Geert Stienen: 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.
Geert Stienen
Largest movements
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Cash +€132,118
up €132,118 (+25.0%), from €529,051 to €661,169
mainly Net result for the year (+€400,553) and Current investments (+€300,000)
- Tangible fixed assets +€22,117
up €22,117 (+594%), from €3,727 to €25,844
of which Furniture and vehicles: +€19,122
- Tax, wage and social debts -€138,134
down €138,134 (-94.7%), from €145,822 to €7,688
- Depreciation +€5,266
up €5,266 (+283%), from €1,858 to €7,124
- Taxes -€4,425
down €4,425 (-35.9%), from €12,319 to €7,894
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 | €832,938 | €691,014 | -€141,924 | -17.0% |
| Fixed assets | 21/28 | €3,727 | €25,844 | +€22,117 | +594% |
| Tangible fixed assets | 22/27 | €3,727 | €25,844 | +€22,117 | +594% |
| Plant, machinery and equipment | 23 | €645 | €3,640 | +€2,995 | +464% |
| Furniture and vehicles | 24 | €3,082 | €22,204 | +€19,122 | +621% |
| Current assets | 29/58 | €829,212 | €665,171 | -€164,041 | -19.8% |
| Amounts receivable within one year | 40/41 | - | €701 | +€701 | |
| Other amounts receivable | 41 | - | €701 | +€701 | |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €529,051 | €661,169 | +€132,118 | +25.0% |
| Deferred charges and accrued income | 490/1 | €160 | €3,300 | +€3,140 | +1,962% |
| Total equity and liabilities | 10/49 | €832,938 | €691,014 | -€141,924 | -17.0% |
| Equity | 10/15 | €275,909 | €270,628 | -€5,280 | -1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €252,101 | €250,241 | -€1,860 | -0.7% |
| Distributable reserves | 133 | €252,101 | €250,241 | -€1,860 | -0.7% |
| Profit (loss) carried forward | 14 | €5,208 | €1,788 | -€3,420 | -65.7% |
| Amounts payable | 17/49 | €557,029 | €420,386 | -€136,643 | -24.5% |
| Amounts payable within one year | 42/48 | €557,029 | €420,386 | -€136,643 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €432 | - | -€432 | |
| Trade debts | 44 | €4,943 | €6,866 | +€1,923 | +38.9% |
| Suppliers | 440/4 | €4,943 | €6,866 | +€1,923 | +38.9% |
| Taxes, remuneration and social security | 45 | €145,822 | €7,688 | -€138,134 | -94.7% |
| Taxes | 450/3 | €145,822 | €7,688 | -€138,134 | -94.7% |
| Other amounts payable | 47/48 | €405,833 | €405,833 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,858 | €7,124 | +€5,266 | +283% |
| Other operating charges | 640/8 | €833 | €1,018 | +€185 | +22.2% |
| Gross operating margin | 9900 | €415,784 | €413,650 | -€2,134 | -0.5% |
| Operating profit (loss) | 9901 | €413,093 | €405,508 | -€7,585 | -1.8% |
| Financial income | 75/76B | €272 | €3,394 | +€3,121 | +1,146% |
| Recurring financial income | 75 | €272 | €3,394 | +€3,121 | +1,146% |
| Financial charges | 65/66B | €1,011 | €455 | -€556 | -55.0% |
| Recurring financial charges | 65 | €1,011 | €455 | -€556 | -55.0% |
| Profit (loss) for the period before taxes | 9903 | €412,354 | €408,447 | -€3,908 | -0.9% |
| Income taxes | 67/77 | €12,319 | €7,894 | -€4,425 | -35.9% |
| Profit (loss) for the period | 9904 | €400,035 | €400,553 | +€518 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €400,035 | €400,553 | +€518 | +0.1% |
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 31 October 2026 via checked.be.