Dirk Steen: 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.
Dirk Steen
Largest movements
- Cash +€257,009
up €257,009 (+269%), from €95,655 to €352,664
mainly Trade debts (+€130,529) and Receivables within one year (+€119,992)
- Receivables within one year -€119,992
down €119,992 (-73.9%), from €162,327 to €42,335
of which Trade receivables: -€121,650
- Tangible fixed assets -€62,074
down €62,074 (-18.5%), from €335,641 to €273,567
- Deferred charges and accrued income +€10,259
up €10,259 (+136%), from €7,519 to €17,777
- Trade debts +€130,529
up €130,529 (+155%), from €84,340 to €214,868
- Debts after one year -€75,703
down €75,703 (-18.8%), from €402,771 to €327,068
of which Financial debts: -€47,537
- Profit (loss) carried forward +€35,384
up €35,384 (+167%), from €21,143 to €56,527
- Advances received -€15,000
no longer reported in 2025 (was €15,000)
- Tax, wage and social debts +€8,365
up €8,365 (+33.9%), from €24,689 to €33,055
of which Taxes: +€16,380
- Gross operating margin +€58,789
up €58,789 (+41.0%), from €143,223 to €202,012
- Staff costs +€29,347
up €29,347 (+64.0%), from €45,844 to €75,191
- Write-downs +€6,000
new in 2025: €6,000
- Taxes +€5,636
up €5,636 (+90.3%), from €6,241 to €11,877
- Depreciation +€2,564
up €2,564 (+4.2%), from €61,529 to €64,093
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 | €605,709 | €690,410 | +€84,701 | +14.0% |
| Fixed assets | 21/28 | €340,208 | €277,634 | -€62,574 | -18.4% |
| Intangible fixed assets | 21 | €4,567 | €4,067 | -€500 | -10.9% |
| Tangible fixed assets | 22/27 | €335,641 | €273,567 | -€62,074 | -18.5% |
| Land and buildings | 22 | €155,216 | €145,235 | -€9,981 | -6.4% |
| Plant, machinery and equipment | 23 | €90,918 | €63,994 | -€26,924 | -29.6% |
| Furniture and vehicles | 24 | €36,764 | €24,354 | -€12,410 | -33.8% |
| Leasing and similar rights | 25 | €52,743 | €39,985 | -€12,759 | -24.2% |
| Current assets | 29/58 | €265,501 | €412,776 | +€147,276 | +55.5% |
| Amounts receivable within one year | 40/41 | €162,327 | €42,335 | -€119,992 | -73.9% |
| Trade receivables | 40 | €124,850 | €3,200 | -€121,650 | -97.4% |
| Other amounts receivable | 41 | €37,477 | €39,135 | +€1,658 | +4.4% |
| Cash at bank and in hand | 54/58 | €95,655 | €352,664 | +€257,009 | +269% |
| Deferred charges and accrued income | 490/1 | €7,519 | €17,777 | +€10,259 | +136% |
| Total equity and liabilities | 10/49 | €605,709 | €690,410 | +€84,701 | +14.0% |
| Equity | 10/15 | €31,143 | €66,527 | +€35,384 | +114% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,143 | €56,527 | +€35,384 | +167% |
| Amounts payable | 17/49 | €574,566 | €623,883 | +€49,318 | +8.6% |
| Amounts payable after more than one year | 17 | €402,771 | €327,068 | -€75,703 | -18.8% |
| Financial debts | 170/4 | €292,751 | €245,214 | -€47,537 | -16.2% |
| Other amounts payable | 178/9 | €110,020 | €81,853 | -€28,167 | -25.6% |
| Amounts payable within one year | 42/48 | €170,510 | €295,460 | +€124,950 | +73.3% |
| Current portion of amounts payable after more than one year | 42 | €46,480 | €47,537 | +€1,056 | +2.3% |
| Trade debts | 44 | €84,340 | €214,868 | +€130,529 | +155% |
| Suppliers | 440/4 | €84,340 | €214,868 | +€130,529 | +155% |
| Advances received on contracts in progress | 46 | €15,000 | - | -€15,000 | |
| Taxes, remuneration and social security | 45 | €24,689 | €33,055 | +€8,365 | +33.9% |
| Taxes | 450/3 | €6,832 | €23,212 | +€16,380 | +240% |
| Remuneration and social security | 454/9 | €17,857 | €9,843 | -€8,014 | -44.9% |
| Accrued charges and deferred income | 492/3 | €1,285 | €1,356 | +€71 | +5.5% |
| Remuneration, social security and pensions | 62 | €45,844 | €75,191 | +€29,347 | +64.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,529 | €64,093 | +€2,564 | +4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,000 | +€6,000 | |
| Other operating charges | 640/8 | €388 | €1,887 | +€1,499 | +386% |
| Gross operating margin | 9900 | €143,223 | €202,012 | +€58,789 | +41.0% |
| Operating profit (loss) | 9901 | €35,461 | €54,841 | +€19,380 | +54.7% |
| Financial income | 75/76B | €21 | - | -€21 | |
| Recurring financial income | 75 | €21 | - | -€21 | |
| Financial charges | 65/66B | €8,097 | €7,580 | -€518 | -6.4% |
| Recurring financial charges | 65 | €8,097 | €7,580 | -€518 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €27,385 | €47,261 | +€19,876 | +72.6% |
| Income taxes | 67/77 | €6,241 | €11,877 | +€5,636 | +90.3% |
| Profit (loss) for the period | 9904 | €21,143 | €35,384 | +€14,241 | +67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,143 | €35,384 | +€14,241 | +67.4% |
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.