A. Stevens: 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.
A. Stevens
Largest movements
- Cash -€20,050
down €20,050 (-12.2%), from €164,299 to €144,249
mainly Trade debts (-€37,874) and Receivables within one year (-€14,572)
- Tangible fixed assets -€18,759
down €18,759 (-32.6%), from €57,504 to €38,744
of which Furniture and vehicles: -€17,079
- Receivables within one year +€14,572
up €14,572 (+33.1%), from €44,072 to €58,644
of which Other amounts receivable: +€14,902
- Trade debts -€37,874
down €37,874 (-23.0%), from €164,377 to €126,503
- Tax, wage and social debts +€22,860
up €22,860 (+65.8%), from €34,739 to €57,599
of which Remuneration and social security: +€23,443
- Profit (loss) carried forward -€9,669
down €9,669 (-17.9%), from €54,003 to €44,334
- Staff costs +€117,501
up €117,501 (+115.6%), from €101,659 to €219,160
- Gross operating margin +€86,714
up €86,714 (+57.3%), from €151,440 to €238,154
- Depreciation +€4,994
up €4,994 (+36.3%), from €13,766 to €18,759
- Taxes -€4,636
down €4,636 (-72.7%), from €6,381 to €1,744
- Other operating charges -€3,379
down €3,379 (-26.7%), from €12,646 to €9,267
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 | €275,716 | €250,352 | -€25,364 | -9.2% |
| Fixed assets | 21/28 | €57,504 | €38,744 | -€18,759 | -32.6% |
| Tangible fixed assets | 22/27 | €57,504 | €38,744 | -€18,759 | -32.6% |
| Land and buildings | 22 | €2,432 | €752 | -€1,680 | -69.1% |
| Furniture and vehicles | 24 | €55,071 | €37,992 | -€17,079 | -31.0% |
| Current assets | 29/58 | €218,212 | €211,607 | -€6,605 | -3.0% |
| Stocks and contracts in progress | 3 | €5,050 | €5,009 | -€41 | -0.8% |
| Stocks | 30/36 | €5,050 | €5,009 | -€41 | -0.8% |
| Amounts receivable within one year | 40/41 | €44,072 | €58,644 | +€14,572 | +33.1% |
| Trade receivables | 40 | €29,275 | €28,946 | -€329 | -1.1% |
| Other amounts receivable | 41 | €14,797 | €29,698 | +€14,902 | +100.7% |
| Cash at bank and in hand | 54/58 | €164,299 | €144,249 | -€20,050 | -12.2% |
| Deferred charges and accrued income | 490/1 | €4,791 | €3,706 | -€1,086 | -22.7% |
| Total equity and liabilities | 10/49 | €275,716 | €250,352 | -€25,364 | -9.2% |
| Equity | 10/15 | €74,463 | €64,794 | -€9,669 | -13.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,003 | €44,334 | -€9,669 | -17.9% |
| Amounts payable | 17/49 | €201,253 | €185,558 | -€15,695 | -7.8% |
| Amounts payable within one year | 42/48 | €199,116 | €184,102 | -€15,014 | -7.5% |
| Trade debts | 44 | €164,377 | €126,503 | -€37,874 | -23.0% |
| Suppliers | 440/4 | €164,377 | €126,503 | -€37,874 | -23.0% |
| Taxes, remuneration and social security | 45 | €34,739 | €57,599 | +€22,860 | +65.8% |
| Taxes | 450/3 | €22,634 | €22,051 | -€583 | -2.6% |
| Remuneration and social security | 454/9 | €12,105 | €35,548 | +€23,443 | +193.7% |
| Accrued charges and deferred income | 492/3 | €2,137 | €1,456 | -€681 | -31.9% |
| Non-recurring operating income | 76A | €2,686 | €0 | -€2,686 | -100.0% |
| Remuneration, social security and pensions | 62 | €101,659 | €219,160 | +€117,501 | +115.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,766 | €18,759 | +€4,994 | +36.3% |
| Other operating charges | 640/8 | €12,646 | €9,267 | -€3,379 | -26.7% |
| Non-recurring operating charges | 66A | €4,659 | €0 | -€4,659 | -100.0% |
| Gross operating margin | 9900 | €151,440 | €238,154 | +€86,714 | +57.3% |
| Operating profit (loss) | 9901 | €18,710 | -€9,033 | -€27,743 | |
| Financial income | 75/76B | €1,489 | €1,825 | +€335 | +22.5% |
| Recurring financial income | 75 | €1,489 | €1,825 | +€335 | +22.5% |
| Financial charges | 65/66B | €740 | €717 | -€23 | -3.1% |
| Recurring financial charges | 65 | €740 | €717 | -€23 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €19,460 | -€7,925 | -€27,385 | |
| Income taxes | 67/77 | €6,381 | €1,744 | -€4,636 | -72.7% |
| Profit (loss) for the period | 9904 | €13,079 | -€9,669 | -€22,748 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,079 | -€9,669 | -€22,748 |
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 5 October 2026 via checked.be.