Stef Turelinckx: 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 Turelinckx
Largest movements
- Cash +€25,017
up €25,017 (+106%), from €23,683 to €48,699
mainly Depreciation (+€12,598) and Net result for the year (+€11,616)
- Tangible fixed assets -€11,471
down €11,471 (-19.2%), from €59,663 to €48,193
of which Furniture and vehicles: -€10,942
- Receivables within one year -€9,676
down €9,676 (-98.6%), from €9,816 to €140
of which Trade receivables: -€9,816
- Deferred charges and accrued income +€1,552
new in 2025: €1,552
- Profit (loss) carried forward +€11,616
up €11,616 (+30.7%), from €37,778 to €49,394
- Debts after one year -€8,669
down €8,669 (-24.1%), from €35,984 to €27,315
- Tax, wage and social debts +€4,735
up €4,735 (+371%), from €1,275 to €6,010
- Trade debts -€1,895
down €1,895 (-29.1%), from €6,522 to €4,627
- Depreciation +€10,657
up €10,657 (+549%), from €1,940 to €12,598
- Gross operating margin +€6,856
up €6,856 (+27.5%), from €24,953 to €31,809
- Financial charges +€1,350
up €1,350 (+334%), from €404 to €1,754
- Taxes -€808
down €808 (-13.5%), from €5,981 to €5,173
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 | €93,162 | €98,585 | +€5,423 | +5.8% |
| Fixed assets | 21/28 | €59,663 | €48,193 | -€11,471 | -19.2% |
| Tangible fixed assets | 22/27 | €59,663 | €48,193 | -€11,471 | -19.2% |
| Plant, machinery and equipment | 23 | €2,547 | €2,019 | -€528 | -20.7% |
| Furniture and vehicles | 24 | €57,116 | €46,173 | -€10,942 | -19.2% |
| Current assets | 29/58 | €33,499 | €50,392 | +€16,893 | +50.4% |
| Amounts receivable within one year | 40/41 | €9,816 | €140 | -€9,676 | -98.6% |
| Trade receivables | 40 | €9,816 | - | -€9,816 | |
| Other amounts receivable | 41 | - | €140 | +€140 | |
| Cash at bank and in hand | 54/58 | €23,683 | €48,699 | +€25,017 | +106% |
| Deferred charges and accrued income | 490/1 | - | €1,552 | +€1,552 | |
| Total equity and liabilities | 10/49 | €93,162 | €98,585 | +€5,423 | +5.8% |
| Equity | 10/15 | €40,278 | €51,894 | +€11,616 | +28.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,778 | €49,394 | +€11,616 | +30.7% |
| Amounts payable | 17/49 | €52,883 | €46,691 | -€6,193 | -11.7% |
| Amounts payable after more than one year | 17 | €35,984 | €27,315 | -€8,669 | -24.1% |
| Financial debts | 170/4 | €35,984 | €27,315 | -€8,669 | -24.1% |
| Amounts payable within one year | 42/48 | €16,900 | €19,376 | +€2,476 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €8,336 | €8,669 | +€333 | +4.0% |
| Trade debts | 44 | €6,522 | €4,627 | -€1,895 | -29.1% |
| Suppliers | 440/4 | €6,522 | €4,627 | -€1,895 | -29.1% |
| Taxes, remuneration and social security | 45 | €1,275 | €6,010 | +€4,735 | +371% |
| Taxes | 450/3 | €1,275 | €6,010 | +€4,735 | +371% |
| Other amounts payable | 47/48 | €767 | €70 | -€697 | -90.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,940 | €12,598 | +€10,657 | +549% |
| Other operating charges | 640/8 | €677 | €769 | +€92 | +13.6% |
| Gross operating margin | 9900 | €24,953 | €31,809 | +€6,856 | +27.5% |
| Operating profit (loss) | 9901 | €22,335 | €18,441 | -€3,894 | -17.4% |
| Financial income | 75/76B | - | €102 | +€102 | |
| Recurring financial income | 75 | - | €102 | +€102 | |
| Financial charges | 65/66B | €404 | €1,754 | +€1,350 | +334% |
| Recurring financial charges | 65 | €404 | €1,754 | +€1,350 | +334% |
| Profit (loss) for the period before taxes | 9903 | €21,931 | €16,789 | -€5,142 | -23.4% |
| Income taxes | 67/77 | €5,981 | €5,173 | -€808 | -13.5% |
| Profit (loss) for the period | 9904 | €15,949 | €11,616 | -€4,334 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,949 | €11,616 | -€4,334 | -27.2% |
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 19 October 2026 via checked.be.