SARAH STRUCKMEYER: 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.
SARAH STRUCKMEYER
Largest movements
- Cash +€20,222
up €20,222 (+2,304%), from €878 to €21,099
mainly Debts after one year (+€25,000) and Stocks and contracts (+€16,560)
- Stocks and contracts -€16,560
down €16,560 (-22.6%), from €73,340 to €56,780
- Debts after one year +€25,000
new in 2026: €25,000
- Trade debts -€13,681
down €13,681 (-56.8%), from €24,094 to €10,413
- Reserves -€5,860
down €5,860 (-31.7%), from €18,508 to €12,648
of which Distributable reserves: -€5,860
- Short-term financial debts -€4,599
no longer reported in 2026 (was €4,599)
- Tax, wage and social debts +€2,213
up €2,213 (+496%), from €446 to €2,659
- Gross operating margin +€24,866
up €24,866 (+234%), from €10,607 to €35,473
- Staff costs +€22,947
up €22,947 (+281%), from €8,176 to €31,122
- Other operating charges +€3,311
up €3,311 (+325%), from €1,018 to €4,330
- Depreciation +€981
up €981 (+26.8%), from €3,664 to €4,644
- Financial charges +€393
up €393 (+76.2%), from €516 to €910
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €95,738 | €98,811 | +€3,073 | +3.2% |
| Fixed assets | 21/28 | €18,828 | €18,750 | -€79 | -0.4% |
| Tangible fixed assets | 22/27 | €18,746 | €18,667 | -€79 | -0.4% |
| Plant, machinery and equipment | 23 | €14,801 | €15,969 | +€1,168 | +7.9% |
| Furniture and vehicles | 24 | €3,945 | €2,698 | -€1,247 | -31.6% |
| Financial fixed assets | 28 | €83 | €83 | = | 0.0% |
| Current assets | 29/58 | €76,910 | €80,061 | +€3,152 | +4.1% |
| Stocks and contracts in progress | 3 | €73,340 | €56,780 | -€16,560 | -22.6% |
| Stocks | 30/36 | €73,340 | €56,780 | -€16,560 | -22.6% |
| Amounts receivable within one year | 40/41 | €2,692 | €2,182 | -€510 | -18.9% |
| Other amounts receivable | 41 | €2,692 | €2,182 | -€510 | -18.9% |
| Cash at bank and in hand | 54/58 | €878 | €21,099 | +€20,222 | +2,304% |
| Total equity and liabilities | 10/49 | €95,738 | €98,811 | +€3,073 | +3.2% |
| Equity | 10/15 | €66,599 | €60,739 | -€5,860 | -8.8% |
| Contributions | 10/11 | €48,091 | €48,091 | = | 0.0% |
| Reserves | 13 | €18,508 | €12,648 | -€5,860 | -31.7% |
| Non-distributable reserves | 130/1 | €7,456 | €7,456 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,456 | €7,456 | = | 0.0% |
| Distributable reserves | 133 | €11,052 | €5,191 | -€5,860 | -53.0% |
| Amounts payable | 17/49 | €29,139 | €38,072 | +€8,933 | +30.7% |
| Amounts payable after more than one year | 17 | - | €25,000 | +€25,000 | |
| Financial debts | 170/4 | - | €25,000 | +€25,000 | |
| Amounts payable within one year | 42/48 | €29,139 | €13,072 | -€16,067 | -55.1% |
| Financial debts | 43 | €4,599 | - | -€4,599 | |
| Credit institutions | 430/8 | €4,599 | - | -€4,599 | |
| Trade debts | 44 | €24,094 | €10,413 | -€13,681 | -56.8% |
| Suppliers | 440/4 | €24,094 | €10,413 | -€13,681 | -56.8% |
| Taxes, remuneration and social security | 45 | €446 | €2,659 | +€2,213 | +496% |
| Taxes | 450/3 | €446 | €2,659 | +€2,213 | +496% |
| Non-recurring operating income | 76A | - | €11,463 | +€11,463 | |
| Remuneration, social security and pensions | 62 | €8,176 | €31,122 | +€22,947 | +281% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,664 | €4,644 | +€981 | +26.8% |
| Other operating charges | 640/8 | €1,018 | €4,330 | +€3,311 | +325% |
| Gross operating margin | 9900 | €10,607 | €35,473 | +€24,866 | +234% |
| Operating profit (loss) | 9901 | -€2,251 | -€4,623 | -€2,373 | -105% |
| Financial income | 75/76B | €154 | €115 | -€38 | -25.0% |
| Recurring financial income | 75 | €154 | €115 | -€38 | -25.0% |
| Financial charges | 65/66B | €516 | €910 | +€393 | +76.2% |
| Recurring financial charges | 65 | €516 | €910 | +€393 | +76.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,613 | -€5,418 | -€2,804 | -107% |
| Income taxes | 67/77 | €446 | €443 | -€4 | -0.8% |
| Profit (loss) for the period | 9904 | -€3,060 | -€5,860 | -€2,801 | -91.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,060 | -€5,860 | -€2,801 | -91.5% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.