STABLE: what changed
Two fiscal 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.
STABLE
Largest movements
- Cash -€123,896
down €123,896 (-75.2%), from €164,830 to €40,934
mainly Net result for the year (-€84,596) and Trade debts (-€43,692)
- Tangible fixed assets -€99,392
down €99,392 (-17.1%), from €582,077 to €482,685
of which Other tangible fixed assets: -€94,687
- Stocks and contracts +€21,377
up €21,377 (+28.7%), from €74,396 to €95,774
- Profit (loss) carried forward -€84,596
down €84,596 (-46.2%), from -€183,302 to -€267,898
- Trade debts -€43,692
down €43,692 (-94.7%), from €46,145 to €2,453
- Debts after one year -€40,447
down €40,447 (-6.4%), from €628,473 to €588,026
- Current portion of long-term debt -€34,244
down €34,244 (-24.7%), from €138,719 to €104,475
- Tax, wage and social debts +€13,412
up €13,412 (+32.4%), from €41,431 to €54,843
of which Remuneration and social security: +€16,906
- Gross operating margin -€87,266
down €87,266 (-16.5%), from €527,917 to €440,651
- Staff costs +€35,642
up €35,642 (+9.8%), from €363,458 to €399,101
- Financial charges -€30,676
down €30,676 (-86.0%), from €35,657 to €4,981
- Depreciation -€6,033
down €6,033 (-4.8%), from €125,666 to €119,633
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.
Cash bridge derived
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 | €842,027 | €640,141 | -€201,886 | -24.0% |
| Fixed assets | 21/28 | €596,744 | €496,051 | -€100,693 | -16.9% |
| Intangible fixed assets | 21 | €6,914 | €5,613 | -€1,301 | -18.8% |
| Tangible fixed assets | 22/27 | €582,077 | €482,685 | -€99,392 | -17.1% |
| Land and buildings | 22 | €1,276 | €1,021 | -€255 | -20.0% |
| Plant, machinery and equipment | 23 | €29,992 | €22,963 | -€7,029 | -23.4% |
| Furniture and vehicles | 24 | €50,610 | €53,190 | +€2,579 | +5.1% |
| Other tangible fixed assets | 26 | €500,198 | €405,512 | -€94,687 | -18.9% |
| Financial fixed assets | 28 | €7,753 | €7,753 | = | 0.0% |
| Current assets | 29/58 | €245,283 | €144,090 | -€101,193 | -41.3% |
| Stocks and contracts in progress | 3 | €74,396 | €95,774 | +€21,377 | +28.7% |
| Stocks | 30/36 | €74,396 | €95,774 | +€21,377 | +28.7% |
| Amounts receivable within one year | 40/41 | €2,958 | €4,169 | +€1,211 | +40.9% |
| Trade receivables | 40 | €2,958 | €4,169 | +€1,211 | +40.9% |
| Cash at bank and in hand | 54/58 | €164,830 | €40,934 | -€123,896 | -75.2% |
| Deferred charges and accrued income | 490/1 | €3,099 | €3,214 | +€115 | +3.7% |
| Total equity and liabilities | 10/49 | €842,027 | €640,141 | -€201,886 | -24.0% |
| Equity | 10/15 | -€163,302 | -€247,898 | -€84,596 | -51.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€183,302 | -€267,898 | -€84,596 | -46.2% |
| Amounts payable | 17/49 | €1,005,329 | €888,039 | -€117,290 | -11.7% |
| Amounts payable after more than one year | 17 | €628,473 | €588,026 | -€40,447 | -6.4% |
| Financial debts | 170/4 | €628,473 | €588,026 | -€40,447 | -6.4% |
| Amounts payable within one year | 42/48 | €375,879 | €300,014 | -€75,865 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €138,719 | €104,475 | -€34,244 | -24.7% |
| Trade debts | 44 | €46,145 | €2,453 | -€43,692 | -94.7% |
| Suppliers | 440/4 | €46,145 | €2,453 | -€43,692 | -94.7% |
| Taxes, remuneration and social security | 45 | €41,431 | €54,843 | +€13,412 | +32.4% |
| Taxes | 450/3 | €21,795 | €18,301 | -€3,495 | -16.0% |
| Remuneration and social security | 454/9 | €19,636 | €36,542 | +€16,906 | +86.1% |
| Other amounts payable | 47/48 | €149,584 | €138,243 | -€11,341 | -7.6% |
| Accrued charges and deferred income | 492/3 | €977 | - | -€977 | |
| Non-recurring operating income | 76A | - | €19,993 | +€19,993 | |
| Remuneration, social security and pensions | 62 | €363,458 | €399,101 | +€35,642 | +9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,666 | €119,633 | -€6,033 | -4.8% |
| Other operating charges | 640/8 | €2,918 | €2,592 | -€325 | -11.1% |
| Gross operating margin | 9900 | €527,917 | €440,651 | -€87,266 | -16.5% |
| Operating profit (loss) | 9901 | €35,875 | -€80,675 | -€116,550 | |
| Financial income | 75/76B | €5 | €1,059 | +€1,055 | +22634.1% |
| Recurring financial income | 75 | €5 | €1,059 | +€1,055 | +22634.1% |
| Financial charges | 65/66B | €35,657 | €4,981 | -€30,676 | -86.0% |
| Recurring financial charges | 65 | €35,657 | €4,981 | -€30,676 | -86.0% |
| Profit (loss) for the period before taxes | 9903 | €223 | -€84,596 | -€84,819 | |
| Profit (loss) for the period | 9904 | €223 | -€84,596 | -€84,819 | |
| Profit (loss) for the period to be appropriated | 9905 | €223 | -€84,596 | -€84,819 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.