Herbert Stynen: 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.
Herbert Stynen
Largest movements
- Intangible fixed assets -€94,709
down €94,709 (-16.0%), from €591,608 to €496,899
- Cash +€48,653
up €48,653 (+29.7%), from €164,022 to €212,674
mainly Depreciation (+€132,201) and Net result for the year (+€97,330)
- Tangible fixed assets -€35,254
down €35,254 (-48.1%), from €73,221 to €37,967
of which Furniture and vehicles: -€33,221
- Receivables within one year -€28,939
down €28,939 (-37.2%), from €77,816 to €48,877
of which Trade receivables: -€25,743
- Deferred charges and accrued income +€9,600
new in 2025: €9,600
- Other debts -€108,972
down €108,972 (-78.0%), from €139,625 to €30,653
- Debts after one year -€97,409
down €97,409 (-19.0%), from €511,399 to €413,990
- Profit (loss) carried forward +€96,590
no longer reported in 2025 (was -€96,590)
- Tax, wage and social debts +€17,552
up €17,552 (+36.5%), from €48,046 to €65,597
of which Taxes: +€10,875
- Trade debts -€9,150
down €9,150 (-25.1%), from €36,515 to €27,365
- Gross operating margin +€231,613
up €231,613 (+96.1%), from €240,912 to €472,525
- Staff costs +€28,328
up €28,328 (+14.8%), from €190,995 to €219,323
- Other operating charges +€4,814
up €4,814 (+24.3%), from €19,781 to €24,595
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 | €906,667 | €806,016 | -€100,650 | -11.1% |
| Fixed assets | 21/28 | €664,829 | €534,865 | -€129,963 | -19.5% |
| Intangible fixed assets | 21 | €591,608 | €496,899 | -€94,709 | -16.0% |
| Tangible fixed assets | 22/27 | €73,221 | €37,967 | -€35,254 | -48.1% |
| Furniture and vehicles | 24 | €64,844 | €31,622 | -€33,221 | -51.2% |
| Other tangible fixed assets | 26 | €8,377 | €6,344 | -€2,033 | -24.3% |
| Current assets | 29/58 | €241,838 | €271,151 | +€29,313 | +12.1% |
| Amounts receivable within one year | 40/41 | €77,816 | €48,877 | -€28,939 | -37.2% |
| Trade receivables | 40 | €60,264 | €34,521 | -€25,743 | -42.7% |
| Other amounts receivable | 41 | €17,552 | €14,356 | -€3,197 | -18.2% |
| Cash at bank and in hand | 54/58 | €164,022 | €212,674 | +€48,653 | +29.7% |
| Deferred charges and accrued income | 490/1 | - | €9,600 | +€9,600 | |
| Total equity and liabilities | 10/49 | €906,667 | €806,016 | -€100,650 | -11.1% |
| Equity | 10/15 | €48,338 | €145,668 | +€97,330 | +201% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €124,928 | €125,668 | +€740 | +0.6% |
| Distributable reserves | 133 | €124,928 | €125,668 | +€740 | +0.6% |
| Profit (loss) carried forward | 14 | -€96,590 | - | +€96,590 | |
| Amounts payable | 17/49 | €858,328 | €660,348 | -€197,980 | -23.1% |
| Amounts payable after more than one year | 17 | €511,399 | €413,990 | -€97,409 | -19.0% |
| Financial debts | 170/4 | €511,399 | €413,990 | -€97,409 | -19.0% |
| Amounts payable within one year | 42/48 | €321,595 | €221,025 | -€100,571 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €97,409 | €97,409 | = | 0.0% |
| Trade debts | 44 | €36,515 | €27,365 | -€9,150 | -25.1% |
| Suppliers | 440/4 | €36,515 | €27,365 | -€9,150 | -25.1% |
| Taxes, remuneration and social security | 45 | €48,046 | €65,597 | +€17,552 | +36.5% |
| Taxes | 450/3 | €29,458 | €40,333 | +€10,875 | +36.9% |
| Remuneration and social security | 454/9 | €18,588 | €25,264 | +€6,676 | +35.9% |
| Other amounts payable | 47/48 | €139,625 | €30,653 | -€108,972 | -78.0% |
| Accrued charges and deferred income | 492/3 | €25,333 | €25,333 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €190,995 | €219,323 | +€28,328 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,726 | €132,201 | +€3,475 | +2.7% |
| Other operating charges | 640/8 | €19,781 | €24,595 | +€4,814 | +24.3% |
| Gross operating margin | 9900 | €240,912 | €472,525 | +€231,613 | +96.1% |
| Operating profit (loss) | 9901 | -€98,589 | €96,405 | +€194,995 | |
| Financial income | 75/76B | €3,904 | €7,178 | +€3,274 | +83.9% |
| Recurring financial income | 75 | €3,904 | €7,178 | +€3,274 | +83.9% |
| Financial charges | 65/66B | €3,040 | €2,761 | -€279 | -9.2% |
| Recurring financial charges | 65 | €3,040 | €2,761 | -€279 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | -€97,725 | €100,823 | +€198,548 | |
| Income taxes | 67/77 | €69 | €3,493 | +€3,423 | +4,934% |
| Profit (loss) for the period | 9904 | -€97,794 | €97,330 | +€195,124 | |
| Profit (loss) for the period to be appropriated | 9905 | -€97,794 | €97,330 | +€195,124 |
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.