MAINSTAGE: what changed
Two fiscal 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.
MAINSTAGE
Largest movements
- Tangible fixed assets -€84,736
down €84,736 (-40.2%), from €211,019 to €126,283
of which Plant, machinery and equipment: -€50,351
- Cash +€58,019
up €58,019 (+217.8%), from €26,639 to €84,658
mainly Depreciation (+€104,401) and Net result for the year (+€52,401)
- Receivables within one year +€5,532
up €5,532 (+8.9%), from €61,927 to €67,460
of which Trade receivables: +€12,249
- Stocks and contracts -€4,553
down €4,553 (-62.7%), from €7,264 to €2,711
- Other debts -€56,399
down €56,399 (-85.2%), from €66,170 to €9,771
- Reserves +€50,000
up €50,000 (+48.7%), from €102,712 to €152,712
- Debts after one year -€47,603
down €47,603 (-76.1%), from €62,567 to €14,964
- Trade debts +€16,124
up €16,124 (+384.5%), from €4,193 to €20,317
- Tax, wage and social debts +€15,005
up €15,005 (+78.6%), from €19,087 to €34,092
of which Taxes: +€8,258
- Staff costs -€35,714
down €35,714 (-20.9%), from €171,086 to €135,372
- Gross operating margin +€28,505
up €28,505 (+9.8%), from €290,554 to €319,059
- Taxes +€17,491
up €17,491 (+426.3%), from €4,103 to €21,594
- Depreciation -€3,851
down €3,851 (-3.6%), from €108,252 to €104,401
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 | €310,792 | €285,504 | -€25,287 | -8.1% |
| Fixed assets | 21/28 | €214,962 | €130,676 | -€84,286 | -39.2% |
| Tangible fixed assets | 22/27 | €211,019 | €126,283 | -€84,736 | -40.2% |
| Plant, machinery and equipment | 23 | €117,645 | €67,294 | -€50,351 | -42.8% |
| Furniture and vehicles | 24 | €93,374 | €58,989 | -€34,385 | -36.8% |
| Financial fixed assets | 28 | €3,942 | €4,392 | +€450 | +11.4% |
| Current assets | 29/58 | €95,830 | €154,828 | +€58,999 | +61.6% |
| Stocks and contracts in progress | 3 | €7,264 | €2,711 | -€4,553 | -62.7% |
| Stocks | 30/36 | €7,264 | €2,711 | -€4,553 | -62.7% |
| Amounts receivable within one year | 40/41 | €61,927 | €67,460 | +€5,532 | +8.9% |
| Trade receivables | 40 | €43,808 | €56,057 | +€12,249 | +28.0% |
| Other amounts receivable | 41 | €18,120 | €11,403 | -€6,717 | -37.1% |
| Cash at bank and in hand | 54/58 | €26,639 | €84,658 | +€58,019 | +217.8% |
| Total equity and liabilities | 10/49 | €310,792 | €285,504 | -€25,287 | -8.1% |
| Equity | 10/15 | €121,312 | €173,713 | +€52,401 | +43.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €102,712 | €152,712 | +€50,000 | +48.7% |
| Distributable reserves | 133 | €102,712 | €152,712 | +€50,000 | +48.7% |
| Profit (loss) carried forward | 14 | - | €2,401 | +€2,401 | |
| Amounts payable | 17/49 | €189,479 | €111,791 | -€77,688 | -41.0% |
| Amounts payable after more than one year | 17 | €62,567 | €14,964 | -€47,603 | -76.1% |
| Financial debts | 170/4 | €62,567 | €14,964 | -€47,603 | -76.1% |
| Amounts payable within one year | 42/48 | €126,912 | €96,828 | -€30,085 | -23.7% |
| Current portion of amounts payable after more than one year | 42 | €37,462 | €32,647 | -€4,815 | -12.9% |
| Trade debts | 44 | €4,193 | €20,317 | +€16,124 | +384.5% |
| Suppliers | 440/4 | €4,193 | €20,317 | +€16,124 | +384.5% |
| Taxes, remuneration and social security | 45 | €19,087 | €34,092 | +€15,005 | +78.6% |
| Taxes | 450/3 | €1,994 | €10,252 | +€8,258 | +414.1% |
| Remuneration and social security | 454/9 | €17,093 | €23,840 | +€6,747 | +39.5% |
| Other amounts payable | 47/48 | €66,170 | €9,771 | -€56,399 | -85.2% |
| Non-recurring operating income | 76A | - | €511 | +€511 | |
| Remuneration, social security and pensions | 62 | €171,086 | €135,372 | -€35,714 | -20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,252 | €104,401 | -€3,851 | -3.6% |
| Other operating charges | 640/8 | €968 | €1,758 | +€790 | +81.6% |
| Gross operating margin | 9900 | €290,554 | €319,059 | +€28,505 | +9.8% |
| Operating profit (loss) | 9901 | €10,248 | €77,528 | +€67,280 | +656.5% |
| Financial income | 75/76B | €198 | €257 | +€60 | +30.2% |
| Recurring financial income | 75 | €198 | €257 | +€60 | +30.2% |
| Financial charges | 65/66B | €6,052 | €3,790 | -€2,262 | -37.4% |
| Recurring financial charges | 65 | €6,052 | €3,790 | -€2,262 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | €4,394 | €73,995 | +€69,601 | +1584.2% |
| Income taxes | 67/77 | €4,103 | €21,594 | +€17,491 | +426.3% |
| Profit (loss) for the period | 9904 | €290 | €52,401 | +€52,110 | +17942.4% |
| Profit (loss) for the period to be appropriated | 9905 | €290 | €52,401 | +€52,110 | +17942.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.