SEBASTIEN VANDER STEENE: 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.
SEBASTIEN VANDER STEENE
Largest movements
- Cash -€325,568
down €325,568 (-82.3%), from €395,681 to €70,113
mainly Trade debts (-€228,465) and Accrued charges and deferred income (-€223,761)
- Receivables within one year -€116,618
down €116,618 (-50.9%), from €229,209 to €112,591
of which Trade receivables: -€202,213
- Tangible fixed assets +€67,134
up €67,134 (+4.7%), from €1.4m to €1.5m
of which Furniture and vehicles: +€108,797
- Trade debts -€228,465
down €228,465 (-84.4%), from €270,535 to €42,070
- Accrued charges and deferred income -€223,761
down €223,761 (-89.5%), from €250,011 to €26,250
- Debts after one year +€35,275
up €35,275 (+3.6%), from €985,552 to €1.0m
of which Financial debts: +€35,275
- Current portion of long-term debt +€26,708
up €26,708 (+25.3%), from €105,647 to €132,355
- Gross operating margin +€38,323
up €38,323 (+20.8%), from €184,338 to €222,661
- Depreciation +€33,648
up €33,648 (+38.9%), from €86,445 to €120,093
- Taxes +€15,378
up €15,378 (+37.6%), from €40,905 to €56,283
- Financial charges +€4,370
up €4,370 (+24.7%), from €17,715 to €22,085
- Financial income +€3,129
up €3,129 (+156,450%), from €2 to €3,131
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 | €2,578,572 | €2,205,900 | -€372,672 | -14.5% |
| Fixed assets | 21/28 | €1,449,402 | €1,516,536 | +€67,134 | +4.6% |
| Tangible fixed assets | 22/27 | €1,439,402 | €1,506,536 | +€67,134 | +4.7% |
| Land and buildings | 22 | €1,342,577 | €1,301,130 | -€41,447 | -3.1% |
| Plant, machinery and equipment | 23 | €7,845 | €7,629 | -€216 | -2.8% |
| Furniture and vehicles | 24 | €68,816 | €177,613 | +€108,797 | +158% |
| Other tangible fixed assets | 26 | €20,164 | €20,164 | = | 0.0% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €1,129,170 | €689,364 | -€439,806 | -38.9% |
| Amounts receivable after more than one year | 29 | €455,667 | €448,667 | -€7,000 | -1.5% |
| Other amounts receivable | 291 | €455,667 | €448,667 | -€7,000 | -1.5% |
| Amounts receivable within one year | 40/41 | €229,209 | €112,591 | -€116,618 | -50.9% |
| Trade receivables | 40 | €220,000 | €17,787 | -€202,213 | -91.9% |
| Other amounts receivable | 41 | €9,209 | €94,804 | +€85,595 | +929% |
| Cash at bank and in hand | 54/58 | €395,681 | €70,113 | -€325,568 | -82.3% |
| Deferred charges and accrued income | 490/1 | €48,613 | €57,993 | +€9,380 | +19.3% |
| Total equity and liabilities | 10/49 | €2,578,572 | €2,205,900 | -€372,672 | -14.5% |
| Equity | 10/15 | €836,564 | €857,167 | +€20,603 | +2.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €760,973 | €781,456 | +€20,483 | +2.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €338,613 | €335,346 | -€3,267 | -1.0% |
| Distributable reserves | 133 | €420,500 | €444,250 | +€23,750 | +5.6% |
| Profit (loss) carried forward | 14 | €69,391 | €69,511 | +€120 | +0.2% |
| Provisions and deferred taxes | 16 | €112,871 | €111,782 | -€1,089 | -1.0% |
| Deferred taxes | 168 | €112,871 | €111,782 | -€1,089 | -1.0% |
| Amounts payable | 17/49 | €1,629,137 | €1,236,951 | -€392,186 | -24.1% |
| Amounts payable after more than one year | 17 | €985,552 | €1,020,827 | +€35,275 | +3.6% |
| Financial debts | 170/4 | €980,002 | €1,015,277 | +€35,275 | +3.6% |
| Other amounts payable | 178/9 | €5,550 | €5,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €393,574 | €189,874 | -€203,700 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €105,647 | €132,355 | +€26,708 | +25.3% |
| Trade debts | 44 | €270,535 | €42,070 | -€228,465 | -84.4% |
| Suppliers | 440/4 | €270,535 | €42,070 | -€228,465 | -84.4% |
| Taxes, remuneration and social security | 45 | €17,392 | €15,449 | -€1,943 | -11.2% |
| Taxes | 450/3 | €16,142 | €15,449 | -€693 | -4.3% |
| Remuneration and social security | 454/9 | €1,250 | - | -€1,250 | |
| Accrued charges and deferred income | 492/3 | €250,011 | €26,250 | -€223,761 | -89.5% |
| Non-recurring operating income | 76A | €334 | - | -€334 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,445 | €120,093 | +€33,648 | +38.9% |
| Other operating charges | 640/8 | €6,576 | €6,544 | -€32 | -0.5% |
| Non-recurring operating charges | 66A | €290 | €1,273 | +€983 | +339% |
| Gross operating margin | 9900 | €184,338 | €222,661 | +€38,323 | +20.8% |
| Operating profit (loss) | 9901 | €91,027 | €94,751 | +€3,724 | +4.1% |
| Financial income | 75/76B | €2 | €3,131 | +€3,129 | +156,450% |
| Recurring financial income | 75 | €2 | €3,131 | +€3,129 | +156,450% |
| Financial charges | 65/66B | €17,715 | €22,085 | +€4,370 | +24.7% |
| Recurring financial charges | 65 | €17,715 | €22,085 | +€4,370 | +24.7% |
| Profit (loss) for the period before taxes | 9903 | €73,314 | €75,797 | +€2,483 | +3.4% |
| Transfer from deferred taxes | 780 | €868 | €1,089 | +€221 | +25.5% |
| Income taxes | 67/77 | €40,905 | €56,283 | +€15,378 | +37.6% |
| Profit (loss) for the period | 9904 | €33,277 | €20,603 | -€12,674 | -38.1% |
| Transfer from tax-exempt reserves | 789 | €2,604 | €3,267 | +€663 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,881 | €23,870 | -€12,011 | -33.5% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.