J. STAUT: 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.
J. STAUT
Largest movements
- Cash -€67,904
down €67,904 (-37.2%), from €182,751 to €114,846
mainly Net result for the year (-€51,403) and Stocks and contracts (-€29,325)
- Stocks and contracts +€29,325
up €29,325 (+11.4%), from €258,288 to €287,613
- Receivables within one year +€8,650
up €8,650 (+39.8%), from €21,715 to €30,366
of which Trade receivables: +€8,182
- Reserves -€51,403
down €51,403 (-18.9%), from €271,432 to €220,030
of which Distributable reserves: -€51,403
- Accrued charges and deferred income +€19,630
new in 2025: €19,630
- Gross operating margin -€32,964
down €32,964 (-19.1%), from €172,899 to €139,936
- Staff costs +€25,084
up €25,084 (+15.2%), from €165,227 to €190,311
- Taxes -€2,760
down €2,760 (-91.4%), from €3,019 to €258
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 | €465,973 | €435,558 | -€30,415 | -6.5% |
| Fixed assets | 21/28 | €3,220 | €2,734 | -€486 | -15.1% |
| Tangible fixed assets | 22/27 | €751 | €265 | -€486 | -64.7% |
| Other tangible fixed assets | 26 | €751 | €265 | -€486 | -64.7% |
| Financial fixed assets | 28 | €2,469 | €2,469 | = | 0.0% |
| Current assets | 29/58 | €462,754 | €432,825 | -€29,929 | -6.5% |
| Stocks and contracts in progress | 3 | €258,288 | €287,613 | +€29,325 | +11.4% |
| Stocks | 30/36 | €258,288 | €287,613 | +€29,325 | +11.4% |
| Amounts receivable within one year | 40/41 | €21,715 | €30,366 | +€8,650 | +39.8% |
| Trade receivables | 40 | €18,381 | €26,563 | +€8,182 | +44.5% |
| Other amounts receivable | 41 | €3,334 | €3,803 | +€469 | +14.1% |
| Cash at bank and in hand | 54/58 | €182,751 | €114,846 | -€67,904 | -37.2% |
| Total equity and liabilities | 10/49 | €465,973 | €435,558 | -€30,415 | -6.5% |
| Equity | 10/15 | €388,155 | €336,752 | -€51,403 | -13.2% |
| Contributions | 10/11 | €116,723 | €116,723 | = | 0.0% |
| Reserves | 13 | €271,432 | €220,030 | -€51,403 | -18.9% |
| Tax-exempt reserves | 132 | €3,458 | €3,458 | = | 0.0% |
| Distributable reserves | 133 | €267,975 | €216,572 | -€51,403 | -19.2% |
| Amounts payable | 17/49 | €77,818 | €98,806 | +€20,988 | +27.0% |
| Amounts payable within one year | 42/48 | €77,818 | €79,175 | +€1,357 | +1.7% |
| Trade debts | 44 | €22,854 | €22,933 | +€79 | +0.3% |
| Suppliers | 440/4 | €22,854 | €22,933 | +€79 | +0.3% |
| Advances received on contracts in progress | 46 | €19,754 | €19,551 | -€203 | -1.0% |
| Taxes, remuneration and social security | 45 | €35,210 | €36,691 | +€1,481 | +4.2% |
| Taxes | 450/3 | €15,393 | €13,468 | -€1,925 | -12.5% |
| Remuneration and social security | 454/9 | €19,817 | €23,223 | +€3,406 | +17.2% |
| Accrued charges and deferred income | 492/3 | - | €19,630 | +€19,630 | |
| Remuneration, social security and pensions | 62 | €165,227 | €190,311 | +€25,084 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €486 | €486 | -€0 | 0.0% |
| Other operating charges | 640/8 | €6,522 | €6,869 | +€346 | +5.3% |
| Gross operating margin | 9900 | €172,899 | €139,936 | -€32,964 | -19.1% |
| Operating profit (loss) | 9901 | €664 | -€57,730 | -€58,394 | |
| Financial income | 75/76B | €7,823 | €8,153 | +€329 | +4.2% |
| Recurring financial income | 75 | €7,823 | €6,910 | -€914 | -11.7% |
| Non-recurring financial income | 76B | - | €1,243 | +€1,243 | |
| Financial charges | 65/66B | €2,128 | €1,568 | -€560 | -26.3% |
| Recurring financial charges | 65 | €2,128 | €1,568 | -€560 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €6,359 | -€51,145 | -€57,504 | |
| Income taxes | 67/77 | €3,019 | €258 | -€2,760 | -91.4% |
| Profit (loss) for the period | 9904 | €3,341 | -€51,403 | -€54,744 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,341 | -€51,403 | -€54,744 |
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 15 October 2026 via checked.be.