DR. M. STUBBE: 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. M. STUBBE
Largest movements
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Cash +€75,204
up €75,204 (+18.8%), from €400,018 to €475,223
mainly Net result for the year (+€114,320) and Current investments (+€100,000)
- Deferred charges and accrued income +€66,593
up €66,593 (+1,018%), from €6,541 to €73,134
- Tangible fixed assets -€17,102
down €17,102 (-18.3%), from €93,487 to €76,385
of which Furniture and vehicles: -€19,301
- Reserves +€29,082
up €29,082 (+5.3%), from €549,910 to €578,992
- Gross operating margin -€17,549
down €17,549 (-8.6%), from €205,046 to €187,496
- Taxes -€3,882
down €3,882 (-7.5%), from €51,717 to €47,835
- Depreciation +€3,713
up €3,713 (+15.3%), from €24,289 to €28,002
- Other operating charges -€3,683
down €3,683 (-77.2%), from €4,768 to €1,086
- Financial income +€3,230
up €3,230 (+418%), from €773 to €4,003
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 | €600,796 | €625,860 | +€25,064 | +4.2% |
| Fixed assets | 21/28 | €93,487 | €76,385 | -€17,102 | -18.3% |
| Tangible fixed assets | 22/27 | €93,487 | €76,385 | -€17,102 | -18.3% |
| Plant, machinery and equipment | 23 | €5,830 | €3,529 | -€2,301 | -39.5% |
| Furniture and vehicles | 24 | €73,482 | €54,181 | -€19,301 | -26.3% |
| Other tangible fixed assets | 26 | €14,174 | €18,674 | +€4,500 | +31.8% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €507,309 | €549,475 | +€42,166 | +8.3% |
| Amounts receivable within one year | 40/41 | €750 | €1,118 | +€368 | +49.1% |
| Trade receivables | 40 | €750 | €1,118 | +€368 | +49.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €400,018 | €475,223 | +€75,204 | +18.8% |
| Deferred charges and accrued income | 490/1 | €6,541 | €73,134 | +€66,593 | +1,018% |
| Total equity and liabilities | 10/49 | €600,796 | €625,860 | +€25,064 | +4.2% |
| Equity | 10/15 | €562,310 | €591,392 | +€29,082 | +5.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €549,910 | €578,992 | +€29,082 | +5.3% |
| Distributable reserves | 133 | €549,910 | €578,992 | +€29,082 | +5.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,486 | €34,468 | -€4,018 | -10.4% |
| Amounts payable within one year | 42/48 | €38,486 | €34,468 | -€4,018 | -10.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,404 | €275 | -€1,128 | -80.4% |
| Suppliers | 440/4 | €1,404 | €275 | -€1,128 | -80.4% |
| Taxes, remuneration and social security | 45 | €9,220 | €7,100 | -€2,120 | -23.0% |
| Taxes | 450/3 | €6,441 | €4,262 | -€2,179 | -33.8% |
| Remuneration and social security | 454/9 | €2,779 | €2,838 | +€58 | +2.1% |
| Other amounts payable | 47/48 | €27,862 | €27,093 | -€769 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,289 | €28,002 | +€3,713 | +15.3% |
| Other operating charges | 640/8 | €4,768 | €1,086 | -€3,683 | -77.2% |
| Gross operating margin | 9900 | €205,046 | €187,496 | -€17,549 | -8.6% |
| Operating profit (loss) | 9901 | €175,989 | €158,409 | -€17,580 | -10.0% |
| Financial income | 75/76B | €773 | €4,003 | +€3,230 | +418% |
| Recurring financial income | 75 | €773 | €4,003 | +€3,230 | +418% |
| Financial charges | 65/66B | €205 | €257 | +€52 | +25.3% |
| Recurring financial charges | 65 | €205 | €257 | +€52 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | €176,557 | €162,155 | -€14,402 | -8.2% |
| Income taxes | 67/77 | €51,717 | €47,835 | -€3,882 | -7.5% |
| Profit (loss) for the period | 9904 | €124,839 | €114,320 | -€10,520 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €124,839 | €114,320 | -€10,520 | -8.4% |
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 14 October 2026 via checked.be.