STEPHANIE HAUDEZ: 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 HAUDEZ
Largest movements
- Receivables within one year -€47,140
no longer reported in 2025 (was €47,140)
of which Trade receivables: -€35,984
- Cash +€27,454
up €27,454 (+18.3%), from €150,022 to €177,476
mainly Receivables within one year (+€47,140) and Depreciation (+€12,295)
- Tangible fixed assets +€17,956
up €17,956 (+236%), from €7,621 to €25,577
of which Furniture and vehicles: +€18,836
- Deferred charges and accrued income +€8,635
up €8,635 (+191%), from €4,511 to €13,147
- Other debts -€15,763
down €15,763 (-64.1%), from €24,587 to €8,824
- Tax, wage and social debts +€9,578
new in 2025: €9,578
of which Remuneration and social security: +€5,927
- Profit (loss) carried forward +€9,546
up €9,546 (+8.6%), from €111,263 to €120,809
- Trade debts +€3,544
up €3,544 (+55.9%), from €6,335 to €9,879
- Gross operating margin +€29,733
up €29,733, from -€3,679 to €26,054
- Turnover +€28,060
up €28,060 (+32.1%), from €87,416 to €115,476
- Depreciation +€7,691
up €7,691 (+167%), from €4,603 to €12,295
- Taxes +€3,855
up €3,855 (+59,304%), from €7 to €3,861
- Purchases and services -€2,388
down €2,388 (-2.5%), from €95,062 to €92,674
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 | €209,445 | €216,349 | +€6,905 | +3.3% |
| Fixed assets | 21/28 | €7,771 | €25,727 | +€17,956 | +231% |
| Tangible fixed assets | 22/27 | €7,621 | €25,577 | +€17,956 | +236% |
| Land and buildings | 22 | €1,761 | €880 | -€880 | -50.0% |
| Furniture and vehicles | 24 | €5,861 | €24,696 | +€18,836 | +321% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €201,673 | €190,623 | -€11,051 | -5.5% |
| Amounts receivable within one year | 40/41 | €47,140 | - | -€47,140 | |
| Trade receivables | 40 | €35,984 | - | -€35,984 | |
| Other amounts receivable | 41 | €11,156 | - | -€11,156 | |
| Cash at bank and in hand | 54/58 | €150,022 | €177,476 | +€27,454 | +18.3% |
| Deferred charges and accrued income | 490/1 | €4,511 | €13,147 | +€8,635 | +191% |
| Total equity and liabilities | 10/49 | €209,445 | €216,349 | +€6,905 | +3.3% |
| Equity | 10/15 | €178,523 | €188,069 | +€9,546 | +5.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €54,860 | €54,860 | = | 0.0% |
| Distributable reserves | 133 | €54,860 | €54,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,263 | €120,809 | +€9,546 | +8.6% |
| Amounts payable | 17/49 | €30,922 | €28,280 | -€2,642 | -8.5% |
| Amounts payable within one year | 42/48 | €30,922 | €28,280 | -€2,642 | -8.5% |
| Trade debts | 44 | €6,335 | €9,879 | +€3,544 | +55.9% |
| Suppliers | 440/4 | €6,335 | €9,879 | +€3,544 | +55.9% |
| Taxes, remuneration and social security | 45 | - | €9,578 | +€9,578 | |
| Taxes | 450/3 | - | €3,651 | +€3,651 | |
| Remuneration and social security | 454/9 | - | €5,927 | +€5,927 | |
| Other amounts payable | 47/48 | €24,587 | €8,824 | -€15,763 | -64.1% |
| Turnover | 70 | €87,416 | €115,476 | +€28,060 | +32.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €95,062 | €92,674 | -€2,388 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,603 | €12,295 | +€7,691 | +167% |
| Other operating charges | 640/8 | €182 | €165 | -€16 | -9.1% |
| Gross operating margin | 9900 | -€3,679 | €26,054 | +€29,733 | |
| Operating profit (loss) | 9901 | -€8,464 | €13,594 | +€22,059 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €492 | €187 | -€305 | -62.1% |
| Recurring financial charges | 65 | €492 | €187 | -€305 | -62.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,956 | €13,408 | +€22,364 | |
| Income taxes | 67/77 | €7 | €3,861 | +€3,855 | +59,304% |
| Profit (loss) for the period | 9904 | -€8,963 | €9,546 | +€18,509 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,963 | €9,546 | +€18,509 |
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 30 October 2026 via checked.be.