Stefan Degroote: 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 Degroote
Largest movements
- Tangible fixed assets +€396,267
up €396,267 (+205%), from €193,221 to €589,489
of which Land and buildings: +€274,696
- Receivables within one year +€262,862
up €262,862 (+84.6%), from €310,744 to €573,606
of which Other amounts receivable: +€135,532
- Receivables after one year -€125,400
down €125,400 (-100%), from €125,400 to €0
of which Trade receivables: -€125,400
- Stocks and contracts -€32,800
down €32,800 (-23.9%), from €137,060 to €104,260
of which Stocks: -€21,000
- Cash -€15,330
down €15,330 (-54.4%), from €28,170 to €12,840
mainly Investment in fixed assets (net) (-€429,257) and Receivables within one year (-€262,862)
- Debts after one year +€241,634
up €241,634 (+287%), from €84,266 to €325,900
- Other debts +€119,209
new in 2025: €119,209
- Short-term financial debts +€100,000
new in 2025: €100,000
- Reserves +€59,045
up €59,045 (+140%), from €42,295 to €101,340
- Revaluation surpluses -€56,990
down €56,990 (-100%), from €56,990 to €0
- Gross operating margin +€20,428
up €20,428 (+23.2%), from €87,901 to €108,329
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 | €815,376 | €1,302,973 | +€487,596 | +59.8% |
| Fixed assets | 21/28 | €193,221 | €589,489 | +€396,267 | +205% |
| Tangible fixed assets | 22/27 | €193,221 | €589,489 | +€396,267 | +205% |
| Land and buildings | 22 | €169,268 | €443,965 | +€274,696 | +162% |
| Plant, machinery and equipment | 23 | €15,513 | €121,646 | +€106,134 | +684% |
| Furniture and vehicles | 24 | €926 | €20,355 | +€19,430 | +2,099% |
| Leasing and similar rights | 25 | €7,515 | €3,523 | -€3,992 | -53.1% |
| Current assets | 29/58 | €622,155 | €713,484 | +€91,329 | +14.7% |
| Amounts receivable after more than one year | 29 | €125,400 | €0 | -€125,400 | -100% |
| Trade receivables | 290 | €125,400 | - | -€125,400 | |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | €137,060 | €104,260 | -€32,800 | -23.9% |
| Stocks | 30/36 | €93,260 | €72,260 | -€21,000 | -22.5% |
| Contracts in progress | 37 | €43,800 | €32,000 | -€11,800 | -26.9% |
| Amounts receivable within one year | 40/41 | €310,744 | €573,606 | +€262,862 | +84.6% |
| Trade receivables | 40 | €128,499 | €255,829 | +€127,330 | +99.1% |
| Other amounts receivable | 41 | €182,245 | €317,777 | +€135,532 | +74.4% |
| Cash at bank and in hand | 54/58 | €28,170 | €12,840 | -€15,330 | -54.4% |
| Deferred charges and accrued income | 490/1 | €20,781 | €22,778 | +€1,998 | +9.6% |
| Total equity and liabilities | 10/49 | €815,376 | €1,302,973 | +€487,596 | +59.8% |
| Equity | 10/15 | €108,736 | €110,791 | +€2,055 | +1.9% |
| Contributions | 10/11 | €9,451 | €9,451 | = | 0.0% |
| Revaluation surpluses | 12 | €56,990 | €0 | -€56,990 | -100% |
| Reserves | 13 | €42,295 | €101,340 | +€59,045 | +140% |
| Distributable reserves | 133 | €42,295 | €101,340 | +€59,045 | +140% |
| Amounts payable | 17/49 | €706,640 | €1,192,182 | +€485,542 | +68.7% |
| Amounts payable after more than one year | 17 | €84,266 | €325,900 | +€241,634 | +287% |
| Financial debts | 170/4 | €84,266 | €325,900 | +€241,634 | +287% |
| Amounts payable within one year | 42/48 | €622,374 | €866,282 | +€243,908 | +39.2% |
| Current portion of amounts payable after more than one year | 42 | €58,950 | €105,498 | +€46,547 | +79.0% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €547,246 | €519,598 | -€27,648 | -5.1% |
| Suppliers | 440/4 | €547,246 | €519,598 | -€27,648 | -5.1% |
| Taxes, remuneration and social security | 45 | €16,177 | €21,977 | +€5,800 | +35.9% |
| Taxes | 450/3 | €16,177 | €21,977 | +€5,800 | +35.9% |
| Other amounts payable | 47/48 | - | €119,209 | +€119,209 | |
| Non-recurring operating income | 76A | €1,700 | - | -€1,700 | |
| Remuneration, social security and pensions | 62 | - | €81 | +€81 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,236 | €32,990 | -€246 | -0.7% |
| Other operating charges | 640/8 | €6,099 | €6,214 | +€115 | +1.9% |
| Gross operating margin | 9900 | €87,901 | €108,329 | +€20,428 | +23.2% |
| Operating profit (loss) | 9901 | €48,566 | €69,044 | +€20,479 | +42.2% |
| Financial income | 75/76B | €11,381 | €11,150 | -€230 | -2.0% |
| Recurring financial income | 75 | €11,381 | €11,150 | -€230 | -2.0% |
| Financial charges | 65/66B | €6,493 | €7,149 | +€656 | +10.1% |
| Recurring financial charges | 65 | €6,493 | €7,149 | +€656 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €53,454 | €73,045 | +€19,592 | +36.7% |
| Income taxes | 67/77 | €13,103 | €14,000 | +€897 | +6.8% |
| Profit (loss) for the period | 9904 | €40,350 | €59,045 | +€18,695 | +46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €40,350 | €59,045 | +€18,695 | +46.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.