ANDRE DE STERCKE: 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.
ANDRE DE STERCKE
Largest movements
- Receivables within one year -€367,553
down €367,553 (-66.0%), from €556,531 to €188,978
of which Trade receivables: -€380,317
- Stocks and contracts -€149,337
down €149,337 (-28.9%), from €515,852 to €366,515
of which Stocks: -€406,750
- Tangible fixed assets -€86,119
down €86,119 (-11.8%), from €730,076 to €643,957
- Cash +€64,024
up €64,024 (+380%), from €16,838 to €80,862
mainly Receivables within one year (+€367,553) and Stocks and contracts (+€149,337)
- Receivables after one year -€57,510
down €57,510 (-57.5%), from €100,000 to €42,490
- Other debts -€183,397
down €183,397 (-59.2%), from €309,562 to €126,165
- Reserves -€173,673
down €173,673 (-78.9%), from €220,219 to €46,546
- Tax, wage and social debts -€137,924
down €137,924 (-84.8%), from €162,586 to €24,662
of which Remuneration and social security: -€90,307
- Debts after one year -€92,448
down €92,448 (-9.9%), from €937,097 to €844,649
- Trade debts +€46,492
new in 2025: €46,492
- Write-downs +€100,000
new in 2025: €100,000
- Depreciation +€14,317
up €14,317 (+19.2%), from €74,647 to €88,964
- Gross operating margin -€12,356
down €12,356 (-3.3%), from €379,018 to €366,662
- Other operating charges +€8,751
up €8,751 (+108%), from €8,107 to €16,858
- Staff costs -€4,779
down €4,779 (-1.7%), from €280,391 to €275,612
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 | €1,919,297 | €1,322,802 | -€596,495 | -31.1% |
| Fixed assets | 21/28 | €730,076 | €643,957 | -€86,119 | -11.8% |
| Tangible fixed assets | 22/27 | €730,076 | €643,957 | -€86,119 | -11.8% |
| Land and buildings | 22 | €521,189 | €494,083 | -€27,106 | -5.2% |
| Plant, machinery and equipment | 23 | €102,229 | €79,417 | -€22,812 | -22.3% |
| Furniture and vehicles | 24 | €106,658 | €70,457 | -€36,201 | -33.9% |
| Current assets | 29/58 | €1,189,221 | €678,845 | -€510,376 | -42.9% |
| Amounts receivable after more than one year | 29 | €100,000 | €42,490 | -€57,510 | -57.5% |
| Other amounts receivable | 291 | €100,000 | €42,490 | -€57,510 | -57.5% |
| Stocks and contracts in progress | 3 | €515,852 | €366,515 | -€149,337 | -28.9% |
| Stocks | 30/36 | €482,365 | €75,615 | -€406,750 | -84.3% |
| Contracts in progress | 37 | €33,487 | €290,900 | +€257,413 | +769% |
| Amounts receivable within one year | 40/41 | €556,531 | €188,978 | -€367,553 | -66.0% |
| Trade receivables | 40 | €552,557 | €172,240 | -€380,317 | -68.8% |
| Other amounts receivable | 41 | €3,974 | €16,738 | +€12,764 | +321% |
| Cash at bank and in hand | 54/58 | €16,838 | €80,862 | +€64,024 | +380% |
| Total equity and liabilities | 10/49 | €1,919,297 | €1,322,802 | -€596,495 | -31.1% |
| Equity | 10/15 | €406,006 | €188,386 | -€217,620 | -53.6% |
| Contributions | 10/11 | €162,500 | €162,500 | = | 0.0% |
| Reserves | 13 | €220,219 | €46,546 | -€173,673 | -78.9% |
| Distributable reserves | 133 | €220,219 | €46,546 | -€173,673 | -78.9% |
| Profit (loss) carried forward | 14 | €23,287 | -€20,660 | -€43,947 | |
| Amounts payable | 17/49 | €1,513,291 | €1,134,416 | -€378,875 | -25.0% |
| Amounts payable after more than one year | 17 | €937,097 | €844,649 | -€92,448 | -9.9% |
| Financial debts | 170/4 | €937,097 | €844,649 | -€92,448 | -9.9% |
| Amounts payable within one year | 42/48 | €576,194 | €289,767 | -€286,427 | -49.7% |
| Current portion of amounts payable after more than one year | 42 | €104,046 | €92,448 | -€11,598 | -11.1% |
| Trade debts | 44 | - | €46,492 | +€46,492 | |
| Suppliers | 440/4 | - | €46,492 | +€46,492 | |
| Taxes, remuneration and social security | 45 | €162,586 | €24,662 | -€137,924 | -84.8% |
| Taxes | 450/3 | €55,133 | €7,516 | -€47,617 | -86.4% |
| Remuneration and social security | 454/9 | €107,453 | €17,146 | -€90,307 | -84.0% |
| Other amounts payable | 47/48 | €309,562 | €126,165 | -€183,397 | -59.2% |
| Remuneration, social security and pensions | 62 | €280,391 | €275,612 | -€4,779 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,647 | €88,964 | +€14,317 | +19.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €100,000 | +€100,000 | |
| Other operating charges | 640/8 | €8,107 | €16,858 | +€8,751 | +108% |
| Gross operating margin | 9900 | €379,018 | €366,662 | -€12,356 | -3.3% |
| Operating profit (loss) | 9901 | €15,873 | -€114,772 | -€130,645 | |
| Financial income | 75/76B | €4 | €204 | +€200 | +5,000% |
| Recurring financial income | 75 | €4 | €204 | +€200 | +5,000% |
| Financial charges | 65/66B | €42,118 | €40,628 | -€1,490 | -3.5% |
| Recurring financial charges | 65 | €42,118 | €40,628 | -€1,490 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | -€26,241 | -€155,196 | -€128,955 | -491% |
| Income taxes | 67/77 | €742 | €916 | +€174 | +23.5% |
| Profit (loss) for the period | 9904 | -€26,983 | -€156,112 | -€129,129 | -479% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,983 | -€156,112 | -€129,129 | -479% |
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 30 October 2026 via checked.be.