PIETER VANSTEEGER: 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 VANSTEEGER
Largest movements
- Cash -€10,673
down €10,673 (-35.9%), from €29,710 to €19,037
mainly Receivables within one year (-€7,609) and Net result for the year (-€6,577)
- Receivables within one year +€7,609
up €7,609 (+97.5%), from €7,801 to €15,410
of which Trade receivables: +€8,010
- Stocks and contracts +€1,600
new in 2025: €1,600
- Profit (loss) carried forward -€6,577
down €6,577, from €153 to -€6,424
- Other debts +€3,463
up €3,463 (+158%), from €2,193 to €5,656
- Tax, wage and social debts +€2,598
up €2,598 (+469%), from €554 to €3,152
of which Remuneration and social security: +€2,616
- Trade debts -€893
down €893 (-83.3%), from €1,072 to €179
- Gross operating margin -€9,919
down €9,919, from €7,452 to -€2,467
- Taxes -€1,246
no longer reported in 2025 (was €1,246)
- Other operating charges +€237
up €237 (+23.8%), from €997 to €1,234
- Depreciation +€87
up €87 (+3.3%), from €2,672 to €2,759
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 | €55,907 | €54,497 | -€1,410 | -2.5% |
| Fixed assets | 21/28 | €16,319 | €15,834 | -€485 | -3.0% |
| Tangible fixed assets | 22/27 | €16,319 | €15,834 | -€485 | -3.0% |
| Plant, machinery and equipment | 23 | €2,465 | €1,724 | -€741 | -30.1% |
| Furniture and vehicles | 24 | €189 | €189 | +€0 | 0.0% |
| Other tangible fixed assets | 26 | €13,665 | €13,921 | +€256 | +1.9% |
| Current assets | 29/58 | €39,588 | €38,663 | -€925 | -2.3% |
| Stocks and contracts in progress | 3 | - | €1,600 | +€1,600 | |
| Stocks | 30/36 | - | €1,600 | +€1,600 | |
| Amounts receivable within one year | 40/41 | €7,801 | €15,410 | +€7,609 | +97.5% |
| Trade receivables | 40 | €5,273 | €13,283 | +€8,010 | +152% |
| Other amounts receivable | 41 | €2,528 | €2,127 | -€401 | -15.9% |
| Cash at bank and in hand | 54/58 | €29,710 | €19,037 | -€10,673 | -35.9% |
| Deferred charges and accrued income | 490/1 | €2,077 | €2,616 | +€539 | +26.0% |
| Total equity and liabilities | 10/49 | €55,907 | €54,497 | -€1,410 | -2.5% |
| Equity | 10/15 | €52,087 | €45,510 | -€6,577 | -12.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €45,734 | €45,734 | +€1 | 0.0% |
| Distributable reserves | 133 | €45,734 | €45,734 | +€1 | 0.0% |
| Profit (loss) carried forward | 14 | €153 | -€6,424 | -€6,577 | |
| Amounts payable | 17/49 | €3,820 | €8,987 | +€5,167 | +135% |
| Amounts payable within one year | 42/48 | €3,820 | €8,987 | +€5,167 | +135% |
| Trade debts | 44 | €1,072 | €179 | -€893 | -83.3% |
| Suppliers | 440/4 | €1,072 | €179 | -€893 | -83.3% |
| Taxes, remuneration and social security | 45 | €554 | €3,152 | +€2,598 | +469% |
| Taxes | 450/3 | €554 | €536 | -€18 | -3.3% |
| Remuneration and social security | 454/9 | - | €2,616 | +€2,616 | |
| Other amounts payable | 47/48 | €2,193 | €5,656 | +€3,463 | +158% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,672 | €2,759 | +€87 | +3.3% |
| Other operating charges | 640/8 | €997 | €1,234 | +€237 | +23.8% |
| Gross operating margin | 9900 | €7,452 | -€2,467 | -€9,919 | |
| Operating profit (loss) | 9901 | €3,783 | -€6,460 | -€10,243 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €95 | €117 | +€22 | +23.0% |
| Recurring financial charges | 65 | €95 | €117 | +€22 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €3,688 | -€6,577 | -€10,265 | |
| Income taxes | 67/77 | €1,246 | - | -€1,246 | |
| Profit (loss) for the period | 9904 | €2,442 | -€6,577 | -€9,019 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,442 | -€6,577 | -€9,019 |
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 29 October 2026 via checked.be.