Stef Peeters: 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 Peeters
Largest movements
- Cash -€29,102
down €29,102 (-64.5%), from €45,137 to €16,035
mainly Contributions, distributions and other (-€50,000) and Receivables within one year (-€9,707)
- Receivables within one year +€9,707
up €9,707 (+105%), from €9,248 to €18,954
of which Trade receivables: +€9,249
- Tangible fixed assets -€3,455
down €3,455 (-71.5%), from €4,831 to €1,376
of which Furniture and vehicles: -€2,982
- Deferred charges and accrued income -€1,475
down €1,475 (-33.1%), from €4,458 to €2,983
- Reserves -€37,095
down €37,095 (-82.1%), from €45,181 to €8,087
- Other debts +€15,073
up €15,073 (+160%), from €9,399 to €24,473
- Trade debts -€1,313
down €1,313 (-42.7%), from €3,077 to €1,765
- Tax, wage and social debts -€991
down €991 (-97.5%), from €1,016 to €25
- Gross operating margin +€1,661
up €1,661 (+8.2%), from €20,311 to €21,972
- Depreciation -€1,360
down €1,360 (-26.7%), from €5,102 to €3,741
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 | €63,674 | €39,349 | -€24,325 | -38.2% |
| Fixed assets | 21/28 | €4,831 | €1,376 | -€3,455 | -71.5% |
| Tangible fixed assets | 22/27 | €4,831 | €1,376 | -€3,455 | -71.5% |
| Plant, machinery and equipment | 23 | €1,694 | €1,221 | -€473 | -27.9% |
| Furniture and vehicles | 24 | €3,137 | €155 | -€2,982 | -95.1% |
| Current assets | 29/58 | €58,843 | €37,973 | -€20,870 | -35.5% |
| Amounts receivable within one year | 40/41 | €9,248 | €18,954 | +€9,707 | +105% |
| Trade receivables | 40 | €6,979 | €16,228 | +€9,249 | +133% |
| Other amounts receivable | 41 | €2,268 | €2,727 | +€458 | +20.2% |
| Cash at bank and in hand | 54/58 | €45,137 | €16,035 | -€29,102 | -64.5% |
| Deferred charges and accrued income | 490/1 | €4,458 | €2,983 | -€1,475 | -33.1% |
| Total equity and liabilities | 10/49 | €63,674 | €39,349 | -€24,325 | -38.2% |
| Equity | 10/15 | €50,181 | €13,087 | -€37,095 | -73.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €45,181 | €8,087 | -€37,095 | -82.1% |
| Distributable reserves | 133 | €45,181 | €8,087 | -€37,095 | -82.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €13,493 | €26,262 | +€12,770 | +94.6% |
| Amounts payable within one year | 42/48 | €13,493 | €26,262 | +€12,770 | +94.6% |
| Trade debts | 44 | €3,077 | €1,765 | -€1,313 | -42.7% |
| Suppliers | 440/4 | €3,077 | €1,765 | -€1,313 | -42.7% |
| Taxes, remuneration and social security | 45 | €1,016 | €25 | -€991 | -97.5% |
| Taxes | 450/3 | €1,016 | €25 | -€991 | -97.5% |
| Other amounts payable | 47/48 | €9,399 | €24,473 | +€15,073 | +160% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,102 | €3,741 | -€1,360 | -26.7% |
| Other operating charges | 640/8 | €1,383 | €1,326 | -€58 | -4.2% |
| Gross operating margin | 9900 | €20,311 | €21,972 | +€1,661 | +8.2% |
| Operating profit (loss) | 9901 | €13,826 | €16,905 | +€3,079 | +22.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €192 | €88 | -€104 | -54.0% |
| Recurring financial charges | 65 | €192 | €88 | -€104 | -54.0% |
| Profit (loss) for the period before taxes | 9903 | €13,634 | €16,817 | +€3,183 | +23.3% |
| Income taxes | 67/77 | €3,732 | €3,911 | +€180 | +4.8% |
| Profit (loss) for the period | 9904 | €9,902 | €12,905 | +€3,003 | +30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,902 | €12,905 | +€3,003 | +30.3% |
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 15 October 2026 via checked.be.