Stephen VAN: what changed
Two fiscal 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.
Stephen VAN
Largest movements
- Deferred charges and accrued income +€18,869
up €18,869 (+5292.2%), from €357 to €19,226
- Receivables within one year -€12,487
down €12,487 (-65.6%), from €19,038 to €6,551
of which Trade receivables: -€12,111
- Intangible fixed assets -€7,500
down €7,500 (-31.9%), from €23,504 to €16,004
- Tangible fixed assets +€1,761
up €1,761 (+9.3%), from €18,865 to €20,625
of which Plant, machinery and equipment: +€5,480
- Debts after one year -€12,453
down €12,453 (-40.2%), from €30,997 to €18,544
- Other debts +€6,598
up €6,598 (+268.4%), from €2,458 to €9,056
- Tax, wage and social debts +€4,845
up €4,845 (+104.4%), from €4,642 to €9,487
- Reserves +€2,383
up €2,383 (+33.5%), from €7,118 to €9,501
- Current portion of long-term debt -€1,759
down €1,759 (-12.4%), from €14,211 to €12,453
- Gross operating margin -€15,595
down €15,595 (-48.2%), from €32,357 to €16,762
- Financial income +€9,231
new in 2025: €9,231
- Depreciation +€3,459
up €3,459 (+25.8%), from €13,406 to €16,864
- Taxes +€946
up €946 (+24.3%), from €3,896 to €4,842
- Financial charges -€536
down €536 (-23.2%), from €2,311 to €1,775
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.
Cash bridge derived
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 | €65,616 | €66,706 | +€1,090 | +1.7% |
| Fixed assets | 21/28 | €42,744 | €37,004 | -€5,739 | -13.4% |
| Intangible fixed assets | 21 | €23,504 | €16,004 | -€7,500 | -31.9% |
| Tangible fixed assets | 22/27 | €18,865 | €20,625 | +€1,761 | +9.3% |
| Plant, machinery and equipment | 23 | - | €5,480 | +€5,480 | |
| Furniture and vehicles | 24 | €18,865 | €15,145 | -€3,720 | -19.7% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €22,873 | €29,702 | +€6,829 | +29.9% |
| Amounts receivable within one year | 40/41 | €19,038 | €6,551 | -€12,487 | -65.6% |
| Trade receivables | 40 | €17,632 | €5,521 | -€12,111 | -68.7% |
| Other amounts receivable | 41 | €1,406 | €1,031 | -€376 | -26.7% |
| Cash at bank and in hand | 54/58 | €3,478 | €3,925 | +€447 | +12.8% |
| Deferred charges and accrued income | 490/1 | €357 | €19,226 | +€18,869 | +5292.2% |
| Total equity and liabilities | 10/49 | €65,616 | €66,706 | +€1,090 | +1.7% |
| Equity | 10/15 | €10,618 | €13,001 | +€2,383 | +22.4% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €7,118 | €9,501 | +€2,383 | +33.5% |
| Distributable reserves | 133 | €7,118 | €9,501 | +€2,383 | +33.5% |
| Amounts payable | 17/49 | €54,998 | €53,705 | -€1,293 | -2.4% |
| Amounts payable after more than one year | 17 | €30,997 | €18,544 | -€12,453 | -40.2% |
| Financial debts | 170/4 | €30,997 | €18,544 | -€12,453 | -40.2% |
| Amounts payable within one year | 42/48 | €24,001 | €35,161 | +€11,159 | +46.5% |
| Current portion of amounts payable after more than one year | 42 | €14,211 | €12,453 | -€1,759 | -12.4% |
| Trade debts | 44 | €2,690 | €4,165 | +€1,476 | +54.9% |
| Suppliers | 440/4 | €2,690 | €4,165 | +€1,476 | +54.9% |
| Taxes, remuneration and social security | 45 | €4,642 | €9,487 | +€4,845 | +104.4% |
| Taxes | 450/3 | €4,642 | €9,487 | +€4,845 | +104.4% |
| Other amounts payable | 47/48 | €2,458 | €9,056 | +€6,598 | +268.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,406 | €16,864 | +€3,459 | +25.8% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Non-recurring operating charges | 66A | €5,500 | €0 | -€5,500 | -100.0% |
| Gross operating margin | 9900 | €32,357 | €16,762 | -€15,595 | -48.2% |
| Operating profit (loss) | 9901 | €13,325 | -€231 | -€13,556 | |
| Financial income | 75/76B | - | €9,231 | +€9,231 | |
| Recurring financial income | 75 | - | €9,231 | +€9,231 | |
| Financial charges | 65/66B | €2,311 | €1,775 | -€536 | -23.2% |
| Recurring financial charges | 65 | €2,311 | €1,775 | -€536 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €11,014 | €7,225 | -€3,789 | -34.4% |
| Income taxes | 67/77 | €3,896 | €4,842 | +€946 | +24.3% |
| Profit (loss) for the period | 9904 | €7,118 | €2,383 | -€4,735 | -66.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,118 | €2,383 | -€4,735 | -66.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.