Stephanie Blommaert: 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.
Stephanie Blommaert
Largest movements
- Receivables within one year +€188,444
up €188,444 (+509%), from €37,002 to €225,445
of which Other amounts receivable: +€137,520
- Cash -€127,077
down €127,077 (-70.2%), from €181,031 to €53,954
mainly Receivables within one year (-€188,444) and Investment in fixed assets (net) (-€32,616)
- Tangible fixed assets +€5,345
up €5,345 (+4.8%), from €111,829 to €117,174
of which Land and buildings: +€11,291
- Reserves +€59,041
up €59,041 (+34.5%), from €171,328 to €230,369
- Debts after one year -€17,905
down €17,905 (-13.7%), from €131,052 to €113,147
- Trade debts +€12,926
up €12,926 (+185%), from €6,976 to €19,902
- Tax, wage and social debts +€10,260
up €10,260 (+106%), from €9,679 to €19,939
- Gross operating margin -€4,433
down €4,433 (-3.1%), from €141,417 to €136,985
- Other operating charges +€1,571
up €1,571 (+99.0%), from €1,586 to €3,157
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 | €350,300 | €414,937 | +€64,637 | +18.5% |
| Fixed assets | 21/28 | €111,829 | €117,174 | +€5,345 | +4.8% |
| Tangible fixed assets | 22/27 | €111,829 | €117,174 | +€5,345 | +4.8% |
| Land and buildings | 22 | €96,260 | €107,551 | +€11,291 | +11.7% |
| Plant, machinery and equipment | 23 | €2,439 | €994 | -€1,444 | -59.2% |
| Furniture and vehicles | 24 | €13,130 | €8,630 | -€4,501 | -34.3% |
| Current assets | 29/58 | €238,471 | €297,762 | +€59,292 | +24.9% |
| Amounts receivable after more than one year | 29 | €5,815 | €3,678 | -€2,137 | -36.7% |
| Other amounts receivable | 291 | €5,815 | €3,678 | -€2,137 | -36.7% |
| Stocks and contracts in progress | 3 | €911 | €976 | +€65 | +7.2% |
| Stocks | 30/36 | €911 | €976 | +€65 | +7.2% |
| Amounts receivable within one year | 40/41 | €37,002 | €225,445 | +€188,444 | +509% |
| Trade receivables | 40 | €14,109 | €65,032 | +€50,924 | +361% |
| Other amounts receivable | 41 | €22,893 | €160,413 | +€137,520 | +601% |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €181,031 | €53,954 | -€127,077 | -70.2% |
| Deferred charges and accrued income | 490/1 | €3,713 | €3,709 | -€4 | -0.1% |
| Total equity and liabilities | 10/49 | €350,300 | €414,937 | +€64,637 | +18.5% |
| Equity | 10/15 | €183,728 | €242,769 | +€59,041 | +32.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €171,328 | €230,369 | +€59,041 | +34.5% |
| Distributable reserves | 133 | €171,328 | €230,369 | +€59,041 | +34.5% |
| Amounts payable | 17/49 | €166,572 | €172,168 | +€5,596 | +3.4% |
| Amounts payable after more than one year | 17 | €131,052 | €113,147 | -€17,905 | -13.7% |
| Financial debts | 170/4 | €131,052 | €113,147 | -€17,905 | -13.7% |
| Amounts payable within one year | 42/48 | €35,312 | €58,826 | +€23,514 | +66.6% |
| Current portion of amounts payable after more than one year | 42 | €18,656 | €18,984 | +€328 | +1.8% |
| Trade debts | 44 | €6,976 | €19,902 | +€12,926 | +185% |
| Suppliers | 440/4 | €6,976 | €19,902 | +€12,926 | +185% |
| Taxes, remuneration and social security | 45 | €9,679 | €19,939 | +€10,260 | +106% |
| Taxes | 450/3 | €9,679 | €19,939 | +€10,260 | +106% |
| Accrued charges and deferred income | 492/3 | €208 | €195 | -€13 | -6.4% |
| Non-recurring operating income | 76A | €1,431 | €592 | -€838 | -58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,937 | €27,271 | +€1,334 | +5.1% |
| Other operating charges | 640/8 | €1,586 | €3,157 | +€1,571 | +99.0% |
| Gross operating margin | 9900 | €141,417 | €136,985 | -€4,433 | -3.1% |
| Operating profit (loss) | 9901 | €113,894 | €106,556 | -€7,337 | -6.4% |
| Financial income | 75/76B | €906 | €1,014 | +€108 | +11.9% |
| Recurring financial income | 75 | €906 | €1,014 | +€108 | +11.9% |
| Financial charges | 65/66B | €3,834 | €3,883 | +€49 | +1.3% |
| Recurring financial charges | 65 | €3,834 | €3,883 | +€49 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €110,966 | €103,688 | -€7,278 | -6.6% |
| Income taxes | 67/77 | €34,761 | €34,210 | -€551 | -1.6% |
| Profit (loss) for the period | 9904 | €76,205 | €69,478 | -€6,727 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €76,205 | €69,478 | -€6,727 | -8.8% |
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 1 November 2026 via checked.be.