Stéphanie GEVAERT: 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.
Stéphanie GEVAERT
Largest movements
- Receivables within one year -€121,096
down €121,096 (-63.9%), from €189,460 to €68,364
of which Trade receivables: -€115,411
- Tangible fixed assets -€87,276
down €87,276 (-15.4%), from €564,928 to €477,652
of which Land and buildings: -€47,337
- Cash -€33,425
down €33,425 (-21.0%), from €159,259 to €125,835
- Intangible fixed assets -€12,163
down €12,163 (-30.0%), from €40,543 to €28,380
- Reserves -€497,079
down €497,079 (-99.9%), from €497,616 to €537
- Debts after one year +€369,380
up €369,380 (+266%), from €138,742 to €508,122
of which Other amounts payable: +€422,974
- Other debts -€180,661
down €180,661 (-77.8%), from €232,278 to €51,617
- Trade debts +€75,623
up €75,623 (+6,177%), from €1,224 to €76,847
- Tax, wage and social debts -€14,516
down €14,516 (-78.2%), from €18,563 to €4,047
of which Taxes: -€18,563
- Gross operating margin -€101,055
down €101,055 (-41.4%), from €243,996 to €142,940
- Staff costs +€34,593
new in 2025: €34,593
- Depreciation +€32,500
up €32,500 (+48.6%), from €66,939 to €99,439
- Taxes -€21,568
down €21,568 (-98.1%), from €21,992 to €425
- Financial charges -€3,525
down €3,525 (-42.1%), from €8,374 to €4,849
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,048,663 | €801,997 | -€246,666 | -23.5% |
| Fixed assets | 21/28 | €605,471 | €506,032 | -€99,439 | -16.4% |
| Intangible fixed assets | 21 | €40,543 | €28,380 | -€12,163 | -30.0% |
| Tangible fixed assets | 22/27 | €564,928 | €477,652 | -€87,276 | -15.4% |
| Land and buildings | 22 | €482,706 | €435,369 | -€47,337 | -9.8% |
| Plant, machinery and equipment | 23 | €82,222 | €42,284 | -€39,939 | -48.6% |
| Current assets | 29/58 | €443,192 | €295,965 | -€147,227 | -33.2% |
| Stocks and contracts in progress | 3 | €92,546 | €97,408 | +€4,862 | +5.3% |
| Stocks | 30/36 | €92,546 | €97,408 | +€4,862 | +5.3% |
| Amounts receivable within one year | 40/41 | €189,460 | €68,364 | -€121,096 | -63.9% |
| Trade receivables | 40 | €163,083 | €47,672 | -€115,411 | -70.8% |
| Other amounts receivable | 41 | €26,377 | €20,692 | -€5,685 | -21.6% |
| Cash at bank and in hand | 54/58 | €159,259 | €125,835 | -€33,425 | -21.0% |
| Deferred charges and accrued income | 490/1 | €1,928 | €4,359 | +€2,431 | +126% |
| Total equity and liabilities | 10/49 | €1,048,663 | €801,997 | -€246,666 | -23.5% |
| Equity | 10/15 | €622,616 | €125,537 | -€497,079 | -79.8% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €497,616 | €537 | -€497,079 | -99.9% |
| Distributable reserves | 133 | €497,616 | €537 | -€497,079 | -99.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €426,047 | €676,461 | +€250,413 | +58.8% |
| Amounts payable after more than one year | 17 | €138,742 | €508,122 | +€369,380 | +266% |
| Financial debts | 170/4 | €138,742 | €85,148 | -€53,594 | -38.6% |
| Other amounts payable | 178/9 | - | €422,974 | +€422,974 | |
| Amounts payable within one year | 42/48 | €287,305 | €168,339 | -€118,967 | -41.4% |
| Current portion of amounts payable after more than one year | 42 | €35,240 | €35,827 | +€587 | +1.7% |
| Trade debts | 44 | €1,224 | €76,847 | +€75,623 | +6,177% |
| Suppliers | 440/4 | €1,224 | €76,847 | +€75,623 | +6,177% |
| Taxes, remuneration and social security | 45 | €18,563 | €4,047 | -€14,516 | -78.2% |
| Taxes | 450/3 | €18,563 | €0 | -€18,563 | -100% |
| Remuneration and social security | 454/9 | - | €4,047 | +€4,047 | |
| Other amounts payable | 47/48 | €232,278 | €51,617 | -€180,661 | -77.8% |
| Remuneration, social security and pensions | 62 | - | €34,593 | +€34,593 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,939 | €99,439 | +€32,500 | +48.6% |
| Other operating charges | 640/8 | €1,960 | €3,698 | +€1,738 | +88.7% |
| Gross operating margin | 9900 | €243,996 | €142,940 | -€101,055 | -41.4% |
| Operating profit (loss) | 9901 | €175,097 | €5,210 | -€169,887 | -97.0% |
| Financial income | 75/76B | €158 | €601 | +€443 | +280% |
| Recurring financial income | 75 | €158 | €601 | +€443 | +280% |
| Financial charges | 65/66B | €8,374 | €4,849 | -€3,525 | -42.1% |
| Recurring financial charges | 65 | €8,374 | €4,849 | -€3,525 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €166,880 | €962 | -€165,919 | -99.4% |
| Income taxes | 67/77 | €21,992 | €425 | -€21,568 | -98.1% |
| Profit (loss) for the period | 9904 | €144,888 | €537 | -€144,351 | -99.6% |
| Profit (loss) for the period to be appropriated | 9905 | €144,888 | €537 | -€144,351 | -99.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.