STEPHANE DE CONINCK: 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 DE CONINCK
Largest movements
- Receivables within one year -€138,002
down €138,002 (-93.9%), from €146,930 to €8,928
of which Trade receivables: -€111,458
- Cash -€84,538
down €84,538 (-88.3%), from €95,770 to €11,233
mainly Trade debts (-€87,950) and Other debts (-€71,073)
- Tangible fixed assets -€52,746
down €52,746 (-50.9%), from €103,686 to €50,939
of which Furniture and vehicles: -€77,401
- Trade debts -€87,950
down €87,950 (-91.1%), from €96,506 to €8,556
- Reserves -€86,796
down €86,796 (-76.4%), from €113,538 to €26,742
- Other debts -€71,073
down €71,073 (-87.1%), from €81,616 to €10,543
- Tax, wage and social debts -€29,396
down €29,396 (-87.7%), from €33,512 to €4,115
- Gross operating margin -€50,090
down €50,090 (-59.4%), from €84,371 to €34,281
- Depreciation -€11,863
down €11,863 (-22.3%), from €53,103 to €41,240
- Taxes -€7,350
down €7,350 (-95.2%), from €7,724 to €374
- Other operating charges +€3,244
up €3,244 (+261%), from €1,244 to €4,488
- Financial charges -€1,811
down €1,811 (-26.7%), from €6,786 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.
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 | €350,323 | €73,331 | -€276,992 | -79.1% |
| Fixed assets | 21/28 | €104,065 | €51,318 | -€52,746 | -50.7% |
| Tangible fixed assets | 22/27 | €103,686 | €50,939 | -€52,746 | -50.9% |
| Furniture and vehicles | 24 | €103,686 | €26,284 | -€77,401 | -74.7% |
| Other tangible fixed assets | 26 | - | €24,655 | +€24,655 | |
| Financial fixed assets | 28 | €379 | €379 | = | 0.0% |
| Current assets | 29/58 | €246,258 | €22,013 | -€224,245 | -91.1% |
| Amounts receivable within one year | 40/41 | €146,930 | €8,928 | -€138,002 | -93.9% |
| Trade receivables | 40 | €112,760 | €1,302 | -€111,458 | -98.8% |
| Other amounts receivable | 41 | €34,170 | €7,626 | -€26,544 | -77.7% |
| Cash at bank and in hand | 54/58 | €95,770 | €11,233 | -€84,538 | -88.3% |
| Deferred charges and accrued income | 490/1 | €3,558 | €1,852 | -€1,706 | -48.0% |
| Total equity and liabilities | 10/49 | €350,323 | €73,331 | -€276,992 | -79.1% |
| Equity | 10/15 | €132,138 | €45,342 | -€86,796 | -65.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €113,538 | €26,742 | -€86,796 | -76.4% |
| Distributable reserves | 133 | €113,538 | €26,742 | -€86,796 | -76.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €218,185 | €27,989 | -€190,196 | -87.2% |
| Amounts payable within one year | 42/48 | €211,634 | €23,214 | -€188,420 | -89.0% |
| Trade debts | 44 | €96,506 | €8,556 | -€87,950 | -91.1% |
| Suppliers | 440/4 | €96,506 | €8,556 | -€87,950 | -91.1% |
| Taxes, remuneration and social security | 45 | €33,512 | €4,115 | -€29,396 | -87.7% |
| Taxes | 450/3 | €33,512 | €4,115 | -€29,396 | -87.7% |
| Other amounts payable | 47/48 | €81,616 | €10,543 | -€71,073 | -87.1% |
| Accrued charges and deferred income | 492/3 | €6,551 | €4,775 | -€1,776 | -27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,103 | €41,240 | -€11,863 | -22.3% |
| Other operating charges | 640/8 | €1,244 | €4,488 | +€3,244 | +261% |
| Gross operating margin | 9900 | €84,371 | €34,281 | -€50,090 | -59.4% |
| Operating profit (loss) | 9901 | €30,024 | -€11,447 | -€41,471 | |
| Financial charges | 65/66B | €6,786 | €4,975 | -€1,811 | -26.7% |
| Recurring financial charges | 65 | €6,786 | €4,975 | -€1,811 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €23,238 | -€16,422 | -€39,660 | |
| Income taxes | 67/77 | €7,724 | €374 | -€7,350 | -95.2% |
| Profit (loss) for the period | 9904 | €15,513 | -€16,796 | -€32,310 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,513 | -€16,796 | -€32,310 |
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 21 October 2026 via checked.be.