STEFAN SELS: 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 SELS
Largest movements
- Cash -€210,938
down €210,938 (-56.1%), from €376,239 to €165,301
mainly Net result for the year (-€169,697) and Receivables within one year (-€98,567)
- Receivables within one year +€98,567
up €98,567 (+21.5%), from €457,868 to €556,435
of which Trade receivables: +€74,260
- Profit (loss) carried forward -€169,697
down €169,697, from €70,370 to -€99,327
- Reserves -€96,000
down €96,000 (-13.8%), from €696,770 to €600,770
of which Distributable reserves: -€96,000
- Trade debts +€86,671
up €86,671 (+1,186%), from €7,308 to €93,980
- Other debts +€52,866
up €52,866 (+395%), from €13,398 to €66,264
- Accrued charges and deferred income +€15,038
up €15,038 (+49.4%), from €30,451 to €45,489
- Gross operating margin -€266,960
down €266,960, from €145,755 to -€121,204
- Taxes -€40,936
down €40,936, from €40,319 to -€617
- Financial income -€19,718
down €19,718 (-100%), from €19,718 to €0
- Financial charges +€15,249
up €15,249 (+49.2%), from €31,007 to €46,256
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 | €1,411,070 | €1,298,630 | -€112,439 | -8.0% |
| Fixed assets | 21/28 | €579 | €348 | -€231 | -39.9% |
| Tangible fixed assets | 22/27 | €286 | €54 | -€231 | -80.9% |
| Plant, machinery and equipment | 23 | €286 | - | -€286 | |
| Furniture and vehicles | 24 | - | €54 | +€54 | |
| Financial fixed assets | 28 | €293 | €293 | = | 0.0% |
| Current assets | 29/58 | €1,410,490 | €1,298,282 | -€112,208 | -8.0% |
| Amounts receivable within one year | 40/41 | €457,868 | €556,435 | +€98,567 | +21.5% |
| Trade receivables | 40 | €35,467 | €109,727 | +€74,260 | +209% |
| Other amounts receivable | 41 | €422,401 | €446,708 | +€24,307 | +5.8% |
| Current investments | 50/53 | €563,822 | €563,822 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €376,239 | €165,301 | -€210,938 | -56.1% |
| Deferred charges and accrued income | 490/1 | €12,562 | €12,725 | +€163 | +1.3% |
| Total equity and liabilities | 10/49 | €1,411,070 | €1,298,630 | -€112,439 | -8.0% |
| Equity | 10/15 | €785,740 | €520,043 | -€265,697 | -33.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €696,770 | €600,770 | -€96,000 | -13.8% |
| Tax-exempt reserves | 132 | €1,910 | €1,910 | = | 0.0% |
| Distributable reserves | 133 | €694,860 | €598,860 | -€96,000 | -13.8% |
| Profit (loss) carried forward | 14 | €70,370 | -€99,327 | -€169,697 | |
| Amounts payable | 17/49 | €625,330 | €778,587 | +€153,257 | +24.5% |
| Amounts payable after more than one year | 17 | €550,000 | €550,000 | = | 0.0% |
| Financial debts | 170/4 | €550,000 | €550,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €44,879 | €183,098 | +€138,219 | +308% |
| Financial debts | 43 | €13,522 | €13,461 | -€61 | -0.4% |
| Credit institutions | 430/8 | €13,522 | €13,461 | -€61 | -0.4% |
| Trade debts | 44 | €7,308 | €93,980 | +€86,671 | +1,186% |
| Suppliers | 440/4 | €7,308 | €93,980 | +€86,671 | +1,186% |
| Taxes, remuneration and social security | 45 | €10,651 | €9,393 | -€1,258 | -11.8% |
| Taxes | 450/3 | €10,651 | €9,393 | -€1,258 | -11.8% |
| Other amounts payable | 47/48 | €13,398 | €66,264 | +€52,866 | +395% |
| Accrued charges and deferred income | 492/3 | €30,451 | €45,489 | +€15,038 | +49.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €231 | €231 | = | 0.0% |
| Other operating charges | 640/8 | €2,023 | €2,622 | +€599 | +29.6% |
| Gross operating margin | 9900 | €145,755 | -€121,204 | -€266,960 | |
| Operating profit (loss) | 9901 | €143,502 | -€124,057 | -€267,559 | |
| Financial income | 75/76B | €19,718 | €0 | -€19,718 | -100% |
| Recurring financial income | 75 | €19,718 | €0 | -€19,718 | -100% |
| Financial charges | 65/66B | €31,007 | €46,256 | +€15,249 | +49.2% |
| Recurring financial charges | 65 | €31,007 | €46,256 | +€15,249 | +49.2% |
| Profit (loss) for the period before taxes | 9903 | €132,212 | -€170,314 | -€302,526 | |
| Income taxes | 67/77 | €40,319 | -€617 | -€40,936 | |
| Profit (loss) for the period | 9904 | €91,894 | -€169,697 | -€261,590 | |
| Profit (loss) for the period to be appropriated | 9905 | €91,894 | -€169,697 | -€261,590 |
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 25 October 2026 via checked.be.