Stéphan: 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.
Stéphan
Largest movements
- Receivables within one year -€18,901
down €18,901 (-41.0%), from €46,110 to €27,209
of which Trade receivables: -€18,960
- Tangible fixed assets -€15,237
down €15,237 (-14.2%), from €107,185 to €91,948
of which Furniture and vehicles: -€19,355
- Cash +€10,980
up €10,980 (+7.4%), from €147,713 to €158,693
mainly Depreciation (+€25,487) and Net result for the year (+€22,291)
- Other debts -€36,495
down €36,495 (-74.0%), from €49,300 to €12,805
- Reserves +€22,000
up €22,000 (+14.3%), from €153,395 to €175,395
of which Distributable reserves: +€22,000
- Debts after one year -€9,759
down €9,759 (-26.5%), from €36,813 to €27,054
- Trade debts -€9,570
down €9,570 (-69.9%), from €13,684 to €4,114
- Tax, wage and social debts +€8,238
up €8,238 (+69.0%), from €11,939 to €20,177
- Gross operating margin +€17,506
up €17,506 (+36.8%), from €47,579 to €65,085
- Depreciation +€12,683
up €12,683 (+99.1%), from €12,804 to €25,487
- Other operating charges -€5,831
down €5,831 (-72.2%), from €8,072 to €2,240
- Taxes +€4,482
up €4,482 (+61.4%), from €7,301 to €11,783
- Financial charges +€2,373
up €2,373 (+207.1%), from €1,146 to €3,519
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 | €302,277 | €278,954 | -€23,324 | -7.7% |
| Fixed assets | 21/28 | €107,185 | €91,948 | -€15,237 | -14.2% |
| Tangible fixed assets | 22/27 | €107,185 | €91,948 | -€15,237 | -14.2% |
| Plant, machinery and equipment | 23 | - | €5,835 | +€5,835 | |
| Furniture and vehicles | 24 | €96,037 | €76,681 | -€19,355 | -20.2% |
| Other tangible fixed assets | 26 | €11,148 | €9,431 | -€1,717 | -15.4% |
| Current assets | 29/58 | €195,093 | €187,006 | -€8,086 | -4.1% |
| Amounts receivable within one year | 40/41 | €46,110 | €27,209 | -€18,901 | -41.0% |
| Trade receivables | 40 | €43,426 | €24,466 | -€18,960 | -43.7% |
| Other amounts receivable | 41 | €2,684 | €2,743 | +€59 | +2.2% |
| Cash at bank and in hand | 54/58 | €147,713 | €158,693 | +€10,980 | +7.4% |
| Deferred charges and accrued income | 490/1 | €1,270 | €1,104 | -€166 | -13.1% |
| Total equity and liabilities | 10/49 | €302,277 | €278,954 | -€23,324 | -7.7% |
| Equity | 10/15 | €181,158 | €203,449 | +€22,291 | +12.3% |
| Contributions | 10/11 | €18,647 | €18,647 | = | 0.0% |
| Reserves | 13 | €153,395 | €175,395 | +€22,000 | +14.3% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €141,000 | €163,000 | +€22,000 | +15.6% |
| Profit (loss) carried forward | 14 | €9,117 | €9,407 | +€291 | +3.2% |
| Amounts payable | 17/49 | €121,119 | €75,505 | -€45,614 | -37.7% |
| Amounts payable after more than one year | 17 | €36,813 | €27,054 | -€9,759 | -26.5% |
| Financial debts | 170/4 | €36,813 | €27,054 | -€9,759 | -26.5% |
| Amounts payable within one year | 42/48 | €84,306 | €46,855 | -€37,452 | -44.4% |
| Current portion of amounts payable after more than one year | 42 | €9,384 | €9,759 | +€375 | +4.0% |
| Trade debts | 44 | €13,684 | €4,114 | -€9,570 | -69.9% |
| Suppliers | 440/4 | €13,684 | €4,114 | -€9,570 | -69.9% |
| Taxes, remuneration and social security | 45 | €11,939 | €20,177 | +€8,238 | +69.0% |
| Taxes | 450/3 | €11,939 | €20,177 | +€8,238 | +69.0% |
| Other amounts payable | 47/48 | €49,300 | €12,805 | -€36,495 | -74.0% |
| Accrued charges and deferred income | 492/3 | - | €1,597 | +€1,597 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,804 | €25,487 | +€12,683 | +99.1% |
| Other operating charges | 640/8 | €8,072 | €2,240 | -€5,831 | -72.2% |
| Non-recurring operating charges | 66A | €7,077 | - | -€7,077 | |
| Gross operating margin | 9900 | €47,579 | €65,085 | +€17,506 | +36.8% |
| Operating profit (loss) | 9901 | €19,626 | €37,357 | +€17,731 | +90.3% |
| Financial income | 75/76B | €0 | €235 | +€235 | +2349700.0% |
| Recurring financial income | 75 | €0 | €235 | +€235 | +2349700.0% |
| Financial charges | 65/66B | €1,146 | €3,519 | +€2,373 | +207.1% |
| Recurring financial charges | 65 | €1,146 | €3,519 | +€2,373 | +207.1% |
| Profit (loss) for the period before taxes | 9903 | €18,480 | €34,073 | +€15,593 | +84.4% |
| Income taxes | 67/77 | €7,301 | €11,783 | +€4,482 | +61.4% |
| Profit (loss) for the period | 9904 | €11,179 | €22,291 | +€11,111 | +99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,179 | €22,291 | +€11,111 | +99.4% |
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 12 October 2026 via checked.be.