Stefan Goethaert: 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 Goethaert
Largest movements
- Cash +€1.1m
up €1.1m (+572%), from €192,791 to €1.3m
mainly Net result for the year (+€865,638) and Tax, wage and social debts (+€210,318)
- Current investments -€60,952
down €60,952 (-33.9%), from €180,000 to €119,048
- Receivables within one year +€29,443
new in 2025: €29,443
of which Trade receivables: +€29,343
- Reserves +€865,638
up €865,638 (+375%), from €230,643 to €1.1m
- Tax, wage and social debts +€210,318
up €210,318 (+162%), from €129,567 to €339,886
of which Taxes: +€210,318
- Gross operating margin +€841,194
up €841,194 (+278%), from €303,065 to €1.1m
- Taxes +€212,700
up €212,700 (+300%), from €70,819 to €283,519
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 | €373,199 | €1,448,497 | +€1.1m | +288% |
| Fixed assets | 21/28 | - | €4,955 | +€4,955 | |
| Tangible fixed assets | 22/27 | - | €4,955 | +€4,955 | |
| Furniture and vehicles | 24 | - | €4,955 | +€4,955 | |
| Current assets | 29/58 | €373,199 | €1,443,541 | +€1.1m | +287% |
| Amounts receivable within one year | 40/41 | - | €29,443 | +€29,443 | |
| Trade receivables | 40 | - | €29,343 | +€29,343 | |
| Other amounts receivable | 41 | - | €100 | +€100 | |
| Current investments | 50/53 | €180,000 | €119,048 | -€60,952 | -33.9% |
| Cash at bank and in hand | 54/58 | €192,791 | €1,295,051 | +€1.1m | +572% |
| Deferred charges and accrued income | 490/1 | €408 | €0 | -€408 | -100% |
| Total equity and liabilities | 10/49 | €373,199 | €1,448,497 | +€1.1m | +288% |
| Equity | 10/15 | €240,643 | €1,106,281 | +€865,638 | +360% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €230,643 | €1,096,281 | +€865,638 | +375% |
| Distributable reserves | 133 | €230,643 | €1,096,281 | +€865,638 | +375% |
| Amounts payable | 17/49 | €132,556 | €342,216 | +€209,659 | +158% |
| Amounts payable within one year | 42/48 | €132,415 | €342,216 | +€209,801 | +158% |
| Trade debts | 44 | €2,011 | €2,330 | +€319 | +15.9% |
| Suppliers | 440/4 | €2,011 | €2,330 | +€319 | +15.9% |
| Taxes, remuneration and social security | 45 | €129,567 | €339,886 | +€210,318 | +162% |
| Taxes | 450/3 | €127,417 | €337,736 | +€210,318 | +165% |
| Remuneration and social security | 454/9 | €2,150 | €2,150 | = | 0.0% |
| Other amounts payable | 47/48 | €837 | €0 | -€837 | -100% |
| Accrued charges and deferred income | 492/3 | €142 | €0 | -€142 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,990 | €721 | -€1,269 | -63.8% |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €303,065 | €1,144,259 | +€841,194 | +278% |
| Operating profit (loss) | 9901 | €301,075 | €1,143,418 | +€842,343 | +280% |
| Financial income | 75/76B | €414 | €7,054 | +€6,639 | +1,602% |
| Recurring financial income | 75 | €414 | €7,054 | +€6,639 | +1,602% |
| Financial charges | 65/66B | €27 | €1,315 | +€1,288 | +4,762% |
| Recurring financial charges | 65 | €27 | €1,315 | +€1,288 | +4,762% |
| Profit (loss) for the period before taxes | 9903 | €301,462 | €1,149,157 | +€847,695 | +281% |
| Income taxes | 67/77 | €70,819 | €283,519 | +€212,700 | +300% |
| Profit (loss) for the period | 9904 | €230,643 | €865,638 | +€634,995 | +275% |
| Profit (loss) for the period to be appropriated | 9905 | €230,643 | €865,638 | +€634,995 | +275% |
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 13 October 2026 via checked.be.