STEPHANIE BEERNAERT: what changed
Two fiscal 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.
STEPHANIE BEERNAERT
Largest movements
- Receivables within one year +€24,885
new in 2025: €24,885
- Cash +€16,143
up €16,143 (+15.6%), from €103,805 to €119,948
mainly Net result for the year (+€74,921) and Trade debts (+€8,682)
- Reserves +€74,921
up €74,921 (+12.9%), from €582,075 to €656,996
of which Distributable reserves: +€74,921
- Other debts -€56,760
down €56,760 (-100.0%), from €56,760 to €0
- Trade debts +€8,682
up €8,682 (+165.4%), from €5,248 to €13,929
- Tax, wage and social debts +€7,859
up €7,859 (+98.1%), from €8,008 to €15,866
of which Taxes: +€7,845
- Gross operating margin +€21,425
up €21,425 (+24.4%), from €87,960 to €109,385
- Taxes +€8,750
up €8,750 (+32.9%), from €26,627 to €35,376
- Financial income -€8,278
down €8,278 (-44.0%), from €18,820 to €10,542
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.
Cash bridge derived
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 | €735,942 | €770,643 | +€34,702 | +4.7% |
| Fixed assets | 21/28 | €30,330 | €24,814 | -€5,515 | -18.2% |
| Tangible fixed assets | 22/27 | €30,330 | €24,814 | -€5,515 | -18.2% |
| Plant, machinery and equipment | 23 | €26,578 | €19,559 | -€7,019 | -26.4% |
| Furniture and vehicles | 24 | €1,067 | €3,210 | +€2,143 | +200.8% |
| Other tangible fixed assets | 26 | €2,685 | €2,045 | -€640 | -23.8% |
| Current assets | 29/58 | €705,612 | €745,829 | +€40,217 | +5.7% |
| Amounts receivable within one year | 40/41 | - | €24,885 | +€24,885 | |
| Other amounts receivable | 41 | - | €24,885 | +€24,885 | |
| Current investments | 50/53 | €600,000 | €600,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €103,805 | €119,948 | +€16,143 | +15.6% |
| Deferred charges and accrued income | 490/1 | €1,807 | €996 | -€811 | -44.9% |
| Total equity and liabilities | 10/49 | €735,942 | €770,643 | +€34,702 | +4.7% |
| Equity | 10/15 | €594,475 | €669,396 | +€74,921 | +12.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €582,075 | €656,996 | +€74,921 | +12.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €582,075 | €656,996 | +€74,921 | +12.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €71,452 | €71,452 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €71,452 | €71,452 | = | 0.0% |
| Pensions and similar obligations | 160 | €71,452 | €71,452 | = | 0.0% |
| Amounts payable | 17/49 | €70,015 | €29,796 | -€40,219 | -57.4% |
| Amounts payable within one year | 42/48 | €70,015 | €29,796 | -€40,219 | -57.4% |
| Trade debts | 44 | €5,248 | €13,929 | +€8,682 | +165.4% |
| Suppliers | 440/4 | €5,248 | €13,929 | +€8,682 | +165.4% |
| Taxes, remuneration and social security | 45 | €8,008 | €15,866 | +€7,859 | +98.1% |
| Taxes | 450/3 | €8,008 | €15,853 | +€7,845 | +98.0% |
| Remuneration and social security | 454/9 | - | €14 | +€14 | |
| Other amounts payable | 47/48 | €56,760 | €0 | -€56,760 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,525 | €8,366 | +€841 | +11.2% |
| Other operating charges | 640/8 | €748 | €718 | -€30 | -4.0% |
| Gross operating margin | 9900 | €87,960 | €109,385 | +€21,425 | +24.4% |
| Operating profit (loss) | 9901 | €79,687 | €100,301 | +€20,613 | +25.9% |
| Financial income | 75/76B | €18,820 | €10,542 | -€8,278 | -44.0% |
| Recurring financial income | 75 | €18,820 | €10,542 | -€8,278 | -44.0% |
| Financial charges | 65/66B | €713 | €545 | -€168 | -23.5% |
| Recurring financial charges | 65 | €713 | €545 | -€168 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €97,794 | €110,297 | +€12,503 | +12.8% |
| Income taxes | 67/77 | €26,627 | €35,376 | +€8,750 | +32.9% |
| Profit (loss) for the period | 9904 | €71,167 | €74,921 | +€3,754 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,167 | €74,921 | +€3,754 | +5.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.