STEF WOUTERS: 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 WOUTERS
Largest movements
- Current investments -€23,491
down €23,491 (-60.9%), from €38,553 to €15,062
- Receivables within one year +€12,630
up €12,630 (+14.5%), from €87,003 to €99,634
of which Trade receivables: +€13,058
- Cash +€12,588
up €12,588 (+355%), from €3,548 to €16,136
mainly Current investments (+€23,491) and Net result for the year (+€11,506)
- Tangible fixed assets -€8,827
down €8,827 (-14.5%), from €60,981 to €52,154
of which Furniture and vehicles: -€6,236
- Tax, wage and social debts -€9,611
down €9,611 (-53.4%), from €17,999 to €8,388
of which Remuneration and social security: -€9,580
- Other debts +€6,319
up €6,319 (+11.4%), from €55,350 to €61,669
- Trade debts +€3,555
up €3,555 (+1,281%), from €278 to €3,832
- Profit (loss) carried forward -€3,494
down €3,494 (-6.2%), from €56,188 to €52,694
- Current portion of long-term debt -€2,515
down €2,515 (-83.3%), from €3,020 to €504
- Gross operating margin -€12,104
down €12,104 (-29.0%), from €41,790 to €29,687
- Financial charges -€2,362
down €2,362 (-30.8%), from €7,658 to €5,297
- Taxes -€2,170
down €2,170 (-34.6%), from €6,267 to €4,097
- Depreciation +€1,708
up €1,708 (+24.0%), from €7,119 to €8,827
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 | €195,126 | €188,280 | -€6,846 | -3.5% |
| Fixed assets | 21/28 | €60,981 | €52,154 | -€8,827 | -14.5% |
| Tangible fixed assets | 22/27 | €60,981 | €52,154 | -€8,827 | -14.5% |
| Land and buildings | 22 | €40,565 | €37,974 | -€2,591 | -6.4% |
| Furniture and vehicles | 24 | €20,416 | €14,180 | -€6,236 | -30.5% |
| Current assets | 29/58 | €134,145 | €136,126 | +€1,981 | +1.5% |
| Amounts receivable within one year | 40/41 | €87,003 | €99,634 | +€12,630 | +14.5% |
| Trade receivables | 40 | €83,667 | €96,725 | +€13,058 | +15.6% |
| Other amounts receivable | 41 | €3,337 | €2,909 | -€428 | -12.8% |
| Current investments | 50/53 | €38,553 | €15,062 | -€23,491 | -60.9% |
| Cash at bank and in hand | 54/58 | €3,548 | €16,136 | +€12,588 | +355% |
| Deferred charges and accrued income | 490/1 | €5,040 | €5,294 | +€254 | +5.0% |
| Total equity and liabilities | 10/49 | €195,126 | €188,280 | -€6,846 | -3.5% |
| Equity | 10/15 | €76,028 | €72,534 | -€3,494 | -4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,240 | €1,240 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,188 | €52,694 | -€3,494 | -6.2% |
| Amounts payable | 17/49 | €119,098 | €115,746 | -€3,352 | -2.8% |
| Amounts payable after more than one year | 17 | €42,453 | €41,353 | -€1,100 | -2.6% |
| Financial debts | 170/4 | €42,453 | €41,353 | -€1,100 | -2.6% |
| Amounts payable within one year | 42/48 | €76,646 | €74,393 | -€2,253 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €3,020 | €504 | -€2,515 | -83.3% |
| Trade debts | 44 | €278 | €3,832 | +€3,555 | +1,281% |
| Suppliers | 440/4 | €278 | €3,832 | +€3,555 | +1,281% |
| Taxes, remuneration and social security | 45 | €17,999 | €8,388 | -€9,611 | -53.4% |
| Taxes | 450/3 | €7,293 | €7,263 | -€30 | -0.4% |
| Remuneration and social security | 454/9 | €10,706 | €1,126 | -€9,580 | -89.5% |
| Other amounts payable | 47/48 | €55,350 | €61,669 | +€6,319 | +11.4% |
| Remuneration, social security and pensions | 62 | - | €35 | +€35 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,119 | €8,827 | +€1,708 | +24.0% |
| Other operating charges | 640/8 | €354 | €332 | -€22 | -6.2% |
| Gross operating margin | 9900 | €41,790 | €29,687 | -€12,104 | -29.0% |
| Operating profit (loss) | 9901 | €34,318 | €20,492 | -€13,825 | -40.3% |
| Financial income | 75/76B | €203 | €408 | +€205 | +101% |
| Recurring financial income | 75 | €203 | €408 | +€205 | +101% |
| Financial charges | 65/66B | €7,658 | €5,297 | -€2,362 | -30.8% |
| Recurring financial charges | 65 | €7,658 | €5,297 | -€2,362 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €26,862 | €15,603 | -€11,259 | -41.9% |
| Income taxes | 67/77 | €6,267 | €4,097 | -€2,170 | -34.6% |
| Profit (loss) for the period | 9904 | €20,595 | €11,506 | -€9,089 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,595 | €11,506 | -€9,089 | -44.1% |
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 13 October 2026 via checked.be.