DE BROUWER STEFAN: 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.
DE BROUWER STEFAN
Largest movements
- Cash -€29,328
down €29,328 (-98.4%), from €29,790 to €463
mainly Investment in fixed assets (net) (-€38,889) and Receivables within one year (-€12,673)
- Tangible fixed assets +€27,011
up €27,011 (+217%), from €12,452 to €39,463
of which Furniture and vehicles: +€26,693
- Receivables within one year +€12,673
up €12,673 (+38.2%), from €33,133 to €45,807
of which Other amounts receivable: +€9,621
- Stocks and contracts +€7,190
up €7,190 (+15.0%), from €47,921 to €55,111
of which Stocks: +€5,480
- Debts after one year +€15,903
new in 2025: €15,903
- Trade debts -€6,955
down €6,955 (-49.2%), from €14,144 to €7,189
- Current portion of long-term debt +€5,241
new in 2025: €5,241
- Other debts +€3,474
up €3,474 (+836%), from €416 to €3,890
- Depreciation +€2,205
up €2,205 (+22.8%), from €9,673 to €11,878
- Financial charges -€1,017
down €1,017 (-30.3%), from €3,352 to €2,334
- Other operating charges -€646
down €646 (-41.1%), from €1,572 to €926
- Taxes +€446
up €446 (+353%), from €126 to €572
- Gross operating margin +€177
up €177 (+1.0%), from €16,841 to €17,017
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 | €123,297 | €140,907 | +€17,610 | +14.3% |
| Fixed assets | 21/28 | €12,452 | €39,463 | +€27,011 | +217% |
| Tangible fixed assets | 22/27 | €12,452 | €39,463 | +€27,011 | +217% |
| Plant, machinery and equipment | 23 | €4,054 | €4,373 | +€319 | +7.9% |
| Furniture and vehicles | 24 | €8,398 | €35,090 | +€26,693 | +318% |
| Current assets | 29/58 | €110,845 | €101,443 | -€9,401 | -8.5% |
| Stocks and contracts in progress | 3 | €47,921 | €55,111 | +€7,190 | +15.0% |
| Stocks | 30/36 | €42,311 | €47,791 | +€5,480 | +13.0% |
| Contracts in progress | 37 | €5,610 | €7,320 | +€1,711 | +30.5% |
| Amounts receivable within one year | 40/41 | €33,133 | €45,807 | +€12,673 | +38.2% |
| Trade receivables | 40 | €33,133 | €36,186 | +€3,052 | +9.2% |
| Other amounts receivable | 41 | - | €9,621 | +€9,621 | |
| Cash at bank and in hand | 54/58 | €29,790 | €463 | -€29,328 | -98.4% |
| Deferred charges and accrued income | 490/1 | - | €63 | +€63 | |
| Total equity and liabilities | 10/49 | €123,297 | €140,907 | +€17,610 | +14.3% |
| Equity | 10/15 | €106,829 | €108,136 | +€1,307 | +1.2% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €13,974 | €13,974 | = | 0.0% |
| Distributable reserves | 133 | €13,974 | €13,974 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,855 | €75,162 | +€1,307 | +1.8% |
| Amounts payable | 17/49 | €16,468 | €32,771 | +€16,303 | +99.0% |
| Amounts payable after more than one year | 17 | - | €15,903 | +€15,903 | |
| Financial debts | 170/4 | - | €15,903 | +€15,903 | |
| Amounts payable within one year | 42/48 | €16,468 | €16,868 | +€400 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | - | €5,241 | +€5,241 | |
| Trade debts | 44 | €14,144 | €7,189 | -€6,955 | -49.2% |
| Suppliers | 440/4 | €14,144 | €7,189 | -€6,955 | -49.2% |
| Taxes, remuneration and social security | 45 | €1,908 | €548 | -€1,360 | -71.3% |
| Taxes | 450/3 | €1,908 | €548 | -€1,360 | -71.3% |
| Other amounts payable | 47/48 | €416 | €3,890 | +€3,474 | +836% |
| Non-recurring operating income | 76A | - | €2,500 | +€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,673 | €11,878 | +€2,205 | +22.8% |
| Other operating charges | 640/8 | €1,572 | €926 | -€646 | -41.1% |
| Gross operating margin | 9900 | €16,841 | €17,017 | +€177 | +1.0% |
| Operating profit (loss) | 9901 | €5,596 | €4,213 | -€1,382 | -24.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €3,352 | €2,334 | -€1,017 | -30.3% |
| Recurring financial charges | 65 | €3,352 | €2,334 | -€1,017 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €2,244 | €1,879 | -€365 | -16.3% |
| Income taxes | 67/77 | €126 | €572 | +€446 | +353% |
| Profit (loss) for the period | 9904 | €2,118 | €1,307 | -€811 | -38.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,118 | €1,307 | -€811 | -38.3% |
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 1 November 2026 via checked.be.