STEPHANE HUYGH: what changed
STEPHANE HUYGH
Largest movements
- Cash -€12,133
down €12,133 (-57.4%), from €21,151 to €9,018
mainly Debts after one year (-€17,538) and Other debts (-€10,323)
- Intangible fixed assets -€7,520
down €7,520 (-11.1%), from €67,568 to €60,048
- Tangible fixed assets -€7,242
down €7,242 (-44.6%), from €16,250 to €9,008
of which Furniture and vehicles: -€6,824
- Debts after one year -€17,538
down €17,538 (-36.3%), from €48,331 to €30,793
- Other debts -€10,323
down €10,323 (-58.4%), from €17,681 to €7,358
- Trade debts -€5,267
down €5,267 (-45.3%), from €11,639 to €6,371
- Profit (loss) carried forward +€4,298
up €4,298 (+63.0%), from €6,822 to €11,120
- Tax, wage and social debts +€1,458
up €1,458 (+14.8%), from €9,838 to €11,297
of which Taxes: +€1,049
- Staff costs +€17,723
up €17,723 (+160%), from €11,052 to €28,775
- Gross operating margin +€13,273
up €13,273 (+30.3%), from €43,877 to €57,150
- Financial charges -€1,696
down €1,696 (-35.6%), from €4,768 to €3,072
- Other operating charges +€824
up €824 (+23.0%), from €3,581 to €4,406
- Taxes -€600
down €600 (-27.3%), from €2,200 to €1,600
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 | €114,539 | €87,477 | -€27,062 | -23.6% |
| Fixed assets | 21/28 | €84,943 | €69,530 | -€15,413 | -18.1% |
| Intangible fixed assets | 21 | €67,568 | €60,048 | -€7,520 | -11.1% |
| Tangible fixed assets | 22/27 | €16,250 | €9,008 | -€7,242 | -44.6% |
| Plant, machinery and equipment | 23 | €2,551 | €2,133 | -€417 | -16.4% |
| Furniture and vehicles | 24 | €13,699 | €6,875 | -€6,824 | -49.8% |
| Financial fixed assets | 28 | €1,125 | €474 | -€651 | -57.9% |
| Current assets | 29/58 | €29,596 | €17,947 | -€11,649 | -39.4% |
| Stocks and contracts in progress | 3 | €7,408 | €7,340 | -€68 | -0.9% |
| Stocks | 30/36 | €7,408 | €7,340 | -€68 | -0.9% |
| Amounts receivable within one year | 40/41 | - | €300 | +€300 | |
| Trade receivables | 40 | - | €300 | +€300 | |
| Cash at bank and in hand | 54/58 | €21,151 | €9,018 | -€12,133 | -57.4% |
| Deferred charges and accrued income | 490/1 | €1,036 | €1,288 | +€252 | +24.3% |
| Total equity and liabilities | 10/49 | €114,539 | €87,477 | -€27,062 | -23.6% |
| Equity | 10/15 | €9,822 | €14,120 | +€4,298 | +43.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,822 | €11,120 | +€4,298 | +63.0% |
| Amounts payable | 17/49 | €104,717 | €73,357 | -€31,360 | -29.9% |
| Amounts payable after more than one year | 17 | €48,331 | €30,793 | -€17,538 | -36.3% |
| Financial debts | 170/4 | €48,331 | €30,793 | -€17,538 | -36.3% |
| Amounts payable within one year | 42/48 | €56,386 | €42,564 | -€13,822 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €17,228 | €17,538 | +€310 | +1.8% |
| Trade debts | 44 | €11,639 | €6,371 | -€5,267 | -45.3% |
| Suppliers | 440/4 | €11,639 | €6,371 | -€5,267 | -45.3% |
| Taxes, remuneration and social security | 45 | €9,838 | €11,297 | +€1,458 | +14.8% |
| Taxes | 450/3 | €7,944 | €8,993 | +€1,049 | +13.2% |
| Remuneration and social security | 454/9 | €1,894 | €2,304 | +€409 | +21.6% |
| Other amounts payable | 47/48 | €17,681 | €7,358 | -€10,323 | -58.4% |
| Remuneration, social security and pensions | 62 | €11,052 | €28,775 | +€17,723 | +160% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,454 | €15,009 | -€445 | -2.9% |
| Other operating charges | 640/8 | €3,581 | €4,406 | +€824 | +23.0% |
| Gross operating margin | 9900 | €43,877 | €57,150 | +€13,273 | +30.3% |
| Operating profit (loss) | 9901 | €13,790 | €8,961 | -€4,829 | -35.0% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €4,768 | €3,072 | -€1,696 | -35.6% |
| Recurring financial charges | 65 | €4,768 | €3,072 | -€1,696 | -35.6% |
| Profit (loss) for the period before taxes | 9903 | €9,022 | €5,898 | -€3,124 | -34.6% |
| Income taxes | 67/77 | €2,200 | €1,600 | -€600 | -27.3% |
| Profit (loss) for the period | 9904 | €6,822 | €4,298 | -€2,524 | -37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,822 | €4,298 | -€2,524 | -37.0% |
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 6 November 2026 via checked.be.