Stephan Tanghe: 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 Tanghe
Largest movements
- Cash -€175,696
down €175,696 (-84.0%), from €209,218 to €33,523
mainly Other debts (-€186,346) and Debts after one year (-€76,943)
- Stocks and contracts +€49,649
up €49,649 (+10.1%), from €493,080 to €542,730
- Other debts -€186,346
down €186,346 (-28.6%), from €652,300 to €465,953
- Reserves +€77,496
up €77,496 (+6.0%), from €1.3m to €1.4m
of which Distributable reserves: +€77,496
- Debts after one year -€76,943
down €76,943 (-33.7%), from €228,050 to €151,107
- Accrued charges and deferred income +€32,796
up €32,796 (+499%), from €6,575 to €39,371
- Gross operating margin -€141,873
down €141,873 (-29.3%), from €483,897 to €342,025
- Taxes -€46,358
down €46,358 (-43.1%), from €107,485 to €61,127
- Depreciation -€12,001
down €12,001 (-11.3%), from €105,827 to €93,826
- Financial charges +€9,508
up €9,508 (+43.4%), from €21,922 to €31,430
- Other operating charges +€5,209
up €5,209 (+77.1%), from €6,758 to €11,967
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 | €2,318,901 | €2,166,979 | -€151,922 | -6.6% |
| Fixed assets | 21/28 | €1,556,353 | €1,538,976 | -€17,378 | -1.1% |
| Tangible fixed assets | 22/27 | €1,555,553 | €1,537,776 | -€17,778 | -1.1% |
| Land and buildings | 22 | €1,502,869 | €1,500,932 | -€1,938 | -0.1% |
| Furniture and vehicles | 24 | €52,684 | €36,844 | -€15,840 | -30.1% |
| Financial fixed assets | 28 | €800 | €1,200 | +€400 | +50.0% |
| Current assets | 29/58 | €762,548 | €628,003 | -€134,544 | -17.6% |
| Amounts receivable after more than one year | 29 | €14,961 | €9,954 | -€5,007 | -33.5% |
| Other amounts receivable | 291 | €14,961 | €9,954 | -€5,007 | -33.5% |
| Stocks and contracts in progress | 3 | €493,080 | €542,730 | +€49,649 | +10.1% |
| Stocks | 30/36 | €493,080 | €542,730 | +€49,649 | +10.1% |
| Amounts receivable within one year | 40/41 | €40,959 | €34,167 | -€6,792 | -16.6% |
| Trade receivables | 40 | €24,200 | €25,828 | +€1,628 | +6.7% |
| Other amounts receivable | 41 | €16,759 | €8,339 | -€8,420 | -50.2% |
| Cash at bank and in hand | 54/58 | €209,218 | €33,523 | -€175,696 | -84.0% |
| Deferred charges and accrued income | 490/1 | €4,329 | €7,630 | +€3,301 | +76.3% |
| Total equity and liabilities | 10/49 | €2,318,901 | €2,166,979 | -€151,922 | -6.6% |
| Equity | 10/15 | €1,292,903 | €1,370,399 | +€77,496 | +6.0% |
| Contributions | 10/11 | €11,200 | €11,200 | = | 0.0% |
| Reserves | 13 | €1,281,703 | €1,359,199 | +€77,496 | +6.0% |
| Non-distributable reserves | 130/1 | €4,360 | €4,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,360 | €4,360 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Distributable reserves | 133 | €1,214,193 | €1,291,689 | +€77,496 | +6.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,025,998 | €796,581 | -€229,418 | -22.4% |
| Amounts payable after more than one year | 17 | €228,050 | €151,107 | -€76,943 | -33.7% |
| Financial debts | 170/4 | €228,050 | €151,107 | -€76,943 | -33.7% |
| Amounts payable within one year | 42/48 | €791,374 | €606,103 | -€185,271 | -23.4% |
| Current portion of amounts payable after more than one year | 42 | €76,943 | €76,943 | = | 0.0% |
| Financial debts | 43 | - | €16,858 | +€16,858 | |
| Credit institutions | 430/8 | - | €16,858 | +€16,858 | |
| Trade debts | 44 | €18,793 | €20,339 | +€1,545 | +8.2% |
| Suppliers | 440/4 | €18,793 | €20,339 | +€1,545 | +8.2% |
| Taxes, remuneration and social security | 45 | €43,338 | €26,010 | -€17,328 | -40.0% |
| Taxes | 450/3 | €41,657 | €24,318 | -€17,339 | -41.6% |
| Remuneration and social security | 454/9 | €1,681 | €1,692 | +€11 | +0.6% |
| Other amounts payable | 47/48 | €652,300 | €465,953 | -€186,346 | -28.6% |
| Accrued charges and deferred income | 492/3 | €6,575 | €39,371 | +€32,796 | +499% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,827 | €93,826 | -€12,001 | -11.3% |
| Other operating charges | 640/8 | €6,758 | €11,967 | +€5,209 | +77.1% |
| Gross operating margin | 9900 | €483,897 | €342,025 | -€141,873 | -29.3% |
| Operating profit (loss) | 9901 | €371,312 | €236,231 | -€135,080 | -36.4% |
| Financial income | 75/76B | €1,700 | €510 | -€1,190 | -70.0% |
| Recurring financial income | 75 | €1,700 | €510 | -€1,190 | -70.0% |
| Financial charges | 65/66B | €21,922 | €31,430 | +€9,508 | +43.4% |
| Recurring financial charges | 65 | €21,922 | €31,430 | +€9,508 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | €351,089 | €205,311 | -€145,779 | -41.5% |
| Income taxes | 67/77 | €107,485 | €61,127 | -€46,358 | -43.1% |
| Profit (loss) for the period | 9904 | €243,604 | €144,184 | -€99,420 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €243,604 | €144,184 | -€99,420 | -40.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.