STEPHANE BERTINCHAMPS: 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.
STEPHANE BERTINCHAMPS
Largest movements
- Tangible fixed assets +€41,037
up €41,037 (+46.7%), from €87,903 to €128,940
of which Furniture and vehicles: +€31,101
- Receivables within one year +€20,768
up €20,768 (+32.6%), from €63,677 to €84,444
of which Trade receivables: +€23,423
- Intangible fixed assets +€12,417
new in 2025: €12,417
- Debts after one year +€74,966
up €74,966 (+205%), from €36,531 to €111,496
- Profit (loss) carried forward -€3,978
down €3,978 (-10.2%), from €38,952 to €34,974
- Short-term financial debts +€3,282
up €3,282 (+15.5%), from €21,233 to €24,514
- Staff costs -€28,537
down €28,537 (-36.9%), from €77,354 to €48,817
- Gross operating margin -€18,549
down €18,549 (-15.2%), from €121,748 to €103,199
- Depreciation -€9,506
down €9,506 (-19.5%), from €48,813 to €39,307
- Other operating charges +€7,949
up €7,949 (+1,195%), from €665 to €8,615
- Financial charges +€4,202
up €4,202 (+65.1%), from €6,450 to €10,652
of which Financial charges: +€3,354
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 | €159,040 | €232,869 | +€73,829 | +46.4% |
| Fixed assets | 21/28 | €88,128 | €141,583 | +€53,455 | +60.7% |
| Intangible fixed assets | 21 | - | €12,417 | +€12,417 | |
| Tangible fixed assets | 22/27 | €87,903 | €128,940 | +€41,037 | +46.7% |
| Plant, machinery and equipment | 23 | €48,448 | €62,900 | +€14,452 | +29.8% |
| Furniture and vehicles | 24 | €13,320 | €44,421 | +€31,101 | +233% |
| Leasing and similar rights | 25 | €26,135 | €21,619 | -€4,516 | -17.3% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €70,912 | €91,286 | +€20,374 | +28.7% |
| Stocks and contracts in progress | 3 | €5,022 | €5,057 | +€35 | +0.7% |
| Stocks | 30/36 | €5,022 | €5,057 | +€35 | +0.7% |
| Amounts receivable within one year | 40/41 | €63,677 | €84,444 | +€20,768 | +32.6% |
| Trade receivables | 40 | €56,092 | €79,515 | +€23,423 | +41.8% |
| Other amounts receivable | 41 | €7,584 | €4,929 | -€2,655 | -35.0% |
| Cash at bank and in hand | 54/58 | €1,541 | €71 | -€1,470 | -95.4% |
| Deferred charges and accrued income | 490/1 | €672 | €1,714 | +€1,041 | +155% |
| Total equity and liabilities | 10/49 | €159,040 | €232,869 | +€73,829 | +46.4% |
| Equity | 10/15 | €47,012 | €43,034 | -€3,978 | -8.5% |
| 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 | €38,952 | €34,974 | -€3,978 | -10.2% |
| Amounts payable | 17/49 | €112,029 | €189,835 | +€77,806 | +69.5% |
| Amounts payable after more than one year | 17 | €36,531 | €111,496 | +€74,966 | +205% |
| Financial debts | 170/4 | €36,531 | €111,496 | +€74,966 | +205% |
| Amounts payable within one year | 42/48 | €75,498 | €78,339 | +€2,841 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €32,922 | €31,145 | -€1,777 | -5.4% |
| Financial debts | 43 | €21,233 | €24,514 | +€3,282 | +15.5% |
| Credit institutions | 430/8 | €21,233 | €24,514 | +€3,282 | +15.5% |
| Trade debts | 44 | €13,752 | €15,222 | +€1,470 | +10.7% |
| Suppliers | 440/4 | €13,752 | €15,222 | +€1,470 | +10.7% |
| Taxes, remuneration and social security | 45 | €7,591 | €7,457 | -€134 | -1.8% |
| Taxes | 450/3 | €842 | €3,714 | +€2,872 | +341% |
| Remuneration and social security | 454/9 | €6,749 | €3,743 | -€3,006 | -44.5% |
| Remuneration, social security and pensions | 62 | €77,354 | €48,817 | -€28,537 | -36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,813 | €39,307 | -€9,506 | -19.5% |
| Other operating charges | 640/8 | €665 | €8,615 | +€7,949 | +1,195% |
| Gross operating margin | 9900 | €121,748 | €103,199 | -€18,549 | -15.2% |
| Operating profit (loss) | 9901 | -€5,085 | €6,459 | +€11,544 | |
| Financial income | 75/76B | €232 | €215 | -€17 | -7.3% |
| Recurring financial income | 75 | €232 | €215 | -€17 | -7.3% |
| Financial charges | 65/66B | €6,450 | €10,652 | +€4,202 | +65.1% |
| Recurring financial charges | 65 | €5,017 | €8,372 | +€3,354 | +66.9% |
| Non-recurring financial charges | 66B | €1,432 | €2,280 | +€847 | +59.2% |
| Profit (loss) for the period before taxes | 9903 | -€11,304 | -€3,978 | +€7,326 | +64.8% |
| Profit (loss) for the period | 9904 | -€11,304 | -€3,978 | +€7,326 | +64.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,304 | -€3,978 | +€7,326 | +64.8% |
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 17 October 2026 via checked.be.