STEPHANE PIRSON: 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 PIRSON
Largest movements
- Financial fixed assets -€155,226
down €155,226 (-22.1%), from €701,492 to €546,266
- Tangible fixed assets +€21,420
up €21,420 (+33.1%), from €64,670 to €86,090
of which Furniture and vehicles: +€26,702
- Receivables within one year -€18,126
down €18,126 (-11.8%), from €153,144 to €135,018
of which Other amounts receivable: -€20,126
- Cash +€12,816
up €12,816 (+489%), from €2,619 to €15,435
mainly Investment in fixed assets (net) (+€119,816) and Trade debts (+€48,132)
- Tax, wage and social debts -€104,301
no longer reported in 2025 (was €104,301)
- Reserves -€76,961
down €76,961 (-13.1%), from €585,739 to €508,778
of which Distributable reserves: -€76,961
- Trade debts +€48,132
up €48,132 (+185%), from €26,012 to €74,144
- Other debts -€24,390
down €24,390 (-60.5%), from €40,290 to €15,900
- Debts after one year +€22,109
new in 2025: €22,109
- Financial income -€198,785
down €198,785 (-86.3%), from €230,256 to €31,471
of which Non-recurring financial income: -€196,711
- Gross operating margin -€72,759
down €72,759, from €60,220 to -€12,539
- Taxes -€71,187
down €71,187 (-98.7%), from €72,125 to €938
- Staff costs -€20,753
down €20,753 (-99.8%), from €20,792 to €39
- Other operating charges +€17,785
up €17,785 (+322%), from €5,518 to €23,303
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 | €922,443 | €790,277 | -€132,166 | -14.3% |
| Fixed assets | 21/28 | €766,162 | €632,356 | -€133,806 | -17.5% |
| Tangible fixed assets | 22/27 | €64,670 | €86,090 | +€21,420 | +33.1% |
| Land and buildings | 22 | €44,032 | €40,642 | -€3,390 | -7.7% |
| Furniture and vehicles | 24 | €10,531 | €37,233 | +€26,702 | +254% |
| Other tangible fixed assets | 26 | €10,107 | €8,215 | -€1,892 | -18.7% |
| Financial fixed assets | 28 | €701,492 | €546,266 | -€155,226 | -22.1% |
| Current assets | 29/58 | €156,281 | €157,921 | +€1,640 | +1.0% |
| Amounts receivable within one year | 40/41 | €153,144 | €135,018 | -€18,126 | -11.8% |
| Trade receivables | 40 | - | €2,000 | +€2,000 | |
| Other amounts receivable | 41 | €153,144 | €133,018 | -€20,126 | -13.1% |
| Current investments | 50/53 | €518 | €518 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,619 | €15,435 | +€12,816 | +489% |
| Deferred charges and accrued income | 490/1 | - | €6,950 | +€6,950 | |
| Total equity and liabilities | 10/49 | €922,443 | €790,277 | -€132,166 | -14.3% |
| Equity | 10/15 | €751,840 | €674,879 | -€76,961 | -10.2% |
| Contributions | 10/11 | €6,185 | €6,185 | = | 0.0% |
| Revaluation surpluses | 12 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €585,739 | €508,778 | -€76,961 | -13.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €583,880 | €506,919 | -€76,961 | -13.2% |
| Profit (loss) carried forward | 14 | €34,916 | €34,916 | = | 0.0% |
| Amounts payable | 17/49 | €170,603 | €115,398 | -€55,205 | -32.4% |
| Amounts payable after more than one year | 17 | - | €22,109 | +€22,109 | |
| Financial debts | 170/4 | - | €22,109 | +€22,109 | |
| Amounts payable within one year | 42/48 | €170,603 | €93,289 | -€77,314 | -45.3% |
| Current portion of amounts payable after more than one year | 42 | - | €3,245 | +€3,245 | |
| Trade debts | 44 | €26,012 | €74,144 | +€48,132 | +185% |
| Suppliers | 440/4 | €26,012 | €74,144 | +€48,132 | +185% |
| Taxes, remuneration and social security | 45 | €104,301 | - | -€104,301 | |
| Taxes | 450/3 | €104,301 | - | -€104,301 | |
| Other amounts payable | 47/48 | €40,290 | €15,900 | -€24,390 | -60.5% |
| Remuneration, social security and pensions | 62 | €20,792 | €39 | -€20,753 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,578 | €13,990 | +€4,412 | +46.1% |
| Other operating charges | 640/8 | €5,518 | €23,303 | +€17,785 | +322% |
| Gross operating margin | 9900 | €60,220 | -€12,539 | -€72,759 | |
| Operating profit (loss) | 9901 | €24,332 | -€49,871 | -€74,203 | |
| Financial income | 75/76B | €230,256 | €31,471 | -€198,785 | -86.3% |
| Recurring financial income | 75 | €10,256 | €8,182 | -€2,074 | -20.2% |
| Non-recurring financial income | 76B | €220,000 | €23,289 | -€196,711 | -89.4% |
| Financial charges | 65/66B | €10,462 | €20,724 | +€10,262 | +98.1% |
| Recurring financial charges | 65 | €10,462 | €20,724 | +€10,262 | +98.1% |
| Profit (loss) for the period before taxes | 9903 | €244,126 | -€39,124 | -€283,250 | |
| Income taxes | 67/77 | €72,125 | €938 | -€71,187 | -98.7% |
| Profit (loss) for the period | 9904 | €172,001 | -€40,062 | -€212,063 | |
| Profit (loss) for the period to be appropriated | 9905 | €172,001 | -€40,062 | -€212,063 |
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 13 October 2026 via checked.be.