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 -€73,165
down €73,165 (-88.1%), from €83,061 to €9,896
mainly Investment in fixed assets (net) (-€79,469) and Debts after one year (-€73,317)
- Tangible fixed assets +€42,949
up €42,949 (+4.4%), from €985,231 to €1.0m
of which Assets under construction and advance payments: +€43,750
- Debts after one year -€73,317
down €73,317 (-14.1%), from €521,092 to €447,775
- Short-term financial debts +€49,230
new in 2025: €49,230
- Trade debts +€15,630
up €15,630 (+77.8%), from €20,096 to €35,726
- Reserves +€15,201
up €15,201 (+8.9%), from €171,077 to €186,278
- Other debts -€12,300
down €12,300 (-35.0%), from €35,168 to €22,868
- Gross operating margin -€95,933
down €95,933 (-29.0%), from €330,629 to €234,696
- Taxes -€17,143
down €17,143 (-75.5%), from €22,710 to €5,567
- Financial charges -€8,108
down €8,108 (-19.4%), from €41,817 to €33,709
- Staff costs -€4,798
down €4,798 (-3.8%), from €125,354 to €120,555
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 | €1,174,020 | €1,155,724 | -€18,295 | -1.6% |
| Fixed assets | 21/28 | €985,231 | €1,030,510 | +€45,279 | +4.6% |
| Tangible fixed assets | 22/27 | €985,231 | €1,028,180 | +€42,949 | +4.4% |
| Land and buildings | 22 | €972,156 | €946,042 | -€26,114 | -2.7% |
| Furniture and vehicles | 24 | €1,059 | €32,742 | +€31,682 | +2,991% |
| Other tangible fixed assets | 26 | €12,015 | €5,646 | -€6,369 | -53.0% |
| Assets under construction and advance payments | 27 | - | €43,750 | +€43,750 | |
| Financial fixed assets | 28 | - | €2,330 | +€2,330 | |
| Current assets | 29/58 | €188,789 | €125,214 | -€63,575 | -33.7% |
| Stocks and contracts in progress | 3 | €568 | €0 | -€568 | -100% |
| Stocks | 30/36 | €568 | €0 | -€568 | -100% |
| Amounts receivable within one year | 40/41 | €98,501 | €105,083 | +€6,582 | +6.7% |
| Trade receivables | 40 | €645 | €0 | -€645 | -100% |
| Other amounts receivable | 41 | €97,855 | €105,083 | +€7,228 | +7.4% |
| Cash at bank and in hand | 54/58 | €83,061 | €9,896 | -€73,165 | -88.1% |
| Deferred charges and accrued income | 490/1 | €6,659 | €10,236 | +€3,577 | +53.7% |
| Total equity and liabilities | 10/49 | €1,174,020 | €1,155,724 | -€18,295 | -1.6% |
| Equity | 10/15 | €438,395 | €453,596 | +€15,201 | +3.5% |
| Contributions | 10/11 | €258,550 | €258,550 | = | 0.0% |
| Reserves | 13 | €171,077 | €186,278 | +€15,201 | +8.9% |
| Distributable reserves | 133 | €171,077 | €186,278 | +€15,201 | +8.9% |
| Profit (loss) carried forward | 14 | €8,768 | €8,768 | = | 0.0% |
| Amounts payable | 17/49 | €735,625 | €702,128 | -€33,497 | -4.6% |
| Amounts payable after more than one year | 17 | €521,092 | €447,775 | -€73,317 | -14.1% |
| Financial debts | 170/4 | €521,092 | €447,775 | -€73,317 | -14.1% |
| Amounts payable within one year | 42/48 | €214,533 | €254,354 | +€39,821 | +18.6% |
| Current portion of amounts payable after more than one year | 42 | €104,894 | €101,845 | -€3,049 | -2.9% |
| Financial debts | 43 | - | €49,230 | +€49,230 | |
| Credit institutions | 430/8 | - | €49,230 | +€49,230 | |
| Trade debts | 44 | €20,096 | €35,726 | +€15,630 | +77.8% |
| Suppliers | 440/4 | €20,096 | €35,726 | +€15,630 | +77.8% |
| Advances received on contracts in progress | 46 | €8,438 | €8,438 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €45,937 | €36,246 | -€9,690 | -21.1% |
| Taxes | 450/3 | €38,465 | €29,245 | -€9,220 | -24.0% |
| Remuneration and social security | 454/9 | €7,472 | €7,001 | -€470 | -6.3% |
| Other amounts payable | 47/48 | €35,168 | €22,868 | -€12,300 | -35.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €125,354 | €120,555 | -€4,798 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,259 | €34,190 | -€1,069 | -3.0% |
| Other operating charges | 640/8 | €25,062 | €27,825 | +€2,764 | +11.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €330,629 | €234,696 | -€95,933 | -29.0% |
| Operating profit (loss) | 9901 | €144,955 | €52,126 | -€92,829 | -64.0% |
| Financial income | 75/76B | €2,482 | €2,352 | -€130 | -5.3% |
| Recurring financial income | 75 | €2,482 | €2,352 | -€130 | -5.3% |
| Financial charges | 65/66B | €41,817 | €33,709 | -€8,108 | -19.4% |
| Recurring financial charges | 65 | €41,817 | €33,709 | -€8,108 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €105,619 | €20,768 | -€84,851 | -80.3% |
| Income taxes | 67/77 | €22,710 | €5,567 | -€17,143 | -75.5% |
| Profit (loss) for the period | 9904 | €82,910 | €15,201 | -€67,709 | -81.7% |
| Profit (loss) for the period to be appropriated | 9905 | €82,910 | €15,201 | -€67,709 | -81.7% |
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 28 October 2026 via checked.be.