Dr. Steven Schepers: 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. Steven Schepers
Largest movements
- Cash +€485,811
up €485,811 (+342.3%), from €141,946 to €627,758
mainly Net result for the year (+€511,953) and Tax, wage and social debts (+€95,052)
- Current investments -€89,756
down €89,756 (-7.4%), from €1.2m to €1.1m
- Reserves +€317,537
up €317,537 (+20.7%), from €1.5m to €1.9m
- Tax, wage and social debts +€95,052
up €95,052 (+216.9%), from €43,815 to €138,867
- Financial income +€282,646
up €282,646 (+445.4%), from €63,463 to €346,108
- Taxes +€102,348
up €102,348 (+70.5%), from €145,188 to €247,536
- Gross operating margin +€47,860
up €47,860 (+11.4%), from €421,556 to €469,416
- Financial charges +€40,706
up €40,706, from -€1,885 to €38,821
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.
Cash bridge derived
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 | €1,626,113 | €2,030,365 | +€404,253 | +24.9% |
| Fixed assets | 21/28 | €30,203 | €18,728 | -€11,475 | -38.0% |
| Tangible fixed assets | 22/27 | €30,203 | €18,728 | -€11,475 | -38.0% |
| Furniture and vehicles | 24 | €30,203 | €18,728 | -€11,475 | -38.0% |
| Current assets | 29/58 | €1,595,910 | €2,011,637 | +€415,728 | +26.0% |
| Amounts receivable after more than one year | 29 | €64,060 | €65,060 | +€1,000 | +1.6% |
| Other amounts receivable | 291 | €64,060 | €65,060 | +€1,000 | +1.6% |
| Amounts receivable within one year | 40/41 | - | €2,078 | +€2,078 | |
| Other amounts receivable | 41 | - | €2,078 | +€2,078 | |
| Current investments | 50/53 | €1,217,004 | €1,127,249 | -€89,756 | -7.4% |
| Cash at bank and in hand | 54/58 | €141,946 | €627,758 | +€485,811 | +342.3% |
| Deferred charges and accrued income | 490/1 | €172,899 | €189,493 | +€16,594 | +9.6% |
| Total equity and liabilities | 10/49 | €1,626,113 | €2,030,365 | +€404,253 | +24.9% |
| Equity | 10/15 | €1,548,276 | €1,865,813 | +€317,537 | +20.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,535,876 | €1,853,413 | +€317,537 | +20.7% |
| Distributable reserves | 133 | €1,535,876 | €1,853,413 | +€317,537 | +20.7% |
| Amounts payable | 17/49 | €77,837 | €164,553 | +€86,716 | +111.4% |
| Amounts payable within one year | 42/48 | €77,837 | €162,270 | +€84,433 | +108.5% |
| Trade debts | 44 | €32,486 | €23,403 | -€9,084 | -28.0% |
| Suppliers | 440/4 | €32,486 | €23,403 | -€9,084 | -28.0% |
| Taxes, remuneration and social security | 45 | €43,815 | €138,867 | +€95,052 | +216.9% |
| Taxes | 450/3 | €43,815 | €138,867 | +€95,052 | +216.9% |
| Other amounts payable | 47/48 | €1,536 | - | -€1,536 | |
| Accrued charges and deferred income | 492/3 | - | €2,283 | +€2,283 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,813 | €15,004 | +€191 | +1.3% |
| Other operating charges | 640/8 | €4,054 | €2,210 | -€1,844 | -45.5% |
| Gross operating margin | 9900 | €421,556 | €469,416 | +€47,860 | +11.4% |
| Operating profit (loss) | 9901 | €402,690 | €452,201 | +€49,512 | +12.3% |
| Financial income | 75/76B | €63,463 | €346,108 | +€282,646 | +445.4% |
| Recurring financial income | 75 | €63,463 | €346,108 | +€282,646 | +445.4% |
| Financial charges | 65/66B | -€1,885 | €38,821 | +€40,706 | |
| Recurring financial charges | 65 | -€1,885 | €38,821 | +€40,706 | |
| Profit (loss) for the period before taxes | 9903 | €468,038 | €759,489 | +€291,451 | +62.3% |
| Income taxes | 67/77 | €145,188 | €247,536 | +€102,348 | +70.5% |
| Profit (loss) for the period | 9904 | €322,849 | €511,953 | +€189,104 | +58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €322,849 | €511,953 | +€189,104 | +58.6% |
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 11 October 2026 via checked.be.