STEPFOUR: 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.
STEPFOUR
Largest movements
- Receivables within one year +€24,612
up €24,612 (+145%), from €17,000 to €41,613
of which Trade receivables: +€24,314
- Cash -€11,125
down €11,125 (-12.6%), from €88,001 to €76,876
mainly Contributions, distributions and other (-€88,235) and Receivables within one year (-€24,612)
- Deferred charges and accrued income -€7,729
down €7,729 (-21.7%), from €35,562 to €27,833
- Tangible fixed assets +€2,385
up €2,385 (+37.4%), from €6,371 to €8,755
of which Furniture and vehicles: +€1,486
- Reserves +€10,778
up €10,778 (+10.0%), from €107,475 to €118,253
- Trade debts -€4,032
down €4,032 (-65.4%), from €6,165 to €2,133
- Gross operating margin +€78,536
up €78,536 (+151%), from €51,954 to €130,490
- Taxes +€17,341
up €17,341 (+158%), from €10,994 to €28,335
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 | €146,974 | €155,117 | +€8,143 | +5.5% |
| Fixed assets | 21/28 | €6,411 | €8,795 | +€2,385 | +37.2% |
| Tangible fixed assets | 22/27 | €6,371 | €8,755 | +€2,385 | +37.4% |
| Plant, machinery and equipment | 23 | €3,859 | €4,758 | +€899 | +23.3% |
| Furniture and vehicles | 24 | €2,511 | €3,997 | +€1,486 | +59.2% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €140,563 | €146,322 | +€5,758 | +4.1% |
| Amounts receivable within one year | 40/41 | €17,000 | €41,613 | +€24,612 | +145% |
| Trade receivables | 40 | €16,493 | €40,807 | +€24,314 | +147% |
| Other amounts receivable | 41 | €508 | €806 | +€298 | +58.7% |
| Cash at bank and in hand | 54/58 | €88,001 | €76,876 | -€11,125 | -12.6% |
| Deferred charges and accrued income | 490/1 | €35,562 | €27,833 | -€7,729 | -21.7% |
| Total equity and liabilities | 10/49 | €146,974 | €155,117 | +€8,143 | +5.5% |
| Equity | 10/15 | €126,075 | €136,853 | +€10,778 | +8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €107,475 | €118,253 | +€10,778 | +10.0% |
| Distributable reserves | 133 | €107,475 | €118,253 | +€10,778 | +10.0% |
| Amounts payable | 17/49 | €20,899 | €18,264 | -€2,635 | -12.6% |
| Amounts payable within one year | 42/48 | €20,899 | €18,264 | -€2,635 | -12.6% |
| Trade debts | 44 | €6,165 | €2,133 | -€4,032 | -65.4% |
| Suppliers | 440/4 | €6,165 | €2,133 | -€4,032 | -65.4% |
| Taxes, remuneration and social security | 45 | €6,713 | €8,228 | +€1,515 | +22.6% |
| Taxes | 450/3 | €6,713 | €8,228 | +€1,515 | +22.6% |
| Other amounts payable | 47/48 | €8,021 | €7,903 | -€118 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,766 | €2,740 | -€26 | -0.9% |
| Other operating charges | 640/8 | €204 | €144 | -€60 | -29.2% |
| Gross operating margin | 9900 | €51,954 | €130,490 | +€78,536 | +151% |
| Operating profit (loss) | 9901 | €48,985 | €127,606 | +€78,621 | +161% |
| Financial income | 75/76B | €302 | €480 | +€178 | +59.1% |
| Recurring financial income | 75 | €302 | €480 | +€178 | +59.1% |
| Financial charges | 65/66B | €781 | €736 | -€45 | -5.7% |
| Recurring financial charges | 65 | €781 | €736 | -€45 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €48,505 | €127,349 | +€78,844 | +163% |
| Income taxes | 67/77 | €10,994 | €28,335 | +€17,341 | +158% |
| Profit (loss) for the period | 9904 | €37,511 | €99,014 | +€61,502 | +164% |
| Profit (loss) for the period to be appropriated | 9905 | €37,511 | €99,014 | +€61,502 | +164% |
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 25 October 2026 via checked.be.