SARDEL: 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.
SARDEL
Largest movements
- Tangible fixed assets -€53,120
down €53,120 (-2.6%), from €2.0m to €2.0m
of which Assets under construction and advance payments: -€1.4m
- Debts after one year -€99,299
down €99,299 (-11.2%), from €884,267 to €784,968
- Profit (loss) carried forward +€20,804
up €20,804 (+10.4%), from €200,019 to €220,823
- Gross operating margin +€54,776
up €54,776 (+118.4%), from €46,258 to €101,034
- Depreciation +€26,940
up €26,940 (+102.9%), from €26,179 to €53,120
- Taxes +€12,766
up €12,766 (+409.6%), from €3,116 to €15,882
- Other operating charges +€4,952
up €4,952 (+944.0%), from €525 to €5,477
- Financial charges -€1,534
down €1,534 (-21.1%), from €7,284 to €5,751
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 | €2,047,527 | €1,986,339 | -€61,188 | -3.0% |
| Fixed assets | 21/28 | €2,028,328 | €1,975,208 | -€53,120 | -2.6% |
| Tangible fixed assets | 22/27 | €2,028,328 | €1,975,208 | -€53,120 | -2.6% |
| Land and buildings | 22 | €624,596 | €1,975,208 | +€1.4m | +216.2% |
| Assets under construction and advance payments | 27 | €1,403,731 | - | -€1.4m | |
| Current assets | 29/58 | €19,200 | €11,131 | -€8,069 | -42.0% |
| Amounts receivable within one year | 40/41 | €7,471 | €991 | -€6,480 | -86.7% |
| Other amounts receivable | 41 | €7,471 | €991 | -€6,480 | -86.7% |
| Cash at bank and in hand | 54/58 | €9,843 | €8,207 | -€1,636 | -16.6% |
| Deferred charges and accrued income | 490/1 | €1,886 | €1,934 | +€48 | +2.6% |
| Total equity and liabilities | 10/49 | €2,047,527 | €1,986,339 | -€61,188 | -3.0% |
| Equity | 10/15 | €455,519 | €476,323 | +€20,804 | +4.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €5,500 | €5,500 | = | 0.0% |
| Distributable reserves | 133 | €5,500 | €5,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €200,019 | €220,823 | +€20,804 | +10.4% |
| Amounts payable | 17/49 | €1,592,008 | €1,510,016 | -€81,993 | -5.2% |
| Amounts payable after more than one year | 17 | €884,267 | €784,968 | -€99,299 | -11.2% |
| Financial debts | 170/4 | €884,267 | €784,968 | -€99,299 | -11.2% |
| Amounts payable within one year | 42/48 | €706,733 | €725,048 | +€18,315 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €73,509 | €74,299 | +€790 | +1.1% |
| Trade debts | 44 | - | €230 | +€230 | |
| Suppliers | 440/4 | - | €230 | +€230 | |
| Taxes, remuneration and social security | 45 | - | €5,882 | +€5,882 | |
| Taxes | 450/3 | - | €5,882 | +€5,882 | |
| Other amounts payable | 47/48 | €633,224 | €644,636 | +€11,412 | +1.8% |
| Accrued charges and deferred income | 492/3 | €1,008 | - | -€1,008 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,179 | €53,120 | +€26,940 | +102.9% |
| Other operating charges | 640/8 | €525 | €5,477 | +€4,952 | +944.0% |
| Gross operating margin | 9900 | €46,258 | €101,034 | +€54,776 | +118.4% |
| Operating profit (loss) | 9901 | €19,554 | €42,437 | +€22,884 | +117.0% |
| Financial charges | 65/66B | €7,284 | €5,751 | -€1,534 | -21.1% |
| Recurring financial charges | 65 | €7,284 | €5,751 | -€1,534 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €12,269 | €36,687 | +€24,417 | +199.0% |
| Income taxes | 67/77 | €3,116 | €15,882 | +€12,766 | +409.6% |
| Profit (loss) for the period | 9904 | €9,153 | €20,804 | +€11,651 | +127.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,153 | €20,804 | +€11,651 | +127.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.