Het Stuur: 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.
Het Stuur
Largest movements
- Cash -€88,386
down €88,386 (-61.8%), from €143,015 to €54,629
mainly Deferred charges and accrued income (-€60,270) and Accrued charges and deferred income (-€35,649)
- Deferred charges and accrued income +€60,270
up €60,270 (+51.6%), from €116,816 to €177,086
- Tangible fixed assets -€7,584
down €7,584 (-20.2%), from €37,460 to €29,875
of which Leasing and similar rights: -€9,970
- Receivables within one year +€5,281
up €5,281 (+30.8%), from €17,150 to €22,430
of which Trade receivables: +€3,485
- Accrued charges and deferred income -€35,649
down €35,649 (-17.3%), from €206,083 to €170,434
- Other debts +€23,592
up €23,592 (+113%), from €20,794 to €44,387
- Reserves -€19,542
down €19,542 (-100%), from €19,542 to €0
- Trade debts +€7,948
up €7,948 (+24.7%), from €32,199 to €40,146
- Debts after one year -€7,203
down €7,203 (-55.9%), from €12,879 to €5,676
- Gross operating margin -€3,071
down €3,071 (-9.1%), from €33,600 to €30,529
- Financial charges -€850
down €850 (-28.2%), from €3,019 to €2,168
- Taxes -€465
down €465 (-16.1%), from €2,887 to €2,422
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 | €314,441 | €284,021 | -€30,420 | -9.7% |
| Fixed assets | 21/28 | €37,460 | €29,875 | -€7,584 | -20.2% |
| Tangible fixed assets | 22/27 | €37,460 | €29,875 | -€7,584 | -20.2% |
| Plant, machinery and equipment | 23 | €3,696 | €1,750 | -€1,946 | -52.7% |
| Furniture and vehicles | 24 | €8,224 | €12,556 | +€4,331 | +52.7% |
| Leasing and similar rights | 25 | €25,540 | €15,570 | -€9,970 | -39.0% |
| Current assets | 29/58 | €276,981 | €254,146 | -€22,836 | -8.2% |
| Amounts receivable within one year | 40/41 | €17,150 | €22,430 | +€5,281 | +30.8% |
| Trade receivables | 40 | €16,506 | €19,991 | +€3,485 | +21.1% |
| Other amounts receivable | 41 | €643 | €2,439 | +€1,796 | +279% |
| Cash at bank and in hand | 54/58 | €143,015 | €54,629 | -€88,386 | -61.8% |
| Deferred charges and accrued income | 490/1 | €116,816 | €177,086 | +€60,270 | +51.6% |
| Total equity and liabilities | 10/49 | €314,441 | €284,021 | -€30,420 | -9.7% |
| Equity | 10/15 | €29,542 | €10,000 | -€19,542 | -66.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €19,542 | €0 | -€19,542 | -100% |
| Distributable reserves | 133 | €19,542 | €0 | -€19,542 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €284,899 | €274,021 | -€10,878 | -3.8% |
| Amounts payable after more than one year | 17 | €12,879 | €5,676 | -€7,203 | -55.9% |
| Financial debts | 170/4 | €12,879 | €5,676 | -€7,203 | -55.9% |
| Amounts payable within one year | 42/48 | €65,937 | €97,911 | +€31,974 | +48.5% |
| Current portion of amounts payable after more than one year | 42 | €6,992 | €7,203 | +€210 | +3.0% |
| Financial debts | 43 | - | €2,950 | +€2,950 | |
| Credit institutions | 430/8 | - | €2,950 | +€2,950 | |
| Trade debts | 44 | €32,199 | €40,146 | +€7,948 | +24.7% |
| Suppliers | 440/4 | €32,199 | €40,146 | +€7,948 | +24.7% |
| Taxes, remuneration and social security | 45 | €5,952 | €3,225 | -€2,727 | -45.8% |
| Taxes | 450/3 | €5,952 | €3,225 | -€2,727 | -45.8% |
| Other amounts payable | 47/48 | €20,794 | €44,387 | +€23,592 | +113% |
| Accrued charges and deferred income | 492/3 | €206,083 | €170,434 | -€35,649 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,250 | €15,214 | -€35 | -0.2% |
| Other operating charges | 640/8 | €976 | €793 | -€183 | -18.8% |
| Non-recurring operating charges | 66A | - | €940 | +€940 | |
| Gross operating margin | 9900 | €33,600 | €30,529 | -€3,071 | -9.1% |
| Operating profit (loss) | 9901 | €17,375 | €13,582 | -€3,793 | -21.8% |
| Financial income | 75/76B | €50 | €109 | +€59 | +119% |
| Recurring financial income | 75 | €50 | €109 | +€59 | +119% |
| Financial charges | 65/66B | €3,019 | €2,168 | -€850 | -28.2% |
| Recurring financial charges | 65 | €3,019 | €2,168 | -€850 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | €14,406 | €11,523 | -€2,883 | -20.0% |
| Income taxes | 67/77 | €2,887 | €2,422 | -€465 | -16.1% |
| Profit (loss) for the period | 9904 | €11,519 | €9,100 | -€2,418 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,519 | €9,100 | -€2,418 | -21.0% |
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 25 October 2026 via checked.be.