STEFAN LIMPENS: 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 LIMPENS
Largest movements
- Current investments +€275,000
up €275,000 (+55.0%), from €500,000 to €775,000
- Cash -€34,300
down €34,300 (-78.5%), from €43,671 to €9,371
mainly Current investments (-€275,000) and Contributions, distributions and other (-€1,800)
- Reserves +€133,673
up €133,673 (+24.7%), from €540,902 to €674,575
of which Distributable reserves: +€133,673
- Profit (loss) carried forward +€75,000
new in 2025: €75,000
- Tax, wage and social debts +€21,697
up €21,697 (+114%), from €19,112 to €40,809
- Gross operating margin +€147,485
up €147,485 (+107%), from €137,328 to €284,813
- Taxes +€39,431
up €39,431 (+94.4%), from €41,751 to €81,182
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 | €581,505 | €812,126 | +€230,621 | +39.7% |
| Fixed assets | 21/28 | €30,242 | €24,586 | -€5,656 | -18.7% |
| Tangible fixed assets | 22/27 | €30,242 | €24,586 | -€5,656 | -18.7% |
| Plant, machinery and equipment | 23 | €5,289 | €5,118 | -€171 | -3.2% |
| Furniture and vehicles | 24 | €24,387 | €19,003 | -€5,384 | -22.1% |
| Other tangible fixed assets | 26 | €566 | €465 | -€101 | -17.8% |
| Current assets | 29/58 | €551,263 | €787,540 | +€236,277 | +42.9% |
| Amounts receivable within one year | 40/41 | €1,470 | - | -€1,470 | |
| Trade receivables | 40 | €1,470 | - | -€1,470 | |
| Current investments | 50/53 | €500,000 | €775,000 | +€275,000 | +55.0% |
| Cash at bank and in hand | 54/58 | €43,671 | €9,371 | -€34,300 | -78.5% |
| Deferred charges and accrued income | 490/1 | €6,122 | €3,169 | -€2,953 | -48.2% |
| Total equity and liabilities | 10/49 | €581,505 | €812,126 | +€230,621 | +39.7% |
| Equity | 10/15 | €559,452 | €768,125 | +€208,673 | +37.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €540,902 | €674,575 | +€133,673 | +24.7% |
| 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 | €539,047 | €672,720 | +€133,673 | +24.8% |
| Profit (loss) carried forward | 14 | - | €75,000 | +€75,000 | |
| Amounts payable | 17/49 | €22,053 | €44,001 | +€21,948 | +99.5% |
| Amounts payable within one year | 42/48 | €21,859 | €43,801 | +€21,942 | +100% |
| Trade debts | 44 | €542 | €392 | -€150 | -27.7% |
| Suppliers | 440/4 | €542 | €392 | -€150 | -27.7% |
| Taxes, remuneration and social security | 45 | €19,112 | €40,809 | +€21,697 | +114% |
| Taxes | 450/3 | €19,112 | €40,809 | +€21,697 | +114% |
| Other amounts payable | 47/48 | €2,205 | €2,600 | +€395 | +17.9% |
| Accrued charges and deferred income | 492/3 | €194 | €200 | +€6 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,244 | €6,937 | +€1,693 | +32.3% |
| Other operating charges | 640/8 | €1,249 | €1,008 | -€241 | -19.3% |
| Gross operating margin | 9900 | €137,328 | €284,813 | +€147,485 | +107% |
| Operating profit (loss) | 9901 | €130,835 | €276,868 | +€146,033 | +112% |
| Financial income | 75/76B | €14,315 | €14,828 | +€513 | +3.6% |
| Recurring financial income | 75 | €14,315 | €14,828 | +€513 | +3.6% |
| Financial charges | 65/66B | €325 | €41 | -€284 | -87.4% |
| Recurring financial charges | 65 | €325 | €41 | -€284 | -87.4% |
| Profit (loss) for the period before taxes | 9903 | €144,825 | €291,655 | +€146,830 | +101% |
| Income taxes | 67/77 | €41,751 | €81,182 | +€39,431 | +94.4% |
| Profit (loss) for the period | 9904 | €103,074 | €210,473 | +€107,399 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €103,074 | €210,473 | +€107,399 | +104% |
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 24 October 2026 via checked.be.