JOERI STUBBE: 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.
JOERI STUBBE
Largest movements
- Tangible fixed assets -€7,528
down €7,528 (-24.0%), from €31,322 to €23,793
of which Furniture and vehicles: -€7,233
- Cash -€3,210
down €3,210 (-32.8%), from €9,789 to €6,579
mainly Debts after one year (-€6,066) and Net result for the year (-€4,059)
- Receivables within one year -€1,109
down €1,109 (-30.7%), from €3,616 to €2,507
of which Trade receivables: -€2,308
- Debts after one year -€6,066
down €6,066 (-24.5%), from €24,757 to €18,691
- Profit (loss) carried forward -€4,059
down €4,059, from €207 to -€3,851
- Tax, wage and social debts -€2,811
down €2,811 (-71.6%), from €3,928 to €1,117
of which Remuneration and social security: -€2,000
- Trade debts +€1,058
up €1,058 (+30.5%), from €3,473 to €4,531
- Depreciation +€2,420
up €2,420 (+47.4%), from €5,108 to €7,528
- Financial charges +€2,043
up €2,043 (+235%), from €871 to €2,914
- Gross operating margin +€256
up €256 (+3.6%), from €7,049 to €7,305
- Other operating charges +€170
up €170 (+26.7%), from €636 to €806
- Taxes -€112
down €112 (-49.5%), from €227 to €115
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 | €44,727 | €32,879 | -€11,848 | -26.5% |
| Fixed assets | 21/28 | €31,322 | €23,793 | -€7,528 | -24.0% |
| Tangible fixed assets | 22/27 | €31,322 | €23,793 | -€7,528 | -24.0% |
| Plant, machinery and equipment | 23 | €726 | €431 | -€295 | -40.6% |
| Furniture and vehicles | 24 | €30,596 | €23,363 | -€7,233 | -23.6% |
| Current assets | 29/58 | €13,405 | €9,086 | -€4,319 | -32.2% |
| Amounts receivable within one year | 40/41 | €3,616 | €2,507 | -€1,109 | -30.7% |
| Trade receivables | 40 | €3,616 | €1,308 | -€2,308 | -63.8% |
| Other amounts receivable | 41 | - | €1,199 | +€1,199 | |
| Cash at bank and in hand | 54/58 | €9,789 | €6,579 | -€3,210 | -32.8% |
| Total equity and liabilities | 10/49 | €44,727 | €32,879 | -€11,848 | -26.5% |
| Equity | 10/15 | €4,207 | €149 | -€4,059 | -96.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €207 | -€3,851 | -€4,059 | |
| Amounts payable | 17/49 | €40,519 | €32,730 | -€7,789 | -19.2% |
| Amounts payable after more than one year | 17 | €24,757 | €18,691 | -€6,066 | -24.5% |
| Financial debts | 170/4 | €24,757 | €18,691 | -€6,066 | -24.5% |
| Amounts payable within one year | 42/48 | €15,762 | €14,039 | -€1,723 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €5,707 | €6,066 | +€359 | +6.3% |
| Trade debts | 44 | €3,473 | €4,531 | +€1,058 | +30.5% |
| Suppliers | 440/4 | €3,473 | €4,531 | +€1,058 | +30.5% |
| Taxes, remuneration and social security | 45 | €3,928 | €1,117 | -€2,811 | -71.6% |
| Taxes | 450/3 | €1,678 | €867 | -€811 | -48.3% |
| Remuneration and social security | 454/9 | €2,250 | €250 | -€2,000 | -88.9% |
| Other amounts payable | 47/48 | €2,654 | €2,326 | -€329 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,108 | €7,528 | +€2,420 | +47.4% |
| Other operating charges | 640/8 | €636 | €806 | +€170 | +26.7% |
| Gross operating margin | 9900 | €7,049 | €7,305 | +€256 | +3.6% |
| Operating profit (loss) | 9901 | €1,305 | -€1,029 | -€2,335 | |
| Financial charges | 65/66B | €871 | €2,914 | +€2,043 | +235% |
| Recurring financial charges | 65 | €871 | €2,914 | +€2,043 | +235% |
| Profit (loss) for the period before taxes | 9903 | €434 | -€3,944 | -€4,378 | |
| Income taxes | 67/77 | €227 | €115 | -€112 | -49.5% |
| Profit (loss) for the period | 9904 | €207 | -€4,059 | -€4,266 | |
| Profit (loss) for the period to be appropriated | 9905 | €207 | -€4,059 | -€4,266 |
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 16 October 2026 via checked.be.