STEPHANE COPPENS: what changed
Two fiscal 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 COPPENS
Largest movements
- Receivables within one year +€70,000
up €70,000, from €0 to €70,000
of which Other amounts receivable: +€70,000
- Tangible fixed assets -€13,080
down €13,080 (-24.8%), from €52,675 to €39,595
- Reserves +€107,171
up €107,171 (+25.5%), from €419,776 to €526,948
of which Distributable reserves: +€107,171
- Other debts -€46,595
down €46,595 (-70.7%), from €65,942 to €19,347
- Tax, wage and social debts -€7,865
down €7,865 (-8.8%), from €89,085 to €81,219
- Gross operating margin -€26,018
down €26,018 (-13.2%), from €197,253 to €171,235
- Taxes -€8,589
down €8,589 (-14.3%), from €60,157 to €51,568
- Financial income -€7,065
down €7,065 (-75.7%), from €9,329 to €2,264
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 | €613,036 | €667,355 | +€54,319 | +8.9% |
| Fixed assets | 21/28 | €52,675 | €39,595 | -€13,080 | -24.8% |
| Tangible fixed assets | 22/27 | €52,675 | €39,595 | -€13,080 | -24.8% |
| Furniture and vehicles | 24 | €52,675 | €39,595 | -€13,080 | -24.8% |
| Current assets | 29/58 | €560,362 | €627,761 | +€67,399 | +12.0% |
| Amounts receivable after more than one year | 29 | €36,756 | €36,756 | = | 0.0% |
| Other amounts receivable | 291 | €36,756 | €36,756 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | €70,000 | +€70,000 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €70,000 | +€70,000 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €519,972 | €514,537 | -€5,436 | -1.0% |
| Deferred charges and accrued income | 490/1 | €3,633 | €6,467 | +€2,834 | +78.0% |
| Total equity and liabilities | 10/49 | €613,036 | €667,355 | +€54,319 | +8.9% |
| Equity | 10/15 | €438,326 | €545,498 | +€107,171 | +24.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €419,776 | €526,948 | +€107,171 | +25.5% |
| Non-distributable reserves | 130/1 | €2,018 | €2,018 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,018 | €2,018 | = | 0.0% |
| Distributable reserves | 133 | €417,758 | €524,930 | +€107,171 | +25.7% |
| Amounts payable | 17/49 | €174,710 | €121,858 | -€52,852 | -30.3% |
| Amounts payable within one year | 42/48 | €174,710 | €121,858 | -€52,852 | -30.3% |
| Financial debts | 43 | €19,510 | €19,737 | +€227 | +1.2% |
| Credit institutions | 430/8 | €19,510 | €19,737 | +€227 | +1.2% |
| Trade debts | 44 | €174 | €1,555 | +€1,381 | +794.2% |
| Suppliers | 440/4 | €174 | €1,555 | +€1,381 | +794.2% |
| Taxes, remuneration and social security | 45 | €89,085 | €81,219 | -€7,865 | -8.8% |
| Taxes | 450/3 | €89,085 | €81,219 | -€7,865 | -8.8% |
| Other amounts payable | 47/48 | €65,942 | €19,347 | -€46,595 | -70.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,505 | €13,080 | -€425 | -3.1% |
| Other operating charges | 640/8 | €1,270 | €1,083 | -€187 | -14.7% |
| Gross operating margin | 9900 | €197,253 | €171,235 | -€26,018 | -13.2% |
| Operating profit (loss) | 9901 | €182,478 | €157,072 | -€25,407 | -13.9% |
| Financial income | 75/76B | €9,329 | €2,264 | -€7,065 | -75.7% |
| Recurring financial income | 75 | €9,329 | €2,264 | -€7,065 | -75.7% |
| Financial charges | 65/66B | €1,627 | €597 | -€1,030 | -63.3% |
| Recurring financial charges | 65 | €1,627 | €597 | -€1,030 | -63.3% |
| Profit (loss) for the period before taxes | 9903 | €190,181 | €158,739 | -€31,442 | -16.5% |
| Income taxes | 67/77 | €60,157 | €51,568 | -€8,589 | -14.3% |
| Profit (loss) for the period | 9904 | €130,024 | €107,171 | -€22,853 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €130,024 | €107,171 | -€22,853 | -17.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.