Pieter Steyaert: 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.
Pieter Steyaert
Largest movements
- Tangible fixed assets +€315,328
up €315,328 (+756%), from €41,733 to €357,061
of which Land and buildings: +€320,792
- Deferred charges and accrued income -€43,518
down €43,518 (-39.3%), from €110,821 to €67,303
- Intangible fixed assets -€21,931
down €21,931 (-4.3%), from €512,141 to €490,210
- Debts after one year +€300,617
up €300,617 (+69.2%), from €434,622 to €735,239
- Reserves -€116,623
down €116,623 (-50.6%), from €230,405 to €113,782
- Other debts +€53,000
up €53,000 (+353%), from €15,000 to €68,000
- Current portion of long-term debt +€18,908
up €18,908 (+23.7%), from €79,614 to €98,522
- Trade debts -€13,466
down €13,466 (-48.1%), from €27,967 to €14,501
- Other operating charges +€40,061
up €40,061 (+691%), from €5,801 to €45,862
- Staff costs +€33,468
up €33,468 (+11.2%), from €297,795 to €331,264
- Gross operating margin -€33,050
down €33,050 (-5.7%), from €576,763 to €543,713
- Taxes -€25,655
down €25,655 (-55.7%), from €46,074 to €20,419
- Depreciation +€13,696
up €13,696 (+17.2%), from €79,677 to €93,374
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 | €853,032 | €1,093,654 | +€240,622 | +28.2% |
| Fixed assets | 21/28 | €553,874 | €847,271 | +€293,397 | +53.0% |
| Intangible fixed assets | 21 | €512,141 | €490,210 | -€21,931 | -4.3% |
| Tangible fixed assets | 22/27 | €41,733 | €357,061 | +€315,328 | +756% |
| Land and buildings | 22 | €9,653 | €330,445 | +€320,792 | +3,323% |
| Plant, machinery and equipment | 23 | €819 | €585 | -€234 | -28.6% |
| Furniture and vehicles | 24 | €31,262 | €26,032 | -€5,230 | -16.7% |
| Current assets | 29/58 | €299,158 | €246,382 | -€52,775 | -17.6% |
| Amounts receivable within one year | 40/41 | €8,570 | €4,143 | -€4,427 | -51.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €8,570 | €4,143 | -€4,427 | -51.7% |
| Cash at bank and in hand | 54/58 | €179,766 | €174,936 | -€4,830 | -2.7% |
| Deferred charges and accrued income | 490/1 | €110,821 | €67,303 | -€43,518 | -39.3% |
| Total equity and liabilities | 10/49 | €853,032 | €1,093,654 | +€240,622 | +28.2% |
| Equity | 10/15 | €250,405 | €133,782 | -€116,623 | -46.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €230,405 | €113,782 | -€116,623 | -50.6% |
| Distributable reserves | 133 | €230,405 | €113,782 | -€116,623 | -50.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €602,627 | €959,872 | +€357,245 | +59.3% |
| Amounts payable after more than one year | 17 | €434,622 | €735,239 | +€300,617 | +69.2% |
| Financial debts | 170/4 | €434,622 | €735,239 | +€300,617 | +69.2% |
| Amounts payable within one year | 42/48 | €168,005 | €224,633 | +€56,628 | +33.7% |
| Current portion of amounts payable after more than one year | 42 | €79,614 | €98,522 | +€18,908 | +23.7% |
| Trade debts | 44 | €27,967 | €14,501 | -€13,466 | -48.1% |
| Suppliers | 440/4 | €27,967 | €14,501 | -€13,466 | -48.1% |
| Taxes, remuneration and social security | 45 | €45,424 | €43,610 | -€1,814 | -4.0% |
| Taxes | 450/3 | €11,074 | €1,800 | -€9,274 | -83.7% |
| Remuneration and social security | 454/9 | €34,350 | €41,810 | +€7,459 | +21.7% |
| Other amounts payable | 47/48 | €15,000 | €68,000 | +€53,000 | +353% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €297,795 | €331,264 | +€33,468 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,677 | €93,374 | +€13,696 | +17.2% |
| Other operating charges | 640/8 | €5,801 | €45,862 | +€40,061 | +691% |
| Gross operating margin | 9900 | €576,763 | €543,713 | -€33,050 | -5.7% |
| Operating profit (loss) | 9901 | €193,490 | €73,213 | -€120,276 | -62.2% |
| Financial income | 75/76B | €308 | €1,243 | +€934 | +303% |
| Recurring financial income | 75 | €308 | €1,243 | +€934 | +303% |
| Financial charges | 65/66B | €6,588 | €11,778 | +€5,189 | +78.8% |
| Recurring financial charges | 65 | €6,588 | €11,778 | +€5,189 | +78.8% |
| Profit (loss) for the period before taxes | 9903 | €187,209 | €62,678 | -€124,531 | -66.5% |
| Income taxes | 67/77 | €46,074 | €20,419 | -€25,655 | -55.7% |
| Profit (loss) for the period | 9904 | €141,136 | €42,259 | -€98,876 | -70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €141,136 | €42,259 | -€98,876 | -70.1% |
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.