Stef Adams: 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.
Stef Adams
Largest movements
- Tangible fixed assets +€33,679
up €33,679 (+364%), from €9,243 to €42,921
of which Plant, machinery and equipment: +€26,434
- Cash -€32,702
down €32,702 (-54.0%), from €60,565 to €27,863
mainly Investment in fixed assets (net) (-€44,908) and Receivables within one year (-€7,417)
- Receivables within one year +€7,417
up €7,417 (+67.1%), from €11,059 to €18,476
of which Trade receivables: +€16,898
- Financial fixed assets +€5,850
new in 2025: €5,850
- Deferred charges and accrued income +€2,195
new in 2025: €2,195
- Trade debts +€10,502
up €10,502 (+1,084%), from €969 to €11,471
- Reserves +€5,617
up €5,617 (+7.2%), from €77,897 to €83,514
- Gross operating margin -€13,798
down €13,798 (-38.0%), from €36,307 to €22,509
- Depreciation +€1,918
up €1,918 (+55.4%), from €3,461 to €5,379
- Taxes +€1,327
up €1,327 (+18.0%), from €7,391 to €8,719
- Other operating charges +€502
up €502 (+130%), from €387 to €890
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 | €80,866 | €97,305 | +€16,439 | +20.3% |
| Fixed assets | 21/28 | €9,243 | €48,771 | +€39,529 | +428% |
| Tangible fixed assets | 22/27 | €9,243 | €42,921 | +€33,679 | +364% |
| Plant, machinery and equipment | 23 | €5,071 | €31,506 | +€26,434 | +521% |
| Furniture and vehicles | 24 | €4,171 | €4,282 | +€111 | +2.7% |
| Other tangible fixed assets | 26 | - | €7,134 | +€7,134 | |
| Financial fixed assets | 28 | - | €5,850 | +€5,850 | |
| Current assets | 29/58 | €71,623 | €48,533 | -€23,090 | -32.2% |
| Amounts receivable within one year | 40/41 | €11,059 | €18,476 | +€7,417 | +67.1% |
| Trade receivables | 40 | €1,577 | €18,476 | +€16,898 | +1,071% |
| Other amounts receivable | 41 | €9,481 | €0 | -€9,481 | -100% |
| Cash at bank and in hand | 54/58 | €60,565 | €27,863 | -€32,702 | -54.0% |
| Deferred charges and accrued income | 490/1 | - | €2,195 | +€2,195 | |
| Total equity and liabilities | 10/49 | €80,866 | €97,305 | +€16,439 | +20.3% |
| Equity | 10/15 | €79,897 | €85,514 | +€5,617 | +7.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €77,897 | €83,514 | +€5,617 | +7.2% |
| Distributable reserves | 133 | €77,897 | €83,514 | +€5,617 | +7.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €969 | €11,791 | +€10,822 | +1,117% |
| Amounts payable within one year | 42/48 | €969 | €11,471 | +€10,502 | +1,084% |
| Trade debts | 44 | €969 | €11,471 | +€10,502 | +1,084% |
| Suppliers | 440/4 | €969 | €11,471 | +€10,502 | +1,084% |
| Accrued charges and deferred income | 492/3 | - | €320 | +€320 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,461 | €5,379 | +€1,918 | +55.4% |
| Other operating charges | 640/8 | €387 | €890 | +€502 | +130% |
| Gross operating margin | 9900 | €36,307 | €22,509 | -€13,798 | -38.0% |
| Operating profit (loss) | 9901 | €32,458 | €16,240 | -€16,218 | -50.0% |
| Financial income | 75/76B | €297 | €1 | -€296 | -99.5% |
| Recurring financial income | 75 | €297 | €1 | -€296 | -99.5% |
| Financial charges | 65/66B | €2,126 | €1,906 | -€220 | -10.4% |
| Recurring financial charges | 65 | €2,126 | €1,906 | -€220 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €30,629 | €14,336 | -€16,293 | -53.2% |
| Income taxes | 67/77 | €7,391 | €8,719 | +€1,327 | +18.0% |
| Profit (loss) for the period | 9904 | €23,238 | €5,617 | -€17,621 | -75.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,238 | €5,617 | -€17,621 | -75.8% |
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.