MICHEL STAS: 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.
MICHEL STAS
Largest movements
- Receivables within one year +€21,263
up €21,263 (+114%), from €18,628 to €39,891
of which Trade receivables: +€21,100
- Stocks and contracts -€6,996
down €6,996 (-8.8%), from €79,335 to €72,339
- Profit (loss) carried forward +€18,776
up €18,776 (+23.7%), from -€79,161 to -€60,385
- Trade debts -€5,538
down €5,538 (-7.6%), from €72,934 to €67,396
- Gross operating margin +€14,800
up €14,800 (+137%), from €10,773 to €25,573
- Other operating charges -€420
down €420 (-54.8%), from €767 to €347
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 | €98,161 | €112,698 | +€14,537 | +14.8% |
| Current assets | 29/58 | €98,161 | €112,698 | +€14,537 | +14.8% |
| Stocks and contracts in progress | 3 | €79,335 | €72,339 | -€6,996 | -8.8% |
| Stocks | 30/36 | €79,335 | €72,339 | -€6,996 | -8.8% |
| Amounts receivable within one year | 40/41 | €18,628 | €39,891 | +€21,263 | +114% |
| Trade receivables | 40 | €15,138 | €36,238 | +€21,100 | +139% |
| Other amounts receivable | 41 | €3,490 | €3,653 | +€163 | +4.7% |
| Current investments | 50/53 | €1 | €1 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €197 | €467 | +€270 | +137% |
| Total equity and liabilities | 10/49 | €98,161 | €112,698 | +€14,537 | +14.8% |
| Equity | 10/15 | -€51,810 | -€33,034 | +€18,776 | +36.2% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €6,900 | €6,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,900 | €6,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,161 | -€60,385 | +€18,776 | +23.7% |
| Amounts payable | 17/49 | €149,971 | €145,732 | -€4,239 | -2.8% |
| Amounts payable within one year | 42/48 | €149,971 | €145,732 | -€4,239 | -2.8% |
| Financial debts | 43 | €48,884 | €49,765 | +€881 | +1.8% |
| Credit institutions | 430/8 | €48,884 | €49,765 | +€881 | +1.8% |
| Trade debts | 44 | €72,934 | €67,396 | -€5,538 | -7.6% |
| Suppliers | 440/4 | €72,934 | €67,396 | -€5,538 | -7.6% |
| Other amounts payable | 47/48 | €28,153 | €28,571 | +€418 | +1.5% |
| Other operating charges | 640/8 | €767 | €347 | -€420 | -54.8% |
| Gross operating margin | 9900 | €10,773 | €25,573 | +€14,800 | +137% |
| Operating profit (loss) | 9901 | €10,006 | €25,226 | +€15,220 | +152% |
| Financial income | 75/76B | €41 | €22 | -€19 | -46.3% |
| Recurring financial income | 75 | €41 | €22 | -€19 | -46.3% |
| Financial charges | 65/66B | €6,543 | €6,472 | -€71 | -1.1% |
| Recurring financial charges | 65 | €6,543 | €6,472 | -€71 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €3,504 | €18,776 | +€15,272 | +436% |
| Profit (loss) for the period | 9904 | €3,504 | €18,776 | +€15,272 | +436% |
| Profit (loss) for the period to be appropriated | 9905 | €3,504 | €18,776 | +€15,272 | +436% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.