Matthias Van Steendam: 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.
Matthias Van Steendam
Largest movements
- Cash +€224,166
up €224,166 (+43.2%), from €518,770 to €742,936
mainly Net result for the year (+€298,400) and Depreciation (+€2,632)
- Receivables after one year +€70,000
up €70,000 (+140%), from €50,000 to €120,000
- Reserves +€298,400
up €298,400 (+68.4%), from €436,229 to €734,629
of which Distributable reserves: +€172,100
- Gross operating margin +€111,765
up €111,765 (+39.9%), from €279,764 to €391,529
- Taxes +€14,407
up €14,407 (+18.1%), from €79,473 to €93,880
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 | €579,812 | €875,724 | +€295,912 | +51.0% |
| Fixed assets | 21/28 | €8,593 | €11,179 | +€2,586 | +30.1% |
| Tangible fixed assets | 22/27 | €8,593 | €11,179 | +€2,586 | +30.1% |
| Plant, machinery and equipment | 23 | €1,738 | €1,744 | +€6 | +0.3% |
| Furniture and vehicles | 24 | €4,155 | €6,735 | +€2,580 | +62.1% |
| Other tangible fixed assets | 26 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €571,219 | €864,545 | +€293,326 | +51.4% |
| Amounts receivable after more than one year | 29 | €50,000 | €120,000 | +€70,000 | +140% |
| Other amounts receivable | 291 | €50,000 | €120,000 | +€70,000 | +140% |
| Amounts receivable within one year | 40/41 | €2,384 | €867 | -€1,518 | -63.6% |
| Trade receivables | 40 | €2,371 | €866 | -€1,505 | -63.5% |
| Other amounts receivable | 41 | €13 | €1 | -€12 | -93.3% |
| Cash at bank and in hand | 54/58 | €518,770 | €742,936 | +€224,166 | +43.2% |
| Deferred charges and accrued income | 490/1 | €64 | €742 | +€678 | +1,052% |
| Total equity and liabilities | 10/49 | €579,812 | €875,724 | +€295,912 | +51.0% |
| Equity | 10/15 | €441,229 | €739,629 | +€298,400 | +67.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €436,229 | €734,629 | +€298,400 | +68.4% |
| Tax-exempt reserves | 132 | - | €126,300 | +€126,300 | |
| Distributable reserves | 133 | €436,229 | €608,329 | +€172,100 | +39.5% |
| Amounts payable | 17/49 | €138,584 | €136,095 | -€2,489 | -1.8% |
| Amounts payable within one year | 42/48 | €134,296 | €133,716 | -€580 | -0.4% |
| Trade debts | 44 | €5,332 | €6,017 | +€685 | +12.8% |
| Suppliers | 440/4 | €5,332 | €6,017 | +€685 | +12.8% |
| Taxes, remuneration and social security | 45 | €128,048 | €127,400 | -€648 | -0.5% |
| Taxes | 450/3 | €128,048 | €127,400 | -€648 | -0.5% |
| Other amounts payable | 47/48 | €916 | €299 | -€616 | -67.3% |
| Accrued charges and deferred income | 492/3 | €4,288 | €2,380 | -€1,908 | -44.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,544 | €2,632 | +€1,087 | +70.4% |
| Gross operating margin | 9900 | €279,764 | €391,529 | +€111,765 | +39.9% |
| Operating profit (loss) | 9901 | €278,219 | €388,897 | +€110,678 | +39.8% |
| Financial income | 75/76B | €750 | €4,361 | +€3,611 | +481% |
| Recurring financial income | 75 | €750 | €4,361 | +€3,611 | +481% |
| Financial charges | 65/66B | €135 | €977 | +€842 | +623% |
| Recurring financial charges | 65 | €135 | €977 | +€842 | +623% |
| Profit (loss) for the period before taxes | 9903 | €278,834 | €392,280 | +€113,446 | +40.7% |
| Income taxes | 67/77 | €79,473 | €93,880 | +€14,407 | +18.1% |
| Profit (loss) for the period | 9904 | €199,361 | €298,400 | +€99,040 | +49.7% |
| Transfer to tax-exempt reserves | 689 | - | €126,300 | +€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €199,361 | €172,100 | -€27,260 | -13.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.