OLIVIER STEVIGNY: 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.
OLIVIER STEVIGNY
Largest movements
- Receivables within one year +€9,181
up €9,181 (+54.0%), from €16,996 to €26,178
of which Trade receivables: +€9,129
- Stocks and contracts -€4,828
down €4,828 (-8.3%), from €57,849 to €53,021
of which Stocks: -€2,682
- Cash -€4,825
down €4,825 (-55.8%), from €8,642 to €3,816
mainly Receivables within one year (-€9,181) and Other debts (-€7,803)
- Tangible fixed assets -€3,304
down €3,304 (-3.6%), from €92,342 to €89,038
of which Land and buildings: -€7,103
- Other debts -€7,803
down €7,803 (-30.8%), from €25,304 to €17,500
- Debts after one year -€7,315
down €7,315 (-7.7%), from €95,095 to €87,780
- Trade debts +€6,823
up €6,823 (+13.1%), from €52,145 to €58,968
- Profit (loss) carried forward +€5,818
up €5,818 (+9.6%), from -€60,580 to -€54,762
- Accrued charges and deferred income -€2,158
down €2,158 (-100%), from €2,158 to €0
- Gross operating margin +€7,893
up €7,893 (+91.9%), from €8,585 to €16,478
- Financial charges -€7,556
down €7,556 (-55.5%), from €13,607 to €6,051
- Financial income +€5,617
up €5,617 (+2,766%), from €203 to €5,820
- Other operating charges +€1,144
up €1,144 (+136%), from €840 to €1,984
- Depreciation +€974
up €974 (+13.7%), from €7,103 to €8,078
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 | €177,598 | €173,867 | -€3,731 | -2.1% |
| Fixed assets | 21/28 | €92,479 | €89,175 | -€3,304 | -3.6% |
| Tangible fixed assets | 22/27 | €92,342 | €89,038 | -€3,304 | -3.6% |
| Land and buildings | 22 | €92,342 | €85,239 | -€7,103 | -7.7% |
| Furniture and vehicles | 24 | - | €3,799 | +€3,799 | |
| Financial fixed assets | 28 | €137 | €137 | = | 0.0% |
| Current assets | 29/58 | €85,119 | €84,692 | -€427 | -0.5% |
| Stocks and contracts in progress | 3 | €57,849 | €53,021 | -€4,828 | -8.3% |
| Stocks | 30/36 | €8,958 | €6,276 | -€2,682 | -29.9% |
| Contracts in progress | 37 | €48,891 | €46,745 | -€2,146 | -4.4% |
| Amounts receivable within one year | 40/41 | €16,996 | €26,178 | +€9,181 | +54.0% |
| Trade receivables | 40 | €16,996 | €26,125 | +€9,129 | +53.7% |
| Other amounts receivable | 41 | €0 | €52 | +€52 | |
| Cash at bank and in hand | 54/58 | €8,642 | €3,816 | -€4,825 | -55.8% |
| Deferred charges and accrued income | 490/1 | €1,632 | €1,677 | +€45 | +2.8% |
| Total equity and liabilities | 10/49 | €177,598 | €173,867 | -€3,731 | -2.1% |
| Equity | 10/15 | -€9,120 | -€3,302 | +€5,818 | +63.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,860 | €32,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €31,000 | €32,860 | +€1,860 | +6.0% |
| Profit (loss) carried forward | 14 | -€60,580 | -€54,762 | +€5,818 | +9.6% |
| Amounts payable | 17/49 | €186,718 | €177,170 | -€9,549 | -5.1% |
| Amounts payable after more than one year | 17 | €95,095 | €87,780 | -€7,315 | -7.7% |
| Financial debts | 170/4 | €95,095 | €87,780 | -€7,315 | -7.7% |
| Amounts payable within one year | 42/48 | €89,465 | €89,390 | -€76 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €7,315 | €7,315 | = | 0.0% |
| Trade debts | 44 | €52,145 | €58,968 | +€6,823 | +13.1% |
| Suppliers | 440/4 | €52,145 | €58,968 | +€6,823 | +13.1% |
| Taxes, remuneration and social security | 45 | €4,702 | €5,606 | +€905 | +19.2% |
| Taxes | 450/3 | €3,161 | €4,049 | +€888 | +28.1% |
| Remuneration and social security | 454/9 | €1,540 | €1,558 | +€17 | +1.1% |
| Other amounts payable | 47/48 | €25,304 | €17,500 | -€7,803 | -30.8% |
| Accrued charges and deferred income | 492/3 | €2,158 | €0 | -€2,158 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,103 | €8,078 | +€974 | +13.7% |
| Other operating charges | 640/8 | €840 | €1,984 | +€1,144 | +136% |
| Gross operating margin | 9900 | €8,585 | €16,478 | +€7,893 | +91.9% |
| Operating profit (loss) | 9901 | €642 | €6,417 | +€5,775 | +899% |
| Financial income | 75/76B | €203 | €5,820 | +€5,617 | +2,766% |
| Recurring financial income | 75 | €203 | €5,820 | +€5,617 | +2,766% |
| Financial charges | 65/66B | €13,607 | €6,051 | -€7,556 | -55.5% |
| Recurring financial charges | 65 | €13,607 | €6,051 | -€7,556 | -55.5% |
| Profit (loss) for the period before taxes | 9903 | -€12,762 | €6,185 | +€18,947 | |
| Income taxes | 67/77 | €766 | €367 | -€398 | -52.0% |
| Profit (loss) for the period | 9904 | -€13,527 | €5,818 | +€19,345 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,527 | €5,818 | +€19,345 |
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 29 October 2026 via checked.be.