STEFAN JAEKEN: 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 JAEKEN
Largest movements
- Receivables within one year +€985
up €985 (+1.8%), from €55,317 to €56,302
of which Trade receivables: +€985
- Reserves +€3,303
up €3,303 (+50.9%), from €6,487 to €9,790
of which Distributable reserves: +€3,303
- Tax, wage and social debts -€3,273
down €3,273 (-16.7%), from €19,572 to €16,299
of which Remuneration and social security: -€4,858
- Accrued charges and deferred income +€2,272
new in 2025: €2,272
- Short-term financial debts -€2,157
no longer reported in 2025 (was €2,157)
- Trade debts +€1,138
up €1,138 (+4.2%), from €26,969 to €28,107
- Staff costs +€24,310
up €24,310 (+32.4%), from €75,025 to €99,335
- Gross operating margin +€22,451
up €22,451 (+26.9%), from €83,311 to €105,762
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €56,186 | €57,469 | +€1,283 | +2.3% |
| Fixed assets | 21/28 | €869 | €869 | = | 0.0% |
| Tangible fixed assets | 22/27 | €744 | €744 | = | 0.0% |
| Furniture and vehicles | 24 | €744 | €744 | = | 0.0% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €55,317 | €56,600 | +€1,283 | +2.3% |
| Amounts receivable within one year | 40/41 | €55,317 | €56,302 | +€985 | +1.8% |
| Trade receivables | 40 | €34,317 | €35,302 | +€985 | +2.9% |
| Other amounts receivable | 41 | €21,000 | €21,000 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | - | €298 | +€298 | |
| Total equity and liabilities | 10/49 | €56,186 | €57,469 | +€1,283 | +2.3% |
| Equity | 10/15 | €7,487 | €10,790 | +€3,303 | +44.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Capital | 10 | €1,000 | €1,000 | = | 0.0% |
| Issued capital | 100 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €6,487 | €9,790 | +€3,303 | +50.9% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Legal reserve | 130 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €6,387 | €9,690 | +€3,303 | +51.7% |
| Amounts payable | 17/49 | €48,698 | €46,679 | -€2,019 | -4.1% |
| Amounts payable within one year | 42/48 | €48,698 | €44,407 | -€4,292 | -8.8% |
| Financial debts | 43 | €2,157 | - | -€2,157 | |
| Credit institutions | 430/8 | €2,157 | - | -€2,157 | |
| Trade debts | 44 | €26,969 | €28,107 | +€1,138 | +4.2% |
| Suppliers | 440/4 | €26,969 | €28,107 | +€1,138 | +4.2% |
| Taxes, remuneration and social security | 45 | €19,572 | €16,299 | -€3,273 | -16.7% |
| Taxes | 450/3 | €2,507 | €4,092 | +€1,585 | +63.2% |
| Remuneration and social security | 454/9 | €17,065 | €12,208 | -€4,858 | -28.5% |
| Accrued charges and deferred income | 492/3 | - | €2,272 | +€2,272 | |
| Remuneration, social security and pensions | 62 | €75,025 | €99,335 | +€24,310 | +32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €248 | - | -€248 | |
| Other operating charges | 640/8 | €727 | €749 | +€22 | +3.0% |
| Gross operating margin | 9900 | €83,311 | €105,762 | +€22,451 | +26.9% |
| Operating profit (loss) | 9901 | €7,310 | €5,677 | -€1,633 | -22.3% |
| Financial charges | 65/66B | €771 | €789 | +€19 | +2.4% |
| Recurring financial charges | 65 | €771 | €789 | +€19 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €6,539 | €4,888 | -€1,652 | -25.3% |
| Income taxes | 67/77 | €1,638 | €1,585 | -€53 | -3.3% |
| Profit (loss) for the period | 9904 | €4,901 | €3,303 | -€1,598 | -32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,901 | €3,303 | -€1,598 | -32.6% |
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 21 October 2026 via checked.be.