DR. KARIN STELLAMANS: 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. KARIN STELLAMANS
Largest movements
- Receivables within one year +€716,946
up €716,946 (+73.7%), from €973,177 to €1.7m
of which Other amounts receivable: +€712,351
- Cash -€357,750
down €357,750 (-58.1%), from €615,578 to €257,828
mainly Receivables within one year (-€716,946) and Debts after one year (-€66,714)
- Tangible fixed assets -€119,415
down €119,415 (-54.3%), from €219,979 to €100,564
of which Leasing and similar rights: -€104,487
- Financial fixed assets +€99,995
up €99,995 (+10.0%), from €1.0m to €1.1m
- Reserves +€454,640
up €454,640 (+27.2%), from €1.7m to €2.1m
of which Distributable reserves: +€454,640
- Debts after one year -€66,714
down €66,714 (-100%), from €66,714 to €0
- Gross operating margin +€154,966
up €154,966 (+31.8%), from €487,665 to €642,631
- Taxes +€53,721
up €53,721 (+34.6%), from €155,445 to €209,165
- Financial income +€16,061
up €16,061 (+47.2%), from €34,062 to €50,123
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 | €3,622,053 | €4,011,408 | +€389,354 | +10.7% |
| Fixed assets | 21/28 | €1,219,979 | €1,200,559 | -€19,420 | -1.6% |
| Tangible fixed assets | 22/27 | €219,979 | €100,564 | -€119,415 | -54.3% |
| Plant, machinery and equipment | 23 | - | €903 | +€903 | |
| Furniture and vehicles | 24 | €18,860 | €3,029 | -€15,831 | -83.9% |
| Leasing and similar rights | 25 | €104,487 | €0 | -€104,487 | -100% |
| Other tangible fixed assets | 26 | €96,632 | €96,632 | = | 0.0% |
| Financial fixed assets | 28 | €1,000,000 | €1,099,995 | +€99,995 | +10.0% |
| Current assets | 29/58 | €2,402,074 | €2,810,849 | +€408,775 | +17.0% |
| Amounts receivable after more than one year | 29 | €600,000 | €615,393 | +€15,393 | +2.6% |
| Other amounts receivable | 291 | €600,000 | €615,393 | +€15,393 | +2.6% |
| Amounts receivable within one year | 40/41 | €973,177 | €1,690,124 | +€716,946 | +73.7% |
| Trade receivables | 40 | €0 | €4,595 | +€4,595 | |
| Other amounts receivable | 41 | €973,177 | €1,685,529 | +€712,351 | +73.2% |
| Cash at bank and in hand | 54/58 | €615,578 | €257,828 | -€357,750 | -58.1% |
| Deferred charges and accrued income | 490/1 | €213,319 | €247,504 | +€34,185 | +16.0% |
| Total equity and liabilities | 10/49 | €3,622,053 | €4,011,408 | +€389,354 | +10.7% |
| Equity | 10/15 | €3,438,983 | €3,893,622 | +€454,640 | +13.2% |
| Contributions | 10/11 | €13,837 | €13,837 | = | 0.0% |
| Reserves | 13 | €1,672,323 | €2,126,962 | +€454,640 | +27.2% |
| Non-distributable reserves | 130/1 | €41,447 | €41,447 | = | 0.0% |
| Reserves not available under the articles | 1311 | €41,447 | €41,447 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,845 | €18,845 | = | 0.0% |
| Distributable reserves | 133 | €1,612,031 | €2,066,670 | +€454,640 | +28.2% |
| Profit (loss) carried forward | 14 | €1,752,823 | €1,752,823 | = | 0.0% |
| Amounts payable | 17/49 | €183,071 | €117,786 | -€65,285 | -35.7% |
| Amounts payable after more than one year | 17 | €66,714 | €0 | -€66,714 | -100% |
| Financial debts | 170/4 | €66,714 | €0 | -€66,714 | -100% |
| Amounts payable within one year | 42/48 | €88,384 | €117,786 | +€29,401 | +33.3% |
| Current portion of amounts payable after more than one year | 42 | €34,923 | €0 | -€34,923 | -100% |
| Trade debts | 44 | €4,486 | €2,022 | -€2,464 | -54.9% |
| Suppliers | 440/4 | €4,486 | €2,022 | -€2,464 | -54.9% |
| Taxes, remuneration and social security | 45 | €48,976 | €84,610 | +€35,634 | +72.8% |
| Taxes | 450/3 | €45,363 | €84,610 | +€39,247 | +86.5% |
| Remuneration and social security | 454/9 | €3,613 | €0 | -€3,613 | -100% |
| Other amounts payable | 47/48 | - | €31,153 | +€31,153 | |
| Accrued charges and deferred income | 492/3 | €27,972 | €0 | -€27,972 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,110 | €19,301 | -€5,810 | -23.1% |
| Other operating charges | 640/8 | €4,292 | €8,202 | +€3,910 | +91.1% |
| Gross operating margin | 9900 | €487,665 | €642,631 | +€154,966 | +31.8% |
| Operating profit (loss) | 9901 | €458,263 | €615,129 | +€156,866 | +34.2% |
| Financial income | 75/76B | €34,062 | €50,123 | +€16,061 | +47.2% |
| Recurring financial income | 75 | €34,062 | €50,123 | +€16,061 | +47.2% |
| Financial charges | 65/66B | €906 | €1,447 | +€541 | +59.7% |
| Recurring financial charges | 65 | €906 | €1,447 | +€541 | +59.7% |
| Profit (loss) for the period before taxes | 9903 | €491,419 | €663,805 | +€172,386 | +35.1% |
| Income taxes | 67/77 | €155,445 | €209,165 | +€53,721 | +34.6% |
| Profit (loss) for the period | 9904 | €335,975 | €454,640 | +€118,665 | +35.3% |
| Profit (loss) for the period to be appropriated | 9905 | €335,975 | €454,640 | +€118,665 | +35.3% |
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 29 October 2026 via checked.be.