H. STAES: 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.
H. STAES
Largest movements
- Cash -€9,441
down €9,441 (-7.0%), from €134,186 to €124,745
mainly Contributions, distributions and other (-€11,985) and Investment in fixed assets (net) (-€11,319)
- Tangible fixed assets +€7,112
up €7,112 (+311%), from €2,289 to €9,401
of which Furniture and vehicles: +€7,910
- Other debts -€6,957
down €6,957 (-36.7%), from €18,942 to €11,985
- Reserves +€3,107
up €3,107 (+2.4%), from €127,684 to €130,791
- Financial charges -€14,881
down €14,881 (-99.3%), from €14,988 to €107
of which Non-recurring financial charges: -€14,684
- Gross operating margin +€4,925
up €4,925 (+35.0%), from €14,051 to €18,976
- Taxes -€3,585
down €3,585 (-73.9%), from €4,849 to €1,264
- Depreciation +€3,404
up €3,404 (+424%), from €802 to €4,206
- Financial income -€954
down €954 (-26.1%), from €3,663 to €2,709
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 | €149,267 | €145,688 | -€3,580 | -2.4% |
| Fixed assets | 21/28 | €2,289 | €9,401 | +€7,112 | +311% |
| Tangible fixed assets | 22/27 | €2,289 | €9,401 | +€7,112 | +311% |
| Plant, machinery and equipment | 23 | €435 | - | -€435 | |
| Furniture and vehicles | 24 | €780 | €8,690 | +€7,910 | +1,014% |
| Other tangible fixed assets | 26 | €1,074 | €711 | -€363 | -33.8% |
| Current assets | 29/58 | €146,978 | €136,287 | -€10,692 | -7.3% |
| Amounts receivable within one year | 40/41 | €12,793 | €11,541 | -€1,251 | -9.8% |
| Other amounts receivable | 41 | €12,793 | €11,541 | -€1,251 | -9.8% |
| Cash at bank and in hand | 54/58 | €134,186 | €124,745 | -€9,441 | -7.0% |
| Total equity and liabilities | 10/49 | €149,267 | €145,688 | -€3,580 | -2.4% |
| Equity | 10/15 | €127,684 | €130,791 | +€3,107 | +2.4% |
| Reserves | 13 | €127,684 | €130,791 | +€3,107 | +2.4% |
| Distributable reserves | 133 | €127,684 | €130,791 | +€3,107 | +2.4% |
| Amounts payable | 17/49 | €21,583 | €14,896 | -€6,687 | -31.0% |
| Amounts payable within one year | 42/48 | €21,583 | €14,896 | -€6,687 | -31.0% |
| Trade debts | 44 | €2,641 | €2,911 | +€270 | +10.2% |
| Suppliers | 440/4 | €2,641 | €2,911 | +€270 | +10.2% |
| Other amounts payable | 47/48 | €18,942 | €11,985 | -€6,957 | -36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €802 | €4,206 | +€3,404 | +424% |
| Other operating charges | 640/8 | €881 | €1,015 | +€134 | +15.2% |
| Gross operating margin | 9900 | €14,051 | €18,976 | +€4,925 | +35.0% |
| Operating profit (loss) | 9901 | €12,369 | €13,755 | +€1,386 | +11.2% |
| Financial income | 75/76B | €3,663 | €2,709 | -€954 | -26.1% |
| Recurring financial income | 75 | €3,663 | €2,709 | -€954 | -26.1% |
| Financial charges | 65/66B | €14,988 | €107 | -€14,881 | -99.3% |
| Recurring financial charges | 65 | €304 | €107 | -€197 | -64.8% |
| Non-recurring financial charges | 66B | €14,684 | - | -€14,684 | |
| Profit (loss) for the period before taxes | 9903 | €1,044 | €16,357 | +€15,313 | +1,467% |
| Income taxes | 67/77 | €4,849 | €1,264 | -€3,585 | -73.9% |
| Profit (loss) for the period | 9904 | -€3,806 | €15,093 | +€18,898 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,806 | €15,093 | +€18,898 |
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 14 October 2026 via checked.be.