Stefan Gogaert: 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 Gogaert
Largest movements
- Cash -€81,446
down €81,446 (-34.4%), from €236,880 to €155,433
mainly Current investments (-€71,909) and Investment in fixed assets (net) (-€64,391)
- Current investments +€71,909
up €71,909 (+1.5%), from €4.8m to €4.9m
- Receivables within one year +€64,251
up €64,251 (+204%), from €31,545 to €95,795
of which Trade receivables: +€41,499
- Profit (loss) carried forward +€70,462
up €70,462 (+19.9%), from -€354,195 to -€283,733
- Gross operating margin +€86,575
up €86,575, from -€11,342 to €75,232
- Financial income -€36,439
down €36,439 (-22.3%), from €163,510 to €127,071
of which Non-recurring financial income: -€77,245
- Financial charges +€5,341
up €5,341 (+27.3%), from €19,555 to €24,896
- Depreciation -€1,768
down €1,768 (-1.7%), from €105,003 to €103,235
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 | €6,071,629 | €6,090,622 | +€18,994 | +0.3% |
| Fixed assets | 21/28 | €996,197 | €957,353 | -€38,844 | -3.9% |
| Tangible fixed assets | 22/27 | €996,197 | €957,353 | -€38,844 | -3.9% |
| Land and buildings | 22 | €929,099 | €899,311 | -€29,788 | -3.2% |
| Plant, machinery and equipment | 23 | €54,901 | €47,654 | -€7,247 | -13.2% |
| Furniture and vehicles | 24 | €12,197 | €10,388 | -€1,809 | -14.8% |
| Current assets | 29/58 | €5,075,432 | €5,133,269 | +€57,838 | +1.1% |
| Amounts receivable within one year | 40/41 | €31,545 | €95,795 | +€64,251 | +204% |
| Trade receivables | 40 | €5,156 | €46,655 | +€41,499 | +805% |
| Other amounts receivable | 41 | €26,389 | €49,140 | +€22,751 | +86.2% |
| Current investments | 50/53 | €4,802,952 | €4,874,861 | +€71,909 | +1.5% |
| Cash at bank and in hand | 54/58 | €236,880 | €155,433 | -€81,446 | -34.4% |
| Deferred charges and accrued income | 490/1 | €4,056 | €7,180 | +€3,124 | +77.0% |
| Total equity and liabilities | 10/49 | €6,071,629 | €6,090,622 | +€18,994 | +0.3% |
| Equity | 10/15 | €6,002,431 | €6,072,893 | +€70,462 | +1.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €6,344,226 | €6,344,226 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €6,342,371 | €6,342,371 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€354,195 | -€283,733 | +€70,462 | +19.9% |
| Amounts payable | 17/49 | €69,197 | €17,729 | -€51,468 | -74.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €67,938 | €17,729 | -€50,209 | -73.9% |
| Current portion of amounts payable after more than one year | 42 | €46,755 | €0 | -€46,755 | -100% |
| Trade debts | 44 | €1,096 | €9,744 | +€8,648 | +789% |
| Suppliers | 440/4 | €1,096 | €9,744 | +€8,648 | +789% |
| Taxes, remuneration and social security | 45 | €789 | €7,985 | +€7,196 | +912% |
| Taxes | 450/3 | €789 | €7,985 | +€7,196 | +912% |
| Other amounts payable | 47/48 | €19,298 | €0 | -€19,298 | -100% |
| Accrued charges and deferred income | 492/3 | €1,259 | €0 | -€1,259 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,003 | €103,235 | -€1,768 | -1.7% |
| Other operating charges | 640/8 | €3,391 | €3,486 | +€95 | +2.8% |
| Gross operating margin | 9900 | -€11,342 | €75,232 | +€86,575 | |
| Operating profit (loss) | 9901 | -€119,736 | -€31,488 | +€88,248 | +73.7% |
| Financial income | 75/76B | €163,510 | €127,071 | -€36,439 | -22.3% |
| Recurring financial income | 75 | €86,265 | €127,071 | +€40,806 | +47.3% |
| Non-recurring financial income | 76B | €77,245 | €0 | -€77,245 | -100% |
| Financial charges | 65/66B | €19,555 | €24,896 | +€5,341 | +27.3% |
| Recurring financial charges | 65 | €19,555 | €24,896 | +€5,341 | +27.3% |
| Profit (loss) for the period before taxes | 9903 | €24,219 | €70,687 | +€46,468 | +192% |
| Income taxes | 67/77 | €240 | €225 | -€14 | -6.0% |
| Profit (loss) for the period | 9904 | €23,979 | €70,462 | +€46,483 | +194% |
| Profit (loss) for the period to be appropriated | 9905 | €23,979 | €70,462 | +€46,483 | +194% |
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 23 October 2026 via checked.be.