Steph's Project: 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.
Steph's Project
Largest movements
- Cash +€433,425
up €433,425 (+227.6%), from €190,436 to €623,862
mainly Net result for the year (+€453,888) and Tax, wage and social debts (+€28,117)
- Tangible fixed assets -€17,292
down €17,292 (-8.2%), from €211,066 to €193,775
- Reserves +€453,888
up €453,888 (+95.0%), from €477,710 to €931,598
- Debts after one year -€50,866
down €50,866 (-24.4%), from €208,613 to €157,747
- Tax, wage and social debts +€28,117
up €28,117 (+204.6%), from €13,744 to €41,862
- Financial income +€271,995
up €271,995 (+133.3%), from €203,996 to €475,991
- Taxes +€27,634
up €27,634 (+101.8%), from €27,142 to €54,776
- Gross operating margin +€8,981
up €8,981 (+13.7%), from €65,474 to €74,455
- Financial charges -€3,108
down €3,108 (-11.7%), from €26,550 to €23,443
- Depreciation +€2,775
up €2,775 (+19.1%), from €14,517 to €17,292
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 | €1,021,392 | €1,436,341 | +€414,949 | +40.6% |
| Fixed assets | 21/28 | €823,873 | €806,581 | -€17,292 | -2.1% |
| Tangible fixed assets | 22/27 | €211,066 | €193,775 | -€17,292 | -8.2% |
| Land and buildings | 22 | €162,052 | €154,179 | -€7,873 | -4.9% |
| Plant, machinery and equipment | 23 | €26,356 | €24,921 | -€1,435 | -5.4% |
| Furniture and vehicles | 24 | €22,658 | €14,674 | -€7,984 | -35.2% |
| Financial fixed assets | 28 | €612,806 | €612,806 | = | 0.0% |
| Current assets | 29/58 | €197,519 | €629,760 | +€432,241 | +218.8% |
| Amounts receivable within one year | 40/41 | €3,665 | €3,438 | -€227 | -6.2% |
| Trade receivables | 40 | €779 | €486 | -€293 | -37.6% |
| Other amounts receivable | 41 | €2,887 | €2,952 | +€65 | +2.3% |
| Cash at bank and in hand | 54/58 | €190,436 | €623,862 | +€433,425 | +227.6% |
| Deferred charges and accrued income | 490/1 | €3,418 | €2,461 | -€957 | -28.0% |
| Total equity and liabilities | 10/49 | €1,021,392 | €1,436,341 | +€414,949 | +40.6% |
| Equity | 10/15 | €502,710 | €956,598 | +€453,888 | +90.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €477,710 | €931,598 | +€453,888 | +95.0% |
| Distributable reserves | 133 | €477,710 | €931,598 | +€453,888 | +95.0% |
| Amounts payable | 17/49 | €518,683 | €479,744 | -€38,939 | -7.5% |
| Amounts payable after more than one year | 17 | €208,613 | €157,747 | -€50,866 | -24.4% |
| Financial debts | 170/4 | €208,613 | €157,747 | -€50,866 | -24.4% |
| Amounts payable within one year | 42/48 | €310,022 | €321,968 | +€11,947 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €49,956 | €50,866 | +€910 | +1.8% |
| Financial debts | 43 | €187,806 | €187,806 | = | 0.0% |
| Other loans | 439 | €187,806 | €187,806 | = | 0.0% |
| Trade debts | 44 | €6,032 | €1,352 | -€4,680 | -77.6% |
| Suppliers | 440/4 | €6,032 | €1,352 | -€4,680 | -77.6% |
| Taxes, remuneration and social security | 45 | €13,744 | €41,862 | +€28,117 | +204.6% |
| Taxes | 450/3 | €13,744 | €41,862 | +€28,117 | +204.6% |
| Other amounts payable | 47/48 | €52,483 | €40,082 | -€12,401 | -23.6% |
| Accrued charges and deferred income | 492/3 | €48 | €29 | -€19 | -40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,517 | €17,292 | +€2,775 | +19.1% |
| Other operating charges | 640/8 | €1,586 | €1,046 | -€540 | -34.0% |
| Gross operating margin | 9900 | €65,474 | €74,455 | +€8,981 | +13.7% |
| Operating profit (loss) | 9901 | €49,371 | €56,116 | +€6,745 | +13.7% |
| Financial income | 75/76B | €203,996 | €475,991 | +€271,995 | +133.3% |
| Recurring financial income | 75 | €203,996 | €475,991 | +€271,995 | +133.3% |
| Financial charges | 65/66B | €26,550 | €23,443 | -€3,108 | -11.7% |
| Recurring financial charges | 65 | €26,550 | €23,443 | -€3,108 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €226,817 | €508,664 | +€281,847 | +124.3% |
| Income taxes | 67/77 | €27,142 | €54,776 | +€27,634 | +101.8% |
| Profit (loss) for the period | 9904 | €199,674 | €453,888 | +€254,213 | +127.3% |
| Profit (loss) for the period to be appropriated | 9905 | €199,674 | €453,888 | +€254,213 | +127.3% |
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.