SENTOBEL: 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.
SENTOBEL
Largest movements
- Receivables within one year +€655,453
up €655,453 (+42.3%), from €1.6m to €2.2m
of which Trade receivables: +€425,038
- Cash -€160,196
down €160,196 (-60.2%), from €265,916 to €105,720
mainly Receivables within one year (-€655,453) and Investment in fixed assets (net) (-€440,461)
- Tangible fixed assets +€90,094
up €90,094 (+6.8%), from €1.3m to €1.4m
of which Plant, machinery and equipment: +€76,493
- Profit (loss) carried forward +€376,434
up €376,434 (+33.5%), from €1.1m to €1.5m
- Trade debts -€237,508
down €237,508 (-27.0%), from €880,127 to €642,619
- Reserves +€210,500
up €210,500 (+55.3%), from €380,760 to €591,260
of which Tax-exempt reserves: +€210,500
- Short-term financial debts +€164,798
up €164,798 (+20.4%), from €808,498 to €973,296
of which Other loans: +€150,000
- Debts after one year -€76,586
down €76,586 (-43.0%), from €178,272 to €101,686
- Gross operating margin +€260,759
up €260,759 (+14.0%), from €1.9m to €2.1m
- Staff costs +€102,685
up €102,685 (+13.0%), from €787,693 to €890,378
- Taxes +€43,493
up €43,493 (+25.4%), from €171,028 to €214,521
- Depreciation +€34,928
up €34,928 (+11.0%), from €317,144 to €352,072
- Write-downs -€30,750
down €30,750 (-76.9%), from €40,000 to €9,250
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 | €3,716,535 | €4,294,635 | +€578,100 | +15.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,337,689 | €1,426,078 | +€88,389 | +6.6% |
| Intangible fixed assets | 21 | €7,808 | €6,104 | -€1,704 | -21.8% |
| Tangible fixed assets | 22/27 | €1,329,880 | €1,419,974 | +€90,094 | +6.8% |
| Land and buildings | 22 | €107,631 | €178,402 | +€70,771 | +65.8% |
| Plant, machinery and equipment | 23 | €571,560 | €648,053 | +€76,493 | +13.4% |
| Furniture and vehicles | 24 | €82,228 | €140,136 | +€57,908 | +70.4% |
| Other tangible fixed assets | 26 | €496,377 | €426,979 | -€69,399 | -14.0% |
| Assets under construction and advance payments | 27 | €72,084 | €26,403 | -€45,680 | -63.4% |
| Current assets | 29/58 | €2,378,846 | €2,868,557 | +€489,711 | +20.6% |
| Stocks and contracts in progress | 3 | €532,397 | €524,694 | -€7,703 | -1.4% |
| Stocks | 30/36 | €532,397 | €524,694 | -€7,703 | -1.4% |
| Amounts receivable within one year | 40/41 | €1,550,196 | €2,205,648 | +€655,453 | +42.3% |
| Trade receivables | 40 | €319,492 | €744,531 | +€425,038 | +133.0% |
| Other amounts receivable | 41 | €1,230,703 | €1,461,117 | +€230,414 | +18.7% |
| Cash at bank and in hand | 54/58 | €265,916 | €105,720 | -€160,196 | -60.2% |
| Deferred charges and accrued income | 490/1 | €30,338 | €32,495 | +€2,157 | +7.1% |
| Total equity and liabilities | 10/49 | €3,716,535 | €4,294,635 | +€578,100 | +15.6% |
| Equity | 10/15 | €1,523,570 | €2,110,504 | +€586,934 | +38.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €380,760 | €591,260 | +€210,500 | +55.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €378,900 | €589,400 | +€210,500 | +55.6% |
| Profit (loss) carried forward | 14 | €1,124,210 | €1,500,644 | +€376,434 | +33.5% |
| Amounts payable | 17/49 | €2,192,965 | €2,184,132 | -€8,833 | -0.4% |
| Amounts payable after more than one year | 17 | €178,272 | €101,686 | -€76,586 | -43.0% |
| Financial debts | 170/4 | €178,272 | €101,686 | -€76,586 | -43.0% |
| Amounts payable within one year | 42/48 | €1,934,334 | €1,965,987 | +€31,653 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €94,937 | €104,049 | +€9,112 | +9.6% |
| Financial debts | 43 | €808,498 | €973,296 | +€164,798 | +20.4% |
| Credit institutions | 430/8 | €58,498 | €73,296 | +€14,798 | +25.3% |
| Other loans | 439 | €750,000 | €900,000 | +€150,000 | +20.0% |
| Trade debts | 44 | €880,127 | €642,619 | -€237,508 | -27.0% |
| Suppliers | 440/4 | €880,127 | €642,619 | -€237,508 | -27.0% |
| Advances received on contracts in progress | 46 | - | €1,250 | +€1,250 | |
| Taxes, remuneration and social security | 45 | €150,772 | €194,774 | +€44,001 | +29.2% |
| Taxes | 450/3 | €92,907 | €127,380 | +€34,473 | +37.1% |
| Remuneration and social security | 454/9 | €57,865 | €67,393 | +€9,528 | +16.5% |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Accrued charges and deferred income | 492/3 | €80,359 | €116,459 | +€36,099 | +44.9% |
| Non-recurring operating income | 76A | €91,181 | - | -€91,181 | |
| Remuneration, social security and pensions | 62 | €787,693 | €890,378 | +€102,685 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €317,144 | €352,072 | +€34,928 | +11.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €40,000 | €9,250 | -€30,750 | -76.9% |
| Other operating charges | 640/8 | €10,149 | €12,714 | +€2,565 | +25.3% |
| Gross operating margin | 9900 | €1,867,475 | €2,128,235 | +€260,759 | +14.0% |
| Operating profit (loss) | 9901 | €712,489 | €863,821 | +€151,332 | +21.2% |
| Financial income | 75/76B | €22 | €6,363 | +€6,341 | +28653.0% |
| Recurring financial income | 75 | €22 | €6,363 | +€6,341 | +28653.0% |
| Financial charges | 65/66B | €63,683 | €68,729 | +€5,047 | +7.9% |
| Recurring financial charges | 65 | €63,683 | €68,729 | +€5,047 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €648,829 | €801,455 | +€152,626 | +23.5% |
| Income taxes | 67/77 | €171,028 | €214,521 | +€43,493 | +25.4% |
| Profit (loss) for the period | 9904 | €477,801 | €586,934 | +€109,133 | +22.8% |
| Transfer to tax-exempt reserves | 689 | €168,400 | €210,500 | +€42,100 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €309,401 | €376,434 | +€67,033 | +21.7% |
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.