Dr. Ilya Stas: 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. Ilya Stas
Largest movements
- Cash +€193,491
up €193,491 (+79.2%), from €244,373 to €437,865
mainly Net result for the year (+€172,699) and Other debts (+€15,236)
- Receivables within one year -€11,194
down €11,194 (-87.2%), from €12,831 to €1,637
of which Other amounts receivable: -€10,349
- Reserves +€136,642
up €136,642 (+186%), from €73,384 to €210,027
- Profit (loss) carried forward +€36,056
up €36,056 (+26.4%), from €136,642 to €172,699
- Other debts +€15,236
new in 2025: €15,236
- Debts after one year -€15,000
down €15,000 (-33.3%), from €45,000 to €30,000
- Tax, wage and social debts +€12,197
up €12,197 (+31.0%), from €39,324 to €51,521
- Gross operating margin +€52,924
up €52,924 (+26.3%), from €201,520 to €254,444
- Taxes +€12,130
up €12,130 (+30.7%), from €39,492 to €51,622
- Staff costs +€3,642
up €3,642 (+24.8%), from €14,686 to €18,329
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 | €305,606 | €490,365 | +€184,759 | +60.5% |
| Fixed assets | 21/28 | €47,986 | €50,440 | +€2,454 | +5.1% |
| Tangible fixed assets | 22/27 | €47,986 | €50,440 | +€2,454 | +5.1% |
| Plant, machinery and equipment | 23 | €34,517 | €41,500 | +€6,983 | +20.2% |
| Furniture and vehicles | 24 | €13,469 | €8,940 | -€4,529 | -33.6% |
| Current assets | 29/58 | €257,620 | €439,925 | +€182,305 | +70.8% |
| Amounts receivable within one year | 40/41 | €12,831 | €1,637 | -€11,194 | -87.2% |
| Trade receivables | 40 | €1,305 | €461 | -€845 | -64.7% |
| Other amounts receivable | 41 | €11,526 | €1,177 | -€10,349 | -89.8% |
| Cash at bank and in hand | 54/58 | €244,373 | €437,865 | +€193,491 | +79.2% |
| Deferred charges and accrued income | 490/1 | €415 | €423 | +€8 | +1.9% |
| Total equity and liabilities | 10/49 | €305,606 | €490,365 | +€184,759 | +60.5% |
| Equity | 10/15 | €220,027 | €392,725 | +€172,699 | +78.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €73,384 | €210,027 | +€136,642 | +186% |
| Distributable reserves | 133 | €73,384 | €210,027 | +€136,642 | +186% |
| Profit (loss) carried forward | 14 | €136,642 | €172,699 | +€36,056 | +26.4% |
| Amounts payable | 17/49 | €85,579 | €97,639 | +€12,060 | +14.1% |
| Amounts payable after more than one year | 17 | €45,000 | €30,000 | -€15,000 | -33.3% |
| Financial debts | 170/4 | €45,000 | €30,000 | -€15,000 | -33.3% |
| Amounts payable within one year | 42/48 | €40,579 | €67,639 | +€27,060 | +66.7% |
| Trade debts | 44 | €1,255 | €883 | -€373 | -29.7% |
| Suppliers | 440/4 | €1,255 | €883 | -€373 | -29.7% |
| Taxes, remuneration and social security | 45 | €39,324 | €51,521 | +€12,197 | +31.0% |
| Taxes | 450/3 | €39,324 | €51,521 | +€12,197 | +31.0% |
| Other amounts payable | 47/48 | - | €15,236 | +€15,236 | |
| Remuneration, social security and pensions | 62 | €14,686 | €18,329 | +€3,642 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,671 | €10,547 | +€876 | +9.1% |
| Other operating charges | 640/8 | €616 | €892 | +€276 | +44.9% |
| Gross operating margin | 9900 | €201,520 | €254,444 | +€52,924 | +26.3% |
| Operating profit (loss) | 9901 | €176,547 | €224,677 | +€48,130 | +27.3% |
| Financial income | 75/76B | €50 | - | -€50 | |
| Recurring financial income | 75 | €50 | - | -€50 | |
| Financial charges | 65/66B | €462 | €356 | -€106 | -22.9% |
| Recurring financial charges | 65 | €462 | €356 | -€106 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €176,135 | €224,320 | +€48,186 | +27.4% |
| Income taxes | 67/77 | €39,492 | €51,622 | +€12,130 | +30.7% |
| Profit (loss) for the period | 9904 | €136,642 | €172,699 | +€36,056 | +26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €136,642 | €172,699 | +€36,056 | +26.4% |
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 21 October 2026 via checked.be.