Dirk Stragier: 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 Stragier
Largest movements
- Receivables within one year -€184,235
down €184,235 (-44.6%), from €413,367 to €229,132
of which Other amounts receivable: -€184,235
- Tangible fixed assets -€14,486
down €14,486 (-15.6%), from €92,782 to €78,297
of which Land and buildings: -€10,154
- Cash +€13,880
up €13,880 (+23.8%), from €58,335 to €72,215
mainly Receivables within one year (+€184,235) and Net result for the year (+€127,325)
- Reserves -€270,768
down €270,768 (-40.6%), from €666,410 to €395,642
of which Distributable reserves: -€270,768
- Other debts +€89,383
new in 2025: €89,383
- Tax, wage and social debts -€17,097
down €17,097 (-9.9%), from €172,897 to €155,800
of which Taxes: -€17,097
- Gross operating margin +€26,317
up €26,317 (+15.6%), from €168,250 to €194,568
- Taxes +€5,815
up €5,815 (+11.3%), from €51,672 to €57,487
- Other operating charges +€2,739
new in 2025: €2,739
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 | €1,091,298 | €906,637 | -€184,661 | -16.9% |
| Fixed assets | 21/28 | €132,753 | €118,267 | -€14,486 | -10.9% |
| Tangible fixed assets | 22/27 | €92,782 | €78,297 | -€14,486 | -15.6% |
| Land and buildings | 22 | €71,077 | €60,923 | -€10,154 | -14.3% |
| Plant, machinery and equipment | 23 | €16,305 | €13,976 | -€2,329 | -14.3% |
| Furniture and vehicles | 24 | €5,400 | €3,397 | -€2,003 | -37.1% |
| Financial fixed assets | 28 | €39,971 | €39,971 | = | 0.0% |
| Current assets | 29/58 | €958,545 | €788,370 | -€170,175 | -17.8% |
| Amounts receivable after more than one year | 29 | €485,000 | €485,000 | = | 0.0% |
| Other amounts receivable | 291 | €485,000 | €485,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €413,367 | €229,132 | -€184,235 | -44.6% |
| Trade receivables | 40 | €121,882 | €121,882 | = | 0.0% |
| Other amounts receivable | 41 | €291,485 | €107,250 | -€184,235 | -63.2% |
| Current investments | 50/53 | €111 | €111 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €58,335 | €72,215 | +€13,880 | +23.8% |
| Deferred charges and accrued income | 490/1 | €1,732 | €1,912 | +€180 | +10.4% |
| Total equity and liabilities | 10/49 | €1,091,298 | €906,637 | -€184,661 | -16.9% |
| Equity | 10/15 | €791,721 | €521,278 | -€270,443 | -34.2% |
| Contributions | 10/11 | €121,320 | €121,320 | = | 0.0% |
| Reserves | 13 | €666,410 | €395,642 | -€270,768 | -40.6% |
| Non-distributable reserves | 130/1 | €13,332 | €13,332 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,332 | €13,332 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,310 | €10,310 | = | 0.0% |
| Distributable reserves | 133 | €642,768 | €372,000 | -€270,768 | -42.1% |
| Profit (loss) carried forward | 14 | €3,991 | €4,316 | +€325 | +8.2% |
| Amounts payable | 17/49 | €299,578 | €385,360 | +€85,782 | +28.6% |
| Amounts payable after more than one year | 17 | €53,034 | €57,144 | +€4,110 | +7.8% |
| Financial debts | 170/4 | €53,034 | €57,144 | +€4,110 | +7.8% |
| Amounts payable within one year | 42/48 | €246,544 | €328,215 | +€81,672 | +33.1% |
| Trade debts | 44 | €73,647 | €83,032 | +€9,385 | +12.7% |
| Suppliers | 440/4 | €73,647 | €83,032 | +€9,385 | +12.7% |
| Taxes, remuneration and social security | 45 | €172,897 | €155,800 | -€17,097 | -9.9% |
| Taxes | 450/3 | €122,897 | €105,800 | -€17,097 | -13.9% |
| Remuneration and social security | 454/9 | €50,000 | €50,000 | = | 0.0% |
| Other amounts payable | 47/48 | - | €89,383 | +€89,383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,448 | €14,486 | +€38 | +0.3% |
| Other operating charges | 640/8 | - | €2,739 | +€2,739 | |
| Gross operating margin | 9900 | €168,250 | €194,568 | +€26,317 | +15.6% |
| Operating profit (loss) | 9901 | €153,802 | €177,343 | +€23,540 | +15.3% |
| Financial income | 75/76B | €10,875 | €12,125 | +€1,250 | +11.5% |
| Recurring financial income | 75 | €10,875 | €12,125 | +€1,250 | +11.5% |
| Financial charges | 65/66B | €4,589 | €4,655 | +€67 | +1.5% |
| Recurring financial charges | 65 | €4,589 | €4,655 | +€67 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €160,089 | €184,812 | +€24,724 | +15.4% |
| Income taxes | 67/77 | €51,672 | €57,487 | +€5,815 | +11.3% |
| Profit (loss) for the period | 9904 | €108,417 | €127,325 | +€18,908 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €108,417 | €127,325 | +€18,908 | +17.4% |
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 11 October 2026 via checked.be.