STEPHAN SOENS: 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 SOENS
Largest movements
- Cash -€24,665
down €24,665 (-23.1%), from €106,655 to €81,990
mainly Other debts (-€46,946) and Investment in fixed assets (net) (-€15,603)
- Current investments +€12,571
up €12,571 (+8.0%), from €157,901 to €170,471
- Receivables within one year +€10,687
up €10,687 (+45.5%), from €23,501 to €34,188
of which Trade receivables: +€15,428
- Deferred charges and accrued income -€9,916
down €9,916 (-86.5%), from €11,459 to €1,543
- Other debts -€46,946
down €46,946 (-87.6%), from €53,618 to €6,672
- Reserves +€39,394
up €39,394 (+11.0%), from €358,021 to €397,415
- Gross operating margin +€32,140
up €32,140 (+85.1%), from €37,775 to €69,915
- Taxes +€5,299
up €5,299 (+49.2%), from €10,772 to €16,071
- Depreciation +€2,136
up €2,136 (+21.7%), from €9,852 to €11,988
- Financial charges +€1,576
up €1,576, from -€853 to €723
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 | €420,928 | €413,218 | -€7,710 | -1.8% |
| Fixed assets | 21/28 | €121,411 | €125,025 | +€3,614 | +3.0% |
| Tangible fixed assets | 22/27 | €120,371 | €123,985 | +€3,614 | +3.0% |
| Land and buildings | 22 | €116,935 | €109,319 | -€7,616 | -6.5% |
| Furniture and vehicles | 24 | - | €12,609 | +€12,609 | |
| Other tangible fixed assets | 26 | €3,436 | €2,058 | -€1,378 | -40.1% |
| Financial fixed assets | 28 | €1,040 | €1,040 | = | 0.0% |
| Current assets | 29/58 | €299,516 | €288,193 | -€11,324 | -3.8% |
| Amounts receivable within one year | 40/41 | €23,501 | €34,188 | +€10,687 | +45.5% |
| Trade receivables | 40 | €0 | €15,428 | +€15,428 | |
| Other amounts receivable | 41 | €23,501 | €18,760 | -€4,741 | -20.2% |
| Current investments | 50/53 | €157,901 | €170,471 | +€12,571 | +8.0% |
| Cash at bank and in hand | 54/58 | €106,655 | €81,990 | -€24,665 | -23.1% |
| Deferred charges and accrued income | 490/1 | €11,459 | €1,543 | -€9,916 | -86.5% |
| Total equity and liabilities | 10/49 | €420,928 | €413,218 | -€7,710 | -1.8% |
| Equity | 10/15 | €358,021 | €397,415 | +€39,394 | +11.0% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €358,021 | €397,415 | +€39,394 | +11.0% |
| Distributable reserves | 133 | €358,021 | €397,415 | +€39,394 | +11.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €62,906 | €15,803 | -€47,104 | -74.9% |
| Amounts payable within one year | 42/48 | €62,906 | €15,803 | -€47,104 | -74.9% |
| Financial debts | 43 | €19 | €0 | -€19 | -100.0% |
| Credit institutions | 430/8 | €19 | €0 | -€19 | -100.0% |
| Trade debts | 44 | €746 | €850 | +€104 | +14.0% |
| Suppliers | 440/4 | €746 | €850 | +€104 | +14.0% |
| Taxes, remuneration and social security | 45 | €8,523 | €8,281 | -€242 | -2.8% |
| Taxes | 450/3 | €8,523 | €8,281 | -€242 | -2.8% |
| Other amounts payable | 47/48 | €53,618 | €6,672 | -€46,946 | -87.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,852 | €11,988 | +€2,136 | +21.7% |
| Other operating charges | 640/8 | €3,127 | €3,071 | -€56 | -1.8% |
| Gross operating margin | 9900 | €37,775 | €69,915 | +€32,140 | +85.1% |
| Operating profit (loss) | 9901 | €24,796 | €54,856 | +€30,060 | +121.2% |
| Financial income | 75/76B | €1,927 | €1,332 | -€595 | -30.9% |
| Recurring financial income | 75 | €1,927 | €1,332 | -€595 | -30.9% |
| Financial charges | 65/66B | -€853 | €723 | +€1,576 | |
| Recurring financial charges | 65 | -€853 | €723 | +€1,576 | |
| Profit (loss) for the period before taxes | 9903 | €27,576 | €55,465 | +€27,889 | +101.1% |
| Income taxes | 67/77 | €10,772 | €16,071 | +€5,299 | +49.2% |
| Profit (loss) for the period | 9904 | €16,804 | €39,394 | +€22,590 | +134.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,804 | €39,394 | +€22,590 | +134.4% |
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 10 October 2026 via checked.be.