Stéphan DAVID: 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 DAVID
Largest movements
- Tangible fixed assets -€58,908
down €58,908 (-5.3%), from €1.1m to €1.1m
of which Land and buildings: -€38,881
- Receivables within one year -€45,991
down €45,991 (-56.7%), from €81,151 to €35,160
of which Other amounts receivable: -€36,783
- Cash +€13,368
up €13,368 (+272%), from €4,915 to €18,283
mainly Net result for the year (+€100,000) and Depreciation (+€82,870)
- Tax, wage and social debts -€61,910
down €61,910 (-90.7%), from €68,291 to €6,380
of which Taxes: -€60,350
- Reserves +€60,000
up €60,000 (+15.3%), from €393,000 to €453,000
- Other debts -€45,667
down €45,667 (-46.3%), from €98,587 to €52,920
- Debts after one year -€33,941
down €33,941 (-7.1%), from €476,810 to €442,869
of which Financial debts: -€33,941
- Trade debts -€14,480
down €14,480 (-75.1%), from €19,268 to €4,788
- Gross operating margin -€195,784
down €195,784 (-45.8%), from €427,017 to €231,233
- Taxes -€89,571
down €89,571 (-82.9%), from €107,989 to €18,418
- Write-downs -€9,223
no longer reported in 2025 (was €9,223)
- Financial income -€8,392
down €8,392 (-100.0%), from €8,395 to €3
- Financial charges -€7,743
down €7,743 (-24.4%), from €31,746 to €24,003
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 | €1,250,313 | €1,149,459 | -€100,854 | -8.1% |
| Fixed assets | 21/28 | €1,151,448 | €1,094,090 | -€57,358 | -5.0% |
| Tangible fixed assets | 22/27 | €1,115,492 | €1,056,583 | -€58,908 | -5.3% |
| Land and buildings | 22 | €1,063,351 | €1,024,470 | -€38,881 | -3.7% |
| Furniture and vehicles | 24 | €52,141 | €32,113 | -€20,028 | -38.4% |
| Financial fixed assets | 28 | €35,956 | €37,506 | +€1,550 | +4.3% |
| Current assets | 29/58 | €98,865 | €55,369 | -€43,496 | -44.0% |
| Stocks and contracts in progress | 3 | €1,176 | - | -€1,176 | |
| Stocks | 30/36 | €1,176 | - | -€1,176 | |
| Amounts receivable within one year | 40/41 | €81,151 | €35,160 | -€45,991 | -56.7% |
| Trade receivables | 40 | €38,368 | €29,160 | -€9,208 | -24.0% |
| Other amounts receivable | 41 | €42,783 | €6,000 | -€36,783 | -86.0% |
| Cash at bank and in hand | 54/58 | €4,915 | €18,283 | +€13,368 | +272% |
| Deferred charges and accrued income | 490/1 | €11,622 | €1,926 | -€9,696 | -83.4% |
| Total equity and liabilities | 10/49 | €1,250,313 | €1,149,459 | -€100,854 | -8.1% |
| Equity | 10/15 | €527,700 | €587,700 | +€60,000 | +11.4% |
| Contributions | 10/11 | €134,700 | €134,700 | = | 0.0% |
| Capital | 10 | €134,700 | €134,700 | = | 0.0% |
| Issued capital | 100 | €134,700 | €134,700 | = | 0.0% |
| Reserves | 13 | €393,000 | €453,000 | +€60,000 | +15.3% |
| Distributable reserves | 133 | €393,000 | €453,000 | +€60,000 | +15.3% |
| Amounts payable | 17/49 | €722,613 | €561,759 | -€160,854 | -22.3% |
| Amounts payable after more than one year | 17 | €476,810 | €442,869 | -€33,941 | -7.1% |
| Financial debts | 170/4 | €208,800 | €174,858 | -€33,941 | -16.3% |
| Other amounts payable | 178/9 | €268,010 | €268,010 | = | 0.0% |
| Amounts payable within one year | 42/48 | €224,880 | €98,030 | -€126,850 | -56.4% |
| Current portion of amounts payable after more than one year | 42 | €38,734 | €33,941 | -€4,792 | -12.4% |
| Trade debts | 44 | €19,268 | €4,788 | -€14,480 | -75.1% |
| Suppliers | 440/4 | €19,268 | €4,788 | -€14,480 | -75.1% |
| Taxes, remuneration and social security | 45 | €68,291 | €6,380 | -€61,910 | -90.7% |
| Taxes | 450/3 | €66,731 | €6,380 | -€60,350 | -90.4% |
| Remuneration and social security | 454/9 | €1,560 | - | -€1,560 | |
| Other amounts payable | 47/48 | €98,587 | €52,920 | -€45,667 | -46.3% |
| Accrued charges and deferred income | 492/3 | €20,923 | €20,860 | -€63 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,500 | €82,870 | +€2,370 | +2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,223 | - | -€9,223 | |
| Other operating charges | 640/8 | €5,954 | €5,944 | -€10 | -0.2% |
| Gross operating margin | 9900 | €427,017 | €231,233 | -€195,784 | -45.8% |
| Operating profit (loss) | 9901 | €331,340 | €142,418 | -€188,921 | -57.0% |
| Financial income | 75/76B | €8,395 | €3 | -€8,392 | -100.0% |
| Recurring financial income | 75 | €8,395 | €3 | -€8,392 | -100.0% |
| Financial charges | 65/66B | €31,746 | €24,003 | -€7,743 | -24.4% |
| Recurring financial charges | 65 | €31,746 | €24,003 | -€7,743 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €307,989 | €118,418 | -€189,571 | -61.6% |
| Income taxes | 67/77 | €107,989 | €18,418 | -€89,571 | -82.9% |
| Profit (loss) for the period | 9904 | €200,000 | €100,000 | -€100,000 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €200,000 | €100,000 | -€100,000 | -50.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.