STEPHANIE VANMAELE: 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 VANMAELE
Largest movements
- Receivables after one year +€52,837
up €52,837 (+38.5%), from €137,393 to €190,230
- Reserves +€233,791
up €233,791 (+25.2%), from €927,531 to €1.2m
- Debts after one year -€207,728
down €207,728 (-28.5%), from €728,052 to €520,324
- Tax, wage and social debts +€26,490
up €26,490 (+64.2%), from €41,241 to €67,731
- Financial income -€250,000
no longer reported in 2025 (was €250,000)
- Gross operating margin +€178,363
up €178,363 (+76.1%), from €234,436 to €412,799
- Taxes +€34,154
up €34,154 (+37.5%), from €91,130 to €125,284
- Depreciation -€20,295
down €20,295 (-81.0%), from €25,048 to €4,753
- Financial charges +€6,688
up €6,688 (+72.0%), from €9,289 to €15,977
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 | €1,816,296 | €1,869,505 | +€53,209 | +2.9% |
| Fixed assets | 21/28 | €1,644,707 | €1,639,954 | -€4,753 | -0.3% |
| Tangible fixed assets | 22/27 | €404,448 | €399,695 | -€4,753 | -1.2% |
| Land and buildings | 22 | €394,986 | €394,986 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,678 | €2,323 | -€1,355 | -36.8% |
| Furniture and vehicles | 24 | €5,784 | €2,386 | -€3,398 | -58.8% |
| Financial fixed assets | 28 | €1,240,259 | €1,240,259 | = | 0.0% |
| Current assets | 29/58 | €171,589 | €229,551 | +€57,963 | +33.8% |
| Amounts receivable after more than one year | 29 | €137,393 | €190,230 | +€52,837 | +38.5% |
| Other amounts receivable | 291 | €137,393 | €190,230 | +€52,837 | +38.5% |
| Amounts receivable within one year | 40/41 | €25,790 | €21,550 | -€4,240 | -16.4% |
| Trade receivables | 40 | €16,415 | €10,890 | -€5,525 | -33.7% |
| Other amounts receivable | 41 | €9,375 | €10,660 | +€1,285 | +13.7% |
| Cash at bank and in hand | 54/58 | €8,096 | €17,447 | +€9,351 | +115% |
| Deferred charges and accrued income | 490/1 | €310 | €325 | +€15 | +4.7% |
| Total equity and liabilities | 10/49 | €1,816,296 | €1,869,505 | +€53,209 | +2.9% |
| Equity | 10/15 | €939,931 | €1,173,722 | +€233,791 | +24.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €927,531 | €1,161,322 | +€233,791 | +25.2% |
| Distributable reserves | 133 | €927,531 | €1,161,322 | +€233,791 | +25.2% |
| Amounts payable | 17/49 | €876,365 | €695,783 | -€180,582 | -20.6% |
| Amounts payable after more than one year | 17 | €728,052 | €520,324 | -€207,728 | -28.5% |
| Financial debts | 170/4 | €728,052 | €520,324 | -€207,728 | -28.5% |
| Amounts payable within one year | 42/48 | €148,313 | €175,459 | +€27,146 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €107,072 | €107,728 | +€656 | +0.6% |
| Taxes, remuneration and social security | 45 | €41,241 | €67,731 | +€26,490 | +64.2% |
| Taxes | 450/3 | €41,241 | €67,731 | +€26,490 | +64.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,048 | €4,753 | -€20,295 | -81.0% |
| Other operating charges | 640/8 | €1,059 | €1,090 | +€31 | +2.9% |
| Gross operating margin | 9900 | €234,436 | €412,799 | +€178,363 | +76.1% |
| Operating profit (loss) | 9901 | €208,328 | €406,955 | +€198,627 | +95.3% |
| Financial income | 75/76B | €250,000 | - | -€250,000 | |
| Recurring financial income | 75 | €250,000 | - | -€250,000 | |
| Financial charges | 65/66B | €9,289 | €15,977 | +€6,688 | +72.0% |
| Recurring financial charges | 65 | €9,289 | €15,977 | +€6,688 | +72.0% |
| Profit (loss) for the period before taxes | 9903 | €449,039 | €390,978 | -€58,061 | -12.9% |
| Income taxes | 67/77 | €91,130 | €125,284 | +€34,154 | +37.5% |
| Profit (loss) for the period | 9904 | €357,909 | €265,694 | -€92,215 | -25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €357,909 | €265,694 | -€92,215 | -25.8% |
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 27 October 2026 via checked.be.