JACQUES STEYAERT: 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.
JACQUES STEYAERT
Largest movements
- Current investments -€98,905
down €98,905 (-19.5%), from €508,174 to €409,269
- Cash +€58,533
up €58,533 (+22.1%), from €265,078 to €323,611
mainly Current investments (+€98,905) and Receivables within one year (+€13,359)
- Receivables within one year -€13,359
down €13,359 (-23.8%), from €56,106 to €42,747
of which Trade receivables: -€34,901
- Trade debts -€28,148
down €28,148 (-90.6%), from €31,076 to €2,928
- Reserves -€21,728
down €21,728 (-2.3%), from €932,078 to €910,350
of which Distributable reserves: -€21,728
- Tax, wage and social debts -€10,060
down €10,060 (-69.3%), from €14,517 to €4,458
- Gross operating margin -€66,055
down €66,055, from €44,918 to -€21,137
- Taxes -€10,716
no longer reported in 2025 (was €10,716)
- Financial income +€8,536
up €8,536 (+154%), from €5,525 to €14,061
- Financial charges -€791
down €791 (-78.8%), from €1,003 to €212
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 | €1,001,483 | €936,336 | -€65,147 | -6.5% |
| Fixed assets | 21/28 | €121,955 | €113,194 | -€8,760 | -7.2% |
| Tangible fixed assets | 22/27 | €121,955 | €113,194 | -€8,760 | -7.2% |
| Land and buildings | 22 | €17,112 | €14,810 | -€2,302 | -13.5% |
| Plant, machinery and equipment | 23 | €36,610 | €33,767 | -€2,843 | -7.8% |
| Furniture and vehicles | 24 | €7,331 | €5,864 | -€1,466 | -20.0% |
| Other tangible fixed assets | 26 | €60,903 | €58,753 | -€2,150 | -3.5% |
| Current assets | 29/58 | €879,528 | €823,141 | -€56,387 | -6.4% |
| Amounts receivable after more than one year | 29 | €49,035 | €46,382 | -€2,653 | -5.4% |
| Other amounts receivable | 291 | €49,035 | €46,382 | -€2,653 | -5.4% |
| Amounts receivable within one year | 40/41 | €56,106 | €42,747 | -€13,359 | -23.8% |
| Trade receivables | 40 | €56,106 | €21,204 | -€34,901 | -62.2% |
| Other amounts receivable | 41 | - | €21,543 | +€21,543 | |
| Current investments | 50/53 | €508,174 | €409,269 | -€98,905 | -19.5% |
| Cash at bank and in hand | 54/58 | €265,078 | €323,611 | +€58,533 | +22.1% |
| Deferred charges and accrued income | 490/1 | €1,135 | €1,133 | -€3 | -0.3% |
| Total equity and liabilities | 10/49 | €1,001,483 | €936,336 | -€65,147 | -6.5% |
| Equity | 10/15 | €950,678 | €928,950 | -€21,728 | -2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €932,078 | €910,350 | -€21,728 | -2.3% |
| Tax-exempt reserves | 132 | €75,836 | €75,836 | = | 0.0% |
| Distributable reserves | 133 | €856,243 | €834,514 | -€21,728 | -2.5% |
| Amounts payable | 17/49 | €50,805 | €7,386 | -€43,419 | -85.5% |
| Amounts payable within one year | 42/48 | €50,805 | €7,386 | -€43,419 | -85.5% |
| Trade debts | 44 | €31,076 | €2,928 | -€28,148 | -90.6% |
| Suppliers | 440/4 | €31,076 | €2,928 | -€28,148 | -90.6% |
| Taxes, remuneration and social security | 45 | €14,517 | €4,458 | -€10,060 | -69.3% |
| Taxes | 450/3 | €14,517 | €4,458 | -€10,060 | -69.3% |
| Other amounts payable | 47/48 | €5,212 | - | -€5,212 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,202 | €8,760 | -€442 | -4.8% |
| Other operating charges | 640/8 | €5,555 | €5,679 | +€124 | +2.2% |
| Gross operating margin | 9900 | €44,918 | -€21,137 | -€66,055 | |
| Operating profit (loss) | 9901 | €30,160 | -€35,577 | -€65,738 | |
| Financial income | 75/76B | €5,525 | €14,061 | +€8,536 | +154% |
| Recurring financial income | 75 | €5,525 | €14,061 | +€8,536 | +154% |
| Financial charges | 65/66B | €1,003 | €212 | -€791 | -78.8% |
| Recurring financial charges | 65 | €1,003 | €212 | -€791 | -78.8% |
| Profit (loss) for the period before taxes | 9903 | €34,682 | -€21,728 | -€56,411 | |
| Income taxes | 67/77 | €10,716 | - | -€10,716 | |
| Profit (loss) for the period | 9904 | €23,966 | -€21,728 | -€45,695 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,966 | -€21,728 | -€45,695 |
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 26 October 2026 via checked.be.