STAGE TRACK: 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.
STAGE TRACK
Largest movements
- Receivables within one year +€106,054
up €106,054 (+128%), from €82,693 to €188,747
of which Trade receivables: +€135,076
- Cash -€14,663
down €14,663 (-94.5%), from €15,515 to €852
mainly Receivables within one year (-€106,054) and Accrued charges and deferred income (-€860)
- Tangible fixed assets -€13,129
down €13,129 (-31.0%), from €42,351 to €29,222
of which Furniture and vehicles: -€13,129
- Reserves +€26,938
up €26,938 (+1,448%), from €1,860 to €28,798
of which Distributable reserves: +€26,938
- Trade debts +€26,218
up €26,218 (+80.1%), from €32,747 to €58,965
- Other debts +€20,182
up €20,182 (+25.5%), from €79,212 to €99,394
- Tax, wage and social debts +€3,894
up €3,894 (+17.8%), from €21,879 to €25,773
of which Taxes: +€3,092
- Gross operating margin +€73,975
up €73,975 (+49.8%), from €148,546 to €222,521
- Staff costs +€30,956
up €30,956 (+21.2%), from €145,711 to €176,667
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €141,381 | €219,135 | +€77,754 | +55.0% |
| Fixed assets | 21/28 | €42,601 | €29,472 | -€13,129 | -30.8% |
| Tangible fixed assets | 22/27 | €42,351 | €29,222 | -€13,129 | -31.0% |
| Land and buildings | 22 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €42,351 | €29,222 | -€13,129 | -31.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €98,780 | €189,663 | +€90,883 | +92.0% |
| Amounts receivable within one year | 40/41 | €82,693 | €188,747 | +€106,054 | +128% |
| Trade receivables | 40 | €53,671 | €188,747 | +€135,076 | +252% |
| Other amounts receivable | 41 | €29,022 | - | -€29,022 | |
| Cash at bank and in hand | 54/58 | €15,515 | €852 | -€14,663 | -94.5% |
| Deferred charges and accrued income | 490/1 | €572 | €64 | -€508 | -88.8% |
| Total equity and liabilities | 10/49 | €141,381 | €219,135 | +€77,754 | +55.0% |
| Equity | 10/15 | €6,683 | €35,003 | +€28,320 | +424% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,860 | €28,798 | +€26,938 | +1,448% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €0 | €26,938 | +€26,938 | |
| Profit (loss) carried forward | 14 | -€1,382 | €0 | +€1,382 | |
| Amounts payable | 17/49 | €134,698 | €184,132 | +€49,434 | +36.7% |
| Amounts payable within one year | 42/48 | €133,838 | €184,132 | +€50,294 | +37.6% |
| Trade debts | 44 | €32,747 | €58,965 | +€26,218 | +80.1% |
| Suppliers | 440/4 | €32,747 | €58,965 | +€26,218 | +80.1% |
| Taxes, remuneration and social security | 45 | €21,879 | €25,773 | +€3,894 | +17.8% |
| Taxes | 450/3 | - | €3,092 | +€3,092 | |
| Remuneration and social security | 454/9 | €21,879 | €22,681 | +€802 | +3.7% |
| Other amounts payable | 47/48 | €79,212 | €99,394 | +€20,182 | +25.5% |
| Accrued charges and deferred income | 492/3 | €860 | - | -€860 | |
| Remuneration, social security and pensions | 62 | €145,711 | €176,667 | +€30,956 | +21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,440 | €13,129 | +€1,689 | +14.8% |
| Other operating charges | 640/8 | €4,818 | €4,247 | -€571 | -11.9% |
| Gross operating margin | 9900 | €148,546 | €222,521 | +€73,975 | +49.8% |
| Operating profit (loss) | 9901 | -€13,423 | €28,478 | +€41,901 | |
| Financial charges | 65/66B | €217 | €158 | -€59 | -27.2% |
| Recurring financial charges | 65 | €217 | €158 | -€59 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,640 | €28,320 | +€41,960 | |
| Profit (loss) for the period | 9904 | -€13,640 | €28,320 | +€41,960 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,640 | €28,320 | +€41,960 |
Source: filed annual accounts (NBB), financial years ended 30 April 2025 and 30 April 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.