STEMATIC: 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.
STEMATIC
Largest movements
- Cash +€49,621
up €49,621 (+62.6%), from €79,227 to €128,848
mainly Net result for the year (+€76,035) and Depreciation (+€45,434)
- Tangible fixed assets +€35,845
up €35,845 (+5.6%), from €643,035 to €678,880
of which Land and buildings: +€30,768
- Receivables within one year +€14,957
up €14,957 (+74.3%), from €20,143 to €35,100
- Profit (loss) carried forward +€76,035
up €76,035 (+23.6%), from €322,272 to €398,307
- Debts after one year +€15,893
up €15,893 (+4.4%), from €362,691 to €378,584
- Gross operating margin +€18,961
up €18,961 (+13.9%), from €136,262 to €155,223
- Depreciation -€8,005
down €8,005 (-15.0%), from €53,438 to €45,434
- Taxes +€3,605
up €3,605 (+24.1%), from €14,959 to €18,564
- Other operating charges +€2,352
up €2,352 (+70.2%), from €3,352 to €5,705
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.
Cash bridge derived
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 | €749,034 | €849,457 | +€100,423 | +13.4% |
| Fixed assets | 21/28 | €649,665 | €685,510 | +€35,845 | +5.5% |
| Tangible fixed assets | 22/27 | €643,035 | €678,880 | +€35,845 | +5.6% |
| Land and buildings | 22 | €631,814 | €662,583 | +€30,768 | +4.9% |
| Plant, machinery and equipment | 23 | €8,552 | €9,357 | +€805 | +9.4% |
| Furniture and vehicles | 24 | €2,474 | €1,626 | -€848 | -34.3% |
| Other tangible fixed assets | 26 | €195 | €5,315 | +€5,119 | +2620.2% |
| Financial fixed assets | 28 | €6,630 | €6,630 | = | 0.0% |
| Current assets | 29/58 | €99,369 | €163,947 | +€64,578 | +65.0% |
| Amounts receivable within one year | 40/41 | €20,143 | €35,100 | +€14,957 | +74.3% |
| Trade receivables | 40 | €20,143 | €35,100 | +€14,957 | +74.3% |
| Cash at bank and in hand | 54/58 | €79,227 | €128,848 | +€49,621 | +62.6% |
| Total equity and liabilities | 10/49 | €749,034 | €849,457 | +€100,423 | +13.4% |
| Equity | 10/15 | €342,732 | €418,767 | +€76,035 | +22.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €322,272 | €398,307 | +€76,035 | +23.6% |
| Amounts payable | 17/49 | €406,302 | €430,690 | +€24,387 | +6.0% |
| Amounts payable after more than one year | 17 | €362,691 | €378,584 | +€15,893 | +4.4% |
| Financial debts | 170/4 | €362,691 | €378,584 | +€15,893 | +4.4% |
| Amounts payable within one year | 42/48 | €43,611 | €52,105 | +€8,494 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €30,969 | €35,194 | +€4,226 | +13.6% |
| Trade debts | 44 | €1,340 | €1,697 | +€358 | +26.7% |
| Suppliers | 440/4 | €1,340 | €1,697 | +€358 | +26.7% |
| Taxes, remuneration and social security | 45 | €9,603 | €13,910 | +€4,307 | +44.9% |
| Taxes | 450/3 | €9,603 | €11,112 | +€1,509 | +15.7% |
| Remuneration and social security | 454/9 | - | €2,798 | +€2,798 | |
| Other amounts payable | 47/48 | €1,699 | €1,303 | -€396 | -23.3% |
| Non-recurring operating income | 76A | - | €6,250 | +€6,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,438 | €45,434 | -€8,005 | -15.0% |
| Other operating charges | 640/8 | €3,352 | €5,705 | +€2,352 | +70.2% |
| Gross operating margin | 9900 | €136,262 | €155,223 | +€18,961 | +13.9% |
| Operating profit (loss) | 9901 | €79,471 | €104,084 | +€24,613 | +31.0% |
| Financial income | 75/76B | €179 | €438 | +€260 | +145.1% |
| Recurring financial income | 75 | €179 | €438 | +€260 | +145.1% |
| Financial charges | 65/66B | €8,699 | €9,923 | +€1,224 | +14.1% |
| Recurring financial charges | 65 | €8,699 | €9,923 | +€1,224 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €70,951 | €94,599 | +€23,649 | +33.3% |
| Income taxes | 67/77 | €14,959 | €18,564 | +€3,605 | +24.1% |
| Profit (loss) for the period | 9904 | €55,992 | €76,035 | +€20,043 | +35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,992 | €76,035 | +€20,043 | +35.8% |
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 9 October 2026 via checked.be.