ANDRE STRAGIER: 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.
ANDRE STRAGIER
Largest movements
- Formation expenses +€84,144
new in 2025: €84,144
- Tangible fixed assets -€74,267
down €74,267 (-11.7%), from €635,908 to €561,641
- Stocks and contracts -€15,133
down €15,133 (-20.5%), from €73,898 to €58,765
- Cash +€9,405
up €9,405 (+38.6%), from €24,368 to €33,773
mainly Depreciation (+€83,616) and Trade debts (+€74,887)
- Trade debts +€74,887
up €74,887 (+1792.8%), from €4,177 to €79,064
- Debts after one year -€49,007
down €49,007 (-9.7%), from €506,629 to €457,622
- Profit (loss) carried forward -€19,898
down €19,898, from €10,799 to -€9,099
- Other debts -€10,942
down €10,942 (-44.1%), from €24,786 to €13,843
- Gross operating margin -€25,337
down €25,337 (-22.4%), from €112,892 to €87,554
- Depreciation +€9,504
up €9,504 (+12.8%), from €74,113 to €83,616
- Other operating charges -€5,916
down €5,916 (-29.6%), from €19,981 to €14,066
- Financial income +€3,859
up €3,859 (+20203.0%), from €19 to €3,878
- Write-downs -€1,957
down €1,957, from €978 to -€978
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 | €765,782 | €763,032 | -€2,750 | -0.4% |
| Formation expenses | 20 | - | €84,144 | +€84,144 | |
| Fixed assets | 21/28 | €635,908 | €561,641 | -€74,267 | -11.7% |
| Tangible fixed assets | 22/27 | €635,908 | €561,641 | -€74,267 | -11.7% |
| Land and buildings | 22 | €46,681 | €29,659 | -€17,021 | -36.5% |
| Plant, machinery and equipment | 23 | €133,698 | €112,370 | -€21,328 | -16.0% |
| Other tangible fixed assets | 26 | €455,529 | €419,612 | -€35,917 | -7.9% |
| Current assets | 29/58 | €129,874 | €117,247 | -€12,627 | -9.7% |
| Stocks and contracts in progress | 3 | €73,898 | €58,765 | -€15,133 | -20.5% |
| Stocks | 30/36 | €73,898 | €58,765 | -€15,133 | -20.5% |
| Amounts receivable within one year | 40/41 | €31,608 | €24,031 | -€7,578 | -24.0% |
| Trade receivables | 40 | €30,327 | €23,906 | -€6,422 | -21.2% |
| Other amounts receivable | 41 | €1,281 | €125 | -€1,156 | -90.2% |
| Cash at bank and in hand | 54/58 | €24,368 | €33,773 | +€9,405 | +38.6% |
| Deferred charges and accrued income | 490/1 | - | €678 | +€678 | |
| Total equity and liabilities | 10/49 | €765,782 | €763,032 | -€2,750 | -0.4% |
| Equity | 10/15 | €76,250 | €54,493 | -€21,757 | -28.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €46,859 | €45,000 | -€1,859 | -4.0% |
| Distributable reserves | 133 | €46,859 | €45,000 | -€1,859 | -4.0% |
| Profit (loss) carried forward | 14 | €10,799 | -€9,099 | -€19,898 | |
| Amounts payable | 17/49 | €689,531 | €708,538 | +€19,007 | +2.8% |
| Amounts payable after more than one year | 17 | €506,629 | €457,622 | -€49,007 | -9.7% |
| Financial debts | 170/4 | €506,629 | €457,622 | -€49,007 | -9.7% |
| Amounts payable within one year | 42/48 | €181,257 | €250,917 | +€69,660 | +38.4% |
| Current portion of amounts payable after more than one year | 42 | €47,943 | €49,007 | +€1,064 | +2.2% |
| Financial debts | 43 | €101,977 | €101,529 | -€449 | -0.4% |
| Credit institutions | 430/8 | €101,977 | €101,529 | -€449 | -0.4% |
| Trade debts | 44 | €4,177 | €79,064 | +€74,887 | +1792.8% |
| Suppliers | 440/4 | €4,177 | €79,064 | +€74,887 | +1792.8% |
| Taxes, remuneration and social security | 45 | €2,373 | €7,474 | +€5,100 | +214.9% |
| Taxes | 450/3 | €2,373 | €7,474 | +€5,100 | +214.9% |
| Other amounts payable | 47/48 | €24,786 | €13,843 | -€10,942 | -44.1% |
| Accrued charges and deferred income | 492/3 | €1,646 | €0 | -€1,646 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,113 | €83,616 | +€9,504 | +12.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €978 | -€978 | -€1,957 | |
| Other operating charges | 640/8 | €19,981 | €14,066 | -€5,916 | -29.6% |
| Gross operating margin | 9900 | €112,892 | €87,554 | -€25,337 | -22.4% |
| Operating profit (loss) | 9901 | €17,819 | -€9,150 | -€26,969 | |
| Financial income | 75/76B | €19 | €3,878 | +€3,859 | +20203.0% |
| Recurring financial income | 75 | €19 | €3,878 | +€3,859 | +20203.0% |
| Financial charges | 65/66B | €15,888 | €16,370 | +€481 | +3.0% |
| Recurring financial charges | 65 | €15,888 | €16,370 | +€481 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €1,950 | -€21,641 | -€23,591 | |
| Income taxes | 67/77 | €431 | €116 | -€315 | -73.1% |
| Profit (loss) for the period | 9904 | €1,519 | -€21,757 | -€23,276 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,519 | -€21,757 | -€23,276 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.