STEPHANE BUISSERET: 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 BUISSERET
Largest movements
- Financial fixed assets +€2.4m
up €2.4m (+109,110%), from €2,231 to €2.4m
- Receivables within one year +€395,871
up €395,871 (+165%), from €239,644 to €635,515
of which Other amounts receivable: +€380,000
- Cash +€175,058
up €175,058 (+196%), from €89,438 to €264,496
mainly Contributions, distributions and other (+€3.0m) and Other debts (+€26,842)
- Contributions +€2.1m
up €2.1m (+11,338%), from €18,592 to €2.1m
- Profit (loss) carried forward +€869,373
up €869,373 (+646%), from €134,500 to €1.0m
- Gross operating margin -€146,253
down €146,253 (-94.2%), from €155,203 to €8,950
- Taxes -€31,241
down €31,241 (-64.2%), from €48,629 to €17,388
- Financial income +€16,162
up €16,162 (+192%), from €8,431 to €24,593
- Depreciation -€2,560
down €2,560 (-20.5%), from €12,466 to €9,906
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 | €397,611 | €3,412,378 | +€3.0m | +758% |
| Fixed assets | 21/28 | €65,160 | €2,495,918 | +€2.4m | +3,730% |
| Tangible fixed assets | 22/27 | €62,929 | €59,437 | -€3,492 | -5.5% |
| Plant, machinery and equipment | 23 | €47,195 | €43,377 | -€3,818 | -8.1% |
| Furniture and vehicles | 24 | €15,734 | €16,060 | +€326 | +2.1% |
| Financial fixed assets | 28 | €2,231 | €2,436,481 | +€2.4m | +109,110% |
| Current assets | 29/58 | €332,451 | €916,460 | +€584,009 | +176% |
| Amounts receivable within one year | 40/41 | €239,644 | €635,515 | +€395,871 | +165% |
| Trade receivables | 40 | €64,795 | €80,666 | +€15,871 | +24.5% |
| Other amounts receivable | 41 | €174,849 | €554,849 | +€380,000 | +217% |
| Cash at bank and in hand | 54/58 | €89,438 | €264,496 | +€175,058 | +196% |
| Deferred charges and accrued income | 490/1 | €3,369 | €16,449 | +€13,080 | +388% |
| Total equity and liabilities | 10/49 | €397,611 | €3,412,378 | +€3.0m | +758% |
| Equity | 10/15 | €327,451 | €3,327,155 | +€3.0m | +916% |
| Contributions | 10/11 | €18,592 | €2,126,592 | +€2.1m | +11,338% |
| Reserves | 13 | €174,359 | €196,690 | +€22,331 | +12.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €172,500 | €194,831 | +€22,331 | +12.9% |
| Profit (loss) carried forward | 14 | €134,500 | €1,003,873 | +€869,373 | +646% |
| Amounts payable | 17/49 | €70,160 | €85,223 | +€15,063 | +21.5% |
| Amounts payable within one year | 42/48 | €69,731 | €80,223 | +€10,492 | +15.0% |
| Trade debts | 44 | €11,964 | €12,252 | +€288 | +2.4% |
| Suppliers | 440/4 | €11,964 | €12,252 | +€288 | +2.4% |
| Taxes, remuneration and social security | 45 | €33,224 | €16,586 | -€16,638 | -50.1% |
| Taxes | 450/3 | €33,224 | €16,586 | -€16,638 | -50.1% |
| Other amounts payable | 47/48 | €24,543 | €51,385 | +€26,842 | +109% |
| Accrued charges and deferred income | 492/3 | €429 | €5,000 | +€4,571 | +1,066% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,466 | €9,906 | -€2,560 | -20.5% |
| Other operating charges | 640/8 | €2,519 | €2,743 | +€224 | +8.9% |
| Non-recurring operating charges | 66A | - | €5 | +€5 | |
| Gross operating margin | 9900 | €155,203 | €8,950 | -€146,253 | -94.2% |
| Operating profit (loss) | 9901 | €140,218 | -€3,704 | -€143,922 | |
| Financial income | 75/76B | €8,431 | €24,593 | +€16,162 | +192% |
| Recurring financial income | 75 | €8,431 | €24,593 | +€16,162 | +192% |
| Financial charges | 65/66B | €2,192 | €717 | -€1,475 | -67.3% |
| Recurring financial charges | 65 | €2,192 | €717 | -€1,475 | -67.3% |
| Profit (loss) for the period before taxes | 9903 | €146,457 | €20,172 | -€126,285 | -86.2% |
| Income taxes | 67/77 | €48,629 | €17,388 | -€31,241 | -64.2% |
| Profit (loss) for the period | 9904 | €97,828 | €2,784 | -€95,044 | -97.2% |
| Profit (loss) for the period to be appropriated | 9905 | €97,828 | €2,784 | -€95,044 | -97.2% |
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 29 October 2026 via checked.be.