STEPHANE HIMPE: 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 HIMPE
Largest movements
- Receivables within one year +€48,746
up €48,746 (+121%), from €40,433 to €89,179
of which Trade receivables: +€44,848
- Cash -€35,174
down €35,174 (-67.9%), from €51,777 to €16,603
mainly Receivables within one year (-€48,746) and Investment in fixed assets (net) (-€25,500)
- Tangible fixed assets +€23,793
up €23,793 (+1,891%), from €1,258 to €25,051
- Stocks and contracts -€23,394
down €23,394 (-92.4%), from €25,324 to €1,930
of which Contracts in progress: -€23,304
- Reserves +€15,842
up €15,842 (+34.8%), from €45,476 to €61,318
of which Distributable reserves: +€15,842
- Other debts -€11,510
down €11,510 (-63.2%), from €18,209 to €6,699
- Tax, wage and social debts +€5,196
up €5,196 (+199%), from €2,614 to €7,810
- Trade debts +€4,515
up €4,515 (+617%), from €732 to €5,247
- Other operating charges -€25,841
down €25,841 (-95.9%), from €26,940 to €1,098
- Gross operating margin -€9,298
down €9,298 (-25.7%), from €36,145 to €26,847
- Taxes +€5,653
up €5,653 (+180%), from €3,137 to €8,790
- Depreciation +€866
up €866 (+103%), from €841 to €1,707
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 | €193,622 | €207,665 | +€14,043 | +7.3% |
| Fixed assets | 21/28 | €1,258 | €25,051 | +€23,793 | +1,891% |
| Tangible fixed assets | 22/27 | €1,258 | €25,051 | +€23,793 | +1,891% |
| Furniture and vehicles | 24 | €1,258 | €25,051 | +€23,793 | +1,891% |
| Current assets | 29/58 | €192,364 | €182,614 | -€9,750 | -5.1% |
| Stocks and contracts in progress | 3 | €25,324 | €1,930 | -€23,394 | -92.4% |
| Stocks | 30/36 | €1,580 | €1,490 | -€90 | -5.7% |
| Contracts in progress | 37 | €23,744 | €440 | -€23,304 | -98.1% |
| Amounts receivable within one year | 40/41 | €40,433 | €89,179 | +€48,746 | +121% |
| Trade receivables | 40 | €40,242 | €85,090 | +€44,848 | +111% |
| Other amounts receivable | 41 | €191 | €4,089 | +€3,898 | +2,038% |
| Current investments | 50/53 | €70,500 | €70,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €51,777 | €16,603 | -€35,174 | -67.9% |
| Deferred charges and accrued income | 490/1 | €4,331 | €4,403 | +€73 | +1.7% |
| Total equity and liabilities | 10/49 | €193,622 | €207,665 | +€14,043 | +7.3% |
| Equity | 10/15 | €172,068 | €187,910 | +€15,842 | +9.2% |
| Contributions | 10/11 | €126,592 | €126,592 | = | 0.0% |
| Reserves | 13 | €45,476 | €61,318 | +€15,842 | +34.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €45,476 | €61,318 | +€15,842 | +34.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €21,554 | €19,756 | -€1,799 | -8.3% |
| Amounts payable within one year | 42/48 | €21,554 | €19,756 | -€1,799 | -8.3% |
| Trade debts | 44 | €732 | €5,247 | +€4,515 | +617% |
| Suppliers | 440/4 | €732 | €5,247 | +€4,515 | +617% |
| Taxes, remuneration and social security | 45 | €2,614 | €7,810 | +€5,196 | +199% |
| Taxes | 450/3 | €2,614 | €7,810 | +€5,196 | +199% |
| Other amounts payable | 47/48 | €18,209 | €6,699 | -€11,510 | -63.2% |
| Non-recurring operating income | 76A | - | €1,818 | +€1,818 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €841 | €1,707 | +€866 | +103% |
| Other operating charges | 640/8 | €26,940 | €1,098 | -€25,841 | -95.9% |
| Gross operating margin | 9900 | €36,145 | €26,847 | -€9,298 | -25.7% |
| Operating profit (loss) | 9901 | €8,365 | €24,042 | +€15,677 | +187% |
| Financial income | 75/76B | €916 | €829 | -€88 | -9.6% |
| Recurring financial income | 75 | €916 | €829 | -€88 | -9.6% |
| Financial charges | 65/66B | €228 | €239 | +€11 | +4.7% |
| Recurring financial charges | 65 | €228 | €239 | +€11 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €9,053 | €24,631 | +€15,579 | +172% |
| Income taxes | 67/77 | €3,137 | €8,790 | +€5,653 | +180% |
| Profit (loss) for the period | 9904 | €5,916 | €15,842 | +€9,926 | +168% |
| Profit (loss) for the period to be appropriated | 9905 | €5,916 | €15,842 | +€9,926 | +168% |
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.