Stephane CRIEL: 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 CRIEL
Largest movements
- Cash +€129,496
up €129,496 (+84.7%), from €152,919 to €282,415
mainly Net result for the year (+€151,362) and Current investments (+€70,450)
- Current investments -€70,450
down €70,450 (-66.8%), from €105,500 to €35,050
- Tangible fixed assets +€62,157
up €62,157 (+165.6%), from €37,525 to €99,682
of which Furniture and vehicles: +€65,407
- Receivables within one year +€33,379
up €33,379 (+52.5%), from €63,578 to €96,957
of which Trade receivables: +€35,297
- Reserves +€141,410
up €141,410 (+50.8%), from €278,552 to €419,962
- Gross operating margin +€21,771
up €21,771 (+9.9%), from €219,340 to €241,111
- Depreciation +€16,668
up €16,668 (+375.5%), from €4,439 to €21,107
- Financial charges +€2,431
up €2,431 (+95.5%), from €2,544 to €4,975
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 | €406,355 | €561,465 | +€155,110 | +38.2% |
| Fixed assets | 21/28 | €55,025 | €117,182 | +€62,157 | +113.0% |
| Tangible fixed assets | 22/27 | €37,525 | €99,682 | +€62,157 | +165.6% |
| Land and buildings | 22 | €22,750 | €19,500 | -€3,250 | -14.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €13,503 | €78,910 | +€65,407 | +484.4% |
| Other tangible fixed assets | 26 | €1,272 | €1,272 | = | 0.0% |
| Financial fixed assets | 28 | €17,500 | €17,500 | = | 0.0% |
| Current assets | 29/58 | €351,330 | €444,283 | +€92,953 | +26.5% |
| Amounts receivable after more than one year | 29 | €28,200 | €28,200 | = | 0.0% |
| Other amounts receivable | 291 | €28,200 | €28,200 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €63,578 | €96,957 | +€33,379 | +52.5% |
| Trade receivables | 40 | €51,284 | €86,581 | +€35,297 | +68.8% |
| Other amounts receivable | 41 | €12,294 | €10,376 | -€1,918 | -15.6% |
| Current investments | 50/53 | €105,500 | €35,050 | -€70,450 | -66.8% |
| Cash at bank and in hand | 54/58 | €152,919 | €282,415 | +€129,496 | +84.7% |
| Deferred charges and accrued income | 490/1 | €1,133 | €1,661 | +€528 | +46.6% |
| Total equity and liabilities | 10/49 | €406,355 | €561,465 | +€155,110 | +38.2% |
| Equity | 10/15 | €300,414 | €441,824 | +€141,410 | +47.1% |
| Contributions | 10/11 | €21,862 | €21,862 | = | 0.0% |
| Reserves | 13 | €278,552 | €419,962 | +€141,410 | +50.8% |
| Distributable reserves | 133 | €278,552 | €419,962 | +€141,410 | +50.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €105,941 | €119,641 | +€13,700 | +12.9% |
| Amounts payable within one year | 42/48 | €97,284 | €108,548 | +€11,264 | +11.6% |
| Financial debts | 43 | €460 | €385 | -€75 | -16.3% |
| Credit institutions | 430/8 | €460 | €385 | -€75 | -16.3% |
| Trade debts | 44 | €579 | €4,355 | +€3,776 | +652.5% |
| Suppliers | 440/4 | €579 | €4,355 | +€3,776 | +652.5% |
| Taxes, remuneration and social security | 45 | €17,807 | €23,302 | +€5,496 | +30.9% |
| Taxes | 450/3 | €17,807 | €23,302 | +€5,496 | +30.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €78,439 | €80,506 | +€2,067 | +2.6% |
| Accrued charges and deferred income | 492/3 | €8,657 | €11,094 | +€2,436 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,439 | €21,107 | +€16,668 | +375.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €592 | €672 | +€81 | +13.6% |
| Gross operating margin | 9900 | €219,340 | €241,111 | +€21,771 | +9.9% |
| Operating profit (loss) | 9901 | €214,309 | €219,332 | +€5,022 | +2.3% |
| Financial income | 75/76B | €2,064 | €2,475 | +€411 | +19.9% |
| Recurring financial income | 75 | €2,064 | €2,475 | +€411 | +19.9% |
| Financial charges | 65/66B | €2,544 | €4,975 | +€2,431 | +95.5% |
| Recurring financial charges | 65 | €2,544 | €4,975 | +€2,431 | +95.5% |
| Profit (loss) for the period before taxes | 9903 | €213,829 | €216,832 | +€3,002 | +1.4% |
| Income taxes | 67/77 | €64,911 | €65,470 | +€559 | +0.9% |
| Profit (loss) for the period | 9904 | €148,919 | €151,362 | +€2,443 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €148,919 | €151,362 | +€2,443 | +1.6% |
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.