STEFANIE DE CEUSTER: 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.
STEFANIE DE CEUSTER
Largest movements
- Cash -€29,073
down €29,073 (-28.1%), from €103,385 to €74,312
mainly Contributions, distributions and other (-€80,115) and Tax, wage and social debts (-€11,561)
- Receivables within one year +€8,570
up €8,570, from €0 to €8,570
- Tangible fixed assets -€1,993
down €1,993 (-18.4%), from €10,821 to €8,828
of which Plant, machinery and equipment: -€1,255
- Stocks and contracts -€1,681
down €1,681 (-27.2%), from €6,178 to €4,497
- Profit (loss) carried forward -€80,115
down €80,115 (-100%), from €80,115 to €0
- Other debts +€44,615
up €44,615 (+1,008%), from €4,425 to €49,041
- Reserves +€17,073
new in 2025: €17,073
- Tax, wage and social debts -€11,561
down €11,561 (-43.1%), from €26,802 to €15,242
- Trade debts +€5,811
up €5,811 (+82.5%), from €7,041 to €12,852
- Gross operating margin -€10,392
down €10,392 (-27.7%), from €37,565 to €27,173
- Other operating charges -€503
down €503 (-37.7%), from €1,334 to €831
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 | €120,384 | €96,207 | -€24,177 | -20.1% |
| Fixed assets | 21/28 | €10,821 | €8,828 | -€1,993 | -18.4% |
| Tangible fixed assets | 22/27 | €10,821 | €8,828 | -€1,993 | -18.4% |
| Plant, machinery and equipment | 23 | €9,407 | €8,152 | -€1,255 | -13.3% |
| Furniture and vehicles | 24 | €1,414 | €676 | -€738 | -52.2% |
| Current assets | 29/58 | €109,563 | €87,379 | -€22,184 | -20.2% |
| Stocks and contracts in progress | 3 | €6,178 | €4,497 | -€1,681 | -27.2% |
| Stocks | 30/36 | €6,178 | €4,497 | -€1,681 | -27.2% |
| Amounts receivable within one year | 40/41 | €0 | €8,570 | +€8,570 | |
| Trade receivables | 40 | €0 | €8,570 | +€8,570 | |
| Cash at bank and in hand | 54/58 | €103,385 | €74,312 | -€29,073 | -28.1% |
| Total equity and liabilities | 10/49 | €120,384 | €96,207 | -€24,177 | -20.1% |
| Equity | 10/15 | €82,115 | €19,073 | -€63,043 | -76.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €17,073 | +€17,073 | |
| Distributable reserves | 133 | - | €17,073 | +€17,073 | |
| Profit (loss) carried forward | 14 | €80,115 | €0 | -€80,115 | -100% |
| Amounts payable | 17/49 | €38,269 | €77,134 | +€38,865 | +102% |
| Amounts payable within one year | 42/48 | €38,269 | €77,134 | +€38,865 | +102% |
| Trade debts | 44 | €7,041 | €12,852 | +€5,811 | +82.5% |
| Suppliers | 440/4 | €7,041 | €12,852 | +€5,811 | +82.5% |
| Taxes, remuneration and social security | 45 | €26,802 | €15,242 | -€11,561 | -43.1% |
| Taxes | 450/3 | €26,802 | €15,242 | -€11,561 | -43.1% |
| Other amounts payable | 47/48 | €4,425 | €49,041 | +€44,615 | +1,008% |
| Remuneration, social security and pensions | 62 | €0 | €85 | +€85 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,993 | €1,993 | = | 0.0% |
| Other operating charges | 640/8 | €1,334 | €831 | -€503 | -37.7% |
| Gross operating margin | 9900 | €37,565 | €27,173 | -€10,392 | -27.7% |
| Operating profit (loss) | 9901 | €34,238 | €24,263 | -€9,974 | -29.1% |
| Financial income | 75/76B | €2 | €5 | +€3 | +107% |
| Recurring financial income | 75 | €2 | €5 | +€3 | +107% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +10.8% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €34,105 | €24,118 | -€9,987 | -29.3% |
| Income taxes | 67/77 | €7,156 | €7,045 | -€111 | -1.5% |
| Profit (loss) for the period | 9904 | €26,949 | €17,073 | -€9,876 | -36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,949 | €17,073 | -€9,876 | -36.6% |
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 16 October 2026 via checked.be.