Staelens Ivan: 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.
Staelens Ivan
Largest movements
- Tangible fixed assets +€429,647
up €429,647 (+50.8%), from €845,559 to €1.3m
of which Plant, machinery and equipment: +€334,600
- Receivables after one year -€20,000
down €20,000 (-16.8%), from €119,000 to €99,000
- Cash -€19,348
down €19,348 (-14.5%), from €133,413 to €114,065
mainly Investment in fixed assets (net) (-€795,312) and Receivables within one year (-€14,477)
- Debts after one year +€206,134
up €206,134 (+186%), from €110,958 to €317,093
of which Financial debts: +€207,137
- Current portion of long-term debt +€147,049
up €147,049 (+192%), from €76,667 to €223,716
- Trade debts +€63,289
up €63,289 (+59.9%), from €105,718 to €169,007
- Gross operating margin +€147,690
up €147,690 (+39.1%), from €377,777 to €525,466
- Depreciation +€91,493
up €91,493 (+33.4%), from €274,173 to €365,665
- Staff costs +€60,626
up €60,626 (+74.4%), from €81,512 to €142,138
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 | €1,397,500 | €1,806,017 | +€408,517 | +29.2% |
| Fixed assets | 21/28 | €845,879 | €1,275,526 | +€429,647 | +50.8% |
| Tangible fixed assets | 22/27 | €845,559 | €1,275,206 | +€429,647 | +50.8% |
| Land and buildings | 22 | €197,899 | €178,832 | -€19,067 | -9.6% |
| Plant, machinery and equipment | 23 | €511,573 | €846,173 | +€334,600 | +65.4% |
| Furniture and vehicles | 24 | €136,087 | €250,201 | +€114,114 | +83.9% |
| Financial fixed assets | 28 | €320 | €320 | = | 0.0% |
| Current assets | 29/58 | €551,621 | €530,492 | -€21,130 | -3.8% |
| Amounts receivable after more than one year | 29 | €119,000 | €99,000 | -€20,000 | -16.8% |
| Other amounts receivable | 291 | €119,000 | €99,000 | -€20,000 | -16.8% |
| Stocks and contracts in progress | 3 | €1,430 | €2,439 | +€1,010 | +70.6% |
| Stocks | 30/36 | €1,430 | €2,439 | +€1,010 | +70.6% |
| Amounts receivable within one year | 40/41 | €283,064 | €297,540 | +€14,477 | +5.1% |
| Trade receivables | 40 | €274,561 | €230,867 | -€43,694 | -15.9% |
| Other amounts receivable | 41 | €8,502 | €66,673 | +€58,171 | +684% |
| Cash at bank and in hand | 54/58 | €133,413 | €114,065 | -€19,348 | -14.5% |
| Deferred charges and accrued income | 490/1 | €14,716 | €17,448 | +€2,732 | +18.6% |
| Total equity and liabilities | 10/49 | €1,397,500 | €1,806,017 | +€408,517 | +29.2% |
| Equity | 10/15 | €1,082,402 | €1,087,551 | +€5,149 | +0.5% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €1,057,612 | €1,062,761 | +€5,149 | +0.5% |
| Tax-exempt reserves | 132 | €38,567 | €13,519 | -€25,048 | -64.9% |
| Distributable reserves | 133 | €1,019,045 | €1,049,242 | +€30,197 | +3.0% |
| Provisions and deferred taxes | 16 | €12,856 | €4,506 | -€8,349 | -64.9% |
| Deferred taxes | 168 | €12,856 | €4,506 | -€8,349 | -64.9% |
| Amounts payable | 17/49 | €302,243 | €713,960 | +€411,717 | +136% |
| Amounts payable after more than one year | 17 | €110,958 | €317,093 | +€206,134 | +186% |
| Financial debts | 170/4 | €56,667 | €263,803 | +€207,137 | +366% |
| Other amounts payable | 178/9 | €54,291 | €53,289 | -€1,002 | -1.8% |
| Amounts payable within one year | 42/48 | €187,169 | €392,818 | +€205,649 | +110% |
| Current portion of amounts payable after more than one year | 42 | €76,667 | €223,716 | +€147,049 | +192% |
| Trade debts | 44 | €105,718 | €169,007 | +€63,289 | +59.9% |
| Suppliers | 440/4 | €105,718 | €169,007 | +€63,289 | +59.9% |
| Taxes, remuneration and social security | 45 | €4,784 | €95 | -€4,689 | -98.0% |
| Taxes | 450/3 | €4,784 | €95 | -€4,689 | -98.0% |
| Accrued charges and deferred income | 492/3 | €4,116 | €4,050 | -€67 | -1.6% |
| Non-recurring operating income | 76A | €46,599 | €14,000 | -€32,599 | -70.0% |
| Remuneration, social security and pensions | 62 | €81,512 | €142,138 | +€60,626 | +74.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €274,173 | €365,665 | +€91,493 | +33.4% |
| Other operating charges | 640/8 | €12,110 | €13,589 | +€1,480 | +12.2% |
| Gross operating margin | 9900 | €377,777 | €525,466 | +€147,690 | +39.1% |
| Operating profit (loss) | 9901 | €9,982 | €4,074 | -€5,908 | -59.2% |
| Financial income | 75/76B | €193 | €48 | -€145 | -75.0% |
| Recurring financial income | 75 | €193 | €48 | -€145 | -75.0% |
| Financial charges | 65/66B | €6,703 | €6,941 | +€239 | +3.6% |
| Recurring financial charges | 65 | €6,703 | €6,941 | +€239 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €3,473 | -€2,819 | -€6,292 | |
| Transfer from deferred taxes | 780 | €8,349 | €8,349 | = | 0.0% |
| Income taxes | 67/77 | €2,539 | €381 | -€2,158 | -85.0% |
| Profit (loss) for the period | 9904 | €9,283 | €5,149 | -€4,134 | -44.5% |
| Transfer from tax-exempt reserves | 789 | €25,048 | €25,048 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,331 | €30,197 | -€4,134 | -12.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.