STEPHANE DEBELS MANAGEMENT: 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 DEBELS MANAGEMENT
Largest movements
- Cash +€170,058
up €170,058 (+331%), from €51,405 to €221,463
mainly Net result for the year (+€107,932) and Current investments (+€80,000)
- Current investments -€80,000
down €80,000 (-100%), from €80,000 to €0
- Financial fixed assets -€19,919
down €19,919 (-100%), from €19,919 to €0
- Receivables within one year +€7,837
up €7,837 (+34.7%), from €22,591 to €30,428
of which Trade receivables: +€8,224
- Reserves +€61,000
up €61,000 (+47.3%), from €129,000 to €190,000
- Tax, wage and social debts +€12,078
up €12,078 (+351%), from €3,446 to €15,523
of which Taxes: +€9,894
- Profit (loss) carried forward +€7,932
up €7,932 (+26.4%), from €30,087 to €38,019
- Gross operating margin +€37,054
up €37,054 (+32.6%), from €113,651 to €150,705
- Taxes +€16,889
up €16,889 (+62.8%), from €26,909 to €43,798
- Financial income +€2,472
up €2,472 (+290%), from €854 to €3,325
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 | €196,160 | €274,105 | +€77,945 | +39.7% |
| Fixed assets | 21/28 | €25,351 | €6,558 | -€18,792 | -74.1% |
| Tangible fixed assets | 22/27 | €5,432 | €6,558 | +€1,127 | +20.7% |
| Furniture and vehicles | 24 | €5,432 | €6,558 | +€1,127 | +20.7% |
| Financial fixed assets | 28 | €19,919 | €0 | -€19,919 | -100% |
| Current assets | 29/58 | €170,809 | €267,546 | +€96,737 | +56.6% |
| Amounts receivable after more than one year | 29 | €16,000 | €14,000 | -€2,000 | -12.5% |
| Other amounts receivable | 291 | €16,000 | €14,000 | -€2,000 | -12.5% |
| Amounts receivable within one year | 40/41 | €22,591 | €30,428 | +€7,837 | +34.7% |
| Trade receivables | 40 | €20,178 | €28,401 | +€8,224 | +40.8% |
| Other amounts receivable | 41 | €2,414 | €2,027 | -€387 | -16.0% |
| Current investments | 50/53 | €80,000 | €0 | -€80,000 | -100% |
| Cash at bank and in hand | 54/58 | €51,405 | €221,463 | +€170,058 | +331% |
| Deferred charges and accrued income | 490/1 | €813 | €1,655 | +€843 | +104% |
| Total equity and liabilities | 10/49 | €196,160 | €274,105 | +€77,945 | +39.7% |
| Equity | 10/15 | €173,447 | €242,379 | +€68,932 | +39.7% |
| Contributions | 10/11 | €14,360 | €14,360 | = | 0.0% |
| Reserves | 13 | €129,000 | €190,000 | +€61,000 | +47.3% |
| Distributable reserves | 133 | €129,000 | €190,000 | +€61,000 | +47.3% |
| Profit (loss) carried forward | 14 | €30,087 | €38,019 | +€7,932 | +26.4% |
| Amounts payable | 17/49 | €22,713 | €31,726 | +€9,013 | +39.7% |
| Amounts payable within one year | 42/48 | €22,713 | €31,726 | +€9,013 | +39.7% |
| Trade debts | 44 | €1,003 | €46 | -€957 | -95.4% |
| Suppliers | 440/4 | €1,003 | €46 | -€957 | -95.4% |
| Taxes, remuneration and social security | 45 | €3,446 | €15,523 | +€12,078 | +351% |
| Taxes | 450/3 | €3,446 | €13,339 | +€9,894 | +287% |
| Remuneration and social security | 454/9 | €0 | €2,184 | +€2,184 | |
| Other amounts payable | 47/48 | €18,264 | €16,156 | -€2,108 | -11.5% |
| Non-recurring operating income | 76A | - | €42,109 | +€42,109 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €624 | €1,310 | +€685 | +110% |
| Other operating charges | 640/8 | €745 | €880 | +€135 | +18.1% |
| Gross operating margin | 9900 | €113,651 | €150,705 | +€37,054 | +32.6% |
| Operating profit (loss) | 9901 | €112,281 | €148,515 | +€36,234 | +32.3% |
| Financial income | 75/76B | €854 | €3,325 | +€2,472 | +290% |
| Recurring financial income | 75 | €854 | €3,325 | +€2,472 | +290% |
| Financial charges | 65/66B | €104 | €110 | +€5 | +4.9% |
| Recurring financial charges | 65 | €104 | €110 | +€5 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €113,030 | €151,730 | +€38,701 | +34.2% |
| Income taxes | 67/77 | €26,909 | €43,798 | +€16,889 | +62.8% |
| Profit (loss) for the period | 9904 | €86,121 | €107,932 | +€21,811 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,121 | €107,932 | +€21,811 | +25.3% |
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 24 October 2026 via checked.be.