Stéphane TONNEAU: 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 TONNEAU
Largest movements
- Financial fixed assets +€103,595
new in 2025: €103,595
- Current investments -€70,014
down €70,014 (-55.6%), from €125,876 to €55,862
- Cash -€15,156
down €15,156 (-33.9%), from €44,651 to €29,496
mainly Investment in fixed assets (net) (-€103,595) and Receivables after one year (-€6,000)
- Receivables after one year +€6,000
new in 2025: €6,000
- Tangible fixed assets -€5,013
down €5,013 (-41.0%), from €12,219 to €7,205
of which Furniture and vehicles: -€4,680
- Reserves +€6,392
up €6,392 (+5.4%), from €118,432 to €124,824
of which Distributable reserves: +€6,392
- Other debts +€6,247
up €6,247 (+72.0%), from €8,680 to €14,927
- Tax, wage and social debts +€3,879
up €3,879 (+3,142%), from €123 to €4,002
- Gross operating margin -€11,186
down €11,186 (-38.0%), from €29,434 to €18,248
- Taxes -€2,923
down €2,923 (-34.3%), from €8,534 to €5,611
- Financial charges +€789
up €789 (+996%), from €79 to €868
- Financial income -€673
down €673 (-49.2%), from €1,367 to €695
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 | €200,523 | €216,928 | +€16,404 | +8.2% |
| Fixed assets | 21/28 | €12,219 | €110,800 | +€98,582 | +807% |
| Tangible fixed assets | 22/27 | €12,219 | €7,205 | -€5,013 | -41.0% |
| Plant, machinery and equipment | 23 | €532 | €199 | -€333 | -62.7% |
| Furniture and vehicles | 24 | €11,687 | €7,007 | -€4,680 | -40.0% |
| Financial fixed assets | 28 | - | €103,595 | +€103,595 | |
| Current assets | 29/58 | €188,305 | €106,127 | -€82,177 | -43.6% |
| Amounts receivable after more than one year | 29 | - | €6,000 | +€6,000 | |
| Other amounts receivable | 291 | - | €6,000 | +€6,000 | |
| Amounts receivable within one year | 40/41 | €16,235 | €13,330 | -€2,905 | -17.9% |
| Trade receivables | 40 | €11,000 | €13,330 | +€2,330 | +21.2% |
| Other amounts receivable | 41 | €5,235 | €0 | -€5,235 | -100% |
| Current investments | 50/53 | €125,876 | €55,862 | -€70,014 | -55.6% |
| Cash at bank and in hand | 54/58 | €44,651 | €29,496 | -€15,156 | -33.9% |
| Deferred charges and accrued income | 490/1 | €1,542 | €1,440 | -€103 | -6.7% |
| Total equity and liabilities | 10/49 | €200,523 | €216,928 | +€16,404 | +8.2% |
| Equity | 10/15 | €191,136 | €197,528 | +€6,392 | +3.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €118,432 | €124,824 | +€6,392 | +5.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €118,432 | €124,824 | +€6,392 | +5.4% |
| Profit (loss) carried forward | 14 | €66,504 | €66,504 | = | 0.0% |
| Amounts payable | 17/49 | €9,387 | €19,400 | +€10,013 | +107% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €9,387 | €19,400 | +€10,013 | +107% |
| Current portion of amounts payable after more than one year | 42 | €296 | €0 | -€296 | -100% |
| Trade debts | 44 | €288 | €471 | +€183 | +63.6% |
| Suppliers | 440/4 | €288 | €471 | +€183 | +63.6% |
| Taxes, remuneration and social security | 45 | €123 | €4,002 | +€3,879 | +3,142% |
| Taxes | 450/3 | €123 | €4,002 | +€3,879 | +3,142% |
| Other amounts payable | 47/48 | €8,680 | €14,927 | +€6,247 | +72.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,297 | €5,013 | -€284 | -5.4% |
| Other operating charges | 640/8 | €1,026 | €1,059 | +€34 | +3.3% |
| Gross operating margin | 9900 | €29,434 | €18,248 | -€11,186 | -38.0% |
| Operating profit (loss) | 9901 | €23,111 | €12,176 | -€10,936 | -47.3% |
| Financial income | 75/76B | €1,367 | €695 | -€673 | -49.2% |
| Recurring financial income | 75 | €1,367 | €695 | -€673 | -49.2% |
| Financial charges | 65/66B | €79 | €868 | +€789 | +996% |
| Recurring financial charges | 65 | €79 | €868 | +€789 | +996% |
| Profit (loss) for the period before taxes | 9903 | €24,399 | €12,002 | -€12,397 | -50.8% |
| Income taxes | 67/77 | €8,534 | €5,611 | -€2,923 | -34.3% |
| Profit (loss) for the period | 9904 | €15,866 | €6,392 | -€9,474 | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,866 | €6,392 | -€9,474 | -59.7% |
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.