STEFAAN BELON: 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.
STEFAAN BELON
Largest movements
- Current investments +€100,523
new in 2025: €100,523
- Cash +€14,027
up €14,027 (+13.0%), from €107,679 to €121,707
mainly Net result for the year (+€88,353) and Tax, wage and social debts (+€25,783)
- Reserves +€88,353
up €88,353 (+130%), from €68,141 to €156,494
- Tax, wage and social debts +€25,783
up €25,783 (+71.6%), from €36,004 to €61,788
- Gross operating margin +€29,756
up €29,756 (+35.4%), from €84,027 to €113,784
- Taxes +€7,249
up €7,249 (+42.8%), from €16,943 to €24,192
- Financial income +€1,483
new in 2025: €1,483
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 | €111,595 | €225,755 | +€114,161 | +102% |
| Fixed assets | 21/28 | €2,049 | €1,519 | -€530 | -25.9% |
| Tangible fixed assets | 22/27 | €2,049 | €1,519 | -€530 | -25.9% |
| Plant, machinery and equipment | 23 | €2,049 | €1,519 | -€530 | -25.9% |
| Current assets | 29/58 | €109,545 | €224,236 | +€114,691 | +105% |
| Amounts receivable within one year | 40/41 | €351 | €0 | -€351 | -100% |
| Trade receivables | 40 | €351 | €0 | -€351 | -100% |
| Current investments | 50/53 | - | €100,523 | +€100,523 | |
| Cash at bank and in hand | 54/58 | €107,679 | €121,707 | +€14,027 | +13.0% |
| Deferred charges and accrued income | 490/1 | €1,515 | €2,006 | +€491 | +32.4% |
| Total equity and liabilities | 10/49 | €111,595 | €225,755 | +€114,161 | +102% |
| Equity | 10/15 | €73,141 | €161,494 | +€88,353 | +121% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €68,141 | €156,494 | +€88,353 | +130% |
| Distributable reserves | 133 | €68,141 | €156,494 | +€88,353 | +130% |
| Amounts payable | 17/49 | €38,454 | €64,261 | +€25,807 | +67.1% |
| Amounts payable within one year | 42/48 | €38,454 | €64,261 | +€25,807 | +67.1% |
| Trade debts | 44 | €1,557 | €2,091 | +€534 | +34.3% |
| Suppliers | 440/4 | €1,557 | €2,091 | +€534 | +34.3% |
| Taxes, remuneration and social security | 45 | €36,004 | €61,788 | +€25,783 | +71.6% |
| Taxes | 450/3 | €36,004 | €61,788 | +€25,783 | +71.6% |
| Other amounts payable | 47/48 | €893 | €383 | -€510 | -57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €530 | €530 | = | 0.0% |
| Other operating charges | 640/8 | €0 | €144 | +€144 | |
| Gross operating margin | 9900 | €84,027 | €113,784 | +€29,756 | +35.4% |
| Operating profit (loss) | 9901 | €83,497 | €113,109 | +€29,612 | +35.5% |
| Financial income | 75/76B | - | €1,483 | +€1,483 | |
| Recurring financial income | 75 | - | €1,483 | +€1,483 | |
| Financial charges | 65/66B | €2,640 | €2,047 | -€593 | -22.5% |
| Recurring financial charges | 65 | €2,640 | €2,047 | -€593 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €80,857 | €112,545 | +€31,688 | +39.2% |
| Income taxes | 67/77 | €16,943 | €24,192 | +€7,249 | +42.8% |
| Profit (loss) for the period | 9904 | €63,914 | €88,353 | +€24,439 | +38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,914 | €88,353 | +€24,439 | +38.2% |
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 28 October 2026 via checked.be.