STEFAN VAN BALEN: 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 VAN BALEN
Largest movements
- Receivables within one year +€17,297
up €17,297 (+137%), from €12,589 to €29,886
of which Trade receivables: +€8,819
- Tangible fixed assets +€14,949
up €14,949 (+46.2%), from €32,367 to €47,315
of which Furniture and vehicles: +€12,704
- Deferred charges and accrued income -€2,825
down €2,825 (-54.5%), from €5,181 to €2,356
- Cash +€2,418
up €2,418 (+3.7%), from €66,219 to €68,638
mainly Net result for the year (+€40,903) and Other debts (+€23,145)
- Other debts +€23,145
up €23,145 (+16,315%), from €142 to €23,287
- Reserves +€16,391
up €16,391 (+17.7%), from €92,436 to €108,827
of which Distributable reserves: +€106,952
- Trade debts -€9,925
down €9,925 (-48.8%), from €20,327 to €10,402
- Tax, wage and social debts +€2,164
up €2,164 (+190%), from €1,142 to €3,306
- Gross operating margin +€33,626
up €33,626 (+84.3%), from €39,903 to €73,528
- Taxes +€8,821
up €8,821 (+124%), from €7,107 to €15,929
- Staff costs -€7,095
down €7,095 (-97.7%), from €7,265 to €170
- Depreciation +€2,655
up €2,655 (+22.7%), from €11,681 to €14,336
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 | €131,202 | €162,333 | +€31,131 | +23.7% |
| Fixed assets | 21/28 | €32,367 | €47,315 | +€14,949 | +46.2% |
| Tangible fixed assets | 22/27 | €32,367 | €47,315 | +€14,949 | +46.2% |
| Plant, machinery and equipment | 23 | €1,102 | €3,346 | +€2,244 | +204% |
| Furniture and vehicles | 24 | €31,265 | €43,969 | +€12,704 | +40.6% |
| Current assets | 29/58 | €98,836 | €115,018 | +€16,182 | +16.4% |
| Stocks and contracts in progress | 3 | €14,846 | €14,138 | -€708 | -4.8% |
| Stocks | 30/36 | €14,846 | €14,138 | -€708 | -4.8% |
| Amounts receivable within one year | 40/41 | €12,589 | €29,886 | +€17,297 | +137% |
| Trade receivables | 40 | €10,129 | €18,948 | +€8,819 | +87.1% |
| Other amounts receivable | 41 | €2,460 | €10,938 | +€8,478 | +345% |
| Cash at bank and in hand | 54/58 | €66,219 | €68,638 | +€2,418 | +3.7% |
| Deferred charges and accrued income | 490/1 | €5,181 | €2,356 | -€2,825 | -54.5% |
| Total equity and liabilities | 10/49 | €131,202 | €162,333 | +€31,131 | +23.7% |
| Equity | 10/15 | €108,947 | €125,338 | +€16,391 | +15.0% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €92,436 | €108,827 | +€16,391 | +17.7% |
| Non-distributable reserves | 130/1 | €90,561 | €0 | -€90,561 | -100% |
| Reserves not available under the articles | 1311 | €90,561 | €0 | -€90,561 | -100% |
| Distributable reserves | 133 | €1,875 | €108,827 | +€106,952 | +5,704% |
| Profit (loss) carried forward | 14 | €10,261 | €10,261 | = | 0.0% |
| Amounts payable | 17/49 | €22,255 | €36,995 | +€14,740 | +66.2% |
| Amounts payable within one year | 42/48 | €21,611 | €36,995 | +€15,385 | +71.2% |
| Trade debts | 44 | €20,327 | €10,402 | -€9,925 | -48.8% |
| Suppliers | 440/4 | €20,327 | €10,402 | -€9,925 | -48.8% |
| Taxes, remuneration and social security | 45 | €1,142 | €3,306 | +€2,164 | +190% |
| Taxes | 450/3 | €1,142 | €3,306 | +€2,164 | +190% |
| Other amounts payable | 47/48 | €142 | €23,287 | +€23,145 | +16,315% |
| Accrued charges and deferred income | 492/3 | €645 | €0 | -€645 | -100% |
| Remuneration, social security and pensions | 62 | €7,265 | €170 | -€7,095 | -97.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,681 | €14,336 | +€2,655 | +22.7% |
| Other operating charges | 640/8 | €1,370 | €1,343 | -€27 | -2.0% |
| Gross operating margin | 9900 | €39,903 | €73,528 | +€33,626 | +84.3% |
| Operating profit (loss) | 9901 | €19,586 | €57,680 | +€38,094 | +194% |
| Financial income | 75/76B | €136 | €27 | -€109 | -80.0% |
| Recurring financial income | 75 | €136 | €27 | -€109 | -80.0% |
| Financial charges | 65/66B | €1,582 | €875 | -€707 | -44.7% |
| Recurring financial charges | 65 | €220 | €875 | +€655 | +298% |
| Non-recurring financial charges | 66B | €1,362 | €0 | -€1,362 | -100% |
| Profit (loss) for the period before taxes | 9903 | €18,140 | €56,832 | +€38,691 | +213% |
| Income taxes | 67/77 | €7,107 | €15,929 | +€8,821 | +124% |
| Profit (loss) for the period | 9904 | €11,033 | €40,903 | +€29,870 | +271% |
| Profit (loss) for the period to be appropriated | 9905 | €11,033 | €40,903 | +€29,870 | +271% |
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.