Stéphane Staelens: 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 Staelens
Largest movements
- Tangible fixed assets +€79,319
up €79,319 (+28.3%), from €280,650 to €359,969
of which Furniture and vehicles: +€82,414
- Cash -€6,513
down €6,513 (-22.5%), from €28,917 to €22,404
mainly Investment in fixed assets (net) (-€109,133) and Contributions, distributions and other (-€27,500)
- Debts after one year +€31,912
up €31,912 (+15.9%), from €200,828 to €232,741
- Current portion of long-term debt +€18,561
up €18,561 (+224%), from €8,284 to €26,845
- Profit (loss) carried forward +€17,161
up €17,161 (+16.2%), from €105,771 to €122,933
- Other debts +€6,178
up €6,178 (+336%), from €1,840 to €8,018
- Financial income -€124,986
down €124,986 (-99.9%), from €125,089 to €103
- Depreciation -€13,733
down €13,733 (-31.5%), from €43,548 to €29,815
- Gross operating margin +€9,855
up €9,855 (+11.4%), from €86,404 to €96,258
- Financial charges +€5,331
up €5,331 (+197%), from €2,713 to €8,043
- Taxes +€3,034
up €3,034 (+36.9%), from €8,233 to €11,268
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 | €335,980 | €413,472 | +€77,492 | +23.1% |
| Fixed assets | 21/28 | €289,925 | €369,244 | +€79,319 | +27.4% |
| Tangible fixed assets | 22/27 | €280,650 | €359,969 | +€79,319 | +28.3% |
| Land and buildings | 22 | €275,661 | €272,566 | -€3,095 | -1.1% |
| Furniture and vehicles | 24 | €4,989 | €87,403 | +€82,414 | +1,652% |
| Financial fixed assets | 28 | €9,275 | €9,275 | = | 0.0% |
| Current assets | 29/58 | €46,056 | €44,229 | -€1,827 | -4.0% |
| Amounts receivable within one year | 40/41 | €17,139 | €19,957 | +€2,818 | +16.4% |
| Trade receivables | 40 | €10,000 | €11,900 | +€1,900 | +19.0% |
| Other amounts receivable | 41 | €7,139 | €8,057 | +€918 | +12.9% |
| Cash at bank and in hand | 54/58 | €28,917 | €22,404 | -€6,513 | -22.5% |
| Deferred charges and accrued income | 490/1 | - | €1,868 | +€1,868 | |
| Total equity and liabilities | 10/49 | €335,980 | €413,472 | +€77,492 | +23.1% |
| Equity | 10/15 | €124,321 | €141,483 | +€17,161 | +13.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,771 | €122,933 | +€17,161 | +16.2% |
| Amounts payable | 17/49 | €211,659 | €271,989 | +€60,331 | +28.5% |
| Amounts payable after more than one year | 17 | €200,828 | €232,741 | +€31,912 | +15.9% |
| Financial debts | 170/4 | €200,828 | €232,741 | +€31,912 | +15.9% |
| Amounts payable within one year | 42/48 | €10,831 | €37,311 | +€26,481 | +244% |
| Current portion of amounts payable after more than one year | 42 | €8,284 | €26,845 | +€18,561 | +224% |
| Trade debts | 44 | €707 | €2,448 | +€1,741 | +246% |
| Suppliers | 440/4 | €707 | €2,448 | +€1,741 | +246% |
| Other amounts payable | 47/48 | €1,840 | €8,018 | +€6,178 | +336% |
| Accrued charges and deferred income | 492/3 | - | €1,938 | +€1,938 | |
| Non-recurring operating income | 76A | - | €8,500 | +€8,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,548 | €29,815 | -€13,733 | -31.5% |
| Other operating charges | 640/8 | €1,518 | €2,575 | +€1,057 | +69.6% |
| Gross operating margin | 9900 | €86,404 | €96,258 | +€9,855 | +11.4% |
| Operating profit (loss) | 9901 | €41,338 | €63,869 | +€22,531 | +54.5% |
| Financial income | 75/76B | €125,089 | €103 | -€124,986 | -99.9% |
| Recurring financial income | 75 | €125,089 | €103 | -€124,986 | -99.9% |
| Financial charges | 65/66B | €2,713 | €8,043 | +€5,331 | +197% |
| Recurring financial charges | 65 | €2,713 | €8,043 | +€5,331 | +197% |
| Profit (loss) for the period before taxes | 9903 | €163,714 | €55,929 | -€107,785 | -65.8% |
| Income taxes | 67/77 | €8,233 | €11,268 | +€3,034 | +36.9% |
| Profit (loss) for the period | 9904 | €155,481 | €44,661 | -€110,820 | -71.3% |
| Profit (loss) for the period to be appropriated | 9905 | €155,481 | €44,661 | -€110,820 | -71.3% |
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 20 October 2026 via checked.be.