STAGE 86: 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.
STAGE 86
Largest movements
- Stocks and contracts +€216,718
up €216,718 (+17.5%), from €1.2m to €1.5m
- Receivables within one year -€186,754
down €186,754 (-83.5%), from €223,649 to €36,895
of which Trade receivables: -€193,028
- Other debts +€129,113
up €129,113 (+13.4%), from €965,343 to €1.1m
- Trade debts -€86,192
down €86,192 (-82.4%), from €104,638 to €18,446
- Gross operating margin -€38,522
down €38,522 (-73.9%), from €52,149 to €13,627
- Write-downs -€18,439
no longer reported in 2025 (was €18,439)
- Other operating charges +€2,780
up €2,780 (+266.8%), from €1,042 to €3,821
- Financial charges -€1,750
down €1,750 (-21.4%), from €8,167 to €6,417
- Taxes -€1,230
down €1,230 (-25.4%), from €4,846 to €3,617
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 | €1,505,868 | €1,535,130 | +€29,262 | +1.9% |
| Fixed assets | 21/28 | €5,891 | €4,719 | -€1,172 | -19.9% |
| Tangible fixed assets | 22/27 | €5,006 | €3,719 | -€1,287 | -25.7% |
| Plant, machinery and equipment | 23 | €5,006 | €3,719 | -€1,287 | -25.7% |
| Financial fixed assets | 28 | €885 | €1,000 | +€115 | +13.0% |
| Current assets | 29/58 | €1,499,977 | €1,530,411 | +€30,434 | +2.0% |
| Stocks and contracts in progress | 3 | €1,240,285 | €1,457,003 | +€216,718 | +17.5% |
| Stocks | 30/36 | €1,240,285 | €1,457,003 | +€216,718 | +17.5% |
| Amounts receivable within one year | 40/41 | €223,649 | €36,895 | -€186,754 | -83.5% |
| Trade receivables | 40 | €223,649 | €30,621 | -€193,028 | -86.3% |
| Other amounts receivable | 41 | - | €6,274 | +€6,274 | |
| Cash at bank and in hand | 54/58 | €35,462 | €35,625 | +€162 | +0.5% |
| Deferred charges and accrued income | 490/1 | €580 | €888 | +€308 | +53.1% |
| Total equity and liabilities | 10/49 | €1,505,868 | €1,535,130 | +€29,262 | +1.9% |
| Equity | 10/15 | €48,615 | €47,099 | -€1,515 | -3.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,615 | €37,099 | -€1,515 | -3.9% |
| Amounts payable | 17/49 | €1,457,253 | €1,488,030 | +€30,778 | +2.1% |
| Amounts payable after more than one year | 17 | €361,258 | €361,258 | = | 0.0% |
| Other amounts payable | 178/9 | €361,258 | €361,258 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,093,598 | €1,123,334 | +€29,736 | +2.7% |
| Trade debts | 44 | €104,638 | €18,446 | -€86,192 | -82.4% |
| Suppliers | 440/4 | €104,638 | €18,446 | -€86,192 | -82.4% |
| Taxes, remuneration and social security | 45 | €23,617 | €10,432 | -€13,185 | -55.8% |
| Taxes | 450/3 | €23,617 | €10,432 | -€13,185 | -55.8% |
| Other amounts payable | 47/48 | €965,343 | €1,094,455 | +€129,113 | +13.4% |
| Accrued charges and deferred income | 492/3 | €2,398 | €3,439 | +€1,041 | +43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,157 | €1,287 | +€130 | +11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,439 | - | -€18,439 | |
| Other operating charges | 640/8 | €1,042 | €3,821 | +€2,780 | +266.8% |
| Non-recurring operating charges | 66A | €549 | - | -€549 | |
| Gross operating margin | 9900 | €52,149 | €13,627 | -€38,522 | -73.9% |
| Operating profit (loss) | 9901 | €30,962 | €8,518 | -€22,443 | -72.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -90.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -90.0% |
| Financial charges | 65/66B | €8,167 | €6,417 | -€1,750 | -21.4% |
| Recurring financial charges | 65 | €8,167 | €6,417 | -€1,750 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €22,795 | €2,101 | -€20,694 | -90.8% |
| Income taxes | 67/77 | €4,846 | €3,617 | -€1,230 | -25.4% |
| Profit (loss) for the period | 9904 | €17,948 | -€1,515 | -€19,464 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,948 | -€1,515 | -€19,464 |
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 5 October 2026 via checked.be.