BERNARD STEVENS: 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 STEVENS
Largest movements
- Tangible fixed assets +€41,170
up €41,170 (+10.8%), from €382,310 to €423,480
of which Furniture and vehicles: +€28,443
- Stocks and contracts +€25,005
up €25,005 (+16.2%), from €154,794 to €179,799
- Trade debts +€29,650
up €29,650 (+147%), from €20,213 to €49,863
- Current portion of long-term debt +€13,640
up €13,640 (+29.2%), from €46,718 to €60,359
- Reserves +€7,165
up €7,165 (+11.5%), from €62,569 to €69,734
of which Distributable reserves: +€7,165
- Debts after one year +€7,009
up €7,009 (+2.2%), from €313,409 to €320,418
of which Financial debts: +€7,009
- Depreciation +€11,945
up €11,945 (+31.1%), from €38,353 to €50,298
- Gross operating margin -€5,115
down €5,115 (-5.9%), from €86,974 to €81,859
- Taxes -€3,966
down €3,966 (-51.7%), from €7,668 to €3,702
- Staff costs -€1,933
down €1,933 (-56.2%), from €3,436 to €1,504
- Other operating charges +€957
up €957 (+28.3%), from €3,378 to €4,335
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 | €575,886 | €641,473 | +€65,586 | +11.4% |
| Fixed assets | 21/28 | €382,310 | €423,480 | +€41,170 | +10.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €382,310 | €423,480 | +€41,170 | +10.8% |
| Land and buildings | 22 | €123,946 | €140,744 | +€16,797 | +13.6% |
| Plant, machinery and equipment | 23 | €6,988 | €10,647 | +€3,658 | +52.3% |
| Furniture and vehicles | 24 | €66,183 | €94,626 | +€28,443 | +43.0% |
| Other tangible fixed assets | 26 | €185,193 | €177,464 | -€7,729 | -4.2% |
| Current assets | 29/58 | €193,576 | €217,992 | +€24,416 | +12.6% |
| Stocks and contracts in progress | 3 | €154,794 | €179,799 | +€25,005 | +16.2% |
| Stocks | 30/36 | €154,794 | €179,799 | +€25,005 | +16.2% |
| Amounts receivable within one year | 40/41 | €32,670 | €32,211 | -€460 | -1.4% |
| Trade receivables | 40 | €31,572 | €32,162 | +€590 | +1.9% |
| Other amounts receivable | 41 | €1,098 | €49 | -€1,050 | -95.6% |
| Cash at bank and in hand | 54/58 | €671 | €1,072 | +€401 | +59.7% |
| Deferred charges and accrued income | 490/1 | €5,441 | €4,911 | -€530 | -9.7% |
| Total equity and liabilities | 10/49 | €575,886 | €641,473 | +€65,586 | +11.4% |
| Equity | 10/15 | €89,809 | €96,974 | +€7,165 | +8.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €8,640 | €8,640 | = | 0.0% |
| Reserves | 13 | €62,569 | €69,734 | +€7,165 | +11.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €60,709 | €67,874 | +€7,165 | +11.8% |
| Amounts payable | 17/49 | €486,077 | €544,499 | +€58,421 | +12.0% |
| Amounts payable after more than one year | 17 | €313,409 | €320,418 | +€7,009 | +2.2% |
| Financial debts | 170/4 | €223,982 | €230,990 | +€7,009 | +3.1% |
| Other amounts payable | 178/9 | €89,428 | €89,428 | = | 0.0% |
| Amounts payable within one year | 42/48 | €172,668 | €224,081 | +€51,413 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €46,718 | €60,359 | +€13,640 | +29.2% |
| Financial debts | 43 | €79,504 | €84,969 | +€5,465 | +6.9% |
| Credit institutions | 430/8 | €79,504 | €84,969 | +€5,465 | +6.9% |
| Trade debts | 44 | €20,213 | €49,863 | +€29,650 | +147% |
| Suppliers | 440/4 | €20,213 | €49,863 | +€29,650 | +147% |
| Taxes, remuneration and social security | 45 | €8,643 | €10,339 | +€1,696 | +19.6% |
| Taxes | 450/3 | €7,668 | €10,339 | +€2,670 | +34.8% |
| Remuneration and social security | 454/9 | €975 | €0 | -€975 | -100% |
| Other amounts payable | 47/48 | €17,590 | €18,552 | +€962 | +5.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €3,436 | €1,504 | -€1,933 | -56.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,353 | €50,298 | +€11,945 | +31.1% |
| Other operating charges | 640/8 | €3,378 | €4,335 | +€957 | +28.3% |
| Gross operating margin | 9900 | €86,974 | €81,859 | -€5,115 | -5.9% |
| Operating profit (loss) | 9901 | €41,807 | €25,722 | -€16,085 | -38.5% |
| Financial income | 75/76B | €122 | €158 | +€36 | +29.1% |
| Recurring financial income | 75 | €122 | €158 | +€36 | +29.1% |
| Financial charges | 65/66B | €15,088 | €15,013 | -€75 | -0.5% |
| Recurring financial charges | 65 | €15,088 | €15,013 | -€75 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €26,841 | €10,867 | -€15,974 | -59.5% |
| Income taxes | 67/77 | €7,668 | €3,702 | -€3,966 | -51.7% |
| Profit (loss) for the period | 9904 | €19,173 | €7,165 | -€12,008 | -62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,173 | €7,165 | -€12,008 | -62.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.