BERNARD & STEFAAN: 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.
BERNARD & STEFAAN
Largest movements
- Tangible fixed assets -€126,915
down €126,915 (-22.0%), from €577,080 to €450,164
of which Land and buildings: -€126,125
- Receivables within one year +€30,200
up €30,200 (+40.5%), from €74,600 to €104,800
of which Trade receivables: +€100,000
- Other debts -€201,232
down €201,232 (-44.0%), from €457,787 to €256,555
- Reserves +€198,584
up €198,584 (+693%), from €28,653 to €227,237
of which Tax-exempt reserves: +€184,641
- Short-term financial debts -€146,000
down €146,000 (-98.0%), from €149,000 to €3,000
- Provisions +€61,547
new in 2025: €61,547
- Trade debts -€8,780
no longer reported in 2025 (was €8,780)
- Gross operating margin +€253,351
up €253,351 (+375%), from €67,478 to €320,829
- Depreciation -€3,519
down €3,519 (-8.2%), from €42,973 to €39,455
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 | €652,886 | €556,215 | -€96,671 | -14.8% |
| Fixed assets | 21/28 | €577,080 | €450,164 | -€126,915 | -22.0% |
| Tangible fixed assets | 22/27 | €577,080 | €450,164 | -€126,915 | -22.0% |
| Land and buildings | 22 | €498,456 | €372,330 | -€126,125 | -25.3% |
| Plant, machinery and equipment | 23 | €76,892 | €77,483 | +€591 | +0.8% |
| Furniture and vehicles | 24 | €1,732 | €351 | -€1,381 | -79.7% |
| Current assets | 29/58 | €75,806 | €106,050 | +€30,244 | +39.9% |
| Amounts receivable within one year | 40/41 | €74,600 | €104,800 | +€30,200 | +40.5% |
| Trade receivables | 40 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 41 | €74,600 | €4,800 | -€69,800 | -93.6% |
| Cash at bank and in hand | 54/58 | €1,206 | €1,250 | +€44 | +3.6% |
| Total equity and liabilities | 10/49 | €652,886 | €556,215 | -€96,671 | -14.8% |
| Equity | 10/15 | €34,858 | €233,442 | +€198,584 | +570% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €28,653 | €227,237 | +€198,584 | +693% |
| Tax-exempt reserves | 132 | - | €184,641 | +€184,641 | |
| Distributable reserves | 133 | €28,653 | €42,596 | +€13,943 | +48.7% |
| Provisions and deferred taxes | 16 | - | €61,547 | +€61,547 | |
| Deferred taxes | 168 | - | €61,547 | +€61,547 | |
| Amounts payable | 17/49 | €618,027 | €261,225 | -€356,802 | -57.7% |
| Amounts payable within one year | 42/48 | €615,567 | €259,555 | -€356,012 | -57.8% |
| Financial debts | 43 | €149,000 | €3,000 | -€146,000 | -98.0% |
| Credit institutions | 430/8 | €149,000 | €3,000 | -€146,000 | -98.0% |
| Trade debts | 44 | €8,780 | - | -€8,780 | |
| Suppliers | 440/4 | €8,780 | - | -€8,780 | |
| Other amounts payable | 47/48 | €457,787 | €256,555 | -€201,232 | -44.0% |
| Accrued charges and deferred income | 492/3 | €2,460 | €1,670 | -€790 | -32.1% |
| Non-recurring operating income | 76A | - | €276,881 | +€276,881 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,973 | €39,455 | -€3,519 | -8.2% |
| Other operating charges | 640/8 | €11,529 | €12,675 | +€1,146 | +9.9% |
| Gross operating margin | 9900 | €67,478 | €320,829 | +€253,351 | +375% |
| Operating profit (loss) | 9901 | €12,975 | €268,699 | +€255,724 | +1,971% |
| Financial income | 75/76B | €124 | €54 | -€70 | -56.2% |
| Recurring financial income | 75 | €124 | €54 | -€70 | -56.2% |
| Financial charges | 65/66B | €6,731 | €8,623 | +€1,892 | +28.1% |
| Recurring financial charges | 65 | €6,731 | €8,623 | +€1,892 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | €6,368 | €260,131 | +€253,762 | +3,985% |
| Transfer to deferred taxes | 680 | - | €61,547 | +€61,547 | |
| Profit (loss) for the period | 9904 | €6,368 | €198,584 | +€192,216 | +3,018% |
| Transfer to tax-exempt reserves | 689 | - | €184,641 | +€184,641 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,368 | €13,943 | +€7,575 | +119% |
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 27 October 2026 via checked.be.