STEFAN WIJNS: 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 WIJNS
Largest movements
- Cash +€94,624
up €94,624 (+55.9%), from €169,143 to €263,767
mainly Depreciation (+€61,237) and Net result for the year (+€57,493)
- Tangible fixed assets -€51,444
down €51,444 (-19.2%), from €268,046 to €216,602
of which Plant, machinery and equipment: -€40,111
- Deferred charges and accrued income +€7,785
up €7,785 (+68.6%), from €11,341 to €19,125
- Reserves +€55,827
up €55,827 (+15.5%), from €359,621 to €415,448
of which Distributable reserves: +€55,827
- Debts after one year -€8,500
down €8,500 (-48.0%), from €17,708 to €9,208
- Accrued charges and deferred income +€5,563
up €5,563 (+1,938%), from €287 to €5,850
- Financial charges +€31,889
up €31,889 (+52.6%), from €60,571 to €92,460
- Taxes -€13,666
down €13,666 (-32.8%), from €41,692 to €28,025
- Gross operating margin -€12,712
down €12,712 (-5.0%), from €252,263 to €239,551
- Depreciation +€3,239
up €3,239 (+5.6%), from €57,998 to €61,237
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 | €489,850 | €541,612 | +€51,762 | +10.6% |
| Fixed assets | 21/28 | €269,046 | €217,602 | -€51,444 | -19.1% |
| Tangible fixed assets | 22/27 | €268,046 | €216,602 | -€51,444 | -19.2% |
| Land and buildings | 22 | €30,044 | €19,424 | -€10,620 | -35.3% |
| Plant, machinery and equipment | 23 | €211,328 | €171,217 | -€40,111 | -19.0% |
| Furniture and vehicles | 24 | €26,673 | €25,961 | -€713 | -2.7% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €220,804 | €324,010 | +€103,206 | +46.7% |
| Amounts receivable within one year | 40/41 | €40,321 | €41,118 | +€797 | +2.0% |
| Trade receivables | 40 | €38,513 | €39,144 | +€631 | +1.6% |
| Other amounts receivable | 41 | €1,808 | €1,975 | +€166 | +9.2% |
| Cash at bank and in hand | 54/58 | €169,143 | €263,767 | +€94,624 | +55.9% |
| Deferred charges and accrued income | 490/1 | €11,341 | €19,125 | +€7,785 | +68.6% |
| Total equity and liabilities | 10/49 | €489,850 | €541,612 | +€51,762 | +10.6% |
| Equity | 10/15 | €436,998 | €492,825 | +€55,827 | +12.8% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €359,621 | €415,448 | +€55,827 | +15.5% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €355,621 | €411,448 | +€55,827 | +15.7% |
| Profit (loss) carried forward | 14 | €37,377 | €37,377 | = | 0.0% |
| Amounts payable | 17/49 | €52,852 | €48,787 | -€4,065 | -7.7% |
| Amounts payable after more than one year | 17 | €17,708 | €9,208 | -€8,500 | -48.0% |
| Financial debts | 170/4 | €17,708 | €9,208 | -€8,500 | -48.0% |
| Amounts payable within one year | 42/48 | €34,857 | €33,729 | -€1,128 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €8,500 | €8,500 | = | 0.0% |
| Trade debts | 44 | €6,414 | €4,307 | -€2,107 | -32.8% |
| Suppliers | 440/4 | €6,414 | €4,307 | -€2,107 | -32.8% |
| Taxes, remuneration and social security | 45 | €17,197 | €18,861 | +€1,664 | +9.7% |
| Taxes | 450/3 | €17,197 | €18,861 | +€1,664 | +9.7% |
| Other amounts payable | 47/48 | €2,746 | €2,061 | -€685 | -25.0% |
| Accrued charges and deferred income | 492/3 | €287 | €5,850 | +€5,563 | +1,938% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,998 | €61,237 | +€3,239 | +5.6% |
| Other operating charges | 640/8 | €450 | €336 | -€115 | -25.5% |
| Gross operating margin | 9900 | €252,263 | €239,551 | -€12,712 | -5.0% |
| Operating profit (loss) | 9901 | €193,815 | €177,978 | -€15,837 | -8.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €60,571 | €92,460 | +€31,889 | +52.6% |
| Recurring financial charges | 65 | €60,571 | €92,460 | +€31,889 | +52.6% |
| Profit (loss) for the period before taxes | 9903 | €133,244 | €85,518 | -€47,726 | -35.8% |
| Income taxes | 67/77 | €41,692 | €28,025 | -€13,666 | -32.8% |
| Profit (loss) for the period | 9904 | €91,553 | €57,493 | -€34,060 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €91,553 | €57,493 | -€34,060 | -37.2% |
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 24 October 2026 via checked.be.