STEFAN LEYSEN: 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 LEYSEN
Largest movements
- Receivables within one year -€3,250
down €3,250 (-28.6%), from €11,367 to €8,117
of which Trade receivables: -€5,707
- Tangible fixed assets +€3,215
up €3,215 (+20.7%), from €15,571 to €18,786
of which Furniture and vehicles: +€4,736
- Stocks and contracts -€3,154
down €3,154 (-100%), from €3,154 to €0
- Cash -€2,474
down €2,474 (-26.6%), from €9,316 to €6,842
mainly Net result for the year (-€7,368) and Investment in fixed assets (net) (-€5,366)
- Profit (loss) carried forward -€7,368
down €7,368 (-412%), from -€1,789 to -€9,157
- Trade debts +€1,706
up €1,706 (+42.7%), from €3,991 to €5,697
- Gross operating margin -€15,261
down €15,261, from €12,747 to -€2,514
- Depreciation +€1,813
up €1,813 (+537%), from €338 to €2,151
- Other operating charges -€1,208
down €1,208 (-30.3%), from €3,988 to €2,780
- Financial income +€250
up €250 (+77.2%), from €324 to €575
- Taxes +€191
up €191, from €0 to €191
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 | €39,407 | €33,745 | -€5,662 | -14.4% |
| Fixed assets | 21/28 | €15,571 | €18,786 | +€3,215 | +20.7% |
| Tangible fixed assets | 22/27 | €15,571 | €18,786 | +€3,215 | +20.7% |
| Land and buildings | 22 | €15,001 | €13,820 | -€1,181 | -7.9% |
| Plant, machinery and equipment | 23 | €570 | €230 | -€340 | -59.6% |
| Furniture and vehicles | 24 | - | €4,736 | +€4,736 | |
| Current assets | 29/58 | €23,836 | €14,959 | -€8,878 | -37.2% |
| Stocks and contracts in progress | 3 | €3,154 | €0 | -€3,154 | -100% |
| Stocks | 30/36 | €3,154 | €0 | -€3,154 | -100% |
| Amounts receivable within one year | 40/41 | €11,367 | €8,117 | -€3,250 | -28.6% |
| Trade receivables | 40 | €8,821 | €3,114 | -€5,707 | -64.7% |
| Other amounts receivable | 41 | €2,546 | €5,003 | +€2,457 | +96.5% |
| Cash at bank and in hand | 54/58 | €9,316 | €6,842 | -€2,474 | -26.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €39,407 | €33,745 | -€5,662 | -14.4% |
| Equity | 10/15 | €35,416 | €28,048 | -€7,368 | -20.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €18,613 | €18,613 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,603 | €7,603 | = | 0.0% |
| Distributable reserves | 133 | €11,010 | €11,010 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,789 | -€9,157 | -€7,368 | -412% |
| Amounts payable | 17/49 | €3,991 | €5,697 | +€1,706 | +42.7% |
| Amounts payable within one year | 42/48 | €3,991 | €5,697 | +€1,706 | +42.7% |
| Trade debts | 44 | €3,991 | €5,697 | +€1,706 | +42.7% |
| Suppliers | 440/4 | €3,991 | €5,697 | +€1,706 | +42.7% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €338 | €2,151 | +€1,813 | +537% |
| Other operating charges | 640/8 | €3,988 | €2,780 | -€1,208 | -30.3% |
| Gross operating margin | 9900 | €12,747 | -€2,514 | -€15,261 | |
| Operating profit (loss) | 9901 | €8,421 | -€7,445 | -€15,866 | |
| Financial income | 75/76B | €324 | €575 | +€250 | +77.2% |
| Recurring financial income | 75 | €324 | €575 | +€250 | +77.2% |
| Financial charges | 65/66B | €235 | €306 | +€72 | +30.5% |
| Recurring financial charges | 65 | €235 | €306 | +€72 | +30.5% |
| Profit (loss) for the period before taxes | 9903 | €8,510 | -€7,177 | -€15,687 | |
| Income taxes | 67/77 | €0 | €191 | +€191 | |
| Profit (loss) for the period | 9904 | €8,510 | -€7,368 | -€15,878 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,510 | -€7,368 | -€15,878 |
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 20 October 2026 via checked.be.