DE SLEUTEL: 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 SLEUTEL
Largest movements
- Stocks and contracts +€2.0m
up €2.0m (+109%), from €1.8m to €3.8m
- Cash +€58,522
up €58,522 (+455%), from €12,858 to €71,380
mainly Short-term financial debts (+€2.0m) and Debts after one year (+€1.5m)
- Short-term financial debts +€2.0m
new in 2025: €2.0m
- Other debts -€1.7m
no longer reported in 2025 (was €1.7m)
- Debts after one year +€1.5m
new in 2025: €1.5m
- Trade debts +€234,080
up €234,080 (+151%), from €155,426 to €389,506
- Financial charges +€1,600
up €1,600 (+306%), from €524 to €2,124
- Other operating charges -€746
down €746 (-61.8%), from €1,208 to €462
- Gross operating margin +€462
up €462 (+34.7%), from -€1,329 to -€868
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 | €1,879,729 | €3,885,213 | +€2.0m | +107% |
| Current assets | 29/58 | €1,879,729 | €3,885,213 | +€2.0m | +107% |
| Stocks and contracts in progress | 3 | €1,802,438 | €3,770,950 | +€2.0m | +109% |
| Stocks | 30/36 | €1,802,438 | €3,770,950 | +€2.0m | +109% |
| Amounts receivable within one year | 40/41 | €64,433 | €42,884 | -€21,548 | -33.4% |
| Trade receivables | 40 | €64,433 | - | -€64,433 | |
| Other amounts receivable | 41 | - | €42,884 | +€42,884 | |
| Cash at bank and in hand | 54/58 | €12,858 | €71,380 | +€58,522 | +455% |
| Total equity and liabilities | 10/49 | €1,879,729 | €3,885,213 | +€2.0m | +107% |
| Equity | 10/15 | €6,939 | €3,485 | -€3,454 | -49.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,061 | -€6,515 | -€3,454 | -113% |
| Amounts payable | 17/49 | €1,872,790 | €3,881,728 | +€2.0m | +107% |
| Amounts payable after more than one year | 17 | - | €1,493,113 | +€1.5m | |
| Other amounts payable | 178/9 | - | €1,493,113 | +€1.5m | |
| Amounts payable within one year | 42/48 | €1,865,254 | €2,376,928 | +€511,674 | +27.4% |
| Financial debts | 43 | - | €1,972,422 | +€2.0m | |
| Credit institutions | 430/8 | - | €1,972,422 | +€2.0m | |
| Trade debts | 44 | €155,426 | €389,506 | +€234,080 | +151% |
| Suppliers | 440/4 | €155,426 | €389,506 | +€234,080 | +151% |
| Advances received on contracts in progress | 46 | - | €15,000 | +€15,000 | |
| Taxes, remuneration and social security | 45 | €6,383 | - | -€6,383 | |
| Taxes | 450/3 | €6,383 | - | -€6,383 | |
| Other amounts payable | 47/48 | €1,703,446 | - | -€1.7m | |
| Accrued charges and deferred income | 492/3 | €7,535 | €11,687 | +€4,152 | +55.1% |
| Other operating charges | 640/8 | €1,208 | €462 | -€746 | -61.8% |
| Gross operating margin | 9900 | -€1,329 | -€868 | +€462 | +34.7% |
| Operating profit (loss) | 9901 | -€2,537 | -€1,329 | +€1,208 | +47.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €524 | €2,124 | +€1,600 | +306% |
| Recurring financial charges | 65 | €524 | €2,124 | +€1,600 | +306% |
| Profit (loss) for the period before taxes | 9903 | -€3,061 | -€3,454 | -€393 | -12.8% |
| Profit (loss) for the period | 9904 | -€3,061 | -€3,454 | -€393 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,061 | -€3,454 | -€393 | -12.8% |
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 23 October 2026 via checked.be.