Dr Dirk Stockman: 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 Dirk Stockman
Largest movements
- Receivables within one year +€113,301
up €113,301 (+29.3%), from €386,171 to €499,473
of which Other amounts receivable: +€77,788
- Cash -€15,411
down €15,411 (-76.3%), from €20,203 to €4,791
mainly Receivables within one year (-€113,301) and Tax, wage and social debts (-€31,238)
- Deferred charges and accrued income +€6,229
up €6,229 (+29.0%), from €21,472 to €27,701
- Profit (loss) carried forward +€124,084
up €124,084 (+39.4%), from €314,732 to €438,816
- Short-term financial debts +€40,075
up €40,075 (+200%), from €20,000 to €60,075
- Tax, wage and social debts -€31,238
down €31,238 (-83.9%), from €37,235 to €5,998
- Current portion of long-term debt -€21,508
down €21,508 (-81.1%), from €26,530 to €5,022
- Turnover +€352,661
new in 2025: €352,661
- Purchases and services +€207,602
new in 2025: €207,602
- Gross operating margin +€25,897
up €25,897 (+20.7%), from €125,139 to €151,036
- Taxes +€7,927
up €7,927 (+27.5%), from €28,872 to €36,798
- Financial income +€4,266
up €4,266 (+22.8%), from €18,710 to €22,976
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 | €432,145 | €534,493 | +€102,349 | +23.7% |
| Fixed assets | 21/28 | €4,299 | €2,528 | -€1,770 | -41.2% |
| Tangible fixed assets | 22/27 | €4,299 | €2,528 | -€1,770 | -41.2% |
| Plant, machinery and equipment | 23 | €3,443 | €2,528 | -€914 | -26.6% |
| Furniture and vehicles | 24 | €856 | €0 | -€856 | -100% |
| Current assets | 29/58 | €427,846 | €531,965 | +€104,119 | +24.3% |
| Amounts receivable within one year | 40/41 | €386,171 | €499,473 | +€113,301 | +29.3% |
| Trade receivables | 40 | €0 | €35,514 | +€35,514 | |
| Other amounts receivable | 41 | €386,171 | €463,959 | +€77,788 | +20.1% |
| Cash at bank and in hand | 54/58 | €20,203 | €4,791 | -€15,411 | -76.3% |
| Deferred charges and accrued income | 490/1 | €21,472 | €27,701 | +€6,229 | +29.0% |
| Total equity and liabilities | 10/49 | €432,145 | €534,493 | +€102,349 | +23.7% |
| Equity | 10/15 | €316,232 | €440,316 | +€124,084 | +39.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €314,732 | €438,816 | +€124,084 | +39.4% |
| Amounts payable | 17/49 | €115,913 | €94,178 | -€21,735 | -18.8% |
| Amounts payable after more than one year | 17 | €19,704 | €14,683 | -€5,022 | -25.5% |
| Financial debts | 170/4 | €19,704 | €14,683 | -€5,022 | -25.5% |
| Amounts payable within one year | 42/48 | €94,885 | €79,495 | -€15,390 | -16.2% |
| Current portion of amounts payable after more than one year | 42 | €26,530 | €5,022 | -€21,508 | -81.1% |
| Financial debts | 43 | €20,000 | €60,075 | +€40,075 | +200% |
| Credit institutions | 430/8 | €20,000 | €60,075 | +€40,075 | +200% |
| Trade debts | 44 | €11,120 | €8,401 | -€2,719 | -24.5% |
| Suppliers | 440/4 | €11,120 | €8,401 | -€2,719 | -24.5% |
| Taxes, remuneration and social security | 45 | €37,235 | €5,998 | -€31,238 | -83.9% |
| Taxes | 450/3 | €37,235 | €5,998 | -€31,238 | -83.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,323 | €0 | -€1,323 | -100% |
| Turnover | 70 | - | €352,661 | +€352,661 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €207,602 | +€207,602 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,629 | €1,770 | +€141 | +8.7% |
| Other operating charges | 640/8 | €3,373 | €3,548 | +€175 | +5.2% |
| Gross operating margin | 9900 | €125,139 | €151,036 | +€25,897 | +20.7% |
| Operating profit (loss) | 9901 | €120,138 | €145,718 | +€25,581 | +21.3% |
| Financial income | 75/76B | €18,710 | €22,976 | +€4,266 | +22.8% |
| Recurring financial income | 75 | €18,710 | €22,976 | +€4,266 | +22.8% |
| Financial charges | 65/66B | €6,486 | €7,812 | +€1,326 | +20.4% |
| Recurring financial charges | 65 | €6,486 | €7,812 | +€1,326 | +20.4% |
| Profit (loss) for the period before taxes | 9903 | €132,361 | €160,882 | +€28,521 | +21.5% |
| Income taxes | 67/77 | €28,872 | €36,798 | +€7,927 | +27.5% |
| Profit (loss) for the period | 9904 | €103,489 | €124,084 | +€20,594 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €103,489 | €124,084 | +€20,594 | +19.9% |
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 30 October 2026 via checked.be.