Igor Stevoort: what changed
Two fiscal 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.
Igor Stevoort
Largest movements
- Cash -€49,068
down €49,068 (-44.7%), from €109,728 to €60,660
mainly Short-term financial debts (-€2.6m) and Net result for the year (-€224,275)
- Other debts +€2.8m
new in 2025: €2.8m
- Short-term financial debts -€2.6m
down €2.6m (-100.0%), from €2.6m to €0
- Profit (loss) carried forward -€224,275
down €224,275 (-7.8%), from -€2.9m to -€3.1m
- Trade debts +€68,173
up €68,173 (+299.7%), from €22,748 to €90,921
- Write-downs -€1.5m
down €1.5m (-100.0%), from €1.5m to €0
- Gross operating margin -€147,420
down €147,420, from €49,580 to -€97,840
- Financial charges -€132,220
down €132,220 (-53.0%), from €249,475 to €117,255
- Other operating charges -€22,769
down €22,769 (-71.3%), from €31,949 to €9,181
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.
Cash bridge derived
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 | €2,673,276 | €2,625,483 | -€47,793 | -1.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Land and buildings | 22 | €0 | - | = | |
| Current assets | 29/58 | €2,673,276 | €2,625,483 | -€47,793 | -1.8% |
| Stocks and contracts in progress | 3 | €2,563,548 | €2,563,548 | = | 0.0% |
| Stocks | 30/36 | €2,503,548 | €2,503,548 | = | 0.0% |
| Contracts in progress | 37 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | €0 | = | |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €109,728 | €60,660 | -€49,068 | -44.7% |
| Deferred charges and accrued income | 490/1 | €0 | €1,275 | +€1,275 | |
| Total equity and liabilities | 10/49 | €2,673,276 | €2,625,483 | -€47,793 | -1.8% |
| Equity | 10/15 | €472 | -€223,803 | -€224,275 | |
| Contributions | 10/11 | €2,862,000 | €2,862,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,861,528 | -€3,085,803 | -€224,275 | -7.8% |
| Amounts payable | 17/49 | €2,672,804 | €2,849,286 | +€176,482 | +6.6% |
| Amounts payable within one year | 42/48 | €2,670,827 | €2,849,286 | +€178,459 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €2,648,079 | €0 | -€2.6m | -100.0% |
| Other loans | 439 | €2,648,079 | €0 | -€2.6m | -100.0% |
| Trade debts | 44 | €22,748 | €90,921 | +€68,173 | +299.7% |
| Suppliers | 440/4 | €22,748 | €90,921 | +€68,173 | +299.7% |
| Other amounts payable | 47/48 | - | €2,758,366 | +€2.8m | |
| Accrued charges and deferred income | 492/3 | €1,977 | €0 | -€1,977 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108 | €0 | -€108 | -100.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,500,000 | €0 | -€1.5m | -100.0% |
| Other operating charges | 640/8 | €31,949 | €9,181 | -€22,769 | -71.3% |
| Gross operating margin | 9900 | €49,580 | -€97,840 | -€147,420 | |
| Operating profit (loss) | 9901 | -€1,482,477 | -€107,020 | +€1.4m | +92.8% |
| Financial charges | 65/66B | €249,475 | €117,255 | -€132,220 | -53.0% |
| Recurring financial charges | 65 | €249,475 | €117,255 | -€132,220 | -53.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,731,953 | -€224,275 | +€1.5m | +87.1% |
| Profit (loss) for the period | 9904 | -€1,731,953 | -€224,275 | +€1.5m | +87.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,731,953 | -€224,275 | +€1.5m | +87.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.