OLIVIER STUBER: 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 STUBER
Largest movements
- Receivables within one year +€26,506
up €26,506 (+221%), from €11,999 to €38,506
of which Other amounts receivable: +€28,584
- Cash -€22,971
down €22,971 (-78.9%), from €29,129 to €6,159
mainly Trade debts (-€29,153) and Receivables within one year (-€26,506)
- Tangible fixed assets -€7,479
down €7,479 (-20.9%), from €35,803 to €28,323
of which Furniture and vehicles: -€7,479
- Stocks and contracts -€3,592
down €3,592 (-77.0%), from €4,665 to €1,073
- Deferred charges and accrued income -€1,358
down €1,358 (-42.2%), from €3,219 to €1,861
- Trade debts -€29,153
down €29,153 (-63.7%), from €45,743 to €16,590
- Profit (loss) carried forward +€14,303
up €14,303 (+85.0%), from -€16,822 to -€2,520
- Accrued charges and deferred income +€10,717
up €10,717 (+179%), from €6,000 to €16,717
- Debts after one year -€4,431
down €4,431 (-35.3%), from €12,555 to €8,124
- Other debts -€1,349
down €1,349 (-100%), from €1,349 to €0
- Depreciation +€5,039
up €5,039 (+207%), from €2,440 to €7,479
- Taxes +€2,179
up €2,179 (+93.0%), from €2,343 to €4,521
- Gross operating margin +€1,986
up €1,986 (+7.7%), from €25,638 to €27,623
- Other operating charges -€935
down €935 (-56.9%), from €1,644 to €709
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 | €84,935 | €76,042 | -€8,893 | -10.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €35,923 | €28,443 | -€7,479 | -20.8% |
| Tangible fixed assets | 22/27 | €35,803 | €28,323 | -€7,479 | -20.9% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €35,803 | €28,323 | -€7,479 | -20.9% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €49,013 | €47,599 | -€1,414 | -2.9% |
| Stocks and contracts in progress | 3 | €4,665 | €1,073 | -€3,592 | -77.0% |
| Stocks | 30/36 | €4,665 | €1,073 | -€3,592 | -77.0% |
| Amounts receivable within one year | 40/41 | €11,999 | €38,506 | +€26,506 | +221% |
| Trade receivables | 40 | €7,414 | €5,336 | -€2,078 | -28.0% |
| Other amounts receivable | 41 | €4,586 | €33,170 | +€28,584 | +623% |
| Cash at bank and in hand | 54/58 | €29,129 | €6,159 | -€22,971 | -78.9% |
| Deferred charges and accrued income | 490/1 | €3,219 | €1,861 | -€1,358 | -42.2% |
| Total equity and liabilities | 10/49 | €84,935 | €76,042 | -€8,893 | -10.5% |
| Equity | 10/15 | €10,813 | €25,116 | +€14,303 | +132% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €7,176 | €7,176 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €7,176 | €7,176 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€16,822 | -€2,520 | +€14,303 | +85.0% |
| Amounts payable | 17/49 | €74,122 | €50,926 | -€23,196 | -31.3% |
| Amounts payable after more than one year | 17 | €12,555 | €8,124 | -€4,431 | -35.3% |
| Financial debts | 170/4 | €12,555 | €8,124 | -€4,431 | -35.3% |
| Amounts payable within one year | 42/48 | €55,567 | €26,085 | -€29,481 | -53.1% |
| Current portion of amounts payable after more than one year | 42 | €4,431 | €4,431 | = | 0.0% |
| Trade debts | 44 | €45,743 | €16,590 | -€29,153 | -63.7% |
| Suppliers | 440/4 | €45,743 | €16,590 | -€29,153 | -63.7% |
| Taxes, remuneration and social security | 45 | €4,043 | €5,064 | +€1,021 | +25.3% |
| Taxes | 450/3 | €2,343 | €5,064 | +€2,721 | +116% |
| Remuneration and social security | 454/9 | €1,700 | €0 | -€1,700 | -100% |
| Other amounts payable | 47/48 | €1,349 | €0 | -€1,349 | -100% |
| Accrued charges and deferred income | 492/3 | €6,000 | €16,717 | +€10,717 | +179% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,440 | €7,479 | +€5,039 | +207% |
| Other operating charges | 640/8 | €1,644 | €709 | -€935 | -56.9% |
| Non-recurring operating charges | 66A | €5,980 | - | -€5,980 | |
| Gross operating margin | 9900 | €25,638 | €27,623 | +€1,986 | +7.7% |
| Operating profit (loss) | 9901 | €15,574 | €19,435 | +€3,861 | +24.8% |
| Financial income | 75/76B | €1 | €9 | +€8 | +840% |
| Recurring financial income | 75 | €1 | €9 | +€8 | +840% |
| Financial charges | 65/66B | €519 | €621 | +€102 | +19.7% |
| Recurring financial charges | 65 | €519 | €621 | +€102 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €15,057 | €18,824 | +€3,767 | +25.0% |
| Income taxes | 67/77 | €2,343 | €4,521 | +€2,179 | +93.0% |
| Profit (loss) for the period | 9904 | €12,714 | €14,303 | +€1,589 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,714 | €14,303 | +€1,589 | +12.5% |
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 25 October 2026 via checked.be.