STEF NUYENS: 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 NUYENS
Largest movements
- Tangible fixed assets +€38,709
up €38,709 (+35.9%), from €107,758 to €146,466
of which Other tangible fixed assets: +€35,609
- Receivables within one year +€26,491
up €26,491 (+26.2%), from €101,179 to €127,670
of which Trade receivables: +€26,545
- Cash +€9,349
up €9,349 (+3.2%), from €292,514 to €301,863
mainly Net result for the year (+€79,737) and Other debts (+€31,700)
- Reserves +€48,037
up €48,037 (+16.3%), from €294,645 to €342,682
- Other debts +€31,700
new in 2025: €31,700
- Tax, wage and social debts -€16,386
down €16,386 (-86.8%), from €18,884 to €2,499
- Advances received +€14,667
up €14,667 (+14.7%), from €100,034 to €114,701
- Gross operating margin -€58,778
down €58,778 (-33.1%), from €177,700 to €118,923
- Taxes -€16,086
down €16,086 (-41.4%), from €38,884 to €22,799
- Depreciation +€4,519
up €4,519 (+50.6%), from €8,929 to €13,448
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 | €503,360 | €579,015 | +€75,655 | +15.0% |
| Fixed assets | 21/28 | €107,758 | €146,466 | +€38,709 | +35.9% |
| Tangible fixed assets | 22/27 | €107,758 | €146,466 | +€38,709 | +35.9% |
| Furniture and vehicles | 24 | €11,220 | €14,320 | +€3,099 | +27.6% |
| Other tangible fixed assets | 26 | €96,537 | €132,146 | +€35,609 | +36.9% |
| Current assets | 29/58 | €395,603 | €432,549 | +€36,946 | +9.3% |
| Amounts receivable within one year | 40/41 | €101,179 | €127,670 | +€26,491 | +26.2% |
| Trade receivables | 40 | €79,807 | €106,351 | +€26,545 | +33.3% |
| Other amounts receivable | 41 | €21,373 | €21,319 | -€54 | -0.3% |
| Cash at bank and in hand | 54/58 | €292,514 | €301,863 | +€9,349 | +3.2% |
| Deferred charges and accrued income | 490/1 | €1,909 | €3,016 | +€1,106 | +57.9% |
| Total equity and liabilities | 10/49 | €503,360 | €579,015 | +€75,655 | +15.0% |
| Equity | 10/15 | €299,645 | €347,682 | +€48,037 | +16.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €294,645 | €342,682 | +€48,037 | +16.3% |
| Distributable reserves | 133 | €294,645 | €342,682 | +€48,037 | +16.3% |
| Amounts payable | 17/49 | €203,715 | €231,333 | +€27,617 | +13.6% |
| Amounts payable within one year | 42/48 | €203,715 | €231,333 | +€27,617 | +13.6% |
| Trade debts | 44 | €84,797 | €82,433 | -€2,364 | -2.8% |
| Suppliers | 440/4 | €84,797 | €82,433 | -€2,364 | -2.8% |
| Advances received on contracts in progress | 46 | €100,034 | €114,701 | +€14,667 | +14.7% |
| Taxes, remuneration and social security | 45 | €18,884 | €2,499 | -€16,386 | -86.8% |
| Taxes | 450/3 | €18,884 | €2,499 | -€16,386 | -86.8% |
| Other amounts payable | 47/48 | - | €31,700 | +€31,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,929 | €13,448 | +€4,519 | +50.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,224 | +€1,224 | |
| Other operating charges | 640/8 | €1,370 | €2,138 | +€767 | +56.0% |
| Gross operating margin | 9900 | €177,700 | €118,923 | -€58,778 | -33.1% |
| Operating profit (loss) | 9901 | €167,401 | €102,113 | -€65,288 | -39.0% |
| Financial income | 75/76B | €1,386 | €927 | -€459 | -33.1% |
| Recurring financial income | 75 | €1,386 | €927 | -€459 | -33.1% |
| Financial charges | 65/66B | €1,568 | €504 | -€1,064 | -67.9% |
| Recurring financial charges | 65 | €1,568 | €504 | -€1,064 | -67.9% |
| Profit (loss) for the period before taxes | 9903 | €167,219 | €102,536 | -€64,683 | -38.7% |
| Income taxes | 67/77 | €38,884 | €22,799 | -€16,086 | -41.4% |
| Profit (loss) for the period | 9904 | €128,334 | €79,737 | -€48,597 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €128,334 | €79,737 | -€48,597 | -37.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.