Stefan Vlaeyen: what changed
Stefan Vlaeyen
Largest movements
- Cash -€42,901
down €42,901 (-40.6%), from €105,597 to €62,696
mainly Contributions, distributions and other (-€80,000) and Investment in fixed assets (net) (-€37,047)
- Tangible fixed assets +€19,523
up €19,523 (+25.6%), from €76,316 to €95,839
of which Furniture and vehicles: +€23,589
- Receivables within one year +€7,925
up €7,925 (+37.1%), from €21,346 to €29,271
of which Other amounts receivable: +€13,681
- Stocks and contracts -€5,854
down €5,854 (-18.6%), from €31,427 to €25,573
- Reserves -€58,219
down €58,219 (-35.2%), from €165,537 to €107,318
- Other debts +€55,728
up €55,728 (+162%), from €34,391 to €90,119
- Tax, wage and social debts -€18,123
down €18,123 (-87.0%), from €20,823 to €2,700
of which Remuneration and social security: -€16,000
- Current portion of long-term debt -€8,954
no longer reported in 2025 (was €8,954)
- Trade debts +€6,813
up €6,813 (+129%), from €5,282 to €12,095
- Gross operating margin +€25,735
up €25,735 (+108%), from €23,775 to €49,511
- Taxes +€7,069
up €7,069 (+519%), from €1,362 to €8,432
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €237,987 | €218,787 | -€19,201 | -8.1% |
| Fixed assets | 21/28 | €76,316 | €95,839 | +€19,523 | +25.6% |
| Tangible fixed assets | 22/27 | €76,316 | €95,839 | +€19,523 | +25.6% |
| Land and buildings | 22 | €53,422 | €48,450 | -€4,972 | -9.3% |
| Plant, machinery and equipment | 23 | €2,442 | €3,348 | +€906 | +37.1% |
| Furniture and vehicles | 24 | €20,452 | €44,041 | +€23,589 | +115% |
| Current assets | 29/58 | €161,671 | €122,948 | -€38,723 | -24.0% |
| Stocks and contracts in progress | 3 | €31,427 | €25,573 | -€5,854 | -18.6% |
| Stocks | 30/36 | €31,427 | €25,573 | -€5,854 | -18.6% |
| Amounts receivable within one year | 40/41 | €21,346 | €29,271 | +€7,925 | +37.1% |
| Trade receivables | 40 | €8,207 | €2,452 | -€5,756 | -70.1% |
| Other amounts receivable | 41 | €13,138 | €26,819 | +€13,681 | +104% |
| Cash at bank and in hand | 54/58 | €105,597 | €62,696 | -€42,901 | -40.6% |
| Deferred charges and accrued income | 490/1 | €3,302 | €5,408 | +€2,106 | +63.8% |
| Total equity and liabilities | 10/49 | €237,987 | €218,787 | -€19,201 | -8.1% |
| Equity | 10/15 | €168,537 | €110,318 | -€58,219 | -34.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €165,537 | €107,318 | -€58,219 | -35.2% |
| Distributable reserves | 133 | €165,537 | €107,318 | -€58,219 | -35.2% |
| Amounts payable | 17/49 | €69,450 | €108,469 | +€39,019 | +56.2% |
| Amounts payable after more than one year | 17 | - | €3,555 | +€3,555 | |
| Trade debts | 175 | - | €3,555 | +€3,555 | |
| Amounts payable within one year | 42/48 | €69,450 | €104,914 | +€35,464 | +51.1% |
| Current portion of amounts payable after more than one year | 42 | €8,954 | - | -€8,954 | |
| Trade debts | 44 | €5,282 | €12,095 | +€6,813 | +129% |
| Suppliers | 440/4 | €5,282 | €12,095 | +€6,813 | +129% |
| Taxes, remuneration and social security | 45 | €20,823 | €2,700 | -€18,123 | -87.0% |
| Taxes | 450/3 | €4,823 | €2,700 | -€2,123 | -44.0% |
| Remuneration and social security | 454/9 | €16,000 | - | -€16,000 | |
| Other amounts payable | 47/48 | €34,391 | €90,119 | +€55,728 | +162% |
| Non-recurring operating income | 76A | - | €2,106 | +€2,106 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,258 | €17,524 | +€266 | +1.5% |
| Other operating charges | 640/8 | €1,093 | €1,344 | +€251 | +23.0% |
| Gross operating margin | 9900 | €23,775 | €49,511 | +€25,735 | +108% |
| Operating profit (loss) | 9901 | €5,424 | €30,642 | +€25,218 | +465% |
| Financial income | 75/76B | €43 | - | -€43 | |
| Recurring financial income | 75 | €43 | - | -€43 | |
| Financial charges | 65/66B | €662 | €430 | -€232 | -35.0% |
| Recurring financial charges | 65 | €662 | €430 | -€232 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | €4,805 | €30,212 | +€25,407 | +529% |
| Income taxes | 67/77 | €1,362 | €8,432 | +€7,069 | +519% |
| Profit (loss) for the period | 9904 | €3,443 | €21,781 | +€18,338 | +533% |
| Profit (loss) for the period to be appropriated | 9905 | €3,443 | €21,781 | +€18,338 | +533% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.