DR. THOMAS STAELS: 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. THOMAS STAELS
Largest movements
- Cash +€363,627
up €363,627 (+208%), from €174,818 to €538,445
mainly Other debts (+€392,394) and Current investments (+€300,000)
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Receivables within one year -€69,676
down €69,676 (-91.5%), from €76,118 to €6,442
of which Other amounts receivable: -€70,000
- Tangible fixed assets +€50,215
up €50,215 (+296%), from €16,980 to €67,195
of which Furniture and vehicles: +€45,467
- Deferred charges and accrued income -€6,571
down €6,571 (-69.9%), from €9,400 to €2,829
- Reserves -€437,802
down €437,802 (-99.5%), from €439,970 to €2,168
of which Distributable reserves: -€437,802
- Other debts +€392,394
up €392,394 (+421%), from €93,142 to €485,537
- Tax, wage and social debts +€85,455
up €85,455 (+445%), from €19,212 to €104,667
of which Taxes: +€89,217
- Gross operating margin +€28,612
up €28,612 (+9.3%), from €308,676 to €337,288
- Depreciation +€6,800
up €6,800 (+85.2%), from €7,977 to €14,777
- Taxes +€5,263
up €5,263 (+7.9%), from €66,505 to €71,768
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 | €577,317 | €614,911 | +€37,595 | +6.5% |
| Fixed assets | 21/28 | €16,980 | €67,195 | +€50,215 | +296% |
| Tangible fixed assets | 22/27 | €16,980 | €67,195 | +€50,215 | +296% |
| Plant, machinery and equipment | 23 | €318 | €9,350 | +€9,032 | +2,839% |
| Furniture and vehicles | 24 | €5,619 | €51,086 | +€45,467 | +809% |
| Other tangible fixed assets | 26 | €11,043 | €6,759 | -€4,284 | -38.8% |
| Current assets | 29/58 | €560,337 | €547,716 | -€12,620 | -2.3% |
| Amounts receivable within one year | 40/41 | €76,118 | €6,442 | -€69,676 | -91.5% |
| Trade receivables | 40 | €6,118 | €6,442 | +€324 | +5.3% |
| Other amounts receivable | 41 | €70,000 | - | -€70,000 | |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €174,818 | €538,445 | +€363,627 | +208% |
| Deferred charges and accrued income | 490/1 | €9,400 | €2,829 | -€6,571 | -69.9% |
| Total equity and liabilities | 10/49 | €577,317 | €614,911 | +€37,595 | +6.5% |
| Equity | 10/15 | €458,570 | €20,768 | -€437,802 | -95.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €439,970 | €2,168 | -€437,802 | -99.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €438,110 | €308 | -€437,802 | -99.9% |
| Amounts payable | 17/49 | €118,747 | €594,143 | +€475,397 | +400% |
| Amounts payable within one year | 42/48 | €117,691 | €593,752 | +€476,062 | +405% |
| Trade debts | 44 | €5,336 | €3,549 | -€1,787 | -33.5% |
| Suppliers | 440/4 | €5,336 | €3,549 | -€1,787 | -33.5% |
| Taxes, remuneration and social security | 45 | €19,212 | €104,667 | +€85,455 | +445% |
| Taxes | 450/3 | €15,449 | €104,667 | +€89,217 | +577% |
| Remuneration and social security | 454/9 | €3,763 | - | -€3,763 | |
| Other amounts payable | 47/48 | €93,142 | €485,537 | +€392,394 | +421% |
| Accrued charges and deferred income | 492/3 | €1,056 | €391 | -€665 | -63.0% |
| Remuneration, social security and pensions | 62 | €26,964 | €29,517 | +€2,553 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,977 | €14,777 | +€6,800 | +85.2% |
| Other operating charges | 640/8 | €1,119 | €1,161 | +€42 | +3.8% |
| Gross operating margin | 9900 | €308,676 | €337,288 | +€28,612 | +9.3% |
| Operating profit (loss) | 9901 | €272,617 | €291,833 | +€19,217 | +7.0% |
| Financial income | 75/76B | €4,427 | €4,728 | +€300 | +6.8% |
| Recurring financial income | 75 | €4,427 | €4,728 | +€300 | +6.8% |
| Financial charges | 65/66B | €145 | €595 | +€449 | +309% |
| Recurring financial charges | 65 | €145 | €595 | +€449 | +309% |
| Profit (loss) for the period before taxes | 9903 | €276,899 | €295,966 | +€19,068 | +6.9% |
| Income taxes | 67/77 | €66,505 | €71,768 | +€5,263 | +7.9% |
| Profit (loss) for the period | 9904 | €210,394 | €224,198 | +€13,805 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €210,394 | €224,198 | +€13,805 | +6.6% |
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 22 October 2026 via checked.be.