STEPHANE PIETTE & PARTNERS: 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 PIETTE & PARTNERS
Largest movements
- Intangible fixed assets +€127,562
new in 2025: €127,562
- Receivables within one year +€65,068
up €65,068 (+121%), from €53,925 to €118,993
of which Trade receivables: +€59,632
- Tangible fixed assets -€5,167
down €5,167 (-36.7%), from €14,097 to €8,930
- Current investments +€5,000
up €5,000 (+100%), from €5,000 to €10,000
- Cash -€4,789
down €4,789 (-20.4%), from €23,464 to €18,675
mainly Investment in fixed assets (net) (-€150,000) and Contributions, distributions and other (-€100,000)
- Debts after one year +€101,838
up €101,838 (+1,721%), from €5,919 to €107,757
- Other debts +€42,983
up €42,983 (+37.0%), from €116,065 to €159,048
- Accrued charges and deferred income +€22,177
up €22,177 (+36.7%), from €60,389 to €82,566
- Current portion of long-term debt +€20,894
up €20,894 (+82.9%), from €25,189 to €46,083
- Gross operating margin +€121,862
up €121,862 (+57.7%), from €211,350 to €333,212
- Staff costs +€64,554
up €64,554 (+60.8%), from €106,239 to €170,793
- Depreciation +€22,304
up €22,304 (+421%), from €5,301 to €27,606
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 | €281,905 | €471,765 | +€189,860 | +67.3% |
| Fixed assets | 21/28 | €113,477 | €235,872 | +€122,394 | +108% |
| Intangible fixed assets | 21 | - | €127,562 | +€127,562 | |
| Tangible fixed assets | 22/27 | €14,097 | €8,930 | -€5,167 | -36.7% |
| Furniture and vehicles | 24 | €14,097 | €8,930 | -€5,167 | -36.7% |
| Financial fixed assets | 28 | €99,380 | €99,380 | = | 0.0% |
| Current assets | 29/58 | €168,427 | €235,893 | +€67,466 | +40.1% |
| Amounts receivable after more than one year | 29 | €79,317 | €80,089 | +€772 | +1.0% |
| Other amounts receivable | 291 | €79,317 | €80,089 | +€772 | +1.0% |
| Amounts receivable within one year | 40/41 | €53,925 | €118,993 | +€65,068 | +121% |
| Trade receivables | 40 | €53,829 | €113,460 | +€59,632 | +111% |
| Other amounts receivable | 41 | €96 | €5,532 | +€5,436 | +5,651% |
| Current investments | 50/53 | €5,000 | €10,000 | +€5,000 | +100% |
| Cash at bank and in hand | 54/58 | €23,464 | €18,675 | -€4,789 | -20.4% |
| Deferred charges and accrued income | 490/1 | €6,721 | €8,136 | +€1,415 | +21.1% |
| Total equity and liabilities | 10/49 | €281,905 | €471,765 | +€189,860 | +67.3% |
| Equity | 10/15 | €20,000 | €22,144 | +€2,144 | +10.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €2,144 | +€2,144 | |
| Distributable reserves | 133 | - | €2,144 | +€2,144 | |
| Amounts payable | 17/49 | €261,905 | €449,621 | +€187,716 | +71.7% |
| Amounts payable after more than one year | 17 | €5,919 | €107,757 | +€101,838 | +1,721% |
| Financial debts | 170/4 | €5,919 | €107,757 | +€101,838 | +1,721% |
| Amounts payable within one year | 42/48 | €195,596 | €259,298 | +€63,702 | +32.6% |
| Current portion of amounts payable after more than one year | 42 | €25,189 | €46,083 | +€20,894 | +82.9% |
| Trade debts | 44 | €13,158 | €10,035 | -€3,124 | -23.7% |
| Suppliers | 440/4 | €13,158 | €10,035 | -€3,124 | -23.7% |
| Taxes, remuneration and social security | 45 | €41,184 | €44,133 | +€2,948 | +7.2% |
| Taxes | 450/3 | €13,871 | €14,662 | +€791 | +5.7% |
| Remuneration and social security | 454/9 | €27,313 | €29,471 | +€2,158 | +7.9% |
| Other amounts payable | 47/48 | €116,065 | €159,048 | +€42,983 | +37.0% |
| Accrued charges and deferred income | 492/3 | €60,389 | €82,566 | +€22,177 | +36.7% |
| Remuneration, social security and pensions | 62 | €106,239 | €170,793 | +€64,554 | +60.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,301 | €27,606 | +€22,304 | +421% |
| Other operating charges | 640/8 | €1,290 | €1,451 | +€161 | +12.4% |
| Non-recurring operating charges | 66A | €401 | €2,738 | +€2,337 | +583% |
| Gross operating margin | 9900 | €211,350 | €333,212 | +€121,862 | +57.7% |
| Operating profit (loss) | 9901 | €98,119 | €130,625 | +€32,506 | +33.1% |
| Financial income | 75/76B | €2,747 | €2,188 | -€559 | -20.4% |
| Recurring financial income | 75 | €2,747 | €2,188 | -€559 | -20.4% |
| Financial charges | 65/66B | €1,426 | €4,541 | +€3,115 | +218% |
| Recurring financial charges | 65 | €1,426 | €4,541 | +€3,115 | +218% |
| Profit (loss) for the period before taxes | 9903 | €99,440 | €128,272 | +€28,832 | +29.0% |
| Income taxes | 67/77 | €23,318 | €26,128 | +€2,810 | +12.1% |
| Profit (loss) for the period | 9904 | €76,122 | €102,144 | +€26,022 | +34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €76,122 | €102,144 | +€26,022 | +34.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.