Dr. Celen Stefanie: 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.
Dr. Celen Stefanie
Largest movements
- Tangible fixed assets +€44,585
up €44,585 (+2,007%), from €2,221 to €46,806
of which Furniture and vehicles: +€42,070
- Receivables within one year +€24,090
new in 2025: €24,090
of which Other amounts receivable: +€21,115
- Cash -€11,797
down €11,797 (-16.3%), from €72,379 to €60,582
mainly Investment in fixed assets (net) (-€49,472) and Receivables within one year (-€24,090)
- Reserves +€78,707
up €78,707 (+180%), from €43,649 to €122,356
- Tax, wage and social debts -€16,382
no longer reported in 2025 (was €16,382)
- Other debts -€4,648
down €4,648 (-92.2%), from €5,043 to €394
- Turnover -€115,455
no longer reported in 2025 (was €115,455)
- Gross operating margin +€57,706
up €57,706 (+95.6%), from €60,367 to €118,074
- Purchases and services -€55,779
no longer reported in 2025 (was €55,779)
- Taxes +€17,502
up €17,502 (+107%), from €16,382 to €33,885
- Depreciation +€4,552
up €4,552 (+1,356%), from €336 to €4,888
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 | €75,074 | €132,934 | +€57,860 | +77.1% |
| Fixed assets | 21/28 | €2,221 | €46,806 | +€44,585 | +2,007% |
| Tangible fixed assets | 22/27 | €2,221 | €46,806 | +€44,585 | +2,007% |
| Plant, machinery and equipment | 23 | €468 | €2,983 | +€2,515 | +537% |
| Furniture and vehicles | 24 | €1,753 | €43,823 | +€42,070 | +2,400% |
| Current assets | 29/58 | €72,853 | €86,128 | +€13,275 | +18.2% |
| Amounts receivable within one year | 40/41 | - | €24,090 | +€24,090 | |
| Trade receivables | 40 | - | €2,974 | +€2,974 | |
| Other amounts receivable | 41 | - | €21,115 | +€21,115 | |
| Cash at bank and in hand | 54/58 | €72,379 | €60,582 | -€11,797 | -16.3% |
| Deferred charges and accrued income | 490/1 | €474 | €1,457 | +€983 | +207% |
| Total equity and liabilities | 10/49 | €75,074 | €132,934 | +€57,860 | +77.1% |
| Equity | 10/15 | €53,649 | €132,356 | +€78,707 | +147% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €43,649 | €122,356 | +€78,707 | +180% |
| Distributable reserves | 133 | €43,649 | €122,356 | +€78,707 | +180% |
| Amounts payable | 17/49 | €21,425 | €578 | -€20,847 | -97.3% |
| Amounts payable within one year | 42/48 | €21,425 | €578 | -€20,847 | -97.3% |
| Trade debts | 44 | - | €184 | +€184 | |
| Suppliers | 440/4 | - | €184 | +€184 | |
| Taxes, remuneration and social security | 45 | €16,382 | - | -€16,382 | |
| Taxes | 450/3 | €16,382 | - | -€16,382 | |
| Other amounts payable | 47/48 | €5,043 | €394 | -€4,648 | -92.2% |
| Turnover | 70 | €115,455 | - | -€115,455 | |
| Goods, raw materials, services and sundry goods | 60/61 | €55,779 | - | -€55,779 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €336 | €4,888 | +€4,552 | +1,356% |
| Other operating charges | 640/8 | - | €470 | +€470 | |
| Gross operating margin | 9900 | €60,367 | €118,074 | +€57,706 | +95.6% |
| Operating profit (loss) | 9901 | €60,031 | €112,716 | +€52,685 | +87.8% |
| Financial charges | 65/66B | - | €125 | +€125 | |
| Recurring financial charges | 65 | - | €125 | +€125 | |
| Profit (loss) for the period before taxes | 9903 | €60,031 | €112,592 | +€52,560 | +87.6% |
| Income taxes | 67/77 | €16,382 | €33,885 | +€17,502 | +107% |
| Profit (loss) for the period | 9904 | €43,649 | €78,707 | +€35,058 | +80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,649 | €78,707 | +€35,058 | +80.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.