René Stevens: 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.
René Stevens
Largest movements
- Receivables within one year +€600,566
up €600,566 (+394.2%), from €152,366 to €752,932
of which Trade receivables: +€580,557
- Tangible fixed assets +€153,161
up €153,161 (+173.6%), from €88,216 to €241,377
of which Land and buildings: +€112,013
- Cash -€112,530
down €112,530 (-72.7%), from €154,806 to €42,276
mainly Receivables within one year (-€600,566) and Investment in fixed assets (net) (-€186,601)
- Reserves +€593,849
up €593,849 (+209.4%), from €283,575 to €877,424
of which Tax-exempt reserves: +€357,850
- Tax, wage and social debts +€20,434
up €20,434 (+32.7%), from €62,499 to €82,933
of which Taxes: +€18,834
- Current portion of long-term debt +€12,778
up €12,778 (+64.0%), from €19,966 to €32,744
- Gross operating margin +€822,582
up €822,582 (+276.8%), from €297,228 to €1.1m
- Taxes +€220,422
up €220,422 (+324.5%), from €67,916 to €288,338
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 | €406,600 | €1,046,518 | +€639,919 | +157.4% |
| Fixed assets | 21/28 | €92,139 | €244,299 | +€152,161 | +165.1% |
| Intangible fixed assets | 21 | €3,923 | €2,923 | -€1,000 | -25.5% |
| Tangible fixed assets | 22/27 | €88,216 | €241,377 | +€153,161 | +173.6% |
| Land and buildings | 22 | - | €112,013 | +€112,013 | |
| Plant, machinery and equipment | 23 | €390 | €1,518 | +€1,129 | +289.6% |
| Furniture and vehicles | 24 | €83,960 | €125,070 | +€41,111 | +49.0% |
| Other tangible fixed assets | 26 | €3,867 | €2,775 | -€1,091 | -28.2% |
| Current assets | 29/58 | €314,461 | €802,219 | +€487,758 | +155.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €152,366 | €752,932 | +€600,566 | +394.2% |
| Trade receivables | 40 | €39,398 | €619,955 | +€580,557 | +1473.6% |
| Other amounts receivable | 41 | €112,968 | €132,977 | +€20,009 | +17.7% |
| Cash at bank and in hand | 54/58 | €154,806 | €42,276 | -€112,530 | -72.7% |
| Deferred charges and accrued income | 490/1 | €7,289 | €7,011 | -€278 | -3.8% |
| Total equity and liabilities | 10/49 | €406,600 | €1,046,518 | +€639,919 | +157.4% |
| Equity | 10/15 | €283,575 | €877,424 | +€593,849 | +209.4% |
| Reserves | 13 | €283,575 | €877,424 | +€593,849 | +209.4% |
| Tax-exempt reserves | 132 | - | €357,850 | +€357,850 | |
| Distributable reserves | 133 | €283,575 | €519,574 | +€235,999 | +83.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €123,025 | €169,094 | +€46,070 | +37.4% |
| Amounts payable after more than one year | 17 | €28,526 | €38,894 | +€10,368 | +36.3% |
| Financial debts | 170/4 | €28,526 | €38,894 | +€10,368 | +36.3% |
| Amounts payable within one year | 42/48 | €94,223 | €129,925 | +€35,702 | +37.9% |
| Current portion of amounts payable after more than one year | 42 | €19,966 | €32,744 | +€12,778 | +64.0% |
| Financial debts | 43 | €3,926 | €2,505 | -€1,421 | -36.2% |
| Credit institutions | 430/8 | €3,926 | €2,505 | -€1,421 | -36.2% |
| Trade debts | 44 | €7,832 | €11,743 | +€3,911 | +49.9% |
| Suppliers | 440/4 | €7,832 | €11,743 | +€3,911 | +49.9% |
| Taxes, remuneration and social security | 45 | €62,499 | €82,933 | +€20,434 | +32.7% |
| Taxes | 450/3 | €48,053 | €66,887 | +€18,834 | +39.2% |
| Remuneration and social security | 454/9 | €14,445 | €16,046 | +€1,601 | +11.1% |
| Accrued charges and deferred income | 492/3 | €276 | €276 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €57,878 | €68,671 | +€10,793 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,510 | €34,440 | +€9,930 | +40.5% |
| Other operating charges | 640/8 | €3,120 | €4,045 | +€924 | +29.6% |
| Gross operating margin | 9900 | €297,228 | €1,119,810 | +€822,582 | +276.8% |
| Operating profit (loss) | 9901 | €211,719 | €1,012,654 | +€800,935 | +378.3% |
| Financial income | 75/76B | €6,371 | €7,099 | +€728 | +11.4% |
| Recurring financial income | 75 | €6,371 | €7,099 | +€728 | +11.4% |
| Financial charges | 65/66B | €2,679 | €3,347 | +€668 | +24.9% |
| Recurring financial charges | 65 | €2,679 | €3,347 | +€668 | +24.9% |
| Profit (loss) for the period before taxes | 9903 | €215,412 | €1,016,406 | +€800,995 | +371.8% |
| Income taxes | 67/77 | €67,916 | €288,338 | +€220,422 | +324.5% |
| Profit (loss) for the period | 9904 | €147,495 | €728,068 | +€580,573 | +393.6% |
| Transfer to tax-exempt reserves | 689 | - | €357,850 | +€357,850 | |
| Profit (loss) for the period to be appropriated | 9905 | €147,495 | €370,218 | +€222,723 | +151.0% |
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 12 October 2026 via checked.be.