SANTHERM: 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.
SANTHERM
Largest movements
- Tangible fixed assets +€51,011
up €51,011 (+425%), from €12,014 to €63,025
of which Furniture and vehicles: +€50,790
- Cash +€34,243
up €34,243 (+12.6%), from €271,275 to €305,518
mainly Net result for the year (+€97,389) and Receivables within one year (+€19,472)
- Receivables within one year -€19,472
down €19,472 (-53.2%), from €36,617 to €17,145
of which Trade receivables: -€16,247
- Reserves +€71,224
up €71,224 (+28.3%), from €251,844 to €323,068
- Trade debts -€16,242
down €16,242 (-26.8%), from €60,647 to €44,405
- Tax, wage and social debts +€8,458
up €8,458 (+72.5%), from €11,662 to €20,120
- Gross operating margin +€56,538
up €56,538 (+64.0%), from €88,331 to €144,869
- Taxes +€8,458
up €8,458 (+39.0%), from €21,662 to €30,120
- Depreciation +€3,865
up €3,865 (+31.2%), from €12,372 to €16,237
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 | €324,153 | €389,946 | +€65,793 | +20.3% |
| Fixed assets | 21/28 | €12,014 | €63,025 | +€51,011 | +425% |
| Tangible fixed assets | 22/27 | €12,014 | €63,025 | +€51,011 | +425% |
| Plant, machinery and equipment | 23 | €702 | €2,318 | +€1,616 | +230% |
| Furniture and vehicles | 24 | €8,710 | €59,500 | +€50,790 | +583% |
| Other tangible fixed assets | 26 | €2,602 | €1,207 | -€1,395 | -53.6% |
| Current assets | 29/58 | €312,139 | €326,921 | +€14,782 | +4.7% |
| Amounts receivable within one year | 40/41 | €36,617 | €17,145 | -€19,472 | -53.2% |
| Trade receivables | 40 | €23,267 | €7,020 | -€16,247 | -69.8% |
| Other amounts receivable | 41 | €13,350 | €10,125 | -€3,225 | -24.2% |
| Cash at bank and in hand | 54/58 | €271,275 | €305,518 | +€34,243 | +12.6% |
| Deferred charges and accrued income | 490/1 | €4,247 | €4,258 | +€11 | +0.3% |
| Total equity and liabilities | 10/49 | €324,153 | €389,946 | +€65,793 | +20.3% |
| Equity | 10/15 | €251,844 | €323,068 | +€71,224 | +28.3% |
| Reserves | 13 | €251,844 | €323,068 | +€71,224 | +28.3% |
| Distributable reserves | 133 | €251,844 | €323,068 | +€71,224 | +28.3% |
| Amounts payable | 17/49 | €72,309 | €66,878 | -€5,431 | -7.5% |
| Amounts payable within one year | 42/48 | €72,309 | €66,878 | -€5,431 | -7.5% |
| Trade debts | 44 | €60,647 | €44,405 | -€16,242 | -26.8% |
| Suppliers | 440/4 | €60,647 | €44,405 | -€16,242 | -26.8% |
| Taxes, remuneration and social security | 45 | €11,662 | €20,120 | +€8,458 | +72.5% |
| Taxes | 450/3 | €11,662 | €20,120 | +€8,458 | +72.5% |
| Other amounts payable | 47/48 | - | €2,353 | +€2,353 | |
| Non-recurring operating income | 76A | - | €80,348 | +€80,348 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,372 | €16,237 | +€3,865 | +31.2% |
| Other operating charges | 640/8 | €2,575 | €1,139 | -€1,436 | -55.8% |
| Gross operating margin | 9900 | €88,331 | €144,869 | +€56,538 | +64.0% |
| Operating profit (loss) | 9901 | €73,384 | €127,493 | +€54,109 | +73.7% |
| Financial income | 75/76B | €913 | €53 | -€860 | -94.2% |
| Recurring financial income | 75 | €913 | €53 | -€860 | -94.2% |
| Financial charges | 65/66B | €119 | €37 | -€82 | -68.9% |
| Recurring financial charges | 65 | €119 | €37 | -€82 | -68.9% |
| Profit (loss) for the period before taxes | 9903 | €74,178 | €127,509 | +€53,331 | +71.9% |
| Income taxes | 67/77 | €21,662 | €30,120 | +€8,458 | +39.0% |
| Profit (loss) for the period | 9904 | €52,516 | €97,389 | +€44,873 | +85.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,516 | €97,389 | +€44,873 | +85.4% |
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 22 October 2026 via checked.be.