 | -8.3% |
| Income taxes | 67/77 | €13,725 | €12,412 | -€1,313 | -9.6% |
| Profit (loss) for the period | 9904 | €42,353 | €39,019 | -€3,334 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,353 | €39,019 | -€3,334 | -7.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.