FREDERIC STAINIER: 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.
FREDERIC STAINIER
Largest movements
- Cash +€17,521
up €17,521 (+60.7%), from €28,858 to €46,379
mainly Other debts (+€25,024) and Net result for the year (+€9,688)
- Receivables within one year -€8,913
down €8,913 (-12.6%), from €70,983 to €62,070
of which Trade receivables: -€19,278
- Other debts +€25,024
up €25,024 (+66.3%), from €37,749 to €62,773
- Reserves -€20,826
down €20,826 (-17.6%), from €118,561 to €97,735
- Tax, wage and social debts +€2,108
new in 2025: €2,108
- Gross operating margin -€11,248
down €11,248 (-47.4%), from €23,745 to €12,498
- Taxes -€3,650
down €3,650 (-43.3%), from €8,421 to €4,771
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 | €202,873 | €209,194 | +€6,321 | +3.1% |
| Fixed assets | 21/28 | €2,413 | €1,813 | -€600 | -24.9% |
| Tangible fixed assets | 22/27 | €2,413 | €1,813 | -€600 | -24.9% |
| Other tangible fixed assets | 26 | €2,413 | €1,813 | -€600 | -24.9% |
| Current assets | 29/58 | €200,460 | €207,381 | +€6,921 | +3.5% |
| Amounts receivable after more than one year | 29 | €98,175 | €96,331 | -€1,844 | -1.9% |
| Other amounts receivable | 291 | €98,175 | €96,331 | -€1,844 | -1.9% |
| Amounts receivable within one year | 40/41 | €70,983 | €62,070 | -€8,913 | -12.6% |
| Trade receivables | 40 | €19,278 | €0 | -€19,278 | -100% |
| Other amounts receivable | 41 | €51,705 | €62,070 | +€10,365 | +20.0% |
| Cash at bank and in hand | 54/58 | €28,858 | €46,379 | +€17,521 | +60.7% |
| Deferred charges and accrued income | 490/1 | €2,445 | €2,601 | +€156 | +6.4% |
| Total equity and liabilities | 10/49 | €202,873 | €209,194 | +€6,321 | +3.1% |
| Equity | 10/15 | €164,056 | €143,230 | -€20,826 | -12.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €118,561 | €97,735 | -€20,826 | -17.6% |
| Distributable reserves | 133 | €118,561 | €97,735 | -€20,826 | -17.6% |
| Profit (loss) carried forward | 14 | €39,295 | €39,295 | = | 0.0% |
| Amounts payable | 17/49 | €38,817 | €65,964 | +€27,147 | +69.9% |
| Amounts payable within one year | 42/48 | €38,817 | €65,964 | +€27,147 | +69.9% |
| Trade debts | 44 | €1,068 | €1,082 | +€14 | +1.3% |
| Suppliers | 440/4 | €1,068 | €1,082 | +€14 | +1.3% |
| Taxes, remuneration and social security | 45 | - | €2,108 | +€2,108 | |
| Taxes | 450/3 | - | €2,108 | +€2,108 | |
| Other amounts payable | 47/48 | €37,749 | €62,773 | +€25,024 | +66.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €587 | €600 | +€13 | +2.2% |
| Other operating charges | 640/8 | €1,188 | €1,138 | -€50 | -4.2% |
| Gross operating margin | 9900 | €23,745 | €12,498 | -€11,248 | -47.4% |
| Operating profit (loss) | 9901 | €21,970 | €10,760 | -€11,211 | -51.0% |
| Financial income | 75/76B | €4,039 | €3,887 | -€152 | -3.8% |
| Recurring financial income | 75 | €4,039 | €3,887 | -€152 | -3.8% |
| Financial charges | 65/66B | €125 | €188 | +€63 | +50.7% |
| Recurring financial charges | 65 | €125 | €188 | +€63 | +50.7% |
| Profit (loss) for the period before taxes | 9903 | €25,885 | €14,459 | -€11,426 | -44.1% |
| Income taxes | 67/77 | €8,421 | €4,771 | -€3,650 | -43.3% |
| Profit (loss) for the period | 9904 | €17,463 | €9,688 | -€7,776 | -44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,463 | €9,688 | -€7,776 | -44.5% |
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.