SEVERINE T.: 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.
SEVERINE T.
Largest movements
- Cash +€31,164
up €31,164 (+96.7%), from €32,242 to €63,406
mainly Net result for the year (+€22,017) and Trade debts (+€15,881)
- Stocks and contracts +€8,371
up €8,371 (+26.0%), from €32,141 to €40,512
- Tangible fixed assets -€6,865
down €6,865 (-36.2%), from €18,986 to €12,121
of which Other tangible fixed assets: -€5,816
- Receivables within one year -€3,559
down €3,559 (-28.4%), from €12,549 to €8,991
of which Trade receivables: -€2,871
- Deferred charges and accrued income -€2,919
down €2,919 (-97.5%), from €2,993 to €75
- Profit (loss) carried forward +€22,017
new in 2025: €22,017
- Trade debts +€15,881
up €15,881 (+582%), from €2,728 to €18,608
- Debts after one year -€12,106
down €12,106 (-63.2%), from €19,155 to €7,049
- Gross operating margin +€34,336
up €34,336 (+12.5%), from €274,770 to €309,106
- Staff costs +€27,568
up €27,568 (+11.9%), from €232,001 to €259,570
- Financial charges +€10,067
up €10,067 (+285%), from €3,529 to €13,595
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 | €104,113 | €130,306 | +€26,193 | +25.2% |
| Fixed assets | 21/28 | €21,771 | €14,906 | -€6,865 | -31.5% |
| Tangible fixed assets | 22/27 | €18,986 | €12,121 | -€6,865 | -36.2% |
| Plant, machinery and equipment | 23 | €295 | €98 | -€197 | -66.8% |
| Furniture and vehicles | 24 | €5,169 | €4,317 | -€852 | -16.5% |
| Other tangible fixed assets | 26 | €13,523 | €7,707 | -€5,816 | -43.0% |
| Financial fixed assets | 28 | €2,785 | €2,785 | = | 0.0% |
| Current assets | 29/58 | €82,342 | €115,400 | +€33,058 | +40.1% |
| Amounts receivable after more than one year | 29 | €2,417 | €2,417 | = | 0.0% |
| Trade receivables | 290 | €2,417 | €2,417 | = | 0.0% |
| Stocks and contracts in progress | 3 | €32,141 | €40,512 | +€8,371 | +26.0% |
| Stocks | 30/36 | €32,141 | €40,512 | +€8,371 | +26.0% |
| Amounts receivable within one year | 40/41 | €12,549 | €8,991 | -€3,559 | -28.4% |
| Trade receivables | 40 | €11,858 | €8,987 | -€2,871 | -24.2% |
| Other amounts receivable | 41 | €691 | €3 | -€688 | -99.5% |
| Cash at bank and in hand | 54/58 | €32,242 | €63,406 | +€31,164 | +96.7% |
| Deferred charges and accrued income | 490/1 | €2,993 | €75 | -€2,919 | -97.5% |
| Total equity and liabilities | 10/49 | €104,113 | €130,306 | +€26,193 | +25.2% |
| Equity | 10/15 | €47,270 | €69,286 | +€22,017 | +46.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,670 | €28,670 | = | 0.0% |
| 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 | €8,822 | €8,822 | = | 0.0% |
| Distributable reserves | 133 | €17,988 | €17,988 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €22,017 | +€22,017 | |
| Amounts payable | 17/49 | €56,843 | €61,020 | +€4,177 | +7.3% |
| Amounts payable after more than one year | 17 | €19,155 | €7,049 | -€12,106 | -63.2% |
| Other amounts payable | 178/9 | €19,155 | €7,049 | -€12,106 | -63.2% |
| Amounts payable within one year | 42/48 | €37,688 | €53,971 | +€16,283 | +43.2% |
| Trade debts | 44 | €2,728 | €18,608 | +€15,881 | +582% |
| Suppliers | 440/4 | €2,728 | €18,608 | +€15,881 | +582% |
| Taxes, remuneration and social security | 45 | €34,960 | €35,363 | +€402 | +1.2% |
| Taxes | 450/3 | €8,495 | €10,670 | +€2,175 | +25.6% |
| Remuneration and social security | 454/9 | €26,465 | €24,693 | -€1,772 | -6.7% |
| Remuneration, social security and pensions | 62 | €232,001 | €259,570 | +€27,568 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,563 | €9,110 | -€453 | -4.7% |
| Other operating charges | 640/8 | €1,246 | €1,783 | +€537 | +43.1% |
| Non-recurring operating charges | 66A | €784 | €3,020 | +€2,236 | +285% |
| Gross operating margin | 9900 | €274,770 | €309,106 | +€34,336 | +12.5% |
| Operating profit (loss) | 9901 | €31,176 | €35,623 | +€4,447 | +14.3% |
| Financial income | 75/76B | €98 | €177 | +€78 | +79.7% |
| Recurring financial income | 75 | €98 | €177 | +€78 | +79.7% |
| Financial charges | 65/66B | €3,529 | €13,595 | +€10,067 | +285% |
| Recurring financial charges | 65 | €3,529 | €13,595 | +€10,067 | +285% |
| Profit (loss) for the period before taxes | 9903 | €27,745 | €22,204 | -€5,541 | -20.0% |
| Income taxes | 67/77 | €150 | €187 | +€38 | +25.1% |
| Profit (loss) for the period | 9904 | €27,596 | €22,017 | -€5,579 | -20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,596 | €22,017 | -€5,579 | -20.2% |
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 22 October 2026 via checked.be.