PATRICK STALPAERT: 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.
PATRICK STALPAERT
Largest movements
- Cash +€11,638
up €11,638 (+85.6%), from €13,602 to €25,240
mainly Depreciation (+€9,412) and Trade debts (+€4,383)
- Tangible fixed assets -€9,412
down €9,412 (-64.4%), from €14,618 to €5,205
of which Furniture and vehicles: -€9,214
- Receivables within one year -€1,883
down €1,883 (-26.1%), from €7,201 to €5,318
of which Trade receivables: -€1,083
- Trade debts +€4,383
up €4,383 (+388%), from €1,130 to €5,513
- Debts after one year -€3,424
no longer reported in 2025 (was €3,424)
- Tax, wage and social debts +€1,907
up €1,907 (+45.6%), from €4,183 to €6,089
of which Remuneration and social security: +€1,980
- Current portion of long-term debt -€1,659
down €1,659 (-32.6%), from €5,083 to €3,424
- Profit (loss) carried forward -€1,136
down €1,136 (-21.2%), from -€5,369 to -€6,505
- Gross operating margin +€438
up €438 (+4.1%), from €10,652 to €11,090
- Depreciation -€166
down €166 (-1.7%), from €9,578 to €9,412
- Taxes +€147
up €147 (+13.2%), from €1,113 to €1,260
- Other operating charges +€144
up €144 (+12.3%), from €1,176 to €1,321
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 | €35,544 | €35,887 | +€343 | +1.0% |
| Fixed assets | 21/28 | €14,618 | €5,205 | -€9,412 | -64.4% |
| Tangible fixed assets | 22/27 | €14,618 | €5,205 | -€9,412 | -64.4% |
| Plant, machinery and equipment | 23 | €199 | - | -€199 | |
| Furniture and vehicles | 24 | €14,419 | €5,205 | -€9,214 | -63.9% |
| Current assets | 29/58 | €20,927 | €30,682 | +€9,756 | +46.6% |
| Amounts receivable within one year | 40/41 | €7,201 | €5,318 | -€1,883 | -26.1% |
| Trade receivables | 40 | €6,390 | €5,307 | -€1,083 | -16.9% |
| Other amounts receivable | 41 | €811 | €11 | -€800 | -98.6% |
| Cash at bank and in hand | 54/58 | €13,602 | €25,240 | +€11,638 | +85.6% |
| Deferred charges and accrued income | 490/1 | €124 | €124 | = | 0.0% |
| Total equity and liabilities | 10/49 | €35,544 | €35,887 | +€343 | +1.0% |
| Equity | 10/15 | €15,083 | €13,946 | -€1,136 | -7.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,369 | -€6,505 | -€1,136 | -21.2% |
| Amounts payable | 17/49 | €20,462 | €21,941 | +€1,479 | +7.2% |
| Amounts payable after more than one year | 17 | €3,424 | - | -€3,424 | |
| Financial debts | 170/4 | €3,424 | - | -€3,424 | |
| Amounts payable within one year | 42/48 | €17,037 | €21,941 | +€4,904 | +28.8% |
| Current portion of amounts payable after more than one year | 42 | €5,083 | €3,424 | -€1,659 | -32.6% |
| Trade debts | 44 | €1,130 | €5,513 | +€4,383 | +388% |
| Suppliers | 440/4 | €1,130 | €5,513 | +€4,383 | +388% |
| Taxes, remuneration and social security | 45 | €4,183 | €6,089 | +€1,907 | +45.6% |
| Taxes | 450/3 | €4,183 | €4,109 | -€74 | -1.8% |
| Remuneration and social security | 454/9 | - | €1,980 | +€1,980 | |
| Other amounts payable | 47/48 | €6,642 | €6,914 | +€273 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,578 | €9,412 | -€166 | -1.7% |
| Other operating charges | 640/8 | €1,176 | €1,321 | +€144 | +12.3% |
| Gross operating margin | 9900 | €10,652 | €11,090 | +€438 | +4.1% |
| Operating profit (loss) | 9901 | -€102 | €357 | +€460 | |
| Financial income | 75/76B | €78 | €39 | -€39 | -50.1% |
| Recurring financial income | 75 | €78 | €39 | -€39 | -50.1% |
| Financial charges | 65/66B | €262 | €272 | +€10 | +3.9% |
| Recurring financial charges | 65 | €262 | €272 | +€10 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | -€287 | €123 | +€410 | |
| Income taxes | 67/77 | €1,113 | €1,260 | +€147 | +13.2% |
| Profit (loss) for the period | 9904 | -€1,400 | -€1,136 | +€264 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,400 | -€1,136 | +€264 | +18.8% |
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 19 October 2026 via checked.be.