Sailing Stones: 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.
Sailing Stones
Largest movements
- Tangible fixed assets +€529,414
up €529,414 (+620%), from €85,383 to €614,797
of which Land and buildings: +€526,897
- Receivables within one year -€141,094
down €141,094 (-61.7%), from €228,834 to €87,741
of which Trade receivables: -€98,600
- Cash +€83,991
up €83,991 (+160%), from €52,517 to €136,508
mainly Debts after one year (+€430,738) and Net result for the year (+€185,351)
- Debts after one year +€430,738
up €430,738 (+1,096%), from €39,298 to €470,036
- Other debts +€33,653
up €33,653 (+16.8%), from €200,000 to €233,653
- Current portion of long-term debt +€25,821
up €25,821 (+203%), from €12,747 to €38,569
- Tax, wage and social debts -€18,568
down €18,568 (-32.1%), from €57,925 to €39,357
- Gross operating margin +€15,143
up €15,143 (+6.5%), from €232,875 to €248,018
- Taxes -€14,792
down €14,792 (-26.6%), from €55,524 to €40,732
- Financial charges +€6,934
up €6,934 (+624%), from €1,111 to €8,045
- Depreciation +€6,850
up €6,850 (+89.2%), from €7,681 to €14,531
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 | €436,054 | €908,372 | +€472,319 | +108% |
| Fixed assets | 21/28 | €85,383 | €614,797 | +€529,414 | +620% |
| Tangible fixed assets | 22/27 | €85,383 | €614,797 | +€529,414 | +620% |
| Land and buildings | 22 | €85,149 | €612,046 | +€526,897 | +619% |
| Plant, machinery and equipment | 23 | - | €955 | +€955 | |
| Furniture and vehicles | 24 | €234 | €1,796 | +€1,562 | +668% |
| Current assets | 29/58 | €350,671 | €293,576 | -€57,095 | -16.3% |
| Amounts receivable within one year | 40/41 | €228,834 | €87,741 | -€141,094 | -61.7% |
| Trade receivables | 40 | €148,327 | €49,726 | -€98,600 | -66.5% |
| Other amounts receivable | 41 | €80,508 | €38,014 | -€42,493 | -52.8% |
| Current investments | 50/53 | €47,662 | €47,662 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €52,517 | €136,508 | +€83,991 | +160% |
| Deferred charges and accrued income | 490/1 | €21,657 | €21,665 | +€8 | 0.0% |
| Total equity and liabilities | 10/49 | €436,054 | €908,372 | +€472,319 | +108% |
| Equity | 10/15 | €100,259 | €95,610 | -€4,649 | -4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €81,659 | €77,010 | -€4,649 | -5.7% |
| Distributable reserves | 133 | €81,659 | €77,010 | -€4,649 | -5.7% |
| Amounts payable | 17/49 | €335,795 | €812,762 | +€476,967 | +142% |
| Amounts payable after more than one year | 17 | €39,298 | €470,036 | +€430,738 | +1,096% |
| Financial debts | 170/4 | €39,298 | €470,036 | +€430,738 | +1,096% |
| Amounts payable within one year | 42/48 | €296,497 | €342,726 | +€46,229 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €12,747 | €38,569 | +€25,821 | +203% |
| Trade debts | 44 | €25,825 | €31,148 | +€5,324 | +20.6% |
| Suppliers | 440/4 | €25,825 | €31,148 | +€5,324 | +20.6% |
| Taxes, remuneration and social security | 45 | €57,925 | €39,357 | -€18,568 | -32.1% |
| Taxes | 450/3 | €57,925 | €39,357 | -€18,568 | -32.1% |
| Other amounts payable | 47/48 | €200,000 | €233,653 | +€33,653 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,681 | €14,531 | +€6,850 | +89.2% |
| Other operating charges | 640/8 | €3,362 | €1,241 | -€2,121 | -63.1% |
| Gross operating margin | 9900 | €232,875 | €248,018 | +€15,143 | +6.5% |
| Operating profit (loss) | 9901 | €221,833 | €232,246 | +€10,414 | +4.7% |
| Financial income | 75/76B | €2,733 | €1,882 | -€851 | -31.1% |
| Recurring financial income | 75 | €2,733 | €1,882 | -€851 | -31.1% |
| Financial charges | 65/66B | €1,111 | €8,045 | +€6,934 | +624% |
| Recurring financial charges | 65 | €1,111 | €8,045 | +€6,934 | +624% |
| Profit (loss) for the period before taxes | 9903 | €223,454 | €226,083 | +€2,629 | +1.2% |
| Income taxes | 67/77 | €55,524 | €40,732 | -€14,792 | -26.6% |
| Profit (loss) for the period | 9904 | €167,930 | €185,351 | +€17,422 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €167,930 | €185,351 | +€17,422 | +10.4% |
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 31 October 2026 via checked.be.