S. Van Aelst: 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.
S. Van Aelst
Largest movements
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Cash +€151,949
up €151,949 (+87.9%), from €172,916 to €324,865
mainly Net result for the year (+€300,680) and Current investments (+€200,000)
- Tax, wage and social debts -€45,298
down €45,298 (-13.3%), from €340,353 to €295,056
of which Remuneration and social security: -€37,396
- Gross operating margin -€37,979
down €37,979 (-8.6%), from €444,132 to €406,153
- Taxes -€9,760
down €9,760 (-9.1%), from €107,271 to €97,510
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 | €395,413 | €349,560 | -€45,853 | -11.6% |
| Fixed assets | 21/28 | €19,812 | €23,128 | +€3,316 | +16.7% |
| Tangible fixed assets | 22/27 | €19,812 | €23,128 | +€3,316 | +16.7% |
| Plant, machinery and equipment | 23 | €7,602 | €14,296 | +€6,694 | +88.1% |
| Furniture and vehicles | 24 | €12,210 | €8,832 | -€3,378 | -27.7% |
| Current assets | 29/58 | €375,601 | €326,432 | -€49,169 | -13.1% |
| Amounts receivable within one year | 40/41 | €1,693 | - | -€1,693 | |
| Trade receivables | 40 | €1,693 | - | -€1,693 | |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €172,916 | €324,865 | +€151,949 | +87.9% |
| Deferred charges and accrued income | 490/1 | €992 | €1,567 | +€575 | +58.0% |
| Total equity and liabilities | 10/49 | €395,413 | €349,560 | -€45,853 | -11.6% |
| Equity | 10/15 | €20,841 | €20,841 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,241 | €2,241 | = | 0.0% |
| Distributable reserves | 133 | €2,241 | €2,241 | = | 0.0% |
| Amounts payable | 17/49 | €374,572 | €328,719 | -€45,853 | -12.2% |
| Amounts payable within one year | 42/48 | €374,572 | €328,719 | -€45,853 | -12.2% |
| Trade debts | 44 | €845 | €228 | -€617 | -73.0% |
| Suppliers | 440/4 | €845 | €228 | -€617 | -73.0% |
| Taxes, remuneration and social security | 45 | €340,353 | €295,056 | -€45,298 | -13.3% |
| Taxes | 450/3 | €54,332 | €46,431 | -€7,901 | -14.5% |
| Remuneration and social security | 454/9 | €286,021 | €248,625 | -€37,396 | -13.1% |
| Other amounts payable | 47/48 | €33,374 | €33,436 | +€62 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,576 | €6,379 | +€1,802 | +39.4% |
| Other operating charges | 640/8 | €1,030 | €2,045 | +€1,014 | +98.4% |
| Non-recurring operating charges | 66A | €381 | - | -€381 | |
| Gross operating margin | 9900 | €444,132 | €406,153 | -€37,979 | -8.6% |
| Operating profit (loss) | 9901 | €438,145 | €397,729 | -€40,415 | -9.2% |
| Financial income | 75/76B | €3,635 | €705 | -€2,931 | -80.6% |
| Recurring financial income | 75 | €3,635 | €705 | -€2,931 | -80.6% |
| Financial charges | 65/66B | €161 | €244 | +€83 | +51.3% |
| Recurring financial charges | 65 | €161 | €244 | +€83 | +51.3% |
| Profit (loss) for the period before taxes | 9903 | €441,619 | €398,191 | -€43,428 | -9.8% |
| Income taxes | 67/77 | €107,271 | €97,510 | -€9,760 | -9.1% |
| Profit (loss) for the period | 9904 | €334,348 | €300,680 | -€33,668 | -10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €334,348 | €300,680 | -€33,668 | -10.1% |
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 21 October 2026 via checked.be.