STEPPING STONE: 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.
STEPPING STONE
Largest movements
- Cash -€8,173
down €8,173 (-28.0%), from €29,174 to €21,000
mainly Contributions, distributions and other (-€18,228) and Investment in fixed assets (net) (-€7,035)
- Receivables within one year -€2,227
down €2,227 (-2.7%), from €81,176 to €78,949
of which Other amounts receivable: -€1,205
- Profit (loss) carried forward -€13,086
down €13,086 (-71.8%), from €18,228 to €5,142
- Debts after one year -€4,652
down €4,652 (-27.7%), from €16,776 to €12,124
- Trade debts +€3,704
up €3,704 (+143.1%), from €2,589 to €6,293
- Other debts +€3,315
up €3,315 (+4.9%), from €68,075 to €71,389
- Gross operating margin +€10,283
up €10,283 (+89.2%), from €11,523 to €21,806
- Depreciation +€2,224
up €2,224 (+44.1%), from €5,041 to €7,265
- Taxes +€1,998
up €1,998 (+66.3%), from €3,013 to €5,012
- Financial charges +€1,152
up €1,152 (+79.2%), from €1,455 to €2,607
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 | €139,394 | €127,635 | -€11,759 | -8.4% |
| Fixed assets | 21/28 | €23,548 | €23,317 | -€230 | -1.0% |
| Tangible fixed assets | 22/27 | €23,548 | €23,317 | -€230 | -1.0% |
| Plant, machinery and equipment | 23 | €1,113 | €3,966 | +€2,853 | +256.5% |
| Furniture and vehicles | 24 | €22,435 | €19,352 | -€3,084 | -13.7% |
| Current assets | 29/58 | €115,847 | €104,318 | -€11,529 | -10.0% |
| Amounts receivable within one year | 40/41 | €81,176 | €78,949 | -€2,227 | -2.7% |
| Trade receivables | 40 | €13,303 | €12,281 | -€1,022 | -7.7% |
| Other amounts receivable | 41 | €67,873 | €66,668 | -€1,205 | -1.8% |
| Cash at bank and in hand | 54/58 | €29,174 | €21,000 | -€8,173 | -28.0% |
| Deferred charges and accrued income | 490/1 | €5,497 | €4,368 | -€1,129 | -20.5% |
| Total equity and liabilities | 10/49 | €139,394 | €127,635 | -€11,759 | -8.4% |
| Equity | 10/15 | €38,228 | €25,142 | -€13,086 | -34.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,228 | €5,142 | -€13,086 | -71.8% |
| Amounts payable | 17/49 | €101,166 | €102,493 | +€1,327 | +1.3% |
| Amounts payable after more than one year | 17 | €16,776 | €12,124 | -€4,652 | -27.7% |
| Financial debts | 170/4 | €16,776 | €12,124 | -€4,652 | -27.7% |
| Amounts payable within one year | 42/48 | €84,390 | €90,369 | +€5,979 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €4,451 | €4,652 | +€200 | +4.5% |
| Trade debts | 44 | €2,589 | €6,293 | +€3,704 | +143.1% |
| Suppliers | 440/4 | €2,589 | €6,293 | +€3,704 | +143.1% |
| Taxes, remuneration and social security | 45 | €9,275 | €8,035 | -€1,241 | -13.4% |
| Taxes | 450/3 | €9,275 | €8,035 | -€1,241 | -13.4% |
| Other amounts payable | 47/48 | €68,075 | €71,389 | +€3,315 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,041 | €7,265 | +€2,224 | +44.1% |
| Other operating charges | 640/8 | €1,645 | €1,785 | +€139 | +8.5% |
| Gross operating margin | 9900 | €11,523 | €21,806 | +€10,283 | +89.2% |
| Operating profit (loss) | 9901 | €4,837 | €12,757 | +€7,920 | +163.7% |
| Financial income | 75/76B | €0 | €5 | +€5 | |
| Recurring financial income | 75 | €0 | €5 | +€5 | |
| Financial charges | 65/66B | €1,455 | €2,607 | +€1,152 | +79.2% |
| Recurring financial charges | 65 | €1,455 | €2,607 | +€1,152 | +79.2% |
| Profit (loss) for the period before taxes | 9903 | €3,382 | €10,154 | +€6,772 | +200.3% |
| Income taxes | 67/77 | €3,013 | €5,012 | +€1,998 | +66.3% |
| Profit (loss) for the period | 9904 | €368 | €5,142 | +€4,774 | +1295.8% |
| Profit (loss) for the period to be appropriated | 9905 | €368 | €5,142 | +€4,774 | +1295.8% |
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.