Dr. Stefan Ivic: 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. Stefan Ivic
Largest movements
- Receivables within one year +€53,927
up €53,927 (+51.4%), from €104,882 to €158,809
of which Trade receivables: +€52,618
- Cash +€16,538
up €16,538 (+91.8%), from €18,007 to €34,545
mainly Net result for the year (+€150,605) and Other debts (+€47,134)
- Other debts +€47,134
up €47,134 (+58.3%), from €80,880 to €128,014
- Tax, wage and social debts +€27,070
up €27,070 (+134%), from €20,176 to €47,246
- Current portion of long-term debt -€13,500
no longer reported in 2025 (was €13,500)
- Short-term financial debts +€9,245
up €9,245 (+182%), from €5,083 to €14,328
- Depreciation -€50,016
down €50,016 (-97.8%), from €51,121 to €1,105
- Gross operating margin +€31,605
up €31,605 (+17.8%), from €177,212 to €208,818
- Taxes +€20,016
up €20,016 (+77.4%), from €25,870 to €45,886
- Other operating charges +€3,804
up €3,804 (+431%), from €883 to €4,687
- Financial charges +€2,350
up €2,350 (+56.1%), from €4,186 to €6,536
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 | €125,927 | €195,288 | +€69,361 | +55.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €3,038 | €1,933 | -€1,105 | -36.4% |
| Intangible fixed assets | 21 | €55 | €0 | -€55 | -100% |
| Tangible fixed assets | 22/27 | €2,983 | €1,933 | -€1,050 | -35.2% |
| Furniture and vehicles | 24 | €2,983 | €1,933 | -€1,050 | -35.2% |
| Current assets | 29/58 | €122,889 | €193,355 | +€70,466 | +57.3% |
| Amounts receivable within one year | 40/41 | €104,882 | €158,809 | +€53,927 | +51.4% |
| Trade receivables | 40 | €14,940 | €67,558 | +€52,618 | +352% |
| Other amounts receivable | 41 | €89,941 | €91,251 | +€1,310 | +1.5% |
| Cash at bank and in hand | 54/58 | €18,007 | €34,545 | +€16,538 | +91.8% |
| Total equity and liabilities | 10/49 | €125,927 | €195,288 | +€69,361 | +55.1% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable | 17/49 | €123,927 | €193,288 | +€69,361 | +56.0% |
| Amounts payable within one year | 42/48 | €123,927 | €193,288 | +€69,361 | +56.0% |
| Current portion of amounts payable after more than one year | 42 | €13,500 | - | -€13,500 | |
| Financial debts | 43 | €5,083 | €14,328 | +€9,245 | +182% |
| Credit institutions | 430/8 | €5,083 | €14,328 | +€9,245 | +182% |
| Trade debts | 44 | €4,288 | €3,700 | -€588 | -13.7% |
| Suppliers | 440/4 | €4,288 | €3,700 | -€588 | -13.7% |
| Taxes, remuneration and social security | 45 | €20,176 | €47,246 | +€27,070 | +134% |
| Taxes | 450/3 | €20,176 | €47,246 | +€27,070 | +134% |
| Other amounts payable | 47/48 | €80,880 | €128,014 | +€47,134 | +58.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,121 | €1,105 | -€50,016 | -97.8% |
| Other operating charges | 640/8 | €883 | €4,687 | +€3,804 | +431% |
| Gross operating margin | 9900 | €177,212 | €208,818 | +€31,605 | +17.8% |
| Operating profit (loss) | 9901 | €125,209 | €203,026 | +€77,817 | +62.2% |
| Financial charges | 65/66B | €4,186 | €6,536 | +€2,350 | +56.1% |
| Recurring financial charges | 65 | €4,186 | €6,536 | +€2,350 | +56.1% |
| Profit (loss) for the period before taxes | 9903 | €121,023 | €196,490 | +€75,467 | +62.4% |
| Income taxes | 67/77 | €25,870 | €45,886 | +€20,016 | +77.4% |
| Profit (loss) for the period | 9904 | €95,153 | €150,605 | +€55,452 | +58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €95,153 | €150,605 | +€55,452 | +58.3% |
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 31 October 2026 via checked.be.