Stephanie De Vos: what changed
Stephanie De Vos
Largest movements
- Cash +€22,554
up €22,554 (+403%), from €5,600 to €28,155
mainly Other debts (+€64,100) and Depreciation (+€40,051)
- Tangible fixed assets -€14,168
down €14,168 (-6.1%), from €230,735 to €216,567
of which Plant, machinery and equipment: -€16,465
- Receivables within one year -€4,468
no longer reported in 2025 (was €4,468)
- Other debts +€64,100
up €64,100 (+271%), from €23,694 to €87,794
- Reserves -€50,000
down €50,000 (-62.5%), from €80,000 to €30,000
- Debts after one year -€18,657
down €18,657 (-13.8%), from €134,890 to €116,232
- Current portion of long-term debt +€12,372
up €12,372 (+42.6%), from €29,036 to €41,407
- Trade debts -€10,445
down €10,445 (-96.2%), from €10,863 to €418
- Gross operating margin +€32,025
up €32,025 (+59.1%), from €54,220 to €86,245
- Depreciation +€12,058
up €12,058 (+43.1%), from €27,994 to €40,051
- Taxes +€5,837
up €5,837 (+363%), from €1,608 to €7,445
- Financial charges +€2,507
up €2,507 (+60.0%), from €4,176 to €6,684
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €285,888 | €292,252 | +€6,364 | +2.2% |
| Fixed assets | 21/28 | €230,735 | €216,567 | -€14,168 | -6.1% |
| Tangible fixed assets | 22/27 | €230,735 | €216,567 | -€14,168 | -6.1% |
| Plant, machinery and equipment | 23 | €154,088 | €137,623 | -€16,465 | -10.7% |
| Furniture and vehicles | 24 | €53,289 | €58,298 | +€5,009 | +9.4% |
| Other tangible fixed assets | 26 | €23,358 | €20,647 | -€2,712 | -11.6% |
| Current assets | 29/58 | €55,153 | €75,684 | +€20,531 | +37.2% |
| Stocks and contracts in progress | 3 | €45,085 | €46,772 | +€1,687 | +3.7% |
| Stocks | 30/36 | €45,085 | €46,772 | +€1,687 | +3.7% |
| Amounts receivable within one year | 40/41 | €4,468 | - | -€4,468 | |
| Other amounts receivable | 41 | €4,468 | - | -€4,468 | |
| Cash at bank and in hand | 54/58 | €5,600 | €28,155 | +€22,554 | +403% |
| Deferred charges and accrued income | 490/1 | - | €757 | +€757 | |
| Total equity and liabilities | 10/49 | €285,888 | €292,252 | +€6,364 | +2.2% |
| Equity | 10/15 | €85,155 | €36,499 | -€48,656 | -57.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €80,000 | €30,000 | -€50,000 | -62.5% |
| Distributable reserves | 133 | €80,000 | €30,000 | -€50,000 | -62.5% |
| Profit (loss) carried forward | 14 | €155 | €1,499 | +€1,344 | +865% |
| Amounts payable | 17/49 | €200,732 | €255,752 | +€55,020 | +27.4% |
| Amounts payable after more than one year | 17 | €134,890 | €116,232 | -€18,657 | -13.8% |
| Financial debts | 170/4 | €134,890 | €116,232 | -€18,657 | -13.8% |
| Amounts payable within one year | 42/48 | €65,843 | €139,520 | +€73,677 | +112% |
| Current portion of amounts payable after more than one year | 42 | €29,036 | €41,407 | +€12,372 | +42.6% |
| Trade debts | 44 | €10,863 | €418 | -€10,445 | -96.2% |
| Suppliers | 440/4 | €10,863 | €418 | -€10,445 | -96.2% |
| Taxes, remuneration and social security | 45 | €2,250 | €9,900 | +€7,650 | +340% |
| Taxes | 450/3 | €2,250 | €9,900 | +€7,650 | +340% |
| Other amounts payable | 47/48 | €23,694 | €87,794 | +€64,100 | +271% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,994 | €40,051 | +€12,058 | +43.1% |
| Other operating charges | 640/8 | €704 | €722 | +€18 | +2.6% |
| Gross operating margin | 9900 | €54,220 | €86,245 | +€32,025 | +59.1% |
| Operating profit (loss) | 9901 | €25,523 | €45,472 | +€19,949 | +78.2% |
| Financial income | 75/76B | €65 | €1 | -€64 | -98.5% |
| Recurring financial income | 75 | €65 | €1 | -€64 | -98.5% |
| Financial charges | 65/66B | €4,176 | €6,684 | +€2,507 | +60.0% |
| Recurring financial charges | 65 | €4,176 | €6,684 | +€2,507 | +60.0% |
| Profit (loss) for the period before taxes | 9903 | €21,411 | €38,789 | +€17,378 | +81.2% |
| Income taxes | 67/77 | €1,608 | €7,445 | +€5,837 | +363% |
| Profit (loss) for the period | 9904 | €19,803 | €31,344 | +€11,541 | +58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,803 | €31,344 | +€11,541 | +58.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.