SANPEWI: 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.
SANPEWI
Largest movements
- Tangible fixed assets -€35,323
down €35,323 (-17.4%), from €202,940 to €167,617
- Receivables within one year +€6,541
up €6,541 (+5.0%), from €131,235 to €137,775
of which Other amounts receivable: +€5,394
- Cash -€6,323
down €6,323 (-52.3%), from €12,087 to €5,764
mainly Debts after one year (-€28,688) and Investment in fixed assets (net) (-€21,031)
- Stocks and contracts +€6,011
up €6,011 (+21.2%), from €28,317 to €34,328
- Debts after one year -€28,688
down €28,688 (-50.1%), from €57,232 to €28,544
- Reserves +€14,187
up €14,187 (+5.9%), from €242,394 to €256,581
- Short-term financial debts -€8,333
no longer reported in 2025 (was €8,333)
- Trade debts -€6,304
down €6,304 (-30.1%), from €20,957 to €14,652
- Other operating charges +€4,778
up €4,778 (+238%), from €2,010 to €6,788
- Gross operating margin -€4,598
down €4,598 (-5.0%), from €91,139 to €86,541
- Taxes -€2,585
down €2,585 (-27.0%), from €9,567 to €6,982
- Depreciation -€1,385
down €1,385 (-2.4%), from €57,740 to €56,355
- Financial charges -€1,173
down €1,173 (-20.6%), from €5,695 to €4,522
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 | €380,042 | €348,525 | -€31,517 | -8.3% |
| Fixed assets | 21/28 | €202,940 | €167,617 | -€35,323 | -17.4% |
| Tangible fixed assets | 22/27 | €202,940 | €167,617 | -€35,323 | -17.4% |
| Plant, machinery and equipment | 23 | €52,571 | €39,307 | -€13,264 | -25.2% |
| Furniture and vehicles | 24 | €17,421 | €12,185 | -€5,236 | -30.1% |
| Other tangible fixed assets | 26 | €132,947 | €116,124 | -€16,823 | -12.7% |
| Current assets | 29/58 | €177,102 | €180,908 | +€3,806 | +2.1% |
| Stocks and contracts in progress | 3 | €28,317 | €34,328 | +€6,011 | +21.2% |
| Stocks | 30/36 | €28,317 | €34,328 | +€6,011 | +21.2% |
| Amounts receivable within one year | 40/41 | €131,235 | €137,775 | +€6,541 | +5.0% |
| Trade receivables | 40 | €21,015 | €22,161 | +€1,146 | +5.5% |
| Other amounts receivable | 41 | €110,220 | €115,614 | +€5,394 | +4.9% |
| Cash at bank and in hand | 54/58 | €12,087 | €5,764 | -€6,323 | -52.3% |
| Deferred charges and accrued income | 490/1 | €5,463 | €3,040 | -€2,423 | -44.3% |
| Total equity and liabilities | 10/49 | €380,042 | €348,525 | -€31,517 | -8.3% |
| Equity | 10/15 | €260,986 | €275,173 | +€14,187 | +5.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €242,394 | €256,581 | +€14,187 | +5.9% |
| Distributable reserves | 133 | €242,394 | €256,581 | +€14,187 | +5.9% |
| Amounts payable | 17/49 | €119,056 | €73,352 | -€45,704 | -38.4% |
| Amounts payable after more than one year | 17 | €57,232 | €28,544 | -€28,688 | -50.1% |
| Financial debts | 170/4 | €57,232 | €28,544 | -€28,688 | -50.1% |
| Amounts payable within one year | 42/48 | €61,496 | €44,572 | -€16,924 | -27.5% |
| Current portion of amounts payable after more than one year | 42 | €27,770 | €28,688 | +€918 | +3.3% |
| Financial debts | 43 | €8,333 | - | -€8,333 | |
| Credit institutions | 430/8 | €8,333 | - | -€8,333 | |
| Trade debts | 44 | €20,957 | €14,652 | -€6,304 | -30.1% |
| Suppliers | 440/4 | €20,957 | €14,652 | -€6,304 | -30.1% |
| Taxes, remuneration and social security | 45 | €117 | €117 | = | 0.0% |
| Taxes | 450/3 | €117 | €117 | = | 0.0% |
| Other amounts payable | 47/48 | €4,318 | €1,114 | -€3,205 | -74.2% |
| Accrued charges and deferred income | 492/3 | €328 | €236 | -€91 | -27.9% |
| Non-recurring operating income | 76A | €2,000 | €11,000 | +€9,000 | +450% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,740 | €56,355 | -€1,385 | -2.4% |
| Other operating charges | 640/8 | €2,010 | €6,788 | +€4,778 | +238% |
| Gross operating margin | 9900 | €91,139 | €86,541 | -€4,598 | -5.0% |
| Operating profit (loss) | 9901 | €31,389 | €23,398 | -€7,991 | -25.5% |
| Financial income | 75/76B | €2,567 | €3,126 | +€559 | +21.8% |
| Recurring financial income | 75 | €2,567 | €3,126 | +€559 | +21.8% |
| Financial charges | 65/66B | €5,695 | €4,522 | -€1,173 | -20.6% |
| Recurring financial charges | 65 | €5,695 | €4,522 | -€1,173 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €28,260 | €22,002 | -€6,258 | -22.1% |
| Income taxes | 67/77 | €9,567 | €6,982 | -€2,585 | -27.0% |
| Profit (loss) for the period | 9904 | €18,693 | €15,020 | -€3,673 | -19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,693 | €15,020 | -€3,673 | -19.7% |
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 14 October 2026 via checked.be.