Sandra Stulens: 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.
Sandra Stulens
Largest movements
- Cash -€77,721
down €77,721 (-44.9%), from €173,085 to €95,364
mainly Contributions, distributions and other (-€111,386) and Receivables within one year (-€62,960)
- Receivables within one year +€62,960
up €62,960 (+56.0%), from €112,436 to €175,396
of which Trade receivables: +€61,509
- Tangible fixed assets -€5,794
down €5,794 (-3.8%), from €152,250 to €146,456
of which Land and buildings: -€6,000
- Reserves -€38,320
down €38,320 (-12.0%), from €318,616 to €280,296
- Tax, wage and social debts +€20,226
up €20,226 (+648%), from €3,121 to €23,347
- Debts after one year -€9,600
down €9,600 (-8.7%), from €110,444 to €100,844
- Profit (loss) carried forward +€8,179
up €8,179, from -€8,179 to €0
- Gross operating margin +€96,526
up €96,526 (+383%), from €25,213 to €121,739
- Taxes +€29,613
new in 2025: €29,613
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 | €438,021 | €417,459 | -€20,562 | -4.7% |
| Fixed assets | 21/28 | €152,250 | €146,456 | -€5,794 | -3.8% |
| Tangible fixed assets | 22/27 | €152,250 | €146,456 | -€5,794 | -3.8% |
| Land and buildings | 22 | €129,732 | €123,732 | -€6,000 | -4.6% |
| Plant, machinery and equipment | 23 | €22,518 | €20,012 | -€2,506 | -11.1% |
| Furniture and vehicles | 24 | €0 | €2,712 | +€2,712 | +27,122,400% |
| Current assets | 29/58 | €285,771 | €271,003 | -€14,769 | -5.2% |
| Amounts receivable within one year | 40/41 | €112,436 | €175,396 | +€62,960 | +56.0% |
| Trade receivables | 40 | €112,393 | €173,902 | +€61,509 | +54.7% |
| Other amounts receivable | 41 | €44 | €1,494 | +€1,451 | +3,319% |
| Cash at bank and in hand | 54/58 | €173,085 | €95,364 | -€77,721 | -44.9% |
| Deferred charges and accrued income | 490/1 | €250 | €243 | -€7 | -2.8% |
| Total equity and liabilities | 10/49 | €438,021 | €417,459 | -€20,562 | -4.7% |
| Equity | 10/15 | €310,438 | €280,296 | -€30,141 | -9.7% |
| Reserves | 13 | €318,616 | €280,296 | -€38,320 | -12.0% |
| Distributable reserves | 133 | €318,616 | €280,296 | -€38,320 | -12.0% |
| Profit (loss) carried forward | 14 | -€8,179 | €0 | +€8,179 | |
| Amounts payable | 17/49 | €127,583 | €137,162 | +€9,579 | +7.5% |
| Amounts payable after more than one year | 17 | €110,444 | €100,844 | -€9,600 | -8.7% |
| Financial debts | 170/4 | €110,444 | €100,844 | -€9,600 | -8.7% |
| Amounts payable within one year | 42/48 | €16,919 | €36,273 | +€19,354 | +114% |
| Current portion of amounts payable after more than one year | 42 | €9,506 | €9,600 | +€94 | +1.0% |
| Trade debts | 44 | €2,620 | €1,530 | -€1,090 | -41.6% |
| Suppliers | 440/4 | €2,620 | €1,530 | -€1,090 | -41.6% |
| Taxes, remuneration and social security | 45 | €3,121 | €23,347 | +€20,226 | +648% |
| Taxes | 450/3 | €3,121 | €23,347 | +€20,226 | +648% |
| Other amounts payable | 47/48 | €1,672 | €1,796 | +€124 | +7.4% |
| Accrued charges and deferred income | 492/3 | €220 | €45 | -€175 | -79.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,506 | €8,933 | +€427 | +5.0% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €25,213 | €121,739 | +€96,526 | +383% |
| Operating profit (loss) | 9901 | €16,258 | €112,344 | +€96,086 | +591% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100% |
| Financial charges | 65/66B | €1,805 | €1,486 | -€318 | -17.6% |
| Recurring financial charges | 65 | €1,805 | €1,486 | -€318 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €14,458 | €110,858 | +€96,400 | +667% |
| Income taxes | 67/77 | - | €29,613 | +€29,613 | |
| Profit (loss) for the period | 9904 | €14,458 | €81,245 | +€66,787 | +462% |
| Profit (loss) for the period to be appropriated | 9905 | €14,458 | €81,245 | +€66,787 | +462% |
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 15 October 2026 via checked.be.