Captain Steffard: 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.
Captain Steffard
Largest movements
- Cash -€44,478
down €44,478 (-50.9%), from €87,390 to €42,912
mainly Net result for the year (-€44,066) and Trade debts (-€4,273)
- Stocks and contracts -€8,962
down €8,962 (-50.2%), from €17,848 to €8,886
- Tangible fixed assets +€2,658
new in 2025: €2,658
of which Other tangible fixed assets: +€1,560
- Profit (loss) carried forward -€44,066
down €44,066, from €0 to -€44,066
- Trade debts -€4,273
down €4,273 (-26.1%), from €16,381 to €12,108
- Gross operating margin -€60,908
down €60,908, from €52,908 to -€8,000
- Taxes +€31,387
up €31,387 (+1569.4%), from €2,000 to €33,387
- Financial income +€3,390
up €3,390 (+756.6%), from €448 to €3,838
- Write-downs -€1,928
down €1,928 (-100.0%), from €1,928 to €0
- Financial charges -€1,732
down €1,732 (-44.4%), from €3,898 to €2,166
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 | €201,191 | €151,896 | -€49,295 | -24.5% |
| Fixed assets | 21/28 | €14,800 | €17,458 | +€2,658 | +18.0% |
| Tangible fixed assets | 22/27 | - | €2,658 | +€2,658 | |
| Furniture and vehicles | 24 | - | €1,099 | +€1,099 | |
| Other tangible fixed assets | 26 | - | €1,560 | +€1,560 | |
| Financial fixed assets | 28 | €14,800 | €14,800 | = | 0.0% |
| Current assets | 29/58 | €186,391 | €134,438 | -€51,953 | -27.9% |
| Stocks and contracts in progress | 3 | €17,848 | €8,886 | -€8,962 | -50.2% |
| Stocks | 30/36 | €17,848 | €8,886 | -€8,962 | -50.2% |
| Amounts receivable within one year | 40/41 | €81,154 | €82,640 | +€1,486 | +1.8% |
| Trade receivables | 40 | €67,646 | €70,959 | +€3,312 | +4.9% |
| Other amounts receivable | 41 | €13,507 | €11,681 | -€1,826 | -13.5% |
| Cash at bank and in hand | 54/58 | €87,390 | €42,912 | -€44,478 | -50.9% |
| Total equity and liabilities | 10/49 | €201,191 | €151,896 | -€49,295 | -24.5% |
| Equity | 10/15 | €133,335 | €89,269 | -€44,066 | -33.0% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €93,335 | €93,335 | = | 0.0% |
| Distributable reserves | 133 | €93,335 | €93,335 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€44,066 | -€44,066 | |
| Amounts payable | 17/49 | €67,856 | €62,627 | -€5,229 | -7.7% |
| Amounts payable within one year | 42/48 | €67,856 | €62,627 | -€5,229 | -7.7% |
| Financial debts | 43 | €20,001 | €20,000 | -€1 | 0.0% |
| Credit institutions | 430/8 | €20,001 | €20,000 | -€1 | 0.0% |
| Trade debts | 44 | €16,381 | €12,108 | -€4,273 | -26.1% |
| Suppliers | 440/4 | €16,381 | €12,108 | -€4,273 | -26.1% |
| Taxes, remuneration and social security | 45 | €18,011 | €18,157 | +€146 | +0.8% |
| Taxes | 450/3 | €18,011 | €18,157 | +€146 | +0.8% |
| Other amounts payable | 47/48 | €13,463 | €12,362 | -€1,101 | -8.2% |
| Non-recurring operating income | 76A | €13,988 | €0 | -€13,988 | -100.0% |
| Remuneration, social security and pensions | 62 | €180 | €1,290 | +€1,110 | +616.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €346 | +€346 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,928 | €0 | -€1,928 | -100.0% |
| Other operating charges | 640/8 | €1,379 | €3,007 | +€1,628 | +118.0% |
| Non-recurring operating charges | 66A | €2,026 | -€292 | -€2,318 | |
| Gross operating margin | 9900 | €52,908 | -€8,000 | -€60,908 | |
| Operating profit (loss) | 9901 | €47,395 | -€12,351 | -€59,746 | |
| Financial income | 75/76B | €448 | €3,838 | +€3,390 | +756.6% |
| Recurring financial income | 75 | €448 | €3,838 | +€3,390 | +756.6% |
| Financial charges | 65/66B | €3,898 | €2,166 | -€1,732 | -44.4% |
| Recurring financial charges | 65 | €3,898 | €2,166 | -€1,732 | -44.4% |
| Profit (loss) for the period before taxes | 9903 | €43,945 | -€10,679 | -€54,624 | |
| Income taxes | 67/77 | €2,000 | €33,387 | +€31,387 | +1569.4% |
| Profit (loss) for the period | 9904 | €41,945 | -€44,066 | -€86,011 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,945 | -€44,066 | -€86,011 |
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 30 September 2026 via checked.be.