Stéphane Schmitz: 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.
Stéphane Schmitz
Largest movements
- Cash +€28,574
up €28,574 (+9.1%), from €313,382 to €341,956
mainly Net result for the year (+€56,739) and Depreciation (+€19,193)
- Tangible fixed assets -€18,141
down €18,141 (-13.7%), from €132,491 to €114,350
of which Land and buildings: -€11,534
- Current investments -€10,870
down €10,870 (-10.4%), from €104,567 to €93,697
- Reserves +€39,366
up €39,366 (+9.9%), from €399,436 to €438,802
- Debts after one year -€20,412
down €20,412 (-29.1%), from €70,062 to €49,650
- Other debts -€14,547
down €14,547 (-50.8%), from €28,660 to €14,113
- Gross operating margin +€8,701
up €8,701 (+5.6%), from €155,637 to €164,337
- Taxes +€4,760
up €4,760 (+26.7%), from €17,843 to €22,603
- Staff costs -€2,633
down €2,633 (-3.8%), from €69,214 to €66,581
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.
Cash bridge derived
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 | €573,517 | €569,896 | -€3,621 | -0.6% |
| Fixed assets | 21/28 | €132,491 | €114,350 | -€18,141 | -13.7% |
| Tangible fixed assets | 22/27 | €132,491 | €114,350 | -€18,141 | -13.7% |
| Land and buildings | 22 | €114,887 | €103,353 | -€11,534 | -10.0% |
| Furniture and vehicles | 24 | €17,604 | €10,997 | -€6,607 | -37.5% |
| Current assets | 29/58 | €441,026 | €455,546 | +€14,520 | +3.3% |
| Amounts receivable within one year | 40/41 | €150 | €150 | = | 0.0% |
| Other amounts receivable | 41 | €150 | €150 | = | 0.0% |
| Current investments | 50/53 | €104,567 | €93,697 | -€10,870 | -10.4% |
| Cash at bank and in hand | 54/58 | €313,382 | €341,956 | +€28,574 | +9.1% |
| Deferred charges and accrued income | 490/1 | €22,927 | €19,743 | -€3,184 | -13.9% |
| Total equity and liabilities | 10/49 | €573,517 | €569,896 | -€3,621 | -0.6% |
| Equity | 10/15 | €418,036 | €457,402 | +€39,366 | +9.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €399,436 | €438,802 | +€39,366 | +9.9% |
| Distributable reserves | 133 | €399,436 | €438,802 | +€39,366 | +9.9% |
| Amounts payable | 17/49 | €155,481 | €112,494 | -€42,986 | -27.6% |
| Amounts payable after more than one year | 17 | €70,062 | €49,650 | -€20,412 | -29.1% |
| Financial debts | 170/4 | €70,062 | €49,650 | -€20,412 | -29.1% |
| Amounts payable within one year | 42/48 | €82,870 | €62,844 | -€20,026 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €19,964 | €20,412 | +€448 | +2.2% |
| Trade debts | 44 | €12,760 | €7,598 | -€5,162 | -40.5% |
| Suppliers | 440/4 | €12,760 | €7,598 | -€5,162 | -40.5% |
| Taxes, remuneration and social security | 45 | €21,487 | €20,722 | -€765 | -3.6% |
| Taxes | 450/3 | €14,788 | €13,846 | -€942 | -6.4% |
| Remuneration and social security | 454/9 | €6,699 | €6,876 | +€177 | +2.6% |
| Other amounts payable | 47/48 | €28,660 | €14,113 | -€14,547 | -50.8% |
| Accrued charges and deferred income | 492/3 | €2,549 | - | -€2,549 | |
| Remuneration, social security and pensions | 62 | €69,214 | €66,581 | -€2,633 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,945 | €19,193 | -€752 | -3.8% |
| Other operating charges | 640/8 | €2,022 | €1,633 | -€389 | -19.3% |
| Gross operating margin | 9900 | €155,637 | €164,337 | +€8,701 | +5.6% |
| Operating profit (loss) | 9901 | €64,455 | €76,930 | +€12,475 | +19.4% |
| Financial income | 75/76B | €2,787 | €4,046 | +€1,259 | +45.2% |
| Recurring financial income | 75 | €2,787 | €4,046 | +€1,259 | +45.2% |
| Financial charges | 65/66B | €2,411 | €1,635 | -€776 | -32.2% |
| Recurring financial charges | 65 | €2,411 | €1,635 | -€776 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €64,832 | €79,342 | +€14,510 | +22.4% |
| Income taxes | 67/77 | €17,843 | €22,603 | +€4,760 | +26.7% |
| Profit (loss) for the period | 9904 | €46,988 | €56,739 | +€9,751 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,988 | €56,739 | +€9,751 | +20.8% |
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 12 October 2026 via checked.be.