Jeroen Opsteyn: 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.
Jeroen Opsteyn
Largest movements
- Cash -€42,838
down €42,838 (-50.8%), from €84,260 to €41,423
mainly Debts after one year (-€22,327) and Current portion of long-term debt (-€20,252)
- Financial fixed assets -€18,600
no longer reported in 2025 (was €18,600)
- Deferred charges and accrued income +€11,333
up €11,333 (+1,294%), from €876 to €12,208
- Receivables within one year +€9,055
up €9,055 (+39.8%), from €22,775 to €31,830
of which Trade receivables: +€9,196
- Tangible fixed assets +€8,163
up €8,163 (+146%), from €5,579 to €13,742
of which Furniture and vehicles: +€8,970
- Debts after one year -€22,327
no longer reported in 2025 (was €22,327)
- Profit (loss) carried forward +€21,397
up €21,397 (+69.6%), from €30,723 to €52,120
- Current portion of long-term debt -€20,252
no longer reported in 2025 (was €20,252)
- Other debts -€9,874
down €9,874 (-45.4%), from €21,767 to €11,893
- Tax, wage and social debts -€5,362
down €5,362 (-40.1%), from €13,378 to €8,016
- Financial charges +€18,823
up €18,823 (+370%), from €5,081 to €23,904
of which Non-recurring financial charges: +€18,600
- Staff costs -€14,560
down €14,560, from €14,486 to -€74
- Gross operating margin +€8,405
up €8,405 (+13.3%), from €63,072 to €71,477
- Write-downs +€6,000
new in 2025: €6,000
- Taxes +€2,711
up €2,711 (+31.6%), from €8,589 to €11,300
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 | €132,091 | €99,203 | -€32,887 | -24.9% |
| Fixed assets | 21/28 | €24,179 | €13,742 | -€10,437 | -43.2% |
| Tangible fixed assets | 22/27 | €5,579 | €13,742 | +€8,163 | +146% |
| Plant, machinery and equipment | 23 | €2,900 | €2,094 | -€807 | -27.8% |
| Furniture and vehicles | 24 | €2,679 | €11,649 | +€8,970 | +335% |
| Financial fixed assets | 28 | €18,600 | - | -€18,600 | |
| Current assets | 29/58 | €107,911 | €85,461 | -€22,450 | -20.8% |
| Amounts receivable within one year | 40/41 | €22,775 | €31,830 | +€9,055 | +39.8% |
| Trade receivables | 40 | €22,523 | €31,719 | +€9,196 | +40.8% |
| Other amounts receivable | 41 | €252 | €111 | -€141 | -56.1% |
| Cash at bank and in hand | 54/58 | €84,260 | €41,423 | -€42,838 | -50.8% |
| Deferred charges and accrued income | 490/1 | €876 | €12,208 | +€11,333 | +1,294% |
| Total equity and liabilities | 10/49 | €132,091 | €99,203 | -€32,887 | -24.9% |
| Equity | 10/15 | €39,926 | €61,323 | +€21,397 | +53.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €6,203 | €6,203 | = | 0.0% |
| Distributable reserves | 133 | €6,203 | €6,203 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,723 | €52,120 | +€21,397 | +69.6% |
| Amounts payable | 17/49 | €92,164 | €37,880 | -€54,284 | -58.9% |
| Amounts payable after more than one year | 17 | €22,327 | - | -€22,327 | |
| Financial debts | 170/4 | €22,327 | - | -€22,327 | |
| Amounts payable within one year | 42/48 | €68,956 | €36,689 | -€32,267 | -46.8% |
| Current portion of amounts payable after more than one year | 42 | €20,252 | - | -€20,252 | |
| Financial debts | 43 | €3,667 | €3,000 | -€667 | -18.2% |
| Credit institutions | 430/8 | €3,667 | €3,000 | -€667 | -18.2% |
| Trade debts | 44 | €9,892 | €13,779 | +€3,887 | +39.3% |
| Suppliers | 440/4 | €9,892 | €13,779 | +€3,887 | +39.3% |
| Taxes, remuneration and social security | 45 | €13,378 | €8,016 | -€5,362 | -40.1% |
| Taxes | 450/3 | €13,378 | €8,016 | -€5,362 | -40.1% |
| Other amounts payable | 47/48 | €21,767 | €11,893 | -€9,874 | -45.4% |
| Accrued charges and deferred income | 492/3 | €882 | €1,192 | +€310 | +35.1% |
| Remuneration, social security and pensions | 62 | €14,486 | -€74 | -€14,560 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,847 | €5,093 | +€2,246 | +78.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,000 | +€6,000 | |
| Other operating charges | 640/8 | €1,345 | €1,477 | +€132 | +9.8% |
| Non-recurring operating charges | 66A | - | €2,422 | +€2,422 | |
| Gross operating margin | 9900 | €63,072 | €71,477 | +€8,405 | +13.3% |
| Operating profit (loss) | 9901 | €44,394 | €56,559 | +€12,165 | +27.4% |
| Financial income | 75/76B | - | €42 | +€42 | |
| Recurring financial income | 75 | - | €42 | +€42 | |
| Financial charges | 65/66B | €5,081 | €23,904 | +€18,823 | +370% |
| Recurring financial charges | 65 | €5,081 | €5,304 | +€223 | +4.4% |
| Non-recurring financial charges | 66B | - | €18,600 | +€18,600 | |
| Profit (loss) for the period before taxes | 9903 | €39,312 | €32,697 | -€6,615 | -16.8% |
| Income taxes | 67/77 | €8,589 | €11,300 | +€2,711 | +31.6% |
| Profit (loss) for the period | 9904 | €30,723 | €21,397 | -€9,326 | -30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €30,723 | €21,397 | -€9,326 | -30.4% |
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 29 October 2026 via checked.be.