STEPHANIE GORIS: 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 GORIS
Largest movements
- Stocks and contracts +€27,820
up €27,820 (+31.0%), from €89,820 to €117,640
- Tangible fixed assets -€14,082
down €14,082 (-23.3%), from €60,507 to €46,425
of which Other tangible fixed assets: -€13,173
- Deferred charges and accrued income -€6,041
down €6,041 (-64.8%), from €9,321 to €3,279
- Receivables within one year -€2,595
down €2,595 (-46.3%), from €5,610 to €3,015
of which Other amounts receivable: -€4,384
- Reserves +€19,861
up €19,861 (+202%), from €9,839 to €29,700
- Debts after one year -€19,189
down €19,189 (-100%), from €19,189 to €0
- Profit (loss) carried forward +€17,988
up €17,988, from -€17,988 to €0
- Other debts -€16,974
down €16,974 (-17.4%), from €97,325 to €80,351
- Trade debts +€10,784
up €10,784 (+64.6%), from €16,694 to €27,479
- Gross operating margin +€51,602
up €51,602 (+129%), from €39,951 to €91,553
- Staff costs +€8,494
up €8,494 (+38.3%), from €22,188 to €30,683
- Write-downs +€4,875
up €4,875, from -€4,875 to €0
- Financial charges +€2,033
up €2,033 (+49.6%), from €4,096 to €6,129
- Depreciation +€1,390
up €1,390 (+9.5%), from €14,692 to €16,082
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 | €180,262 | €187,059 | +€6,796 | +3.8% |
| Fixed assets | 21/28 | €60,607 | €46,525 | -€14,082 | -23.2% |
| Tangible fixed assets | 22/27 | €60,507 | €46,425 | -€14,082 | -23.3% |
| Plant, machinery and equipment | 23 | €3,209 | €2,303 | -€906 | -28.2% |
| Furniture and vehicles | 24 | €3,965 | €3,963 | -€2 | -0.1% |
| Other tangible fixed assets | 26 | €53,333 | €40,159 | -€13,173 | -24.7% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €119,656 | €140,533 | +€20,878 | +17.4% |
| Stocks and contracts in progress | 3 | €89,820 | €117,640 | +€27,820 | +31.0% |
| Stocks | 30/36 | €89,820 | €117,640 | +€27,820 | +31.0% |
| Amounts receivable within one year | 40/41 | €5,610 | €3,015 | -€2,595 | -46.3% |
| Trade receivables | 40 | €0 | €1,789 | +€1,789 | |
| Other amounts receivable | 41 | €5,610 | €1,226 | -€4,384 | -78.2% |
| Cash at bank and in hand | 54/58 | €14,905 | €16,599 | +€1,694 | +11.4% |
| Deferred charges and accrued income | 490/1 | €9,321 | €3,279 | -€6,041 | -64.8% |
| Total equity and liabilities | 10/49 | €180,262 | €187,059 | +€6,796 | +3.8% |
| Equity | 10/15 | -€1,949 | €35,900 | +€37,849 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €9,839 | €29,700 | +€19,861 | +202% |
| Distributable reserves | 133 | €9,839 | €29,700 | +€19,861 | +202% |
| Profit (loss) carried forward | 14 | -€17,988 | €0 | +€17,988 | |
| Amounts payable | 17/49 | €182,211 | €151,158 | -€31,053 | -17.0% |
| Amounts payable after more than one year | 17 | €19,189 | €0 | -€19,189 | -100% |
| Financial debts | 170/4 | €19,189 | €0 | -€19,189 | -100% |
| Amounts payable within one year | 42/48 | €163,022 | €151,158 | -€11,863 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €20,566 | €19,189 | -€1,377 | -6.7% |
| Financial debts | 43 | €7,740 | €0 | -€7,740 | -100% |
| Credit institutions | 430/8 | €7,740 | €0 | -€7,740 | -100% |
| Trade debts | 44 | €16,694 | €27,479 | +€10,784 | +64.6% |
| Suppliers | 440/4 | €16,694 | €27,479 | +€10,784 | +64.6% |
| Taxes, remuneration and social security | 45 | €20,696 | €24,139 | +€3,443 | +16.6% |
| Taxes | 450/3 | €18,069 | €21,299 | +€3,231 | +17.9% |
| Remuneration and social security | 454/9 | €2,628 | €2,840 | +€212 | +8.1% |
| Other amounts payable | 47/48 | €97,325 | €80,351 | -€16,974 | -17.4% |
| Non-recurring operating income | 76A | €1,357 | €0 | -€1,357 | -100% |
| Remuneration, social security and pensions | 62 | €22,188 | €30,683 | +€8,494 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,692 | €16,082 | +€1,390 | +9.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,875 | €0 | +€4,875 | |
| Other operating charges | 640/8 | €1,170 | €1,436 | +€266 | +22.8% |
| Gross operating margin | 9900 | €39,951 | €91,553 | +€51,602 | +129% |
| Operating profit (loss) | 9901 | €6,776 | €43,353 | +€36,577 | +540% |
| Financial income | 75/76B | €1,393 | €862 | -€531 | -38.1% |
| Recurring financial income | 75 | €1,393 | €862 | -€531 | -38.1% |
| Financial charges | 65/66B | €4,096 | €6,129 | +€2,033 | +49.6% |
| Recurring financial charges | 65 | €4,096 | €6,129 | +€2,033 | +49.6% |
| Profit (loss) for the period before taxes | 9903 | €4,074 | €38,086 | +€34,013 | +835% |
| Income taxes | 67/77 | €0 | €238 | +€238 | |
| Profit (loss) for the period | 9904 | €4,074 | €37,849 | +€33,775 | +829% |
| Profit (loss) for the period to be appropriated | 9905 | €4,074 | €37,849 | +€33,775 | +829% |
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 25 October 2026 via checked.be.