STEPHAN CEUPPENS: 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 CEUPPENS
Largest movements
- Receivables within one year -€11,445
down €11,445 (-51.4%), from €22,266 to €10,821
- Cash +€10,019
up €10,019 (+4.9%), from €206,552 to €216,571
mainly Receivables within one year (+€11,445) and Deferred charges and accrued income (+€6,572)
- Deferred charges and accrued income -€6,572
down €6,572 (-82.4%), from €7,973 to €1,401
- Tangible fixed assets -€6,087
down €6,087 (-19.4%), from €31,377 to €25,290
of which Furniture and vehicles: -€4,274
- Profit (loss) carried forward -€11,115
down €11,115, from €0 to -€11,115
- Gross operating margin -€123,196
down €123,196, from €117,268 to -€5,928
- Taxes -€37,791
down €37,791 (-98.9%), from €38,219 to €428
- Financial income -€11,554
down €11,554 (-77.8%), from €14,849 to €3,295
- Depreciation -€5,721
down €5,721 (-48.5%), from €11,808 to €6,087
- Financial charges -€4,141
down €4,141 (-96.1%), from €4,307 to €166
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 | €488,724 | €474,613 | -€14,110 | -2.9% |
| Fixed assets | 21/28 | €31,402 | €25,290 | -€6,112 | -19.5% |
| Tangible fixed assets | 22/27 | €31,377 | €25,290 | -€6,087 | -19.4% |
| Land and buildings | 22 | €24,789 | €24,789 | = | 0.0% |
| Plant, machinery and equipment | 23 | €414 | €0 | -€414 | -100% |
| Furniture and vehicles | 24 | €4,774 | €500 | -€4,274 | -89.5% |
| Other tangible fixed assets | 26 | €1,400 | €0 | -€1,400 | -100% |
| Financial fixed assets | 28 | €25 | €0 | -€25 | -100% |
| Current assets | 29/58 | €457,322 | €449,323 | -€7,998 | -1.7% |
| Amounts receivable within one year | 40/41 | €22,266 | €10,821 | -€11,445 | -51.4% |
| Other amounts receivable | 41 | €22,266 | €10,821 | -€11,445 | -51.4% |
| Current investments | 50/53 | €220,530 | €220,530 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €206,552 | €216,571 | +€10,019 | +4.9% |
| Deferred charges and accrued income | 490/1 | €7,973 | €1,401 | -€6,572 | -82.4% |
| Total equity and liabilities | 10/49 | €488,724 | €474,613 | -€14,110 | -2.9% |
| Equity | 10/15 | €485,307 | €474,192 | -€11,115 | -2.3% |
| Contributions | 10/11 | €405 | €405 | = | 0.0% |
| Reserves | 13 | €484,901 | €484,901 | = | 0.0% |
| Distributable reserves | 133 | €484,901 | €484,901 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€11,115 | -€11,115 | |
| Amounts payable | 17/49 | €3,417 | €421 | -€2,996 | -87.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,177 | €421 | -€756 | -64.2% |
| Trade debts | 44 | €22 | €421 | +€399 | +1,839% |
| Suppliers | 440/4 | €22 | €421 | +€399 | +1,839% |
| Taxes, remuneration and social security | 45 | €960 | €0 | -€960 | -100% |
| Taxes | 450/3 | €960 | €0 | -€960 | -100% |
| Other amounts payable | 47/48 | €196 | €0 | -€196 | -100% |
| Accrued charges and deferred income | 492/3 | €2,239 | €0 | -€2,239 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,808 | €6,087 | -€5,721 | -48.5% |
| Other operating charges | 640/8 | €1,188 | €1,801 | +€613 | +51.6% |
| Gross operating margin | 9900 | €117,268 | -€5,928 | -€123,196 | |
| Operating profit (loss) | 9901 | €104,272 | -€13,816 | -€118,088 | |
| Financial income | 75/76B | €14,849 | €3,295 | -€11,554 | -77.8% |
| Recurring financial income | 75 | €14,849 | €3,295 | -€11,554 | -77.8% |
| Financial charges | 65/66B | €4,307 | €166 | -€4,141 | -96.1% |
| Recurring financial charges | 65 | €4,307 | €166 | -€4,141 | -96.1% |
| Profit (loss) for the period before taxes | 9903 | €114,815 | -€10,687 | -€125,501 | |
| Income taxes | 67/77 | €38,219 | €428 | -€37,791 | -98.9% |
| Profit (loss) for the period | 9904 | €76,596 | -€11,115 | -€87,710 | |
| Profit (loss) for the period to be appropriated | 9905 | €76,596 | -€11,115 | -€87,710 |
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 13 October 2026 via checked.be.