SUND: what changed
Two fiscal 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.
SUND
Largest movements
- Tangible fixed assets -€237,573
down €237,573 (-98.4%), from €241,320 to €3,747
of which Land and buildings: -€239,449
- Current investments +€140,364
new in 2025: €140,364
- Receivables within one year +€30,597
up €30,597 (+126.5%), from €24,183 to €54,780
of which Other amounts receivable: +€37,112
- Cash +€10,455
up €10,455 (+1107.6%), from €944 to €11,399
mainly Investment in fixed assets (net) (+€236,625) and Net result for the year (+€92,337)
- Debts after one year -€191,036
down €191,036 (-99.0%), from €192,907 to €1,872
- Profit (loss) carried forward +€64,960
no longer reported in 2025 (was -€64,960)
- Tax, wage and social debts +€36,425
up €36,425 (+235.3%), from €15,481 to €51,906
- Reserves +€27,377
up €27,377 (+292.2%), from €9,370 to €36,747
of which Distributable reserves: +€36,747
- Short-term financial debts +€25,000
up €25,000 (+300.0%), from €8,333 to €33,333
- Gross operating margin +€75,325
up €75,325 (+71.5%), from €105,277 to €180,602
- Other operating charges +€32,991
up €32,991 (+1135.0%), from €2,907 to €35,897
- Taxes +€13,372
up €13,372 (+61.8%), from €21,621 to €34,993
- Depreciation -€12,363
down €12,363 (-92.9%), from €13,311 to €948
- Financial charges +€5,405
up €5,405 (+55.8%), from €9,678 to €15,084
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 | €266,447 | €210,577 | -€55,870 | -21.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €241,320 | €3,747 | -€237,573 | -98.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €241,320 | €3,747 | -€237,573 | -98.4% |
| Land and buildings | 22 | €239,449 | - | -€239,449 | |
| Plant, machinery and equipment | 23 | €99 | €0 | -€99 | -100.0% |
| Furniture and vehicles | 24 | €1,772 | €3,747 | +€1,976 | +111.5% |
| Current assets | 29/58 | €25,127 | €206,830 | +€181,703 | +723.1% |
| Amounts receivable within one year | 40/41 | €24,183 | €54,780 | +€30,597 | +126.5% |
| Trade receivables | 40 | €23,553 | €17,038 | -€6,515 | -27.7% |
| Other amounts receivable | 41 | €630 | €37,741 | +€37,112 | +5894.3% |
| Current investments | 50/53 | - | €140,364 | +€140,364 | |
| Cash at bank and in hand | 54/58 | €944 | €11,399 | +€10,455 | +1107.6% |
| Deferred charges and accrued income | 490/1 | - | €288 | +€288 | |
| Total equity and liabilities | 10/49 | €266,447 | €210,577 | -€55,870 | -21.0% |
| Equity | 10/15 | €12,960 | €105,297 | +€92,337 | +712.5% |
| Contributions | 10/11 | €68,550 | €68,550 | = | 0.0% |
| Reserves | 13 | €9,370 | €36,747 | +€27,377 | +292.2% |
| Tax-exempt reserves | 132 | €9,370 | - | -€9,370 | |
| Distributable reserves | 133 | - | €36,747 | +€36,747 | |
| Profit (loss) carried forward | 14 | -€64,960 | - | +€64,960 | |
| Amounts payable | 17/49 | €253,488 | €105,280 | -€148,207 | -58.5% |
| Amounts payable after more than one year | 17 | €192,907 | €1,872 | -€191,036 | -99.0% |
| Financial debts | 170/4 | €192,907 | €1,872 | -€191,036 | -99.0% |
| Amounts payable within one year | 42/48 | €60,580 | €103,409 | +€42,828 | +70.7% |
| Current portion of amounts payable after more than one year | 42 | €15,634 | €1,517 | -€14,117 | -90.3% |
| Financial debts | 43 | €8,333 | €33,333 | +€25,000 | +300.0% |
| Credit institutions | 430/8 | €8,333 | €33,333 | +€25,000 | +300.0% |
| Trade debts | 44 | €18,212 | €16,652 | -€1,561 | -8.6% |
| Suppliers | 440/4 | €18,212 | €16,652 | -€1,561 | -8.6% |
| Taxes, remuneration and social security | 45 | €15,481 | €51,906 | +€36,425 | +235.3% |
| Taxes | 450/3 | €15,481 | €51,906 | +€36,425 | +235.3% |
| Other amounts payable | 47/48 | €2,919 | - | -€2,919 | |
| Non-recurring operating income | 76A | €19,923 | €105,551 | +€85,628 | +429.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,311 | €948 | -€12,363 | -92.9% |
| Other operating charges | 640/8 | €2,907 | €35,897 | +€32,991 | +1135.0% |
| Non-recurring operating charges | 66A | - | €1,612 | +€1,612 | |
| Gross operating margin | 9900 | €105,277 | €180,602 | +€75,325 | +71.5% |
| Operating profit (loss) | 9901 | €89,059 | €142,144 | +€53,085 | +59.6% |
| Financial income | 75/76B | €0 | €269 | +€269 | +2693300.0% |
| Recurring financial income | 75 | €0 | €269 | +€269 | +2693300.0% |
| Financial charges | 65/66B | €9,678 | €15,084 | +€5,405 | +55.8% |
| Recurring financial charges | 65 | €9,678 | €15,084 | +€5,405 | +55.8% |
| Profit (loss) for the period before taxes | 9903 | €79,381 | €127,330 | +€47,949 | +60.4% |
| Income taxes | 67/77 | €21,621 | €34,993 | +€13,372 | +61.8% |
| Profit (loss) for the period | 9904 | €57,760 | €92,337 | +€34,577 | +59.9% |
| Transfer from tax-exempt reserves | 789 | - | €9,370 | +€9,370 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,760 | €101,708 | +€43,947 | +76.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.