STEFAN SCHEUER: 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 SCHEUER
Largest movements
- Receivables within one year -€47,519
down €47,519 (-66.2%), from €71,814 to €24,295
of which Trade receivables: -€37,100
- Cash +€46,756
up €46,756 (+96.5%), from €48,460 to €95,215
mainly Other debts (+€70,720) and Receivables within one year (+€47,519)
- Tangible fixed assets -€24,298
down €24,298 (-22.2%), from €109,689 to €85,391
- Reserves -€78,298
down €78,298 (-65.0%), from €120,537 to €42,239
of which Distributable reserves: -€78,298
- Other debts +€70,720
up €70,720 (+4,783%), from €1,478 to €72,198
- Trade debts -€10,720
down €10,720 (-34.0%), from €31,574 to €20,854
- Debts after one year -€10,249
down €10,249 (-23.6%), from €43,483 to €33,233
- Profit (loss) carried forward +€4,095
up €4,095, from -€4,095 to €0
- Gross operating margin +€18,980
up €18,980 (+14.1%), from €135,073 to €154,053
- Staff costs +€11,489
up €11,489 (+9.8%), from €117,562 to €129,050
- Depreciation +€6,710
up €6,710 (+38.2%), from €17,588 to €24,298
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 | €235,463 | €210,746 | -€24,717 | -10.5% |
| Fixed assets | 21/28 | €112,220 | €87,922 | -€24,298 | -21.7% |
| Tangible fixed assets | 22/27 | €109,689 | €85,391 | -€24,298 | -22.2% |
| Land and buildings | 22 | €48,684 | €38,435 | -€10,249 | -21.1% |
| Plant, machinery and equipment | 23 | €9,587 | €7,443 | -€2,144 | -22.4% |
| Furniture and vehicles | 24 | €51,418 | €39,513 | -€11,905 | -23.2% |
| Financial fixed assets | 28 | €2,531 | €2,531 | = | 0.0% |
| Current assets | 29/58 | €123,242 | €122,824 | -€419 | -0.3% |
| Amounts receivable within one year | 40/41 | €71,814 | €24,295 | -€47,519 | -66.2% |
| Trade receivables | 40 | €54,394 | €17,295 | -€37,100 | -68.2% |
| Other amounts receivable | 41 | €17,419 | €7,000 | -€10,419 | -59.8% |
| Cash at bank and in hand | 54/58 | €48,460 | €95,215 | +€46,756 | +96.5% |
| Deferred charges and accrued income | 490/1 | €2,969 | €3,313 | +€344 | +11.6% |
| Total equity and liabilities | 10/49 | €235,463 | €210,746 | -€24,717 | -10.5% |
| Equity | 10/15 | €128,843 | €54,639 | -€74,203 | -57.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €120,537 | €42,239 | -€78,298 | -65.0% |
| Tax-exempt reserves | 132 | €333 | €333 | = | 0.0% |
| Distributable reserves | 133 | €120,205 | €41,907 | -€78,298 | -65.1% |
| Profit (loss) carried forward | 14 | -€4,095 | €0 | +€4,095 | |
| Amounts payable | 17/49 | €106,620 | €156,107 | +€49,487 | +46.4% |
| Amounts payable after more than one year | 17 | €43,483 | €33,233 | -€10,249 | -23.6% |
| Financial debts | 170/4 | €43,483 | €33,233 | -€10,249 | -23.6% |
| Amounts payable within one year | 42/48 | €63,137 | €122,873 | +€59,736 | +94.6% |
| Current portion of amounts payable after more than one year | 42 | €10,134 | €10,685 | +€551 | +5.4% |
| Financial debts | 43 | €617 | €108 | -€509 | -82.5% |
| Credit institutions | 430/8 | €617 | €108 | -€509 | -82.5% |
| Trade debts | 44 | €31,574 | €20,854 | -€10,720 | -34.0% |
| Suppliers | 440/4 | €31,574 | €20,854 | -€10,720 | -34.0% |
| Taxes, remuneration and social security | 45 | €19,334 | €19,029 | -€306 | -1.6% |
| Taxes | 450/3 | €3,521 | €3,423 | -€98 | -2.8% |
| Remuneration and social security | 454/9 | €15,814 | €15,606 | -€208 | -1.3% |
| Other amounts payable | 47/48 | €1,478 | €72,198 | +€70,720 | +4,783% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €210 | €223 | +€13 | +6.2% |
| Remuneration, social security and pensions | 62 | €117,562 | €129,050 | +€11,489 | +9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,588 | €24,298 | +€6,710 | +38.2% |
| Other operating charges | 640/8 | €2,610 | €2,782 | +€172 | +6.6% |
| Non-recurring operating charges | 66A | €37 | €0 | -€37 | -100% |
| Gross operating margin | 9900 | €135,073 | €154,053 | +€18,980 | +14.1% |
| Operating profit (loss) | 9901 | -€2,723 | -€2,077 | +€646 | +23.7% |
| Financial income | 75/76B | €123 | €38 | -€85 | -69.2% |
| Recurring financial income | 75 | €123 | €38 | -€85 | -69.2% |
| Financial charges | 65/66B | €1,284 | €1,814 | +€530 | +41.3% |
| Recurring financial charges | 65 | €1,284 | €1,814 | +€530 | +41.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,884 | -€3,853 | +€30 | +0.8% |
| Income taxes | 67/77 | €211 | €149 | -€62 | -29.2% |
| Profit (loss) for the period | 9904 | -€4,095 | -€4,003 | +€92 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,095 | -€4,003 | +€92 | +2.3% |
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.