STEPHAN BADAL: 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.
STEPHAN BADAL
Largest movements
- Stocks and contracts -€6,101
down €6,101 (-12.4%), from €49,369 to €43,268
- Cash -€5,476
down €5,476 (-50.4%), from €10,863 to €5,386
mainly Net result for the year (-€21,318) and Trade debts (-€902)
- Profit (loss) carried forward -€21,318
down €21,318 (-14.6%), from -€146,296 to -€167,614
- Other debts +€10,391
up €10,391 (+9.0%), from €114,891 to €125,282
- Trade debts -€902
down €902 (-33.0%), from €2,730 to €1,828
- Gross operating margin -€11,985
down €11,985 (-149%), from -€8,024 to -€20,009
- Other operating charges -€1,814
down €1,814 (-62.5%), from €2,902 to €1,088
- Financial charges +€224
up €224 (+29,505%), from €1 to €225
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 | €62,025 | €50,196 | -€11,829 | -19.1% |
| Current assets | 29/58 | €62,025 | €50,196 | -€11,829 | -19.1% |
| Stocks and contracts in progress | 3 | €49,369 | €43,268 | -€6,101 | -12.4% |
| Stocks | 30/36 | €49,369 | €43,268 | -€6,101 | -12.4% |
| Amounts receivable within one year | 40/41 | €1,793 | €1,542 | -€252 | -14.0% |
| Trade receivables | 40 | - | €735 | +€735 | |
| Other amounts receivable | 41 | €1,793 | €807 | -€987 | -55.0% |
| Cash at bank and in hand | 54/58 | €10,863 | €5,386 | -€5,476 | -50.4% |
| Total equity and liabilities | 10/49 | €62,025 | €50,196 | -€11,829 | -19.1% |
| Equity | 10/15 | -€57,696 | -€79,014 | -€21,318 | -36.9% |
| Contributions | 10/11 | €88,600 | €88,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€146,296 | -€167,614 | -€21,318 | -14.6% |
| Amounts payable | 17/49 | €119,720 | €129,210 | +€9,489 | +7.9% |
| Amounts payable within one year | 42/48 | €117,620 | €127,110 | +€9,489 | +8.1% |
| Trade debts | 44 | €2,730 | €1,828 | -€902 | -33.0% |
| Suppliers | 440/4 | €2,730 | €1,828 | -€902 | -33.0% |
| Other amounts payable | 47/48 | €114,891 | €125,282 | +€10,391 | +9.0% |
| Accrued charges and deferred income | 492/3 | €2,100 | €2,100 | = | 0.0% |
| Other operating charges | 640/8 | €2,902 | €1,088 | -€1,814 | -62.5% |
| Gross operating margin | 9900 | -€8,024 | -€20,009 | -€11,985 | -149% |
| Operating profit (loss) | 9901 | -€10,926 | -€21,096 | -€10,170 | -93.1% |
| Financial income | 75/76B | €0 | €3 | +€3 | +5,233% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +5,233% |
| Financial charges | 65/66B | €1 | €225 | +€224 | +29,505% |
| Recurring financial charges | 65 | €1 | €225 | +€224 | +29,505% |
| Profit (loss) for the period before taxes | 9903 | -€10,927 | -€21,318 | -€10,391 | -95.1% |
| Profit (loss) for the period | 9904 | -€10,927 | -€21,318 | -€10,391 | -95.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,927 | -€21,318 | -€10,391 | -95.1% |
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 21 October 2026 via checked.be.