Dr. Steven Staes: 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 Staes
Largest movements
- Receivables within one year -€61,968
down €61,968 (-36.9%), from €167,797 to €105,829
- Cash +€55,292
up €55,292 (+4,065%), from €1,360 to €56,652
mainly Receivables within one year (+€61,968) and Net result for the year (+€25,128)
- Tangible fixed assets +€36,391
up €36,391 (+1,345%), from €2,705 to €39,095
of which Furniture and vehicles: +€31,592
- Tax, wage and social debts -€25,460
down €25,460 (-82.2%), from €30,975 to €5,515
- Reserves +€25,130
up €25,130 (+18.9%), from €132,998 to €158,128
- Debts after one year +€24,234
new in 2025: €24,234
- Current portion of long-term debt +€9,181
new in 2025: €9,181
- Other debts -€3,956
down €3,956 (-100%), from €3,956 to €0
- Gross operating margin -€11,970
down €11,970 (-20.6%), from €57,966 to €45,996
- Depreciation +€7,032
up €7,032 (+618%), from €1,137 to €8,169
- Taxes -€4,501
down €4,501 (-25.7%), from €17,515 to €13,014
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 | €174,015 | €203,044 | +€29,030 | +16.7% |
| Fixed assets | 21/28 | €2,705 | €39,095 | +€36,391 | +1,345% |
| Tangible fixed assets | 22/27 | €2,705 | €39,095 | +€36,391 | +1,345% |
| Plant, machinery and equipment | 23 | - | €4,798 | +€4,798 | |
| Furniture and vehicles | 24 | €2,705 | €34,297 | +€31,592 | +1,168% |
| Current assets | 29/58 | €171,310 | €163,949 | -€7,361 | -4.3% |
| Amounts receivable within one year | 40/41 | €167,797 | €105,829 | -€61,968 | -36.9% |
| Other amounts receivable | 41 | €167,797 | €105,829 | -€61,968 | -36.9% |
| Cash at bank and in hand | 54/58 | €1,360 | €56,652 | +€55,292 | +4,065% |
| Deferred charges and accrued income | 490/1 | €2,153 | €1,468 | -€685 | -31.8% |
| Total equity and liabilities | 10/49 | €174,015 | €203,044 | +€29,030 | +16.7% |
| Equity | 10/15 | €135,500 | €160,628 | +€25,128 | +18.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €132,998 | €158,128 | +€25,130 | +18.9% |
| Distributable reserves | 133 | €132,998 | €158,128 | +€25,130 | +18.9% |
| Profit (loss) carried forward | 14 | €3 | €0 | -€3 | -100% |
| Amounts payable | 17/49 | €38,514 | €42,416 | +€3,902 | +10.1% |
| Amounts payable after more than one year | 17 | - | €24,234 | +€24,234 | |
| Financial debts | 170/4 | - | €24,234 | +€24,234 | |
| Amounts payable within one year | 42/48 | €38,514 | €18,182 | -€20,332 | -52.8% |
| Current portion of amounts payable after more than one year | 42 | - | €9,181 | +€9,181 | |
| Trade debts | 44 | €3,583 | €3,486 | -€97 | -2.7% |
| Suppliers | 440/4 | €3,583 | €3,486 | -€97 | -2.7% |
| Taxes, remuneration and social security | 45 | €30,975 | €5,515 | -€25,460 | -82.2% |
| Taxes | 450/3 | €30,975 | €5,515 | -€25,460 | -82.2% |
| Other amounts payable | 47/48 | €3,956 | €0 | -€3,956 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,137 | €8,169 | +€7,032 | +618% |
| Other operating charges | 640/8 | €653 | €1,079 | +€426 | +65.2% |
| Gross operating margin | 9900 | €57,966 | €45,996 | -€11,970 | -20.6% |
| Operating profit (loss) | 9901 | €56,176 | €36,748 | -€19,427 | -34.6% |
| Financial income | 75/76B | €2,898 | €2,640 | -€258 | -8.9% |
| Recurring financial income | 75 | €2,898 | €2,640 | -€258 | -8.9% |
| Financial charges | 65/66B | €788 | €1,247 | +€458 | +58.2% |
| Recurring financial charges | 65 | €788 | €1,247 | +€458 | +58.2% |
| Profit (loss) for the period before taxes | 9903 | €58,285 | €38,141 | -€20,144 | -34.6% |
| Income taxes | 67/77 | €17,515 | €13,014 | -€4,501 | -25.7% |
| Profit (loss) for the period | 9904 | €40,770 | €25,128 | -€15,643 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,770 | €25,128 | -€15,643 | -38.4% |
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 19 October 2026 via checked.be.