DR. STIJN FAES: 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. STIJN FAES
Largest movements
- Current investments +€252,146
new in 2025: €252,146
- Cash -€155,715
down €155,715 (-67.0%), from €232,559 to €76,844
mainly Current investments (-€252,146) and Contributions, distributions and other (-€120,697)
- Tangible fixed assets -€93,365
down €93,365 (-19.5%), from €478,936 to €385,571
of which Land and buildings: -€69,515
- Deferred charges and accrued income +€20,665
up €20,665 (+103%), from €20,010 to €40,675
- Other debts +€78,323
up €78,323 (+533%), from €14,681 to €93,004
- Current portion of long-term debt -€31,500
no longer reported in 2025 (was €31,500)
- Reserves -€29,162
down €29,162 (-4.4%), from €657,891 to €628,729
- Tax, wage and social debts +€10,700
up €10,700 (+91.3%), from €11,716 to €22,416
of which Taxes: +€9,068
- Gross operating margin +€29,914
up €29,914 (+11.5%), from €260,568 to €290,482
- Taxes +€11,038
up €11,038 (+38.1%), from €28,950 to €39,988
- Staff costs +€4,248
up €4,248 (+9.9%), from €43,095 to €47,344
- Financial income +€3,086
up €3,086 (+30,858,000%), from €0 to €3,086
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 | €731,505 | €755,237 | +€23,732 | +3.2% |
| Fixed assets | 21/28 | €478,936 | €385,571 | -€93,365 | -19.5% |
| Tangible fixed assets | 22/27 | €478,936 | €385,571 | -€93,365 | -19.5% |
| Land and buildings | 22 | €378,886 | €309,371 | -€69,515 | -18.3% |
| Plant, machinery and equipment | 23 | €13,780 | €12,308 | -€1,471 | -10.7% |
| Furniture and vehicles | 24 | €86,270 | €63,891 | -€22,378 | -25.9% |
| Current assets | 29/58 | €252,569 | €369,666 | +€117,097 | +46.4% |
| Current investments | 50/53 | - | €252,146 | +€252,146 | |
| Cash at bank and in hand | 54/58 | €232,559 | €76,844 | -€155,715 | -67.0% |
| Deferred charges and accrued income | 490/1 | €20,010 | €40,675 | +€20,665 | +103% |
| Total equity and liabilities | 10/49 | €731,505 | €755,237 | +€23,732 | +3.2% |
| Equity | 10/15 | €667,891 | €638,729 | -€29,162 | -4.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €657,891 | €628,729 | -€29,162 | -4.4% |
| Distributable reserves | 133 | €657,891 | €628,729 | -€29,162 | -4.4% |
| Amounts payable | 17/49 | €63,614 | €116,507 | +€52,894 | +83.1% |
| Amounts payable within one year | 42/48 | €60,071 | €116,507 | +€56,436 | +93.9% |
| Current portion of amounts payable after more than one year | 42 | €31,500 | - | -€31,500 | |
| Trade debts | 44 | €2,174 | €1,088 | -€1,086 | -50.0% |
| Suppliers | 440/4 | €2,174 | €1,088 | -€1,086 | -50.0% |
| Taxes, remuneration and social security | 45 | €11,716 | €22,416 | +€10,700 | +91.3% |
| Taxes | 450/3 | €4,700 | €13,767 | +€9,068 | +193% |
| Remuneration and social security | 454/9 | €7,016 | €8,648 | +€1,632 | +23.3% |
| Other amounts payable | 47/48 | €14,681 | €93,004 | +€78,323 | +533% |
| Accrued charges and deferred income | 492/3 | €3,542 | - | -€3,542 | |
| Remuneration, social security and pensions | 62 | €43,095 | €47,344 | +€4,248 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,670 | €110,207 | -€464 | -0.4% |
| Other operating charges | 640/8 | €4,561 | €3,916 | -€645 | -14.1% |
| Gross operating margin | 9900 | €260,568 | €290,482 | +€29,914 | +11.5% |
| Operating profit (loss) | 9901 | €102,241 | €129,016 | +€26,775 | +26.2% |
| Financial income | 75/76B | €0 | €3,086 | +€3,086 | +30,858,000% |
| Recurring financial income | 75 | €0 | €3,086 | +€3,086 | +30,858,000% |
| Financial charges | 65/66B | €1,125 | €579 | -€546 | -48.5% |
| Recurring financial charges | 65 | €1,125 | €579 | -€546 | -48.5% |
| Profit (loss) for the period before taxes | 9903 | €101,116 | €131,523 | +€30,406 | +30.1% |
| Income taxes | 67/77 | €28,950 | €39,988 | +€11,038 | +38.1% |
| Profit (loss) for the period | 9904 | €72,167 | €91,535 | +€19,368 | +26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €72,167 | €91,535 | +€19,368 | +26.8% |
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.