DR. STIJN PIESSENS: what changed
DR. STIJN PIESSENS
Largest movements
- Tangible fixed assets -€124,020
down €124,020 (-22.2%), from €558,232 to €434,212
of which Land and buildings: -€120,901
- Receivables within one year -€49,350
down €49,350 (-68.5%), from €72,000 to €22,650
- Cash -€32,787
down €32,787 (-56.0%), from €58,557 to €25,770
mainly Contributions, distributions and other (-€182,840) and Debts after one year (-€33,129)
- Reserves -€165,771
down €165,771 (-25.9%), from €639,041 to €473,270
- Debts after one year -€33,129
down €33,129 (-24.3%), from €136,284 to €103,155
- Other debts +€21,131
up €21,131 (+25.7%), from €82,216 to €103,348
- Tax, wage and social debts -€19,322
down €19,322 (-91.9%), from €21,029 to €1,707
- Gross operating margin -€153,973
down €153,973 (-79.8%), from €192,993 to €39,020
- Taxes -€39,571
down €39,571 (-88.7%), from €44,591 to €5,020
- Financial charges -€12,336
down €12,336 (-61.9%), from €19,927 to €7,591
- Depreciation -€6,518
down €6,518 (-31.7%), from €20,545 to €14,027
- Financial income +€6,145
up €6,145 (+403%), from €1,524 to €7,669
of which Non-recurring financial income: +€7,500
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €918,960 | €713,340 | -€205,619 | -22.4% |
| Fixed assets | 21/28 | €560,732 | €434,212 | -€126,520 | -22.6% |
| Tangible fixed assets | 22/27 | €558,232 | €434,212 | -€124,020 | -22.2% |
| Land and buildings | 22 | €546,304 | €425,402 | -€120,901 | -22.1% |
| Plant, machinery and equipment | 23 | €7,588 | €6,650 | -€938 | -12.4% |
| Furniture and vehicles | 24 | €4,340 | €2,160 | -€2,180 | -50.2% |
| Financial fixed assets | 28 | €2,500 | - | -€2,500 | |
| Current assets | 29/58 | €358,228 | €279,128 | -€79,100 | -22.1% |
| Amounts receivable within one year | 40/41 | €72,000 | €22,650 | -€49,350 | -68.5% |
| Other amounts receivable | 41 | €72,000 | €22,650 | -€49,350 | -68.5% |
| Current investments | 50/53 | €227,671 | €227,671 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €58,557 | €25,770 | -€32,787 | -56.0% |
| Deferred charges and accrued income | 490/1 | - | €3,037 | +€3,037 | |
| Total equity and liabilities | 10/49 | €918,960 | €713,340 | -€205,619 | -22.4% |
| Equity | 10/15 | €652,133 | €486,361 | -€165,771 | -25.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €639,041 | €473,270 | -€165,771 | -25.9% |
| Distributable reserves | 133 | €639,041 | €473,270 | -€165,771 | -25.9% |
| Profit (loss) carried forward | 14 | €691 | €691 | = | 0.0% |
| Amounts payable | 17/49 | €266,827 | €226,979 | -€39,848 | -14.9% |
| Amounts payable after more than one year | 17 | €136,284 | €103,155 | -€33,129 | -24.3% |
| Financial debts | 170/4 | €136,284 | €103,155 | -€33,129 | -24.3% |
| Amounts payable within one year | 42/48 | €130,543 | €123,824 | -€6,719 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €26,811 | €18,175 | -€8,636 | -32.2% |
| Trade debts | 44 | €487 | €594 | +€107 | +22.0% |
| Suppliers | 440/4 | €487 | €594 | +€107 | +22.0% |
| Taxes, remuneration and social security | 45 | €21,029 | €1,707 | -€19,322 | -91.9% |
| Taxes | 450/3 | €21,029 | €1,707 | -€19,322 | -91.9% |
| Other amounts payable | 47/48 | €82,216 | €103,348 | +€21,131 | +25.7% |
| Non-recurring operating income | 76A | - | €11,511 | +€11,511 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,545 | €14,027 | -€6,518 | -31.7% |
| Other operating charges | 640/8 | €2,435 | €2,982 | +€547 | +22.5% |
| Gross operating margin | 9900 | €192,993 | €39,020 | -€153,973 | -79.8% |
| Operating profit (loss) | 9901 | €170,013 | €22,011 | -€148,002 | -87.1% |
| Financial income | 75/76B | €1,524 | €7,669 | +€6,145 | +403% |
| Recurring financial income | 75 | €1,524 | €169 | -€1,355 | -88.9% |
| Non-recurring financial income | 76B | - | €7,500 | +€7,500 | |
| Financial charges | 65/66B | €19,927 | €7,591 | -€12,336 | -61.9% |
| Recurring financial charges | 65 | €19,927 | €7,591 | -€12,336 | -61.9% |
| Profit (loss) for the period before taxes | 9903 | €151,610 | €22,089 | -€129,521 | -85.4% |
| Income taxes | 67/77 | €44,591 | €5,020 | -€39,571 | -88.7% |
| Profit (loss) for the period | 9904 | €107,019 | €17,069 | -€89,950 | -84.1% |
| Profit (loss) for the period to be appropriated | 9905 | €107,019 | €17,069 | -€89,950 | -84.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.