Stefan De Vreese: 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 De Vreese
Largest movements
- Tangible fixed assets -€21,559
down €21,559 (-43.6%), from €49,435 to €27,876
of which Furniture and vehicles: -€24,246
- Cash +€3,922
up €3,922 (+11.5%), from €34,191 to €38,113
mainly Depreciation (+€24,537) and Net result for the year (+€23,456)
- Receivables within one year -€2,906
down €2,906 (-16.4%), from €17,689 to €14,782
of which Trade receivables: -€3,003
- Debts after one year -€21,377
down €21,377 (-55.1%), from €38,793 to €17,417
- Reserves +€18,280
up €18,280 (+353%), from €5,176 to €23,456
- Tax, wage and social debts -€11,647
down €11,647 (-98.2%), from €11,864 to €217
- Trade debts -€6,654
down €6,654 (-68.3%), from €9,740 to €3,086
- Gross operating margin +€21,219
up €21,219 (+55.2%), from €38,452 to €59,671
- Taxes +€4,685
up €4,685 (+202%), from €2,321 to €7,007
- Depreciation -€2,055
down €2,055 (-7.7%), from €26,591 to €24,537
- Financial charges -€720
down €720 (-17.0%), from €4,241 to €3,521
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 | €104,612 | €84,657 | -€19,955 | -19.1% |
| Fixed assets | 21/28 | €49,435 | €27,876 | -€21,559 | -43.6% |
| Tangible fixed assets | 22/27 | €49,435 | €27,876 | -€21,559 | -43.6% |
| Plant, machinery and equipment | 23 | - | €2,688 | +€2,688 | |
| Furniture and vehicles | 24 | €49,435 | €25,189 | -€24,246 | -49.0% |
| Current assets | 29/58 | €55,177 | €56,781 | +€1,603 | +2.9% |
| Amounts receivable within one year | 40/41 | €17,689 | €14,782 | -€2,906 | -16.4% |
| Trade receivables | 40 | €16,138 | €13,134 | -€3,003 | -18.6% |
| Other amounts receivable | 41 | €1,551 | €1,648 | +€97 | +6.3% |
| Cash at bank and in hand | 54/58 | €34,191 | €38,113 | +€3,922 | +11.5% |
| Deferred charges and accrued income | 490/1 | €3,297 | €3,885 | +€588 | +17.8% |
| Total equity and liabilities | 10/49 | €104,612 | €84,657 | -€19,955 | -19.1% |
| Equity | 10/15 | €23,776 | €42,056 | +€18,280 | +76.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,176 | €23,456 | +€18,280 | +353% |
| Distributable reserves | 133 | €5,176 | €23,456 | +€18,280 | +353% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €80,836 | €42,601 | -€38,235 | -47.3% |
| Amounts payable after more than one year | 17 | €38,793 | €17,417 | -€21,377 | -55.1% |
| Financial debts | 170/4 | €38,793 | €17,417 | -€21,377 | -55.1% |
| Amounts payable within one year | 42/48 | €42,043 | €24,679 | -€17,363 | -41.3% |
| Current portion of amounts payable after more than one year | 42 | €20,407 | €21,377 | +€969 | +4.7% |
| Trade debts | 44 | €9,740 | €3,086 | -€6,654 | -68.3% |
| Suppliers | 440/4 | €9,740 | €3,086 | -€6,654 | -68.3% |
| Taxes, remuneration and social security | 45 | €11,864 | €217 | -€11,647 | -98.2% |
| Taxes | 450/3 | €11,864 | €217 | -€11,647 | -98.2% |
| Other amounts payable | 47/48 | €31 | €0 | -€31 | -100% |
| Accrued charges and deferred income | 492/3 | - | €505 | +€505 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,591 | €24,537 | -€2,055 | -7.7% |
| Other operating charges | 640/8 | €1,388 | €1,337 | -€51 | -3.7% |
| Gross operating margin | 9900 | €38,452 | €59,671 | +€21,219 | +55.2% |
| Operating profit (loss) | 9901 | €10,473 | €33,797 | +€23,324 | +223% |
| Financial income | 75/76B | €257 | €187 | -€70 | -27.3% |
| Recurring financial income | 75 | €257 | €187 | -€70 | -27.3% |
| Financial charges | 65/66B | €4,241 | €3,521 | -€720 | -17.0% |
| Recurring financial charges | 65 | €4,241 | €3,521 | -€720 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €6,489 | €30,463 | +€23,974 | +369% |
| Income taxes | 67/77 | €2,321 | €7,007 | +€4,685 | +202% |
| Profit (loss) for the period | 9904 | €4,168 | €23,456 | +€19,289 | +463% |
| Profit (loss) for the period to be appropriated | 9905 | €4,168 | €23,456 | +€19,289 | +463% |
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 29 October 2026 via checked.be.