STEPHANE FLAMENT: what changed
STEPHANE FLAMENT
Largest movements
- Receivables within one year +€50,000
new in 2025: €50,000
- Current investments +€21,459
new in 2025: €21,459
- Cash -€12,721
down €12,721 (-4.5%), from €280,099 to €267,378
mainly Contributions, distributions and other (-€317,700) and Receivables within one year (-€50,000)
- Tangible fixed assets -€12,205
down €12,205 (-73.1%), from €16,700 to €4,496
- Other debts +€166,700
up €166,700 (+110%), from €151,000 to €317,700
- Reserves -€124,000
down €124,000 (-20.9%), from €594,000 to €470,000
- Financial income -€83,633
down €83,633 (-33.5%), from €250,000 to €166,367
- Gross operating margin +€44,116
up €44,116 (+129%), from €34,222 to €78,337
- Taxes +€15,243
up €15,243 (+68.7%), from €22,188 to €37,431
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €777,479 | €824,358 | +€46,880 | +6.0% |
| Fixed assets | 21/28 | €497,380 | €485,175 | -€12,205 | -2.5% |
| Tangible fixed assets | 22/27 | €16,700 | €4,496 | -€12,205 | -73.1% |
| Furniture and vehicles | 24 | €16,700 | €4,496 | -€12,205 | -73.1% |
| Financial fixed assets | 28 | €480,679 | €480,679 | = | 0.0% |
| Current assets | 29/58 | €280,099 | €339,183 | +€59,084 | +21.1% |
| Amounts receivable within one year | 40/41 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 41 | - | €50,000 | +€50,000 | |
| Current investments | 50/53 | - | €21,459 | +€21,459 | |
| Cash at bank and in hand | 54/58 | €280,099 | €267,378 | -€12,721 | -4.5% |
| Deferred charges and accrued income | 490/1 | - | €345 | +€345 | |
| Total equity and liabilities | 10/49 | €777,479 | €824,358 | +€46,880 | +6.0% |
| Equity | 10/15 | €612,096 | €488,168 | -€123,928 | -20.2% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €594,000 | €470,000 | -€124,000 | -20.9% |
| Distributable reserves | 133 | €594,000 | €470,000 | -€124,000 | -20.9% |
| Profit (loss) carried forward | 14 | €3,836 | €3,908 | +€72 | +1.9% |
| Amounts payable | 17/49 | €165,382 | €336,190 | +€170,808 | +103% |
| Amounts payable within one year | 42/48 | €165,382 | €336,190 | +€170,808 | +103% |
| Trade debts | 44 | €1,195 | €1,866 | +€671 | +56.2% |
| Suppliers | 440/4 | €1,195 | €1,866 | +€671 | +56.2% |
| Taxes, remuneration and social security | 45 | €13,188 | €16,624 | +€3,437 | +26.1% |
| Taxes | 450/3 | €13,188 | €16,624 | +€3,437 | +26.1% |
| Other amounts payable | 47/48 | €151,000 | €317,700 | +€166,700 | +110% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,205 | €12,205 | = | 0.0% |
| Other operating charges | 640/8 | €673 | €695 | +€22 | +3.3% |
| Gross operating margin | 9900 | €34,222 | €78,337 | +€44,116 | +129% |
| Operating profit (loss) | 9901 | €21,345 | €65,438 | +€44,094 | +207% |
| Financial income | 75/76B | €250,000 | €166,367 | -€83,633 | -33.5% |
| Recurring financial income | 75 | €250,000 | €166,367 | -€83,633 | -33.5% |
| Financial charges | 65/66B | €296 | €602 | +€307 | +104% |
| Recurring financial charges | 65 | €296 | €602 | +€307 | +104% |
| Profit (loss) for the period before taxes | 9903 | €271,049 | €231,203 | -€39,846 | -14.7% |
| Income taxes | 67/77 | €22,188 | €37,431 | +€15,243 | +68.7% |
| Profit (loss) for the period | 9904 | €248,861 | €193,772 | -€55,089 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €248,861 | €193,772 | -€55,089 | -22.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.