STEPHAN MOONEN: 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 MOONEN
Largest movements
- Receivables within one year +€451
up €451 (+166%), from €271 to €723
of which Trade receivables: +€661
- Cash +€89
new in 2025: €89
mainly Net result for the year (+€9,893)
- Profit (loss) carried forward +€9,893
up €9,893 (+6.2%), from -€159,736 to -€149,843
- Short-term financial debts -€7,795
no longer reported in 2025 (was €7,795)
- Trade debts -€837
down €837 (-51.7%), from €1,618 to €781
- Other debts -€720
down €720 (-0.5%), from €142,534 to €141,814
- Gross operating margin +€14,486
up €14,486, from -€2,524 to €11,962
- Staff costs +€1,361
no longer reported in 2025 (was -€1,361)
- Financial charges -€1,032
down €1,032 (-33.3%), from €3,101 to €2,069
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 | €271 | €812 | +€541 | +199% |
| Current assets | 29/58 | €271 | €812 | +€541 | +199% |
| Amounts receivable within one year | 40/41 | €271 | €723 | +€451 | +166% |
| Trade receivables | 40 | - | €661 | +€661 | |
| Other amounts receivable | 41 | €271 | €62 | -€210 | -77.3% |
| Cash at bank and in hand | 54/58 | - | €89 | +€89 | |
| Total equity and liabilities | 10/49 | €271 | €812 | +€541 | +199% |
| Equity | 10/15 | -€151,676 | -€141,783 | +€9,893 | +6.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€159,736 | -€149,843 | +€9,893 | +6.2% |
| Amounts payable | 17/49 | €151,947 | €142,595 | -€9,352 | -6.2% |
| Amounts payable within one year | 42/48 | €151,947 | €142,595 | -€9,352 | -6.2% |
| Financial debts | 43 | €7,795 | - | -€7,795 | |
| Other loans | 439 | €7,795 | - | -€7,795 | |
| Trade debts | 44 | €1,618 | €781 | -€837 | -51.7% |
| Suppliers | 440/4 | €1,618 | €781 | -€837 | -51.7% |
| Other amounts payable | 47/48 | €142,534 | €141,814 | -€720 | -0.5% |
| Non-recurring operating income | 76A | €100 | - | -€100 | |
| Remuneration, social security and pensions | 62 | -€1,361 | - | +€1,361 | |
| Gross operating margin | 9900 | -€2,524 | €11,962 | +€14,486 | |
| Operating profit (loss) | 9901 | -€1,164 | €11,962 | +€13,125 | |
| Financial charges | 65/66B | €3,101 | €2,069 | -€1,032 | -33.3% |
| Recurring financial charges | 65 | €3,101 | €2,069 | -€1,032 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,265 | €9,893 | +€14,158 | |
| Profit (loss) for the period | 9904 | -€4,265 | €9,893 | +€14,158 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,265 | €9,893 | +€14,158 |
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.