Stéphane Van Geyseghem: 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 Van Geyseghem
Largest movements
- Tangible fixed assets +€49,616
up €49,616 (+12.6%), from €392,344 to €441,960
of which Land and buildings: +€34,305
- Cash -€37,114
down €37,114 (-79.4%), from €46,721 to €9,607
mainly Debts after one year (-€229,298) and Other debts (-€181,294)
- Receivables after one year +€18,100
new in 2025: €18,100
- Receivables within one year -€16,843
down €16,843 (-17.1%), from €98,455 to €81,612
of which Trade receivables: -€97,316
- Reserves +€343,352
up €343,352 (+18,460%), from €1,860 to €345,212
of which Distributable reserves: +€343,352
- Debts after one year -€229,298
no longer reported in 2025 (was €229,298)
- Other debts -€181,294
no longer reported in 2025 (was €181,294)
- Tax, wage and social debts +€94,728
up €94,728 (+104%), from €91,203 to €185,932
- Current portion of long-term debt -€14,541
no longer reported in 2025 (was €14,541)
- Gross operating margin +€124,472
up €124,472 (+30.0%), from €414,831 to €539,303
- Taxes +€62,760
up €62,760 (+63.5%), from €98,891 to €161,650
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 | €542,312 | €551,280 | +€8,967 | +1.7% |
| Fixed assets | 21/28 | €392,344 | €441,960 | +€49,616 | +12.6% |
| Tangible fixed assets | 22/27 | €392,344 | €441,960 | +€49,616 | +12.6% |
| Land and buildings | 22 | €384,332 | €418,637 | +€34,305 | +8.9% |
| Furniture and vehicles | 24 | €8,012 | €23,324 | +€15,312 | +191% |
| Current assets | 29/58 | €149,968 | €109,319 | -€40,649 | -27.1% |
| Amounts receivable after more than one year | 29 | - | €18,100 | +€18,100 | |
| Other amounts receivable | 291 | - | €18,100 | +€18,100 | |
| Amounts receivable within one year | 40/41 | €98,455 | €81,612 | -€16,843 | -17.1% |
| Trade receivables | 40 | €98,455 | €1,139 | -€97,316 | -98.8% |
| Other amounts receivable | 41 | - | €80,474 | +€80,474 | |
| Cash at bank and in hand | 54/58 | €46,721 | €9,607 | -€37,114 | -79.4% |
| Deferred charges and accrued income | 490/1 | €4,792 | - | -€4,792 | |
| Total equity and liabilities | 10/49 | €542,312 | €551,280 | +€8,967 | +1.7% |
| Equity | 10/15 | €20,460 | €363,812 | +€343,352 | +1,678% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €345,212 | +€343,352 | +18,460% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €343,352 | +€343,352 | |
| Amounts payable | 17/49 | €521,852 | €187,467 | -€334,385 | -64.1% |
| Amounts payable after more than one year | 17 | €229,298 | - | -€229,298 | |
| Financial debts | 170/4 | €229,298 | - | -€229,298 | |
| Amounts payable within one year | 42/48 | €292,554 | €187,467 | -€105,087 | -35.9% |
| Current portion of amounts payable after more than one year | 42 | €14,541 | - | -€14,541 | |
| Trade debts | 44 | €5,517 | €1,536 | -€3,981 | -72.2% |
| Suppliers | 440/4 | €5,517 | €1,536 | -€3,981 | -72.2% |
| Taxes, remuneration and social security | 45 | €91,203 | €185,932 | +€94,728 | +104% |
| Taxes | 450/3 | €91,203 | €185,932 | +€94,728 | +104% |
| Other amounts payable | 47/48 | €181,294 | - | -€181,294 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,119 | €25,936 | +€1,818 | +7.5% |
| Other operating charges | 640/8 | €3,494 | €2,828 | -€665 | -19.0% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €414,831 | €539,303 | +€124,472 | +30.0% |
| Operating profit (loss) | 9901 | €387,219 | €510,538 | +€123,320 | +31.8% |
| Financial income | 75/76B | - | €2,190 | +€2,190 | |
| Recurring financial income | 75 | - | €2,190 | +€2,190 | |
| Financial charges | 65/66B | €7,264 | €7,726 | +€462 | +6.4% |
| Recurring financial charges | 65 | €7,264 | €7,726 | +€462 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €379,955 | €505,003 | +€125,048 | +32.9% |
| Income taxes | 67/77 | €98,891 | €161,650 | +€62,760 | +63.5% |
| Profit (loss) for the period | 9904 | €281,064 | €343,352 | +€62,288 | +22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €281,064 | €343,352 | +€62,288 | +22.2% |
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 19 October 2026 via checked.be.