SANTERMANS: 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.
SANTERMANS
Largest movements
- Receivables within one year +€349,289
up €349,289 (+401%), from €87,174 to €436,464
of which Other amounts receivable: +€282,433
- Cash -€162,555
down €162,555 (-53.4%), from €304,516 to €141,961
mainly Receivables within one year (-€349,289) and Stocks and contracts (-€33,384)
- Tangible fixed assets -€143,091
down €143,091 (-90.1%), from €158,737 to €15,646
of which Land and buildings: -€141,043
- Stocks and contracts +€33,384
up €33,384 (+401%), from €8,324 to €41,708
of which Contracts in progress: +€31,404
- Deferred charges and accrued income -€22,746
down €22,746 (-100%), from €22,746 to €0
- Reserves +€97,235
up €97,235 (+32.9%), from €295,276 to €392,512
- Trade debts +€55,144
up €55,144 (+53.4%), from €103,349 to €158,493
- Debts after one year -€30,757
down €30,757 (-100%), from €30,757 to €0
- Other debts -€30,754
down €30,754 (-32.8%), from €93,762 to €63,008
- Profit (loss) carried forward -€17,511
down €17,511 (-100%), from €17,511 to €0
- Depreciation -€18,728
down €18,728 (-87.4%), from €21,421 to €2,692
- Gross operating margin +€17,864
up €17,864 (+6.9%), from €259,914 to €277,778
- Staff costs +€9,155
up €9,155 (+6.1%), from €148,883 to €158,039
- Taxes +€6,490
up €6,490 (+24.7%), from €26,301 to €32,790
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 | €581,497 | €635,778 | +€54,281 | +9.3% |
| Fixed assets | 21/28 | €158,737 | €15,646 | -€143,091 | -90.1% |
| Tangible fixed assets | 22/27 | €158,737 | €15,646 | -€143,091 | -90.1% |
| Land and buildings | 22 | €141,468 | €425 | -€141,043 | -99.7% |
| Plant, machinery and equipment | 23 | €14,378 | €12,169 | -€2,209 | -15.4% |
| Furniture and vehicles | 24 | €2,890 | €3,052 | +€162 | +5.6% |
| Current assets | 29/58 | €422,760 | €620,132 | +€197,372 | +46.7% |
| Stocks and contracts in progress | 3 | €8,324 | €41,708 | +€33,384 | +401% |
| Stocks | 30/36 | €8,324 | €10,305 | +€1,981 | +23.8% |
| Contracts in progress | 37 | - | €31,404 | +€31,404 | |
| Amounts receivable within one year | 40/41 | €87,174 | €436,464 | +€349,289 | +401% |
| Trade receivables | 40 | €77,787 | €144,643 | +€66,856 | +85.9% |
| Other amounts receivable | 41 | €9,387 | €291,821 | +€282,433 | +3,009% |
| Cash at bank and in hand | 54/58 | €304,516 | €141,961 | -€162,555 | -53.4% |
| Deferred charges and accrued income | 490/1 | €22,746 | €0 | -€22,746 | -100% |
| Total equity and liabilities | 10/49 | €581,497 | €635,778 | +€54,281 | +9.3% |
| Equity | 10/15 | €331,388 | €411,112 | +€79,724 | +24.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €295,276 | €392,512 | +€97,235 | +32.9% |
| Distributable reserves | 133 | €295,276 | €392,512 | +€97,235 | +32.9% |
| Profit (loss) carried forward | 14 | €17,511 | €0 | -€17,511 | -100% |
| Amounts payable | 17/49 | €250,109 | €224,667 | -€25,443 | -10.2% |
| Amounts payable after more than one year | 17 | €30,757 | €0 | -€30,757 | -100% |
| Financial debts | 170/4 | €30,757 | €0 | -€30,757 | -100% |
| Amounts payable within one year | 42/48 | €219,353 | €224,667 | +€5,314 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €9,347 | €0 | -€9,347 | -100% |
| Financial debts | 43 | €3,438 | €3,165 | -€273 | -7.9% |
| Credit institutions | 430/8 | €3,438 | €3,165 | -€273 | -7.9% |
| Trade debts | 44 | €103,349 | €158,493 | +€55,144 | +53.4% |
| Suppliers | 440/4 | €103,349 | €158,493 | +€55,144 | +53.4% |
| Taxes, remuneration and social security | 45 | €9,456 | €0 | -€9,456 | -100% |
| Remuneration and social security | 454/9 | €9,456 | €0 | -€9,456 | -100% |
| Other amounts payable | 47/48 | €93,762 | €63,008 | -€30,754 | -32.8% |
| Non-recurring operating income | 76A | - | €168,501 | +€168,501 | |
| Remuneration, social security and pensions | 62 | €148,883 | €158,039 | +€9,155 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,421 | €2,692 | -€18,728 | -87.4% |
| Other operating charges | 640/8 | €340 | €2,567 | +€2,227 | +654% |
| Gross operating margin | 9900 | €259,914 | €277,778 | +€17,864 | +6.9% |
| Operating profit (loss) | 9901 | €89,270 | €114,480 | +€25,210 | +28.2% |
| Financial income | 75/76B | €403 | €117 | -€287 | -71.0% |
| Recurring financial income | 75 | €3 | €117 | +€114 | +3,913% |
| Non-recurring financial income | 76B | €400 | - | -€400 | |
| Financial charges | 65/66B | €2,112 | €2,082 | -€30 | -1.4% |
| Recurring financial charges | 65 | €2,112 | €2,082 | -€30 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €87,561 | €112,515 | +€24,954 | +28.5% |
| Income taxes | 67/77 | €26,301 | €32,790 | +€6,490 | +24.7% |
| Profit (loss) for the period | 9904 | €61,260 | €79,724 | +€18,464 | +30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €61,260 | €79,724 | +€18,464 | +30.1% |
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 14 October 2026 via checked.be.