Stéphanie: 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.
What changed
Stéphanie
NACE 10.712, Artisanal bread and fresh pastry making
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€46,795
2024 · €84,466-€37,671
Equity
€525,812
2024 · €479,017+€46,795
Cash
€11,301
2024 · €31,173-€19,873
Balance sheet total
€2.5m
2024 · €2.7m-€169,252
Largest movements
Assets
- Tangible fixed assets -€175,740
down €175,740 (-6.8%), from €2.6m to €2.4m
Equity and liabilities
- Debts after one year -€187,538
down €187,538 (-13.8%), from €1.4m to €1.2m
- Reserves +€46,795
up €46,795 (+10.2%), from €460,417 to €507,212
Income statement
- Staff costs +€63,246
up €63,246 (+15.5%), from €407,817 to €471,063
- Other operating charges -€30,718
down €30,718 (-70.6%), from €43,539 to €12,821
- Depreciation +€14,760
up €14,760 (+8.9%), from €166,308 to €181,069
- Taxes -€8,417
down €8,417 (-32.9%), from €25,605 to €17,188
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.
Result 2024
€84,466
Gross operating margin
+€4,933
Staff costs
-€63,246
Depreciation
-€14,760
Other operating charges
+€30,718
Financial income
-€42
Financial charges
-€3,691
Taxes
+€8,417
Result 2025
€46,795
raises the resultlowers the result
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.
From operations
+€192,651
Investment
-€5,328
Financing
-€207,195
Cash 2024
€31,173
From operations (derived)
+€192,651
Net result for the year
+€46,795
Depreciation
+€181,069
Receivables within one year
-€24,499
Deferred charges and accrued income
-€1,861
Trade debts
-€4,590
Tax, wage and social debts
+€17,091
Advances received
+€2,651
Other debts
-€24,004
Investment (derived)
-€5,328
Investment in fixed assets (net)
-€5,328
Financing
-€207,195
Debts after one year
-€187,538
Current portion of long-term debt
+€240
Short-term financial debts
-€19,897
Cash 2025
€11,301
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,675,851 | €2,506,599 | -€169,252 | -6.3% |
| Fixed assets | 21/28 | €2,599,756 | €2,424,016 | -€175,740 | -6.8% |
| Tangible fixed assets | 22/27 | €2,593,256 | €2,417,516 | -€175,740 | -6.8% |
| Land and buildings | 22 | €2,043,451 | €1,975,598 | -€67,853 | -3.3% |
| Plant, machinery and equipment | 23 | €286,483 | €230,976 | -€55,507 | -19.4% |
| Furniture and vehicles | 24 | €128,401 | €96,481 | -€31,921 | -24.9% |
| Leasing and similar rights | 25 | €134,921 | €114,461 | -€20,460 | -15.2% |
| Financial fixed assets | 28 | €6,500 | €6,500 | = | 0.0% |
| Current assets | 29/58 | €76,095 | €82,583 | +€6,488 | +8.5% |
| Stocks and contracts in progress | 3 | €8,576 | €8,576 | = | 0.0% |
| Stocks | 30/36 | €8,576 | €8,576 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €25,758 | €50,257 | +€24,499 | +95.1% |
| Trade receivables | 40 | €8,235 | €28,521 | +€20,286 | +246% |
| Other amounts receivable | 41 | €17,522 | €21,736 | +€4,213 | +24.0% |
| Cash at bank and in hand | 54/58 | €31,173 | €11,301 | -€19,873 | -63.7% |
| Deferred charges and accrued income | 490/1 | €10,588 | €12,449 | +€1,861 | +17.6% |
| Total equity and liabilities | 10/49 | €2,675,851 | €2,506,599 | -€169,252 | -6.3% |
| Equity | 10/15 | €479,017 | €525,812 | +€46,795 | +9.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €460,417 | €507,212 | +€46,795 | +10.2% |
| Distributable reserves | 133 | €460,417 | €507,212 | +€46,795 | +10.2% |
| Amounts payable | 17/49 | €2,196,834 | €1,980,787 | -€216,047 | -9.8% |
| Amounts payable after more than one year | 17 | €1,362,484 | €1,174,946 | -€187,538 | -13.8% |
| Financial debts | 170/4 | €1,362,484 | €1,174,946 | -€187,538 | -13.8% |
| Amounts payable within one year | 42/48 | €834,350 | €805,841 | -€28,509 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €187,298 | €187,538 | +€240 | +0.1% |
| Financial debts | 43 | €100,000 | €80,103 | -€19,897 | -19.9% |
| Credit institutions | 430/8 | €100,000 | €80,103 | -€19,897 | -19.9% |
| Trade debts | 44 | €110,352 | €105,762 | -€4,590 | -4.2% |
| Suppliers | 440/4 | €110,352 | €105,762 | -€4,590 | -4.2% |
| Advances received on contracts in progress | 46 | €15,178 | €17,829 | +€2,651 | +17.5% |
| Taxes, remuneration and social security | 45 | €100,643 | €117,734 | +€17,091 | +17.0% |
| Taxes | 450/3 | €1,277 | €4,069 | +€2,792 | +219% |
| Remuneration and social security | 454/9 | €99,366 | €113,665 | +€14,299 | +14.4% |
| Other amounts payable | 47/48 | €320,878 | €296,874 | -€24,004 | -7.5% |
| Remuneration, social security and pensions | 62 | €407,817 | €471,063 | +€63,246 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,308 | €181,069 | +€14,760 | +8.9% |
| Other operating charges | 640/8 | €43,539 | €12,821 | -€30,718 | -70.6% |
| Gross operating margin | 9900 | €771,994 | €776,928 | +€4,933 | +0.6% |
| Operating profit (loss) | 9901 | €154,330 | €111,976 | -€42,354 | -27.4% |
| Financial income | 75/76B | €92 | €50 | -€42 | -45.5% |
| Recurring financial income | 75 | €92 | €50 | -€42 | -45.5% |
| Financial charges | 65/66B | €44,351 | €48,043 | +€3,691 | +8.3% |
| Recurring financial charges | 65 | €44,351 | €48,043 | +€3,691 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €110,071 | €63,983 | -€46,088 | -41.9% |
| Income taxes | 67/77 | €25,605 | €17,188 | -€8,417 | -32.9% |
| Profit (loss) for the period | 9904 | €84,466 | €46,795 | -€37,671 | -44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €84,466 | €46,795 | -€37,671 | -44.6% |
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 17 October 2026 via checked.be.