SANTEL: 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.
SANTEL
Largest movements
- Tangible fixed assets +€33,890
up €33,890 (+1501.7%), from €2,257 to €36,147
- Deferred charges and accrued income -€12,017
down €12,017 (-96.1%), from €12,509 to €492
- Debts after one year +€22,167
new in 2025: €22,167
- Current portion of long-term debt +€8,996
new in 2025: €8,996
- Reserves -€5,500
down €5,500 (-5.1%), from €108,800 to €103,300
- Tax, wage and social debts -€5,453
down €5,453 (-51.4%), from €10,603 to €5,150
of which Taxes: -€5,453
- Gross operating margin +€13,243
up €13,243 (+32.6%), from €40,595 to €53,838
- Depreciation +€6,086
up €6,086 (+467.8%), from €1,301 to €7,387
- Taxes +€1,719
up €1,719 (+20.3%), from €8,457 to €10,176
- Financial charges +€562
up €562 (+93.6%), from €600 to €1,162
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 | €125,497 | €146,637 | +€21,139 | +16.8% |
| Fixed assets | 21/28 | €2,257 | €36,147 | +€33,890 | +1501.7% |
| Tangible fixed assets | 22/27 | €2,257 | €36,147 | +€33,890 | +1501.7% |
| Furniture and vehicles | 24 | €2,257 | €36,147 | +€33,890 | +1501.7% |
| Current assets | 29/58 | €123,240 | €110,490 | -€12,750 | -10.3% |
| Amounts receivable within one year | 40/41 | €21,341 | €21,742 | +€402 | +1.9% |
| Trade receivables | 40 | €14,797 | €14,829 | +€31 | +0.2% |
| Other amounts receivable | 41 | €6,543 | €6,914 | +€370 | +5.7% |
| Cash at bank and in hand | 54/58 | €89,391 | €88,255 | -€1,135 | -1.3% |
| Deferred charges and accrued income | 490/1 | €12,509 | €492 | -€12,017 | -96.1% |
| Total equity and liabilities | 10/49 | €125,497 | €146,637 | +€21,139 | +16.8% |
| Equity | 10/15 | €111,874 | €106,384 | -€5,490 | -4.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €108,800 | €103,300 | -€5,500 | -5.1% |
| Distributable reserves | 133 | €108,800 | €103,300 | -€5,500 | -5.1% |
| Profit (loss) carried forward | 14 | €74 | €84 | +€10 | +13.9% |
| Amounts payable | 17/49 | €13,623 | €40,252 | +€26,629 | +195.5% |
| Amounts payable after more than one year | 17 | - | €22,167 | +€22,167 | |
| Financial debts | 170/4 | - | €22,167 | +€22,167 | |
| Amounts payable within one year | 42/48 | €13,623 | €18,085 | +€4,462 | +32.8% |
| Current portion of amounts payable after more than one year | 42 | - | €8,996 | +€8,996 | |
| Trade debts | 44 | €426 | €365 | -€61 | -14.4% |
| Suppliers | 440/4 | €426 | €365 | -€61 | -14.4% |
| Taxes, remuneration and social security | 45 | €10,603 | €5,150 | -€5,453 | -51.4% |
| Taxes | 450/3 | €7,603 | €2,150 | -€5,453 | -71.7% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €2,594 | €3,574 | +€980 | +37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,301 | €7,387 | +€6,086 | +467.8% |
| Other operating charges | 640/8 | €563 | €604 | +€41 | +7.3% |
| Gross operating margin | 9900 | €40,595 | €53,838 | +€13,243 | +32.6% |
| Operating profit (loss) | 9901 | €38,732 | €45,848 | +€7,116 | +18.4% |
| Financial income | 75/76B | €0 | €0 | +€0 | +800.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +800.0% |
| Financial charges | 65/66B | €600 | €1,162 | +€562 | +93.6% |
| Recurring financial charges | 65 | €600 | €1,162 | +€562 | +93.6% |
| Profit (loss) for the period before taxes | 9903 | €38,132 | €44,686 | +€6,554 | +17.2% |
| Income taxes | 67/77 | €8,457 | €10,176 | +€1,719 | +20.3% |
| Profit (loss) for the period | 9904 | €29,675 | €34,510 | +€4,835 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,675 | €34,510 | +€4,835 | +16.3% |
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 9 October 2026 via checked.be.