STEMPEL: what changed
Two fiscal 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.
STEMPEL
Largest movements
- Receivables within one year -€28,154
down €28,154 (-33.6%), from €83,888 to €55,734
of which Trade receivables: -€24,957
- Tangible fixed assets -€6,417
down €6,417 (-25.8%), from €24,902 to €18,485
of which Other tangible fixed assets: -€4,375
- Intangible fixed assets -€3,580
no longer reported in 2025 (was €3,580)
- Cash +€3,321
new in 2025: €3,321
mainly Receivables within one year (+€28,154) and Depreciation (+€15,986)
- Receivables after one year -€3,090
down €3,090 (-15.7%), from €19,705 to €16,615
- Trade debts -€22,082
down €22,082 (-51.7%), from €42,683 to €20,600
- Tax, wage and social debts -€10,547
down €10,547 (-48.9%), from €21,580 to €11,033
of which Taxes: -€14,686
- Profit (loss) carried forward -€7,545
down €7,545 (-15.6%), from -€48,421 to -€55,966
- Other debts +€4,200
up €4,200 (+4.8%), from €87,603 to €91,803
- Investment grants -€2,433
no longer reported in 2025 (was €2,433)
- Gross operating margin -€44,437
down €44,437 (-60.0%), from €74,016 to €29,579
- Staff costs +€12,541
up €12,541 (+464.3%), from €2,701 to €15,243
- Depreciation +€1,997
up €1,997 (+14.3%), from €13,990 to €15,986
- Other operating charges -€1,910
down €1,910 (-82.2%), from €2,323 to €413
- Financial income +€1,177
up €1,177 (+30742.6%), from €4 to €1,181
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 | €139,075 | €101,155 | -€37,920 | -27.3% |
| Fixed assets | 21/28 | €35,482 | €25,485 | -€9,997 | -28.2% |
| Intangible fixed assets | 21 | €3,580 | - | -€3,580 | |
| Tangible fixed assets | 22/27 | €24,902 | €18,485 | -€6,417 | -25.8% |
| Plant, machinery and equipment | 23 | €12,069 | €10,028 | -€2,042 | -16.9% |
| Other tangible fixed assets | 26 | €12,832 | €8,457 | -€4,375 | -34.1% |
| Financial fixed assets | 28 | €7,000 | €7,000 | = | 0.0% |
| Current assets | 29/58 | €103,593 | €75,670 | -€27,923 | -27.0% |
| Amounts receivable after more than one year | 29 | €19,705 | €16,615 | -€3,090 | -15.7% |
| Other amounts receivable | 291 | €19,705 | €16,615 | -€3,090 | -15.7% |
| Amounts receivable within one year | 40/41 | €83,888 | €55,734 | -€28,154 | -33.6% |
| Trade receivables | 40 | €76,547 | €51,590 | -€24,957 | -32.6% |
| Other amounts receivable | 41 | €7,340 | €4,143 | -€3,197 | -43.6% |
| Cash at bank and in hand | 54/58 | - | €3,321 | +€3,321 | |
| Total equity and liabilities | 10/49 | €139,075 | €101,155 | -€37,920 | -27.3% |
| Equity | 10/15 | -€39,542 | -€49,521 | -€9,979 | -25.2% |
| Contributions | 10/11 | €6,445 | €6,445 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,421 | -€55,966 | -€7,545 | -15.6% |
| Investment grants | 15 | €2,433 | - | -€2,433 | |
| Amounts payable | 17/49 | €178,617 | €150,675 | -€27,941 | -15.6% |
| Amounts payable within one year | 42/48 | €178,617 | €150,675 | -€27,941 | -15.6% |
| Financial debts | 43 | €26,751 | €27,239 | +€488 | +1.8% |
| Credit institutions | 430/8 | €26,751 | €27,239 | +€488 | +1.8% |
| Trade debts | 44 | €42,683 | €20,600 | -€22,082 | -51.7% |
| Suppliers | 440/4 | €42,683 | €20,600 | -€22,082 | -51.7% |
| Taxes, remuneration and social security | 45 | €21,580 | €11,033 | -€10,547 | -48.9% |
| Taxes | 450/3 | €21,420 | €6,734 | -€14,686 | -68.6% |
| Remuneration and social security | 454/9 | €160 | €4,299 | +€4,139 | +2585.4% |
| Other amounts payable | 47/48 | €87,603 | €91,803 | +€4,200 | +4.8% |
| Remuneration, social security and pensions | 62 | €2,701 | €15,243 | +€12,541 | +464.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,990 | €15,986 | +€1,997 | +14.3% |
| Other operating charges | 640/8 | €2,323 | €413 | -€1,910 | -82.2% |
| Gross operating margin | 9900 | €74,016 | €29,579 | -€44,437 | -60.0% |
| Operating profit (loss) | 9901 | €55,002 | -€2,064 | -€57,065 | |
| Financial income | 75/76B | €4 | €1,181 | +€1,177 | +30742.6% |
| Recurring financial income | 75 | €4 | €1,181 | +€1,177 | +30742.6% |
| Financial charges | 65/66B | €6,471 | €6,663 | +€193 | +3.0% |
| Recurring financial charges | 65 | €6,471 | €6,663 | +€193 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €48,535 | -€7,545 | -€56,080 | |
| Profit (loss) for the period | 9904 | €48,535 | -€7,545 | -€56,080 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,535 | -€7,545 | -€56,080 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.