SANZA: 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.
What changed
SANZA
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1,320
2024 · €113,730-€115,050
Equity
€438,258
2024 · €439,578-€1,320
Cash
€240,448
2024 · €37,088+€203,359
Balance sheet total
€3.6m
2024 · €2.7m+€894,472
Largest movements
Assets
- Tangible fixed assets +€703,338
up €703,338 (+33.5%), from €2.1m to €2.8m
of which Land and buildings: +€707,344
- Cash +€203,359
up €203,359 (+548.3%), from €37,088 to €240,448
mainly Other debts (+€509,520) and Debts after one year (+€366,808)
Equity and liabilities
- Other debts +€509,520
new in 2025: €509,520
- Debts after one year +€366,808
up €366,808 (+18.0%), from €2.0m to €2.4m
of which Financial debts: +€367,024
Income statement
- Gross operating margin -€84,506
down €84,506 (-23.1%), from €365,535 to €281,029
- Depreciation +€34,372
up €34,372 (+22.8%), from €150,874 to €185,245
- Taxes -€23,286
down €23,286, from €23,135 to -€151
- Financial charges +€11,182
up €11,182 (+20.7%), from €53,930 to €65,112
- Write-downs +€7,133
new in 2025: €7,133
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.
Result 2024
€113,730
Gross operating margin
-€84,506
Depreciation
-€34,372
Write-downs
-€7,133
Other operating charges
-€1,128
Financial income
-€15
Financial charges
-€11,182
Taxes
+€23,286
Result 2025
-€1,320
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.
From operations
+€692,311
Investment
-€888,583
Financing
+€399,632
Cash 2024
€37,088
From operations (derived)
+€692,311
Net result for the year
-€1,320
Depreciation
+€185,245
Receivables within one year
+€2,905
Deferred charges and accrued income
+€9,320
Smaller working-capital items
+€223
Tax, wage and social debts
-€18,812
Advances received
-€3,630
Other debts
+€509,520
Accrued charges and deferred income
+€8,860
Investment (derived)
-€888,583
Investment in fixed assets (net)
-€888,583
Financing
+€399,632
Debts after one year
+€366,808
Current portion of long-term debt
+€32,824
Cash 2025
€240,448
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,691,998 | €3,586,470 | +€894,472 | +33.2% |
| Fixed assets | 21/28 | €2,538,826 | €3,242,163 | +€703,338 | +27.7% |
| Tangible fixed assets | 22/27 | €2,098,377 | €2,801,714 | +€703,338 | +33.5% |
| Land and buildings | 22 | €2,088,420 | €2,795,764 | +€707,344 | +33.9% |
| Furniture and vehicles | 24 | €9,956 | €5,950 | -€4,006 | -40.2% |
| Financial fixed assets | 28 | €440,449 | €440,449 | = | 0.0% |
| Current assets | 29/58 | €153,172 | €344,307 | +€191,134 | +124.8% |
| Amounts receivable within one year | 40/41 | €98,020 | €95,115 | -€2,905 | -3.0% |
| Trade receivables | 40 | €70,520 | €88,500 | +€17,980 | +25.5% |
| Other amounts receivable | 41 | €27,500 | €6,615 | -€20,885 | -75.9% |
| Cash at bank and in hand | 54/58 | €37,088 | €240,448 | +€203,359 | +548.3% |
| Deferred charges and accrued income | 490/1 | €18,064 | €8,744 | -€9,320 | -51.6% |
| Total equity and liabilities | 10/49 | €2,691,998 | €3,586,470 | +€894,472 | +33.2% |
| Equity | 10/15 | €439,578 | €438,258 | -€1,320 | -0.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €414,578 | €411,278 | -€3,300 | -0.8% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €72,600 | €69,300 | -€3,300 | -4.5% |
| Distributable reserves | 133 | €339,478 | €339,478 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €1,980 | +€1,980 | |
| Provisions and deferred taxes | 16 | €24,200 | €23,100 | -€1,100 | -4.5% |
| Deferred taxes | 168 | €24,200 | €23,100 | -€1,100 | -4.5% |
| Amounts payable | 17/49 | €2,228,220 | €3,125,112 | +€896,892 | +40.3% |
| Amounts payable after more than one year | 17 | €2,040,330 | €2,407,138 | +€366,808 | +18.0% |
| Financial debts | 170/4 | €1,721,529 | €2,088,552 | +€367,024 | +21.3% |
| Other amounts payable | 178/9 | €318,801 | €318,585 | -€216 | -0.1% |
| Amounts payable within one year | 42/48 | €185,950 | €707,174 | +€521,224 | +280.3% |
| Current portion of amounts payable after more than one year | 42 | €148,357 | €181,181 | +€32,824 | +22.1% |
| Trade debts | 44 | - | €1,323 | +€1,323 | |
| Suppliers | 440/4 | - | €1,323 | +€1,323 | |
| Advances received on contracts in progress | 46 | €3,630 | - | -€3,630 | |
| Taxes, remuneration and social security | 45 | €33,963 | €15,151 | -€18,812 | -55.4% |
| Taxes | 450/3 | €30,990 | €9,156 | -€21,834 | -70.5% |
| Remuneration and social security | 454/9 | €2,973 | €5,995 | +€3,022 | +101.6% |
| Other amounts payable | 47/48 | - | €509,520 | +€509,520 | |
| Accrued charges and deferred income | 492/3 | €1,940 | €10,800 | +€8,860 | +456.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,874 | €185,245 | +€34,372 | +22.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,133 | +€7,133 | |
| Other operating charges | 640/8 | €24,992 | €26,120 | +€1,128 | +4.5% |
| Gross operating margin | 9900 | €365,535 | €281,029 | -€84,506 | -23.1% |
| Operating profit (loss) | 9901 | €189,670 | €62,532 | -€127,138 | -67.0% |
| Financial income | 75/76B | €25 | €10 | -€15 | -59.9% |
| Recurring financial income | 75 | €25 | €10 | -€15 | -59.9% |
| Financial charges | 65/66B | €53,930 | €65,112 | +€11,182 | +20.7% |
| Recurring financial charges | 65 | €53,930 | €65,112 | +€11,182 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €135,765 | -€2,570 | -€138,335 | |
| Transfer from deferred taxes | 780 | €1,100 | €1,100 | = | 0.0% |
| Income taxes | 67/77 | €23,135 | -€151 | -€23,286 | |
| Profit (loss) for the period | 9904 | €113,730 | -€1,320 | -€115,050 | |
| Transfer from tax-exempt reserves | 789 | €3,300 | €3,300 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €117,030 | €1,980 | -€115,050 | -98.3% |
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 11 October 2026 via checked.be.