SANZARU: 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.
SANZARU
Largest movements
- Tangible fixed assets +€382,201
up €382,201 (+119%), from €320,660 to €702,861
- Intangible fixed assets +€50,254
up €50,254 (+70.9%), from €70,890 to €121,144
- Cash -€44,686
down €44,686 (-56.6%), from €78,983 to €34,297
mainly Investment in fixed assets (net) (-€603,125) and Debts after one year (-€123,802)
- Deferred charges and accrued income +€37,002
up €37,002 (+471%), from €7,856 to €44,859
- Receivables within one year +€14,083
up €14,083 (+59.5%), from €23,685 to €37,768
of which Trade receivables: +€12,932
- Revaluation surpluses +€499,340
new in 2025: €499,340
- Debts after one year -€123,802
down €123,802 (-39.7%), from €311,912 to €188,110
of which Other amounts payable: -€232,934
- Current portion of long-term debt +€48,764
up €48,764 (+195%), from €25,070 to €73,834
- Depreciation -€103,940
down €103,940 (-36.3%), from €286,035 to €182,095
- Gross operating margin -€55,025
down €55,025 (-4.5%), from €1.2m to €1.2m
- Staff costs +€27,848
up €27,848 (+3.1%), from €911,847 to €939,695
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 | €545,533 | €972,964 | +€427,430 | +78.4% |
| Formation expenses | 20 | €17,044 | €5,438 | -€11,606 | -68.1% |
| Fixed assets | 21/28 | €391,730 | €824,367 | +€432,637 | +110% |
| Intangible fixed assets | 21 | €70,890 | €121,144 | +€50,254 | +70.9% |
| Tangible fixed assets | 22/27 | €320,660 | €702,861 | +€382,201 | +119% |
| Plant, machinery and equipment | 23 | €120,988 | €285,635 | +€164,647 | +136% |
| Furniture and vehicles | 24 | €71,805 | €163,554 | +€91,748 | +128% |
| Other tangible fixed assets | 26 | €127,867 | €253,673 | +€125,805 | +98.4% |
| Financial fixed assets | 28 | €180 | €363 | +€183 | +101% |
| Current assets | 29/58 | €136,759 | €143,158 | +€6,399 | +4.7% |
| Stocks and contracts in progress | 3 | €26,234 | €26,234 | = | 0.0% |
| Stocks | 30/36 | €26,234 | €26,234 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,685 | €37,768 | +€14,083 | +59.5% |
| Trade receivables | 40 | €23,685 | €36,617 | +€12,932 | +54.6% |
| Other amounts receivable | 41 | - | €1,151 | +€1,151 | |
| Cash at bank and in hand | 54/58 | €78,983 | €34,297 | -€44,686 | -56.6% |
| Deferred charges and accrued income | 490/1 | €7,856 | €44,859 | +€37,002 | +471% |
| Total equity and liabilities | 10/49 | €545,533 | €972,964 | +€427,430 | +78.4% |
| Equity | 10/15 | -€114,098 | €387,914 | +€502,013 | |
| Contributions | 10/11 | €58,550 | €58,550 | = | 0.0% |
| Revaluation surpluses | 12 | - | €499,340 | +€499,340 | |
| Profit (loss) carried forward | 14 | -€179,627 | -€169,976 | +€9,652 | +5.4% |
| Investment grants | 15 | €6,979 | - | -€6,979 | |
| Provisions and deferred taxes | 16 | €3,593 | - | -€3,593 | |
| Deferred taxes | 168 | €3,593 | - | -€3,593 | |
| Amounts payable | 17/49 | €656,038 | €585,049 | -€70,989 | -10.8% |
| Amounts payable after more than one year | 17 | €311,912 | €188,110 | -€123,802 | -39.7% |
| Financial debts | 170/4 | €68,570 | €188,110 | +€119,540 | +174% |
| Trade debts | 175 | €10,409 | - | -€10,409 | |
| Other amounts payable | 178/9 | €232,934 | - | -€232,934 | |
| Amounts payable within one year | 42/48 | €344,126 | €396,939 | +€52,813 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €25,070 | €73,834 | +€48,764 | +195% |
| Trade debts | 44 | €202,580 | €210,965 | +€8,385 | +4.1% |
| Suppliers | 440/4 | €202,580 | €210,965 | +€8,385 | +4.1% |
| Taxes, remuneration and social security | 45 | €116,476 | €112,140 | -€4,336 | -3.7% |
| Taxes | 450/3 | €8,386 | €34,621 | +€26,235 | +313% |
| Remuneration and social security | 454/9 | €108,090 | €77,520 | -€30,571 | -28.3% |
| Remuneration, social security and pensions | 62 | €911,847 | €939,695 | +€27,848 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €286,035 | €182,095 | -€103,940 | -36.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,606 | +€11,606 | |
| Other operating charges | 640/8 | €8,901 | €1,938 | -€6,963 | -78.2% |
| Non-recurring operating charges | 66A | €8,774 | - | -€8,774 | |
| Gross operating margin | 9900 | €1,219,270 | €1,164,245 | -€55,025 | -4.5% |
| Operating profit (loss) | 9901 | €3,713 | €28,911 | +€25,198 | +679% |
| Financial charges | 65/66B | €21,393 | €22,226 | +€833 | +3.9% |
| Recurring financial charges | 65 | €21,393 | €22,226 | +€833 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | -€17,679 | €6,685 | +€24,365 | |
| Transfer from deferred taxes | 780 | €3,871 | €3,871 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €905 | +€905 | |
| Profit (loss) for the period | 9904 | -€13,808 | €9,652 | +€23,460 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,808 | €9,652 | +€23,460 |
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 26 October 2026 via checked.be.