Stéphane CHATEL: 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.
Stéphane CHATEL
Largest movements
- Receivables within one year +€10,180
up €10,180 (+23.4%), from €43,476 to €53,657
of which Other amounts receivable: +€12,472
- Cash +€2,050
up €2,050 (+31.2%), from €6,565 to €8,616
mainly Net result for the year (+€42,945) and Other debts (+€5,000)
- Deferred charges and accrued income -€1,738
down €1,738 (-20.7%), from €8,405 to €6,667
- Profit (loss) carried forward +€7,945
up €7,945 (+180.2%), from €4,408 to €12,353
- Other debts +€5,000
up €5,000 (+16.7%), from €30,000 to €35,000
- Trade debts -€4,586
down €4,586 (-71.8%), from €6,388 to €1,802
- Tax, wage and social debts +€2,134
up €2,134 (+22.1%), from €9,670 to €11,804
- Gross operating margin +€14,306
up €14,306 (+39.6%), from €36,109 to €50,415
- Other operating charges -€12,425
down €12,425 (-93.6%), from €13,269 to €844
- Taxes +€2,329
up €2,329 (+97.8%), from €2,383 to €4,712
- Depreciation -€600
no longer reported in 2025 (was €600)
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 | €58,525 | €69,018 | +€10,493 | +17.9% |
| Fixed assets | 21/28 | €79 | €79 | = | 0.0% |
| Financial fixed assets | 28 | €79 | €79 | = | 0.0% |
| Current assets | 29/58 | €58,447 | €68,939 | +€10,493 | +18.0% |
| Amounts receivable within one year | 40/41 | €43,476 | €53,657 | +€10,180 | +23.4% |
| Trade receivables | 40 | €24,109 | €21,818 | -€2,291 | -9.5% |
| Other amounts receivable | 41 | €19,367 | €31,839 | +€12,472 | +64.4% |
| Cash at bank and in hand | 54/58 | €6,565 | €8,616 | +€2,050 | +31.2% |
| Deferred charges and accrued income | 490/1 | €8,405 | €6,667 | -€1,738 | -20.7% |
| Total equity and liabilities | 10/49 | €58,525 | €69,018 | +€10,493 | +17.9% |
| Equity | 10/15 | €12,467 | €20,412 | +€7,945 | +63.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,408 | €12,353 | +€7,945 | +180.2% |
| Amounts payable | 17/49 | €46,058 | €48,606 | +€2,548 | +5.5% |
| Amounts payable within one year | 42/48 | €46,058 | €48,606 | +€2,548 | +5.5% |
| Trade debts | 44 | €6,388 | €1,802 | -€4,586 | -71.8% |
| Suppliers | 440/4 | €6,388 | €1,802 | -€4,586 | -71.8% |
| Taxes, remuneration and social security | 45 | €9,670 | €11,804 | +€2,134 | +22.1% |
| Taxes | 450/3 | €9,670 | €11,804 | +€2,134 | +22.1% |
| Other amounts payable | 47/48 | €30,000 | €35,000 | +€5,000 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €600 | - | -€600 | |
| Other operating charges | 640/8 | €13,269 | €844 | -€12,425 | -93.6% |
| Non-recurring operating charges | 66A | - | €1,508 | +€1,508 | |
| Gross operating margin | 9900 | €36,109 | €50,415 | +€14,306 | +39.6% |
| Operating profit (loss) | 9901 | €22,241 | €48,064 | +€25,823 | +116.1% |
| Financial income | 75/76B | €1,272 | €1,368 | +€96 | +7.5% |
| Recurring financial income | 75 | €1,272 | €1,368 | +€96 | +7.5% |
| Financial charges | 65/66B | €1,278 | €1,774 | +€496 | +38.8% |
| Recurring financial charges | 65 | €1,278 | €1,774 | +€496 | +38.8% |
| Profit (loss) for the period before taxes | 9903 | €22,234 | €47,657 | +€25,422 | +114.3% |
| Income taxes | 67/77 | €2,383 | €4,712 | +€2,329 | +97.8% |
| Profit (loss) for the period | 9904 | €19,852 | €42,945 | +€23,093 | +116.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,852 | €42,945 | +€23,093 | +116.3% |
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 11 October 2026 via checked.be.