STEPHANE WARGINAIRE: what changed
STEPHANE WARGINAIRE
Largest movements
- Cash +€12,012
up €12,012 (+34.5%), from €34,790 to €46,802
mainly Receivables within one year (+€9,435) and Tax, wage and social debts (+€1,713)
- Receivables within one year -€9,435
down €9,435 (-65.2%), from €14,476 to €5,041
of which Other amounts receivable: -€9,435
- Tangible fixed assets +€831
new in 2025: €831
- Tax, wage and social debts +€1,713
up €1,713 (+29.3%), from €5,852 to €7,566
of which Taxes: +€1,713
- Trade debts +€1,702
up €1,702 (+750%), from €227 to €1,929
- Accrued charges and deferred income -€1,100
no longer reported in 2025 (was €1,100)
- Other debts +€880
up €880 (+2,027%), from €43 to €923
- Gross operating margin +€1,320
up €1,320 (+7,967%), from €17 to €1,337
- Financial income -€868
down €868 (-99.3%), from €874 to €6
- Depreciation +€366
up €366 (+1,769%), from €21 to €387
- Other operating charges -€151
down €151 (-27.4%), from €551 to €400
- Taxes +€52
up €52 (+862%), from €6 to €58
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €49,266 | €52,674 | +€3,408 | +6.9% |
| Fixed assets | 21/28 | - | €831 | +€831 | |
| Tangible fixed assets | 22/27 | - | €831 | +€831 | |
| Furniture and vehicles | 24 | - | €831 | +€831 | |
| Current assets | 29/58 | €49,266 | €51,843 | +€2,577 | +5.2% |
| Amounts receivable within one year | 40/41 | €14,476 | €5,041 | -€9,435 | -65.2% |
| Trade receivables | 40 | €5,041 | €5,041 | = | 0.0% |
| Other amounts receivable | 41 | €9,435 | - | -€9,435 | |
| Cash at bank and in hand | 54/58 | €34,790 | €46,802 | +€12,012 | +34.5% |
| Total equity and liabilities | 10/49 | €49,266 | €52,674 | +€3,408 | +6.9% |
| Equity | 10/15 | €42,043 | €42,256 | +€213 | +0.5% |
| Reserves | 13 | €42,031 | €42,031 | = | 0.0% |
| Distributable reserves | 133 | €42,031 | €42,031 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12 | €225 | +€213 | +1,798% |
| Amounts payable | 17/49 | €7,223 | €10,417 | +€3,195 | +44.2% |
| Amounts payable within one year | 42/48 | €6,123 | €10,417 | +€4,295 | +70.1% |
| Trade debts | 44 | €227 | €1,929 | +€1,702 | +750% |
| Suppliers | 440/4 | €227 | €1,929 | +€1,702 | +750% |
| Taxes, remuneration and social security | 45 | €5,852 | €7,566 | +€1,713 | +29.3% |
| Taxes | 450/3 | €3,852 | €5,566 | +€1,713 | +44.5% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €43 | €923 | +€880 | +2,027% |
| Accrued charges and deferred income | 492/3 | €1,100 | - | -€1,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21 | €387 | +€366 | +1,769% |
| Other operating charges | 640/8 | €551 | €400 | -€151 | -27.4% |
| Gross operating margin | 9900 | €17 | €1,337 | +€1,320 | +7,967% |
| Operating profit (loss) | 9901 | -€555 | €550 | +€1,105 | |
| Financial income | 75/76B | €874 | €6 | -€868 | -99.3% |
| Recurring financial income | 75 | €874 | €6 | -€868 | -99.3% |
| Financial charges | 65/66B | €301 | €285 | -€16 | -5.4% |
| Recurring financial charges | 65 | €301 | €285 | -€16 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €18 | €271 | +€253 | +1,417% |
| Income taxes | 67/77 | €6 | €58 | +€52 | +862% |
| Profit (loss) for the period | 9904 | €12 | €213 | +€201 | +1,698% |
| Profit (loss) for the period to be appropriated | 9905 | €12 | €213 | +€201 | +1,698% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.