Santiago: 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.
Santiago
Largest movements
- Cash +€1,720
up €1,720 (+4.0%), from €42,793 to €44,514
mainly Tax, wage and social debts (+€2,316) and Net result for the year (+€1,756)
- Tangible fixed assets -€1,581
down €1,581 (-20.4%), from €7,762 to €6,181
- Trade debts -€3,589
down €3,589 (-42.2%), from €8,497 to €4,908
- Tax, wage and social debts +€2,316
up €2,316 (+21.8%), from €10,632 to €12,948
of which Remuneration and social security: +€2,008
- Profit (loss) carried forward +€1,756
up €1,756 (+6.0%), from €29,261 to €31,017
- Gross operating margin -€23,118
down €23,118 (-42.3%), from €54,650 to €31,531
- Taxes -€5,645
down €5,645 (-87.8%), from €6,431 to €786
- Staff costs -€4,409
down €4,409 (-17.2%), from €25,560 to €21,151
- Other operating charges +€2,008
up €2,008 (+76.7%), from €2,619 to €4,628
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 | €53,390 | €54,210 | +€820 | +1.5% |
| Fixed assets | 21/28 | €7,762 | €6,181 | -€1,581 | -20.4% |
| Tangible fixed assets | 22/27 | €7,762 | €6,181 | -€1,581 | -20.4% |
| Land and buildings | 22 | €1,523 | €1,343 | -€180 | -11.8% |
| Plant, machinery and equipment | 23 | €2,871 | €2,170 | -€701 | -24.4% |
| Furniture and vehicles | 24 | €3,367 | €2,667 | -€700 | -20.8% |
| Current assets | 29/58 | €45,628 | €48,029 | +€2,401 | +5.3% |
| Amounts receivable within one year | 40/41 | €2,078 | €2,590 | +€512 | +24.6% |
| Trade receivables | 40 | €2,078 | €1,876 | -€202 | -9.7% |
| Other amounts receivable | 41 | - | €714 | +€714 | |
| Cash at bank and in hand | 54/58 | €42,793 | €44,514 | +€1,720 | +4.0% |
| Deferred charges and accrued income | 490/1 | €756 | €925 | +€169 | +22.3% |
| Total equity and liabilities | 10/49 | €53,390 | €54,210 | +€820 | +1.5% |
| Equity | 10/15 | €34,261 | €36,017 | +€1,756 | +5.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,261 | €31,017 | +€1,756 | +6.0% |
| Amounts payable | 17/49 | €19,129 | €18,193 | -€936 | -4.9% |
| Amounts payable within one year | 42/48 | €19,129 | €18,193 | -€936 | -4.9% |
| Trade debts | 44 | €8,497 | €4,908 | -€3,589 | -42.2% |
| Suppliers | 440/4 | €8,497 | €4,908 | -€3,589 | -42.2% |
| Taxes, remuneration and social security | 45 | €10,632 | €12,948 | +€2,316 | +21.8% |
| Taxes | 450/3 | €8,942 | €9,250 | +€308 | +3.4% |
| Remuneration and social security | 454/9 | €1,689 | €3,697 | +€2,008 | +119% |
| Other amounts payable | 47/48 | - | €337 | +€337 | |
| Remuneration, social security and pensions | 62 | €25,560 | €21,151 | -€4,409 | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,462 | €1,581 | +€119 | +8.2% |
| Other operating charges | 640/8 | €2,619 | €4,628 | +€2,008 | +76.7% |
| Gross operating margin | 9900 | €54,650 | €31,531 | -€23,118 | -42.3% |
| Operating profit (loss) | 9901 | €25,009 | €4,172 | -€20,837 | -83.3% |
| Financial income | 75/76B | €196 | €2 | -€194 | -99.0% |
| Recurring financial income | 75 | €196 | €2 | -€194 | -99.0% |
| Financial charges | 65/66B | €1,591 | €1,631 | +€40 | +2.5% |
| Recurring financial charges | 65 | €1,591 | €1,631 | +€40 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €23,614 | €2,542 | -€21,071 | -89.2% |
| Income taxes | 67/77 | €6,431 | €786 | -€5,645 | -87.8% |
| Profit (loss) for the period | 9904 | €17,183 | €1,756 | -€15,427 | -89.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,183 | €1,756 | -€15,427 | -89.8% |
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 28 October 2026 via checked.be.