STEFAN DEGALLAIX: 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 DEGALLAIX
Largest movements
- Receivables within one year -€17,997
down €17,997 (-49.5%), from €36,390 to €18,393
of which Other amounts receivable: -€18,824
- Tangible fixed assets -€3,276
down €3,276 (-39.1%), from €8,372 to €5,097
of which Land and buildings: -€2,599
- Cash +€1,822
up €1,822 (+83.2%), from €2,190 to €4,012
mainly Receivables within one year (+€17,997) and Depreciation (+€3,276)
- Other debts -€11,152
down €11,152 (-32.5%), from €34,278 to €23,126
- Profit (loss) carried forward -€4,118
new in 2025: -€4,118
- Tax, wage and social debts -€3,936
down €3,936 (-36.2%), from €10,877 to €6,941
- Financial charges +€37,394
up €37,394 (+630%), from €5,931 to €43,325
- Gross operating margin -€15,764
down €15,764 (-27.0%), from €58,285 to €42,522
- Taxes -€10,163
down €10,163 (-98.7%), from €10,296 to €133
- Financial income -€1,252
down €1,252 (-72.7%), from €1,723 to €471
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 | €52,008 | €32,471 | -€19,537 | -37.6% |
| Fixed assets | 21/28 | €8,372 | €5,097 | -€3,276 | -39.1% |
| Tangible fixed assets | 22/27 | €8,372 | €5,097 | -€3,276 | -39.1% |
| Land and buildings | 22 | €2,617 | €18 | -€2,599 | -99.3% |
| Other tangible fixed assets | 26 | €5,755 | €5,078 | -€677 | -11.8% |
| Current assets | 29/58 | €43,636 | €27,375 | -€16,261 | -37.3% |
| Amounts receivable within one year | 40/41 | €36,390 | €18,393 | -€17,997 | -49.5% |
| Trade receivables | 40 | €11,995 | €12,822 | +€827 | +6.9% |
| Other amounts receivable | 41 | €24,395 | €5,571 | -€18,824 | -77.2% |
| Cash at bank and in hand | 54/58 | €2,190 | €4,012 | +€1,822 | +83.2% |
| Deferred charges and accrued income | 490/1 | €5,057 | €4,970 | -€87 | -1.7% |
| Total equity and liabilities | 10/49 | €52,008 | €32,471 | -€19,537 | -37.6% |
| Equity | 10/15 | €4,000 | -€118 | -€4,118 | |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€4,118 | -€4,118 | |
| Amounts payable | 17/49 | €48,008 | €32,589 | -€15,419 | -32.1% |
| Amounts payable within one year | 42/48 | €48,008 | €32,589 | -€15,419 | -32.1% |
| Trade debts | 44 | €2,853 | €2,522 | -€331 | -11.6% |
| Suppliers | 440/4 | €2,853 | €2,522 | -€331 | -11.6% |
| Taxes, remuneration and social security | 45 | €10,877 | €6,941 | -€3,936 | -36.2% |
| Taxes | 450/3 | €10,877 | €6,941 | -€3,936 | -36.2% |
| Other amounts payable | 47/48 | €34,278 | €23,126 | -€11,152 | -32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,401 | €3,276 | -€126 | -3.7% |
| Other operating charges | 640/8 | €53 | €377 | +€324 | +611% |
| Gross operating margin | 9900 | €58,285 | €42,522 | -€15,764 | -27.0% |
| Operating profit (loss) | 9901 | €54,831 | €38,869 | -€15,962 | -29.1% |
| Financial income | 75/76B | €1,723 | €471 | -€1,252 | -72.7% |
| Recurring financial income | 75 | €1,723 | €471 | -€1,252 | -72.7% |
| Financial charges | 65/66B | €5,931 | €43,325 | +€37,394 | +630% |
| Recurring financial charges | 65 | €5,931 | €43,325 | +€37,394 | +630% |
| Profit (loss) for the period before taxes | 9903 | €50,623 | -€3,985 | -€54,608 | |
| Income taxes | 67/77 | €10,296 | €133 | -€10,163 | -98.7% |
| Profit (loss) for the period | 9904 | €40,327 | -€4,118 | -€44,445 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,327 | -€4,118 | -€44,445 |
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 24 October 2026 via checked.be.