SANTO: what changed
Two fiscal 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.
SANTO
Largest movements
- Cash +€65,715
up €65,715 (+110.6%), from €59,429 to €125,145
mainly Net result for the year (+€84,417) and Current investments (+€47,352)
- Current investments -€47,352
down €47,352 (-30.1%), from €157,461 to €110,109
- Tangible fixed assets -€7,133
down €7,133 (-60.0%), from €11,887 to €4,755
of which Furniture and vehicles: -€6,720
- Reserves +€84,417
up €84,417 (+103.9%), from €81,284 to €165,700
of which Distributable reserves: +€84,417
- Debts after one year -€70,203
no longer reported in 2025 (was €70,203)
- Current portion of long-term debt -€10,238
no longer reported in 2025 (was €10,238)
- Tax, wage and social debts +€5,648
up €5,648 (+34.2%), from €16,529 to €22,177
- Gross operating margin +€11,829
up €11,829 (+9.1%), from €130,003 to €141,832
- Financial income -€6,600
down €6,600 (-100.0%), from €6,600 to €0
- Financial charges -€4,252
down €4,252 (-31.2%), from €13,634 to €9,382
- Depreciation +€4,047
up €4,047 (+131.2%), from €3,086 to €7,133
- Taxes +€1,830
up €1,830 (+4.8%), from €38,375 to €40,205
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 | €265,955 | €275,991 | +€10,036 | +3.8% |
| Fixed assets | 21/28 | €11,887 | €4,755 | -€7,133 | -60.0% |
| Tangible fixed assets | 22/27 | €11,887 | €4,755 | -€7,133 | -60.0% |
| Plant, machinery and equipment | 23 | €1,049 | €636 | -€413 | -39.4% |
| Furniture and vehicles | 24 | €10,838 | €4,118 | -€6,720 | -62.0% |
| Current assets | 29/58 | €254,067 | €271,236 | +€17,169 | +6.8% |
| Amounts receivable within one year | 40/41 | €35,576 | €33,906 | -€1,670 | -4.7% |
| Trade receivables | 40 | €27,104 | €18,056 | -€9,048 | -33.4% |
| Other amounts receivable | 41 | €8,472 | €15,851 | +€7,379 | +87.1% |
| Current investments | 50/53 | €157,461 | €110,109 | -€47,352 | -30.1% |
| Cash at bank and in hand | 54/58 | €59,429 | €125,145 | +€65,715 | +110.6% |
| Deferred charges and accrued income | 490/1 | €1,601 | €2,076 | +€475 | +29.7% |
| Total equity and liabilities | 10/49 | €265,955 | €275,991 | +€10,036 | +3.8% |
| Equity | 10/15 | €168,984 | €253,400 | +€84,417 | +50.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €81,284 | €165,700 | +€84,417 | +103.9% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €80,784 | €165,200 | +€84,417 | +104.5% |
| Profit (loss) carried forward | 14 | €82,700 | €82,700 | = | 0.0% |
| Amounts payable | 17/49 | €96,971 | €22,590 | -€74,381 | -76.7% |
| Amounts payable after more than one year | 17 | €70,203 | - | -€70,203 | |
| Financial debts | 170/4 | €70,203 | - | -€70,203 | |
| Amounts payable within one year | 42/48 | €26,767 | €22,590 | -€4,177 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €10,238 | - | -€10,238 | |
| Trade debts | 44 | - | €413 | +€413 | |
| Suppliers | 440/4 | - | €413 | +€413 | |
| Taxes, remuneration and social security | 45 | €16,529 | €22,177 | +€5,648 | +34.2% |
| Taxes | 450/3 | €16,529 | €22,177 | +€5,648 | +34.2% |
| Non-recurring operating income | 76A | €5,318 | - | -€5,318 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,086 | €7,133 | +€4,047 | +131.2% |
| Other operating charges | 640/8 | €725 | €696 | -€29 | -4.0% |
| Gross operating margin | 9900 | €130,003 | €141,832 | +€11,829 | +9.1% |
| Operating profit (loss) | 9901 | €126,192 | €134,003 | +€7,811 | +6.2% |
| Financial income | 75/76B | €6,600 | €0 | -€6,600 | -100.0% |
| Recurring financial income | 75 | €6,600 | €0 | -€6,600 | -100.0% |
| Financial charges | 65/66B | €13,634 | €9,382 | -€4,252 | -31.2% |
| Recurring financial charges | 65 | €13,634 | €9,382 | -€4,252 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €119,159 | €124,622 | +€5,463 | +4.6% |
| Income taxes | 67/77 | €38,375 | €40,205 | +€1,830 | +4.8% |
| Profit (loss) for the period | 9904 | €80,784 | €84,417 | +€3,633 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €80,784 | €84,417 | +€3,633 | +4.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.