PIERRE STUYCK: 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.
PIERRE STUYCK
Largest movements
- Cash +€319,891
up €319,891 (+681.3%), from €46,954 to €366,845
mainly Receivables after one year (+€214,522) and Net result for the year (+€212,297)
- Receivables after one year -€214,522
down €214,522 (-49.3%), from €434,995 to €220,473
- Receivables within one year -€94,630
down €94,630 (-77.1%), from €122,681 to €28,051
of which Other amounts receivable: -€71,097
- Financial fixed assets -€50,176
down €50,176 (-13.3%), from €378,133 to €327,957
- Tangible fixed assets -€35,785
down €35,785 (-9.2%), from €388,059 to €352,273
of which Leasing and similar rights: -€20,601
- Reserves -€105,318
down €105,318 (-19.4%), from €543,170 to €437,852
of which Distributable reserves: -€105,318
- Other debts +€59,408
up €59,408 (+83.4%), from €71,197 to €130,605
- Debts after one year -€45,282
down €45,282 (-20.2%), from €224,317 to €179,035
- Financial charges -€95,416
down €95,416 (-90.5%), from €105,409 to €9,993
- Gross operating margin +€92,189
up €92,189 (+45.8%), from €201,345 to €293,534
- Taxes +€35,179
up €35,179 (+116.9%), from €30,105 to €65,284
- Financial income -€3,583
down €3,583 (-9.2%), from €39,017 to €35,434
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.
Cash bridge derived
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 | €1,375,112 | €1,299,943 | -€75,168 | -5.5% |
| Fixed assets | 21/28 | €766,191 | €680,230 | -€85,961 | -11.2% |
| Tangible fixed assets | 22/27 | €388,059 | €352,273 | -€35,785 | -9.2% |
| Land and buildings | 22 | €283,597 | €271,504 | -€12,094 | -4.3% |
| Furniture and vehicles | 24 | €4,644 | €1,553 | -€3,091 | -66.6% |
| Leasing and similar rights | 25 | €72,094 | €51,494 | -€20,601 | -28.6% |
| Other tangible fixed assets | 26 | €27,723 | €27,723 | = | 0.0% |
| Financial fixed assets | 28 | €378,133 | €327,957 | -€50,176 | -13.3% |
| Current assets | 29/58 | €608,920 | €619,713 | +€10,793 | +1.8% |
| Amounts receivable after more than one year | 29 | €434,995 | €220,473 | -€214,522 | -49.3% |
| Other amounts receivable | 291 | €434,995 | €220,473 | -€214,522 | -49.3% |
| Amounts receivable within one year | 40/41 | €122,681 | €28,051 | -€94,630 | -77.1% |
| Trade receivables | 40 | €47,292 | €23,759 | -€23,533 | -49.8% |
| Other amounts receivable | 41 | €75,389 | €4,292 | -€71,097 | -94.3% |
| Cash at bank and in hand | 54/58 | €46,954 | €366,845 | +€319,891 | +681.3% |
| Deferred charges and accrued income | 490/1 | €4,291 | €4,344 | +€54 | +1.2% |
| Total equity and liabilities | 10/49 | €1,375,112 | €1,299,943 | -€75,168 | -5.5% |
| Equity | 10/15 | €969,116 | €863,798 | -€105,318 | -10.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €543,170 | €437,852 | -€105,318 | -19.4% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €541,315 | €435,997 | -€105,318 | -19.5% |
| Profit (loss) carried forward | 14 | €413,546 | €413,546 | = | 0.0% |
| Amounts payable | 17/49 | €405,996 | €436,145 | +€30,150 | +7.4% |
| Amounts payable after more than one year | 17 | €224,317 | €179,035 | -€45,282 | -20.2% |
| Financial debts | 170/4 | €224,317 | €179,035 | -€45,282 | -20.2% |
| Amounts payable within one year | 42/48 | €181,679 | €257,110 | +€75,431 | +41.5% |
| Current portion of amounts payable after more than one year | 42 | €44,442 | €45,282 | +€840 | +1.9% |
| Financial debts | 43 | - | €13,457 | +€13,457 | |
| Credit institutions | 430/8 | - | €13,457 | +€13,457 | |
| Trade debts | 44 | €3,034 | €1,787 | -€1,246 | -41.1% |
| Suppliers | 440/4 | €3,034 | €1,787 | -€1,246 | -41.1% |
| Taxes, remuneration and social security | 45 | €63,006 | €65,979 | +€2,973 | +4.7% |
| Taxes | 450/3 | €63,006 | €65,979 | +€2,973 | +4.7% |
| Other amounts payable | 47/48 | €71,197 | €130,605 | +€59,408 | +83.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,120 | €35,785 | -€335 | -0.9% |
| Other operating charges | 640/8 | €5,610 | €5,609 | -€2 | 0.0% |
| Gross operating margin | 9900 | €201,345 | €293,534 | +€92,189 | +45.8% |
| Operating profit (loss) | 9901 | €159,615 | €252,140 | +€92,525 | +58.0% |
| Financial income | 75/76B | €39,017 | €35,434 | -€3,583 | -9.2% |
| Recurring financial income | 75 | €39,017 | €35,434 | -€3,583 | -9.2% |
| Financial charges | 65/66B | €105,409 | €9,993 | -€95,416 | -90.5% |
| Recurring financial charges | 65 | €105,409 | €9,993 | -€95,416 | -90.5% |
| Profit (loss) for the period before taxes | 9903 | €93,222 | €277,581 | +€184,358 | +197.8% |
| Income taxes | 67/77 | €30,105 | €65,284 | +€35,179 | +116.9% |
| Profit (loss) for the period | 9904 | €63,118 | €212,297 | +€149,180 | +236.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,118 | €212,297 | +€149,180 | +236.4% |
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 10 October 2026 via checked.be.