Stéphane XHROUET: 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 XHROUET
Largest movements
- Tangible fixed assets -€40,007
down €40,007 (-36.5%), from €109,503 to €69,496
of which Furniture and vehicles: -€39,501
- Cash +€35,895
up €35,895 (+112%), from €31,917 to €67,812
mainly Net result for the year (+€52,459) and Depreciation (+€45,858)
- Receivables within one year -€24,188
down €24,188 (-36.5%), from €66,292 to €42,104
of which Trade receivables: -€19,788
- Stocks and contracts +€9,483
up €9,483 (+24.4%), from €38,850 to €48,333
- Debts after one year -€29,193
down €29,193 (-43.1%), from €67,777 to €38,583
- Other debts +€22,826
up €22,826 (+26.6%), from €85,716 to €108,541
- Current portion of long-term debt -€15,362
down €15,362 (-34.5%), from €44,555 to €29,193
- Trade debts +€9,174
up €9,174 (+121%), from €7,609 to €16,783
- Tax, wage and social debts -€3,408
down €3,408 (-28.8%), from €11,853 to €8,445
of which Taxes: -€5,499
- Gross operating margin -€35,610
down €35,610 (-14.7%), from €242,571 to €206,962
- Staff costs -€20,774
down €20,774 (-21.4%), from €97,016 to €76,242
- Other operating charges -€18,538
down €18,538 (-62.3%), from €29,779 to €11,241
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 | €246,931 | €227,981 | -€18,951 | -7.7% |
| Fixed assets | 21/28 | €109,738 | €69,731 | -€40,007 | -36.5% |
| Tangible fixed assets | 22/27 | €109,503 | €69,496 | -€40,007 | -36.5% |
| Plant, machinery and equipment | 23 | €3,625 | €3,119 | -€506 | -14.0% |
| Furniture and vehicles | 24 | €105,878 | €66,377 | -€39,501 | -37.3% |
| Financial fixed assets | 28 | €235 | €235 | = | 0.0% |
| Current assets | 29/58 | €137,194 | €158,249 | +€21,056 | +15.3% |
| Stocks and contracts in progress | 3 | €38,850 | €48,333 | +€9,483 | +24.4% |
| Stocks | 30/36 | €38,850 | €48,333 | +€9,483 | +24.4% |
| Amounts receivable within one year | 40/41 | €66,292 | €42,104 | -€24,188 | -36.5% |
| Trade receivables | 40 | €57,601 | €37,813 | -€19,788 | -34.4% |
| Other amounts receivable | 41 | €8,691 | €4,291 | -€4,400 | -50.6% |
| Cash at bank and in hand | 54/58 | €31,917 | €67,812 | +€35,895 | +112% |
| Deferred charges and accrued income | 490/1 | €135 | - | -€135 | |
| Total equity and liabilities | 10/49 | €246,931 | €227,981 | -€18,951 | -7.7% |
| Equity | 10/15 | €29,421 | €26,434 | -€2,987 | -10.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Investment grants | 15 | €8,961 | €5,974 | -€2,987 | -33.3% |
| Amounts payable | 17/49 | €217,510 | €201,546 | -€15,964 | -7.3% |
| Amounts payable after more than one year | 17 | €67,777 | €38,583 | -€29,193 | -43.1% |
| Financial debts | 170/4 | €67,777 | €38,583 | -€29,193 | -43.1% |
| Amounts payable within one year | 42/48 | €149,734 | €162,963 | +€13,229 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €44,555 | €29,193 | -€15,362 | -34.5% |
| Trade debts | 44 | €7,609 | €16,783 | +€9,174 | +121% |
| Suppliers | 440/4 | €7,609 | €16,783 | +€9,174 | +121% |
| Taxes, remuneration and social security | 45 | €11,853 | €8,445 | -€3,408 | -28.8% |
| Taxes | 450/3 | €7,428 | €1,929 | -€5,499 | -74.0% |
| Remuneration and social security | 454/9 | €4,425 | €6,517 | +€2,091 | +47.3% |
| Other amounts payable | 47/48 | €85,716 | €108,541 | +€22,826 | +26.6% |
| Non-recurring operating income | 76A | €4,079 | €5,926 | +€1,847 | +45.3% |
| Remuneration, social security and pensions | 62 | €97,016 | €76,242 | -€20,774 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,503 | €45,858 | -€645 | -1.4% |
| Other operating charges | 640/8 | €29,779 | €11,241 | -€18,538 | -62.3% |
| Non-recurring operating charges | 66A | €29 | - | -€29 | |
| Gross operating margin | 9900 | €242,571 | €206,962 | -€35,610 | -14.7% |
| Operating profit (loss) | 9901 | €69,244 | €73,621 | +€4,377 | +6.3% |
| Financial income | 75/76B | €5,511 | €3,305 | -€2,206 | -40.0% |
| Recurring financial income | 75 | €5,511 | €3,305 | -€2,206 | -40.0% |
| Financial charges | 65/66B | €3,184 | €4,110 | +€926 | +29.1% |
| Recurring financial charges | 65 | €3,184 | €4,110 | +€926 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €71,571 | €72,816 | +€1,245 | +1.7% |
| Income taxes | 67/77 | €21,571 | €20,357 | -€1,214 | -5.6% |
| Profit (loss) for the period | 9904 | €50,000 | €52,459 | +€2,459 | +4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,000 | €52,459 | +€2,459 | +4.9% |
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 27 October 2026 via checked.be.