Sentiero Management: 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.
Sentiero Management
Largest movements
- Receivables within one year +€333,131
up €333,131 (+277%), from €120,167 to €453,298
of which Other amounts receivable: +€343,285
- Current investments -€200,000
down €200,000 (-33.3%), from €601,367 to €401,367
- Cash +€69,417
up €69,417 (+4.3%), from €1.6m to €1.7m
mainly Other debts (+€224,789) and Current investments (+€200,000)
- Other debts +€224,789
up €224,789 (+1,438%), from €15,636 to €240,426
- Reserves -€52,600
down €52,600 (-2.4%), from €2.2m to €2.2m
of which Distributable reserves: -€52,600
- Turnover -€88,411
down €88,411 (-19.0%), from €465,700 to €377,289
- Gross operating margin -€77,780
down €77,780 (-25.5%), from €305,040 to €227,260
- Taxes -€36,364
down €36,364 (-33.5%), from €108,646 to €72,282
- Financial income -€24,798
down €24,798 (-35.5%), from €69,874 to €45,076
- Purchases and services -€10,631
down €10,631 (-6.6%), from €160,660 to €150,029
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 | €2,514,130 | €2,687,173 | +€173,042 | +6.9% |
| Fixed assets | 21/28 | €193,021 | €163,806 | -€29,215 | -15.1% |
| Intangible fixed assets | 21 | €14,877 | €9,447 | -€5,429 | -36.5% |
| Tangible fixed assets | 22/27 | €152,126 | €128,340 | -€23,786 | -15.6% |
| Furniture and vehicles | 24 | €81,066 | €57,280 | -€23,786 | -29.3% |
| Other tangible fixed assets | 26 | €71,060 | €71,060 | = | 0.0% |
| Financial fixed assets | 28 | €26,018 | €26,018 | = | 0.0% |
| Current assets | 29/58 | €2,321,109 | €2,523,367 | +€202,258 | +8.7% |
| Amounts receivable within one year | 40/41 | €120,167 | €453,298 | +€333,131 | +277% |
| Trade receivables | 40 | €35,262 | €25,108 | -€10,154 | -28.8% |
| Other amounts receivable | 41 | €84,905 | €428,190 | +€343,285 | +404% |
| Current investments | 50/53 | €601,367 | €401,367 | -€200,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €1,596,608 | €1,666,025 | +€69,417 | +4.3% |
| Deferred charges and accrued income | 490/1 | €2,967 | €2,677 | -€290 | -9.8% |
| Total equity and liabilities | 10/49 | €2,514,130 | €2,687,173 | +€173,042 | +6.9% |
| Equity | 10/15 | €2,440,309 | €2,392,693 | -€47,616 | -2.0% |
| Contributions | 10/11 | €12,558 | €12,558 | = | 0.0% |
| Reserves | 13 | €2,205,475 | €2,152,875 | -€52,600 | -2.4% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €2,203,600 | €2,151,000 | -€52,600 | -2.4% |
| Profit (loss) carried forward | 14 | €222,276 | €227,260 | +€4,984 | +2.2% |
| Amounts payable | 17/49 | €73,821 | €294,479 | +€220,658 | +299% |
| Amounts payable within one year | 42/48 | €67,521 | €286,696 | +€219,175 | +325% |
| Trade debts | 44 | €7,081 | €1,809 | -€5,272 | -74.5% |
| Suppliers | 440/4 | €7,081 | €1,809 | -€5,272 | -74.5% |
| Taxes, remuneration and social security | 45 | €44,804 | €44,461 | -€343 | -0.8% |
| Taxes | 450/3 | €44,804 | €44,461 | -€343 | -0.8% |
| Other amounts payable | 47/48 | €15,636 | €240,426 | +€224,789 | +1,438% |
| Accrued charges and deferred income | 492/3 | €6,300 | €7,783 | +€1,483 | +23.5% |
| Turnover | 70 | €465,700 | €377,289 | -€88,411 | -19.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €160,660 | €150,029 | -€10,631 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,483 | €32,181 | +€4,699 | +17.1% |
| Other operating charges | 640/8 | €3,367 | €2,566 | -€801 | -23.8% |
| Gross operating margin | 9900 | €305,040 | €227,260 | -€77,780 | -25.5% |
| Operating profit (loss) | 9901 | €274,190 | €192,513 | -€81,677 | -29.8% |
| Financial income | 75/76B | €69,874 | €45,076 | -€24,798 | -35.5% |
| Recurring financial income | 75 | €69,874 | €45,076 | -€24,798 | -35.5% |
| Financial charges | 65/66B | €746 | €323 | -€423 | -56.7% |
| Recurring financial charges | 65 | €746 | €323 | -€423 | -56.7% |
| Profit (loss) for the period before taxes | 9903 | €343,318 | €237,266 | -€106,052 | -30.9% |
| Income taxes | 67/77 | €108,646 | €72,282 | -€36,364 | -33.5% |
| Profit (loss) for the period | 9904 | €234,672 | €164,984 | -€69,688 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €234,672 | €164,984 | -€69,688 | -29.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.