STEFAN COLLIN: 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.
STEFAN COLLIN
Largest movements
- Tangible fixed assets +€41,963
up €41,963 (+111%), from €37,791 to €79,754
- Receivables within one year -€8,334
down €8,334 (-41.9%), from €19,885 to €11,551
of which Trade receivables: -€14,390
- Cash +€5,732
up €5,732 (+11.0%), from €52,347 to €58,079
mainly Advances received (+€20,000) and Depreciation (+€11,110)
- Advances received +€20,000
new in 2025: €20,000
- Current portion of long-term debt +€10,101
up €10,101 (+163%), from €6,180 to €16,281
- Other debts +€10,000
new in 2025: €10,000
- Debts after one year +€3,719
up €3,719 (+32.5%), from €11,441 to €15,160
- Tax, wage and social debts -€2,837
down €2,837 (-40.7%), from €6,973 to €4,136
of which Remuneration and social security: -€3,282
- Staff costs -€13,458
down €13,458 (-67.0%), from €20,081 to €6,624
- Gross operating margin +€6,770
up €6,770 (+27.2%), from €24,887 to €31,657
- Taxes +€2,573
up €2,573 (+425%), from €606 to €3,179
- Other operating charges -€1,741
down €1,741 (-58.5%), from €2,975 to €1,235
- Depreciation +€885
up €885 (+8.7%), from €10,225 to €11,110
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 | €114,699 | €154,749 | +€40,050 | +34.9% |
| Fixed assets | 21/28 | €37,791 | €79,754 | +€41,963 | +111% |
| Tangible fixed assets | 22/27 | €37,791 | €79,754 | +€41,963 | +111% |
| Furniture and vehicles | 24 | €37,791 | €79,754 | +€41,963 | +111% |
| Current assets | 29/58 | €76,907 | €74,995 | -€1,913 | -2.5% |
| Stocks and contracts in progress | 3 | €1,200 | €1,200 | = | 0.0% |
| Stocks | 30/36 | €1,200 | €1,200 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,885 | €11,551 | -€8,334 | -41.9% |
| Trade receivables | 40 | €19,885 | €5,494 | -€14,390 | -72.4% |
| Other amounts receivable | 41 | €0 | €6,057 | +€6,057 | |
| Cash at bank and in hand | 54/58 | €52,347 | €58,079 | +€5,732 | +11.0% |
| Deferred charges and accrued income | 490/1 | €3,476 | €4,165 | +€689 | +19.8% |
| Total equity and liabilities | 10/49 | €114,699 | €154,749 | +€40,050 | +34.9% |
| Equity | 10/15 | €85,341 | €84,636 | -€705 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,881 | €64,176 | -€705 | -1.1% |
| Amounts payable | 17/49 | €29,358 | €70,113 | +€40,755 | +139% |
| Amounts payable after more than one year | 17 | €11,441 | €15,160 | +€3,719 | +32.5% |
| Financial debts | 170/4 | €11,441 | €15,160 | +€3,719 | +32.5% |
| Amounts payable within one year | 42/48 | €17,917 | €54,953 | +€37,036 | +207% |
| Current portion of amounts payable after more than one year | 42 | €6,180 | €16,281 | +€10,101 | +163% |
| Trade debts | 44 | €4,764 | €4,537 | -€227 | -4.8% |
| Suppliers | 440/4 | €4,764 | €4,537 | -€227 | -4.8% |
| Advances received on contracts in progress | 46 | - | €20,000 | +€20,000 | |
| Taxes, remuneration and social security | 45 | €6,973 | €4,136 | -€2,837 | -40.7% |
| Taxes | 450/3 | €3,691 | €4,136 | +€445 | +12.1% |
| Remuneration and social security | 454/9 | €3,282 | €0 | -€3,282 | -100% |
| Other amounts payable | 47/48 | - | €10,000 | +€10,000 | |
| Remuneration, social security and pensions | 62 | €20,081 | €6,624 | -€13,458 | -67.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,225 | €11,110 | +€885 | +8.7% |
| Other operating charges | 640/8 | €2,975 | €1,235 | -€1,741 | -58.5% |
| Gross operating margin | 9900 | €24,887 | €31,657 | +€6,770 | +27.2% |
| Operating profit (loss) | 9901 | -€8,395 | €12,689 | +€21,084 | |
| Financial income | 75/76B | €172 | €553 | +€381 | +222% |
| Recurring financial income | 75 | €172 | €553 | +€381 | +222% |
| Financial charges | 65/66B | €1,256 | €768 | -€487 | -38.8% |
| Recurring financial charges | 65 | €1,256 | €768 | -€487 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | -€9,479 | €12,474 | +€21,953 | |
| Income taxes | 67/77 | €606 | €3,179 | +€2,573 | +425% |
| Profit (loss) for the period | 9904 | -€10,085 | €9,295 | +€19,380 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,085 | €9,295 | +€19,380 |
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 23 October 2026 via checked.be.