Joan Stam: 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.
Joan Stam
Largest movements
- Cash +€38,720
up €38,720 (+128.6%), from €30,119 to €68,839
mainly Net result for the year (+€41,738) and Receivables within one year (+€37,321)
- Receivables within one year -€37,321
down €37,321 (-96.5%), from €38,686 to €1,365
of which Trade receivables: -€37,344
- Deferred charges and accrued income +€19,038
up €19,038 (+2166.0%), from €879 to €19,917
- Tangible fixed assets -€2,859
down €2,859 (-18.6%), from €15,357 to €12,498
of which Furniture and vehicles: -€4,776
- Reserves +€41,738
up €41,738 (+154.8%), from €26,970 to €68,707
- Other debts -€34,065
down €34,065 (-88.0%), from €38,712 to €4,647
- Tax, wage and social debts +€5,235
up €5,235 (+30.9%), from €16,925 to €22,160
- Trade debts +€3,562
up €3,562 (+248.4%), from €1,434 to €4,996
- Accrued charges and deferred income +€1,109
new in 2025: €1,109
- Gross operating margin +€25,079
up €25,079 (+67.0%), from €37,444 to €62,523
- Taxes +€5,019
up €5,019 (+68.5%), from €7,328 to €12,348
- Depreciation +€4,146
up €4,146 (+193.5%), from €2,143 to €6,289
- Financial charges +€871
up €871 (+132.9%), from €655 to €1,526
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 | €85,041 | €102,619 | +€17,579 | +20.7% |
| Fixed assets | 21/28 | €15,357 | €12,498 | -€2,859 | -18.6% |
| Tangible fixed assets | 22/27 | €15,357 | €12,498 | -€2,859 | -18.6% |
| Plant, machinery and equipment | 23 | - | €1,917 | +€1,917 | |
| Furniture and vehicles | 24 | €15,357 | €10,581 | -€4,776 | -31.1% |
| Current assets | 29/58 | €69,683 | €90,121 | +€20,437 | +29.3% |
| Amounts receivable within one year | 40/41 | €38,686 | €1,365 | -€37,321 | -96.5% |
| Trade receivables | 40 | €38,686 | €1,342 | -€37,344 | -96.5% |
| Other amounts receivable | 41 | - | €23 | +€23 | |
| Cash at bank and in hand | 54/58 | €30,119 | €68,839 | +€38,720 | +128.6% |
| Deferred charges and accrued income | 490/1 | €879 | €19,917 | +€19,038 | +2166.0% |
| Total equity and liabilities | 10/49 | €85,041 | €102,619 | +€17,579 | +20.7% |
| Equity | 10/15 | €27,970 | €69,707 | +€41,738 | +149.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €26,970 | €68,707 | +€41,738 | +154.8% |
| Distributable reserves | 133 | €26,970 | €68,707 | +€41,738 | +154.8% |
| Amounts payable | 17/49 | €57,071 | €32,912 | -€24,159 | -42.3% |
| Amounts payable within one year | 42/48 | €57,071 | €31,803 | -€25,268 | -44.3% |
| Trade debts | 44 | €1,434 | €4,996 | +€3,562 | +248.4% |
| Suppliers | 440/4 | €1,434 | €4,996 | +€3,562 | +248.4% |
| Taxes, remuneration and social security | 45 | €16,925 | €22,160 | +€5,235 | +30.9% |
| Taxes | 450/3 | €16,925 | €22,160 | +€5,235 | +30.9% |
| Other amounts payable | 47/48 | €38,712 | €4,647 | -€34,065 | -88.0% |
| Accrued charges and deferred income | 492/3 | - | €1,109 | +€1,109 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,143 | €6,289 | +€4,146 | +193.5% |
| Other operating charges | 640/8 | €371 | €777 | +€406 | +109.6% |
| Gross operating margin | 9900 | €37,444 | €62,523 | +€25,079 | +67.0% |
| Operating profit (loss) | 9901 | €34,931 | €55,457 | +€20,526 | +58.8% |
| Financial income | 75/76B | €22 | €154 | +€132 | +591.0% |
| Recurring financial income | 75 | €22 | €154 | +€132 | +591.0% |
| Financial charges | 65/66B | €655 | €1,526 | +€871 | +132.9% |
| Recurring financial charges | 65 | €655 | €1,526 | +€871 | +132.9% |
| Profit (loss) for the period before taxes | 9903 | €34,298 | €54,085 | +€19,787 | +57.7% |
| Income taxes | 67/77 | €7,328 | €12,348 | +€5,019 | +68.5% |
| Profit (loss) for the period | 9904 | €26,970 | €41,738 | +€14,768 | +54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,970 | €41,738 | +€14,768 | +54.8% |
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 12 October 2026 via checked.be.