Christophe Steenhault: 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.
Christophe Steenhault
Largest movements
- Financial fixed assets +€325,000
new in 2025: €325,000
- Current investments -€274,329
down €274,329 (-56.2%), from €487,719 to €213,390
- Cash -€78,199
down €78,199 (-58.5%), from €133,773 to €55,574
mainly Investment in fixed assets (net) (-€325,540) and Trade debts (-€20,162)
- Trade debts -€20,162
no longer reported in 2025 (was €20,162)
- Gross operating margin -€65,914
down €65,914, from €31,563 to -€34,351
- Financial income -€25,003
down €25,003 (-41.0%), from €60,938 to €35,935
- Taxes -€8,289
down €8,289 (-97.3%), from €8,520 to €231
- Depreciation -€5,022
down €5,022 (-44.5%), from €11,273 to €6,251
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 | €637,326 | €608,403 | -€28,923 | -4.5% |
| Fixed assets | 21/28 | €14,504 | €333,793 | +€319,289 | +2,201% |
| Tangible fixed assets | 22/27 | €14,504 | €8,793 | -€5,711 | -39.4% |
| Land and buildings | 22 | €10,832 | €6,795 | -€4,037 | -37.3% |
| Plant, machinery and equipment | 23 | €1,579 | €1,407 | -€172 | -10.9% |
| Furniture and vehicles | 24 | €2,093 | €591 | -€1,502 | -71.8% |
| Financial fixed assets | 28 | - | €325,000 | +€325,000 | |
| Current assets | 29/58 | €622,822 | €274,610 | -€348,212 | -55.9% |
| Amounts receivable within one year | 40/41 | - | €5,516 | +€5,516 | |
| Other amounts receivable | 41 | - | €5,516 | +€5,516 | |
| Current investments | 50/53 | €487,719 | €213,390 | -€274,329 | -56.2% |
| Cash at bank and in hand | 54/58 | €133,773 | €55,574 | -€78,199 | -58.5% |
| Deferred charges and accrued income | 490/1 | €1,330 | €130 | -€1,200 | -90.2% |
| Total equity and liabilities | 10/49 | €637,326 | €608,403 | -€28,923 | -4.5% |
| Equity | 10/15 | €610,585 | €603,255 | -€7,330 | -1.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €598,185 | €595,685 | -€2,500 | -0.4% |
| Distributable reserves | 133 | €598,185 | €595,685 | -€2,500 | -0.4% |
| Profit (loss) carried forward | 14 | - | -€4,830 | -€4,830 | |
| Amounts payable | 17/49 | €26,741 | €5,148 | -€21,593 | -80.7% |
| Amounts payable within one year | 42/48 | €26,741 | €5,148 | -€21,593 | -80.7% |
| Trade debts | 44 | €20,162 | - | -€20,162 | |
| Suppliers | 440/4 | €20,162 | - | -€20,162 | |
| Taxes, remuneration and social security | 45 | €1,119 | €879 | -€240 | -21.4% |
| Taxes | 450/3 | €1,119 | €879 | -€240 | -21.4% |
| Other amounts payable | 47/48 | €5,460 | €4,269 | -€1,191 | -21.8% |
| Non-recurring operating income | 76A | €65,132 | - | -€65,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,273 | €6,251 | -€5,022 | -44.5% |
| Other operating charges | 640/8 | €831 | €734 | -€97 | -11.7% |
| Non-recurring operating charges | 66A | - | €847 | +€847 | |
| Gross operating margin | 9900 | €31,563 | -€34,351 | -€65,914 | |
| Operating profit (loss) | 9901 | €19,459 | -€42,183 | -€61,642 | |
| Financial income | 75/76B | €60,938 | €35,935 | -€25,003 | -41.0% |
| Recurring financial income | 75 | €60,938 | €35,935 | -€25,003 | -41.0% |
| Financial charges | 65/66B | €719 | €851 | +€132 | +18.4% |
| Recurring financial charges | 65 | €719 | €851 | +€132 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €79,678 | -€7,099 | -€86,777 | |
| Income taxes | 67/77 | €8,520 | €231 | -€8,289 | -97.3% |
| Profit (loss) for the period | 9904 | €71,158 | -€7,330 | -€78,488 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,158 | -€7,330 | -€78,488 |
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 21 October 2026 via checked.be.