Stephanie Dave: 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 Dave
Largest movements
- Cash +€5,602
up €5,602 (+60.6%), from €9,238 to €14,840
mainly Net result for the year (+€4,816) and Tax, wage and social debts (+€1,959)
- Receivables within one year -€1,570
down €1,570 (-3.5%), from €45,213 to €43,643
- Reserves +€4,800
up €4,800 (+12.6%), from €38,200 to €43,000
- Tax, wage and social debts +€1,959
up €1,959 (+301.4%), from €650 to €2,609
- Current portion of long-term debt -€1,523
down €1,523 (-53.1%), from €2,869 to €1,346
- Trade debts -€798
down €798 (-78.1%), from €1,023 to €224
- Gross operating margin -€3,915
down €3,915 (-26.6%), from €14,745 to €10,830
- Taxes -€1,692
down €1,692 (-30.0%), from €5,641 to €3,949
- Financial charges -€412
down €412 (-19.8%), from €2,078 to €1,666
- Depreciation -€354
down €354 (-79.1%), from €447 to €93
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 | €54,949 | €59,403 | +€4,454 | +8.1% |
| Fixed assets | 21/28 | €65 | €471 | +€406 | +619.6% |
| Tangible fixed assets | 22/27 | €65 | €471 | +€406 | +619.6% |
| Furniture and vehicles | 24 | €65 | €471 | +€406 | +619.6% |
| Current assets | 29/58 | €54,884 | €58,932 | +€4,048 | +7.4% |
| Amounts receivable within one year | 40/41 | €45,213 | €43,643 | -€1,570 | -3.5% |
| Other amounts receivable | 41 | €45,213 | €43,643 | -€1,570 | -3.5% |
| Cash at bank and in hand | 54/58 | €9,238 | €14,840 | +€5,602 | +60.6% |
| Deferred charges and accrued income | 490/1 | €433 | €449 | +€17 | +3.8% |
| Total equity and liabilities | 10/49 | €54,949 | €59,403 | +€4,454 | +8.1% |
| Equity | 10/15 | €50,408 | €55,224 | +€4,816 | +9.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €38,200 | €43,000 | +€4,800 | +12.6% |
| Distributable reserves | 133 | €38,200 | €43,000 | +€4,800 | +12.6% |
| Profit (loss) carried forward | 14 | €7,208 | €7,224 | +€16 | +0.2% |
| Amounts payable | 17/49 | €4,541 | €4,180 | -€362 | -8.0% |
| Amounts payable within one year | 42/48 | €4,541 | €4,180 | -€362 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €2,869 | €1,346 | -€1,523 | -53.1% |
| Trade debts | 44 | €1,023 | €224 | -€798 | -78.1% |
| Suppliers | 440/4 | €1,023 | €224 | -€798 | -78.1% |
| Taxes, remuneration and social security | 45 | €650 | €2,609 | +€1,959 | +301.4% |
| Taxes | 450/3 | €650 | €2,609 | +€1,959 | +301.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €447 | €93 | -€354 | -79.1% |
| Other operating charges | 640/8 | €298 | €306 | +€8 | +2.7% |
| Gross operating margin | 9900 | €14,745 | €10,830 | -€3,915 | -26.6% |
| Operating profit (loss) | 9901 | €14,000 | €10,431 | -€3,569 | -25.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -87.5% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -87.5% |
| Financial charges | 65/66B | €2,078 | €1,666 | -€412 | -19.8% |
| Recurring financial charges | 65 | €2,078 | €1,666 | -€412 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €11,922 | €8,765 | -€3,157 | -26.5% |
| Income taxes | 67/77 | €5,641 | €3,949 | -€1,692 | -30.0% |
| Profit (loss) for the period | 9904 | €6,281 | €4,816 | -€1,466 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,281 | €4,816 | -€1,466 | -23.3% |
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 6 October 2026 via checked.be.