Stefaan Raes: 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 Raes
Largest movements
- Current investments +€350,000
up €350,000 (+100%), from €350,000 to €700,000
- Cash -€310,060
down €310,060 (-84.7%), from €366,219 to €56,160
mainly Current investments (-€350,000) and Other debts (-€55,020)
- Tangible fixed assets -€18,386
down €18,386 (-3.9%), from €476,616 to €458,229
of which Furniture and vehicles: -€9,269
- Reserves +€116,426
up €116,426 (+15.4%), from €756,773 to €873,199
of which Distributable reserves: +€116,426
- Other debts -€55,020
no longer reported in 2025 (was €55,020)
- Debts after one year -€45,162
down €45,162 (-17.0%), from €265,629 to €220,468
- Taxes -€3,638
down €3,638 (-4.3%), from €83,906 to €80,268
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 | €1,206,557 | €1,216,207 | +€9,650 | +0.8% |
| Fixed assets | 21/28 | €476,616 | €458,229 | -€18,386 | -3.9% |
| Tangible fixed assets | 22/27 | €476,616 | €458,229 | -€18,386 | -3.9% |
| Land and buildings | 22 | €443,887 | €434,769 | -€9,117 | -2.1% |
| Furniture and vehicles | 24 | €32,729 | €23,460 | -€9,269 | -28.3% |
| Current assets | 29/58 | €729,941 | €757,977 | +€28,037 | +3.8% |
| Amounts receivable within one year | 40/41 | €4,331 | €767 | -€3,564 | -82.3% |
| Trade receivables | 40 | €4,331 | - | -€4,331 | |
| Other amounts receivable | 41 | - | €767 | +€767 | |
| Current investments | 50/53 | €350,000 | €700,000 | +€350,000 | +100% |
| Cash at bank and in hand | 54/58 | €366,219 | €56,160 | -€310,060 | -84.7% |
| Deferred charges and accrued income | 490/1 | €9,390 | €1,050 | -€8,340 | -88.8% |
| Total equity and liabilities | 10/49 | €1,206,557 | €1,216,207 | +€9,650 | +0.8% |
| Equity | 10/15 | €769,173 | €885,599 | +€116,426 | +15.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €756,773 | €873,199 | +€116,426 | +15.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €754,913 | €871,339 | +€116,426 | +15.4% |
| Amounts payable | 17/49 | €437,383 | €330,608 | -€106,776 | -24.4% |
| Amounts payable after more than one year | 17 | €265,629 | €220,468 | -€45,162 | -17.0% |
| Financial debts | 170/4 | €265,629 | €220,468 | -€45,162 | -17.0% |
| Amounts payable within one year | 42/48 | €170,254 | €108,640 | -€61,614 | -36.2% |
| Current portion of amounts payable after more than one year | 42 | €43,210 | €45,162 | +€1,952 | +4.5% |
| Trade debts | 44 | €3,118 | €4,105 | +€987 | +31.7% |
| Suppliers | 440/4 | €3,118 | €4,105 | +€987 | +31.7% |
| Taxes, remuneration and social security | 45 | €68,906 | €59,373 | -€9,533 | -13.8% |
| Taxes | 450/3 | €68,906 | €59,373 | -€9,533 | -13.8% |
| Other amounts payable | 47/48 | €55,020 | - | -€55,020 | |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,757 | €18,386 | -€371 | -2.0% |
| Other operating charges | 640/8 | €2,694 | €2,776 | +€81 | +3.0% |
| Non-recurring operating charges | 66A | - | €75 | +€75 | |
| Gross operating margin | 9900 | €278,236 | €276,249 | -€1,987 | -0.7% |
| Operating profit (loss) | 9901 | €256,785 | €255,012 | -€1,773 | -0.7% |
| Financial income | 75/76B | €7,780 | €8,540 | +€761 | +9.8% |
| Recurring financial income | 75 | €7,780 | €8,540 | +€761 | +9.8% |
| Financial charges | 65/66B | €11,703 | €13,964 | +€2,261 | +19.3% |
| Recurring financial charges | 65 | €11,703 | €13,964 | +€2,261 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €252,862 | €249,588 | -€3,273 | -1.3% |
| Income taxes | 67/77 | €83,906 | €80,268 | -€3,638 | -4.3% |
| Profit (loss) for the period | 9904 | €168,955 | €169,320 | +€365 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €168,955 | €169,320 | +€365 | +0.2% |
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 23 October 2026 via checked.be.