STEF VAN DEN BLEEKEN: 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 VAN DEN BLEEKEN
Largest movements
- Cash -€343,311
down €343,311 (-99.9%), from €343,563 to €252
mainly Receivables within one year (-€226,533) and Investment in fixed assets (net) (-€116,553)
- Receivables within one year +€226,533
up €226,533 (+51.9%), from €436,093 to €662,626
of which Other amounts receivable: +€253,277
- Tangible fixed assets +€91,750
up €91,750 (+24.4%), from €375,815 to €467,565
of which Land and buildings: +€110,425
- Profit (loss) carried forward -€48,370
down €48,370, from €2,169 to -€46,201
- Trade debts +€39,424
up €39,424 (+17.6%), from €224,372 to €263,796
- Debts after one year -€28,822
down €28,822 (-7.5%), from €382,357 to €353,535
- Tax, wage and social debts -€25,612
down €25,612 (-75.0%), from €34,154 to €8,542
of which Taxes: -€21,151
- Short-term financial debts +€23,931
new in 2025: €23,931
- Gross operating margin -€289,416
down €289,416 (-56.6%), from €510,900 to €221,484
- Taxes -€20,745
down €20,745 (-94.4%), from €21,974 to €1,229
- Financial charges -€13,937
down €13,937 (-58.4%), from €23,873 to €9,936
- Staff costs -€9,327
down €9,327 (-3.8%), from €248,551 to €239,224
- Financial income +€7,436
up €7,436 (+123%), from €6,040 to €13,476
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 | €1,428,273 | €1,407,063 | -€21,210 | -1.5% |
| Fixed assets | 21/28 | €376,115 | €467,865 | +€91,750 | +24.4% |
| Tangible fixed assets | 22/27 | €375,815 | €467,565 | +€91,750 | +24.4% |
| Land and buildings | 22 | €208,127 | €318,551 | +€110,425 | +53.1% |
| Furniture and vehicles | 24 | €11,619 | €1,446 | -€10,173 | -87.6% |
| Other tangible fixed assets | 26 | €156,069 | €147,567 | -€8,502 | -5.4% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €1,052,158 | €939,198 | -€112,960 | -10.7% |
| Amounts receivable after more than one year | 29 | €260,178 | €260,178 | = | 0.0% |
| Other amounts receivable | 291 | €260,178 | €260,178 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €436,093 | €662,626 | +€226,533 | +51.9% |
| Trade receivables | 40 | €353,700 | €326,955 | -€26,744 | -7.6% |
| Other amounts receivable | 41 | €82,394 | €335,671 | +€253,277 | +307% |
| Cash at bank and in hand | 54/58 | €343,563 | €252 | -€343,311 | -99.9% |
| Deferred charges and accrued income | 490/1 | €12,324 | €16,142 | +€3,818 | +31.0% |
| Total equity and liabilities | 10/49 | €1,428,273 | €1,407,063 | -€21,210 | -1.5% |
| Equity | 10/15 | €711,727 | €662,204 | -€49,523 | -7.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €703,358 | €702,206 | -€1,152 | -0.2% |
| Tax-exempt reserves | 132 | €107,476 | €106,323 | -€1,152 | -1.1% |
| Distributable reserves | 133 | €595,882 | €595,882 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,169 | -€46,201 | -€48,370 | |
| Provisions and deferred taxes | 16 | €43,521 | €42,601 | -€920 | -2.1% |
| Provisions for liabilities and charges | 160/5 | €16,652 | €16,020 | -€632 | -3.8% |
| Other liabilities and charges | 164/5 | €16,652 | €16,020 | -€632 | -3.8% |
| Deferred taxes | 168 | €26,869 | €26,581 | -€288 | -1.1% |
| Amounts payable | 17/49 | €673,025 | €702,258 | +€29,233 | +4.3% |
| Amounts payable after more than one year | 17 | €382,357 | €353,535 | -€28,822 | -7.5% |
| Financial debts | 170/4 | €382,357 | €353,535 | -€28,822 | -7.5% |
| Amounts payable within one year | 42/48 | €286,868 | €344,923 | +€58,055 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €28,342 | €48,654 | +€20,312 | +71.7% |
| Financial debts | 43 | - | €23,931 | +€23,931 | |
| Credit institutions | 430/8 | - | €23,931 | +€23,931 | |
| Trade debts | 44 | €224,372 | €263,796 | +€39,424 | +17.6% |
| Suppliers | 440/4 | €224,372 | €263,796 | +€39,424 | +17.6% |
| Taxes, remuneration and social security | 45 | €34,154 | €8,542 | -€25,612 | -75.0% |
| Taxes | 450/3 | €22,689 | €1,538 | -€21,151 | -93.2% |
| Remuneration and social security | 454/9 | €11,465 | €7,004 | -€4,461 | -38.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,800 | €3,800 | = | 0.0% |
| Non-recurring operating income | 76A | €191,171 | €0 | -€191,171 | -100% |
| Remuneration, social security and pensions | 62 | €248,551 | €239,224 | -€9,327 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,433 | €24,803 | +€1,370 | +5.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€80 | -€632 | -€551 | -687% |
| Other operating charges | 640/8 | €17,565 | €10,211 | -€7,354 | -41.9% |
| Gross operating margin | 9900 | €510,900 | €221,484 | -€289,416 | -56.6% |
| Operating profit (loss) | 9901 | €221,432 | -€52,122 | -€273,554 | |
| Financial income | 75/76B | €6,040 | €13,476 | +€7,436 | +123% |
| Recurring financial income | 75 | €6,040 | €13,476 | +€7,436 | +123% |
| Financial charges | 65/66B | €23,873 | €9,936 | -€13,937 | -58.4% |
| Recurring financial charges | 65 | €23,873 | €9,936 | -€13,937 | -58.4% |
| Profit (loss) for the period before taxes | 9903 | €203,599 | -€48,582 | -€252,181 | |
| Transfer from deferred taxes | 780 | €84 | €288 | +€204 | +244% |
| Transfer to deferred taxes | 680 | €26,953 | €0 | -€26,953 | -100% |
| Income taxes | 67/77 | €21,974 | €1,229 | -€20,745 | -94.4% |
| Profit (loss) for the period | 9904 | €154,757 | -€49,523 | -€204,279 | |
| Transfer from tax-exempt reserves | 789 | €335 | €1,152 | +€817 | +244% |
| Transfer to tax-exempt reserves | 689 | €107,811 | €0 | -€107,811 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €47,281 | -€48,370 | -€95,651 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.