JAMES STOCMAN: 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.
JAMES STOCMAN
Largest movements
- Receivables within one year -€188,865
down €188,865 (-25.1%), from €752,592 to €563,727
of which Other amounts receivable: -€138,632
- Cash +€89,624
up €89,624 (+432%), from €20,764 to €110,388
mainly Receivables within one year (+€188,865) and Net result for the year (+€71,998)
- Tangible fixed assets -€35,678
down €35,678 (-24.9%), from €143,447 to €107,769
of which Leasing and similar rights: -€28,508
- Reserves +€630,609
up €630,609 (+120%), from €524,860 to €1.2m
- Revaluation surpluses -€560,609
no longer reported in 2025 (was €560,609)
- Other debts -€126,000
down €126,000 (-100%), from €126,000 to €0
- Tax, wage and social debts -€49,788
down €49,788 (-30.6%), from €162,440 to €112,653
of which Taxes: -€42,899
- Debts after one year -€38,104
down €38,104 (-85.3%), from €44,662 to €6,558
- Gross operating margin -€90,892
down €90,892 (-16.1%), from €563,365 to €472,473
- Taxes +€11,157
up €11,157 (+16.9%), from €66,118 to €77,275
- Financial income -€7,279
down €7,279 (-37.5%), from €19,421 to €12,142
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 | €1,485,308 | €1,345,421 | -€139,887 | -9.4% |
| Fixed assets | 21/28 | €705,430 | €669,752 | -€35,678 | -5.1% |
| Tangible fixed assets | 22/27 | €143,447 | €107,769 | -€35,678 | -24.9% |
| Plant, machinery and equipment | 23 | €12,858 | €11,035 | -€1,823 | -14.2% |
| Furniture and vehicles | 24 | €27,621 | €19,147 | -€8,474 | -30.7% |
| Leasing and similar rights | 25 | €90,979 | €62,471 | -€28,508 | -31.3% |
| Other tangible fixed assets | 26 | €11,989 | €15,116 | +€3,128 | +26.1% |
| Financial fixed assets | 28 | €561,983 | €561,983 | = | 0.0% |
| Current assets | 29/58 | €779,879 | €675,669 | -€104,209 | -13.4% |
| Amounts receivable within one year | 40/41 | €752,592 | €563,727 | -€188,865 | -25.1% |
| Trade receivables | 40 | €383,662 | €333,430 | -€50,232 | -13.1% |
| Other amounts receivable | 41 | €368,929 | €230,297 | -€138,632 | -37.6% |
| Cash at bank and in hand | 54/58 | €20,764 | €110,388 | +€89,624 | +432% |
| Deferred charges and accrued income | 490/1 | €6,523 | €1,555 | -€4,969 | -76.2% |
| Total equity and liabilities | 10/49 | €1,485,308 | €1,345,421 | -€139,887 | -9.4% |
| Equity | 10/15 | €1,113,457 | €1,185,455 | +€71,998 | +6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €560,609 | - | -€560,609 | |
| Reserves | 13 | €524,860 | €1,155,469 | +€630,609 | +120% |
| Distributable reserves | 133 | €524,860 | €1,155,469 | +€630,609 | +120% |
| Profit (loss) carried forward | 14 | €9,388 | €11,386 | +€1,998 | +21.3% |
| Amounts payable | 17/49 | €371,852 | €159,966 | -€211,885 | -57.0% |
| Amounts payable after more than one year | 17 | €44,662 | €6,558 | -€38,104 | -85.3% |
| Financial debts | 170/4 | €44,662 | €6,558 | -€38,104 | -85.3% |
| Amounts payable within one year | 42/48 | €327,190 | €153,408 | -€173,782 | -53.1% |
| Current portion of amounts payable after more than one year | 42 | €36,057 | €38,104 | +€2,047 | +5.7% |
| Trade debts | 44 | €2,693 | €2,652 | -€41 | -1.5% |
| Suppliers | 440/4 | €2,693 | €2,652 | -€41 | -1.5% |
| Taxes, remuneration and social security | 45 | €162,440 | €112,653 | -€49,788 | -30.6% |
| Taxes | 450/3 | €121,242 | €78,343 | -€42,899 | -35.4% |
| Remuneration and social security | 454/9 | €41,198 | €34,310 | -€6,888 | -16.7% |
| Other amounts payable | 47/48 | €126,000 | €0 | -€126,000 | -100% |
| Remuneration, social security and pensions | 62 | €262,176 | €262,817 | +€641 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,387 | €46,517 | +€4,131 | +9.7% |
| Other operating charges | 640/8 | €15,614 | €15,945 | +€331 | +2.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €563,365 | €472,473 | -€90,892 | -16.1% |
| Operating profit (loss) | 9901 | €243,189 | €147,194 | -€95,995 | -39.5% |
| Financial income | 75/76B | €19,421 | €12,142 | -€7,279 | -37.5% |
| Recurring financial income | 75 | €19,421 | €12,142 | -€7,279 | -37.5% |
| Financial charges | 65/66B | €12,027 | €10,063 | -€1,965 | -16.3% |
| Recurring financial charges | 65 | €12,027 | €10,063 | -€1,965 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €250,583 | €149,273 | -€101,310 | -40.4% |
| Income taxes | 67/77 | €66,118 | €77,275 | +€11,157 | +16.9% |
| Profit (loss) for the period | 9904 | €184,465 | €71,998 | -€112,467 | -61.0% |
| Profit (loss) for the period to be appropriated | 9905 | €184,465 | €71,998 | -€112,467 | -61.0% |
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 28 October 2026 via checked.be.