STEPHANE HEMBERG: 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 HEMBERG
Largest movements
- Receivables within one year -€33,399
down €33,399 (-81.0%), from €41,251 to €7,852
of which Trade receivables: -€32,846
- Tangible fixed assets +€20,927
up €20,927 (+370%), from €5,657 to €26,584
of which Furniture and vehicles: +€22,306
- Stocks and contracts -€2,831
down €2,831 (-5.8%), from €48,524 to €45,693
of which Contracts in progress: -€4,270
- Cash -€1,827
down €1,827 (-32.9%), from €5,554 to €3,727
mainly Net result for the year (-€51,198) and Investment in fixed assets (net) (-€33,039)
- Reserves -€51,198
down €51,198 (-89.6%), from €57,153 to €5,955
of which Distributable reserves: -€51,198
- Debts after one year +€17,397
new in 2025: €17,397
- Trade debts +€12,147
up €12,147 (+197%), from €6,177 to €18,324
- Current portion of long-term debt +€7,250
new in 2025: €7,250
- Tax, wage and social debts -€3,501
down €3,501 (-22.1%), from €15,819 to €12,319
of which Taxes: -€3,762
- Gross operating margin -€65,229
down €65,229 (-73.7%), from €88,550 to €23,321
- Staff costs +€11,895
up €11,895 (+24.4%), from €48,656 to €60,552
- Depreciation +€8,440
up €8,440 (+230%), from €3,671 to €12,112
- Taxes -€7,417
down €7,417 (-97.0%), from €7,646 to €229
- Write-downs -€1,411
no longer reported in 2025 (was €1,411)
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 | €102,321 | €84,174 | -€18,148 | -17.7% |
| Fixed assets | 21/28 | €5,715 | €26,642 | +€20,927 | +366% |
| Tangible fixed assets | 22/27 | €5,657 | €26,584 | +€20,927 | +370% |
| Plant, machinery and equipment | 23 | €2,616 | €1,237 | -€1,378 | -52.7% |
| Furniture and vehicles | 24 | €3,041 | €25,347 | +€22,306 | +733% |
| Financial fixed assets | 28 | €58 | €58 | = | 0.0% |
| Current assets | 29/58 | €96,606 | €57,531 | -€39,075 | -40.4% |
| Stocks and contracts in progress | 3 | €48,524 | €45,693 | -€2,831 | -5.8% |
| Stocks | 30/36 | €1,524 | €2,963 | +€1,439 | +94.4% |
| Contracts in progress | 37 | €47,000 | €42,730 | -€4,270 | -9.1% |
| Amounts receivable within one year | 40/41 | €41,251 | €7,852 | -€33,399 | -81.0% |
| Trade receivables | 40 | €40,322 | €7,476 | -€32,846 | -81.5% |
| Other amounts receivable | 41 | €929 | €375 | -€553 | -59.6% |
| Cash at bank and in hand | 54/58 | €5,554 | €3,727 | -€1,827 | -32.9% |
| Deferred charges and accrued income | 490/1 | €1,278 | €260 | -€1,018 | -79.7% |
| Total equity and liabilities | 10/49 | €102,321 | €84,174 | -€18,148 | -17.7% |
| Equity | 10/15 | €75,753 | €24,555 | -€51,198 | -67.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,153 | €5,955 | -€51,198 | -89.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €55,293 | €4,095 | -€51,198 | -92.6% |
| Amounts payable | 17/49 | €26,569 | €59,619 | +€33,050 | +124% |
| Amounts payable after more than one year | 17 | - | €17,397 | +€17,397 | |
| Financial debts | 170/4 | - | €17,397 | +€17,397 | |
| Amounts payable within one year | 42/48 | €26,569 | €42,222 | +€15,653 | +58.9% |
| Current portion of amounts payable after more than one year | 42 | - | €7,250 | +€7,250 | |
| Trade debts | 44 | €6,177 | €18,324 | +€12,147 | +197% |
| Suppliers | 440/4 | €6,177 | €18,324 | +€12,147 | +197% |
| Taxes, remuneration and social security | 45 | €15,819 | €12,319 | -€3,501 | -22.1% |
| Taxes | 450/3 | €12,683 | €8,921 | -€3,762 | -29.7% |
| Remuneration and social security | 454/9 | €3,136 | €3,398 | +€262 | +8.3% |
| Other amounts payable | 47/48 | €4,573 | €4,329 | -€243 | -5.3% |
| Remuneration, social security and pensions | 62 | €48,656 | €60,552 | +€11,895 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,671 | €12,112 | +€8,440 | +230% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,411 | - | -€1,411 | |
| Gross operating margin | 9900 | €88,550 | €23,321 | -€65,229 | -73.7% |
| Operating profit (loss) | 9901 | €34,811 | -€49,342 | -€84,153 | |
| Financial income | 75/76B | €116 | €33 | -€83 | -71.5% |
| Recurring financial income | 75 | €116 | €33 | -€83 | -71.5% |
| Financial charges | 65/66B | €1,866 | €1,660 | -€206 | -11.0% |
| Recurring financial charges | 65 | €1,070 | €1,498 | +€428 | +40.0% |
| Non-recurring financial charges | 66B | €796 | €162 | -€633 | -79.6% |
| Profit (loss) for the period before taxes | 9903 | €33,061 | -€50,969 | -€84,031 | |
| Income taxes | 67/77 | €7,646 | €229 | -€7,417 | -97.0% |
| Profit (loss) for the period | 9904 | €25,415 | -€51,198 | -€76,613 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,415 | -€51,198 | -€76,613 |
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 14 October 2026 via checked.be.