Stepwyse: 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.
Stepwyse
Largest movements
- Cash -€99,346
down €99,346 (-33.7%), from €294,454 to €195,108
mainly Receivables within one year (-€38,287) and Contributions, distributions and other (-€29,473)
- Receivables within one year +€38,287
up €38,287 (+131.0%), from €29,223 to €67,510
of which Other amounts receivable: +€43,675
- Deferred charges and accrued income -€18,102
down €18,102 (-25.7%), from €70,376 to €52,274
- Tangible fixed assets +€12,038
up €12,038 (+46.7%), from €25,769 to €37,807
of which Furniture and vehicles: +€14,350
- Reserves -€55,105
down €55,105 (-14.1%), from €391,133 to €336,028
- Tax, wage and social debts -€13,916
down €13,916 (-62.6%), from €22,242 to €8,326
of which Taxes: -€12,602
- Trade debts +€4,665
up €4,665 (+162.4%), from €2,872 to €7,537
- Gross operating margin -€145,629
down €145,629, from €132,689 to -€12,939
- Taxes -€31,540
down €31,540 (-87.8%), from €35,904 to €4,364
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 | €434,846 | €368,200 | -€66,646 | -15.3% |
| Fixed assets | 21/28 | €25,794 | €37,832 | +€12,038 | +46.7% |
| Tangible fixed assets | 22/27 | €25,769 | €37,807 | +€12,038 | +46.7% |
| Land and buildings | 22 | €5,183 | €4,363 | -€820 | -15.8% |
| Plant, machinery and equipment | 23 | €8,355 | €6,863 | -€1,491 | -17.8% |
| Furniture and vehicles | 24 | €12,232 | €26,581 | +€14,350 | +117.3% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €409,053 | €330,368 | -€78,684 | -19.2% |
| Amounts receivable after more than one year | 29 | €15,000 | €15,477 | +€477 | +3.2% |
| Other amounts receivable | 291 | €15,000 | €15,477 | +€477 | +3.2% |
| Amounts receivable within one year | 40/41 | €29,223 | €67,510 | +€38,287 | +131.0% |
| Trade receivables | 40 | €26,430 | €21,042 | -€5,388 | -20.4% |
| Other amounts receivable | 41 | €2,793 | €46,468 | +€43,675 | +1563.7% |
| Cash at bank and in hand | 54/58 | €294,454 | €195,108 | -€99,346 | -33.7% |
| Deferred charges and accrued income | 490/1 | €70,376 | €52,274 | -€18,102 | -25.7% |
| Total equity and liabilities | 10/49 | €434,846 | €368,200 | -€66,646 | -15.3% |
| Equity | 10/15 | €409,733 | €352,187 | -€57,545 | -14.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €391,133 | €336,028 | -€55,105 | -14.1% |
| Distributable reserves | 133 | €391,133 | €336,028 | -€55,105 | -14.1% |
| Profit (loss) carried forward | 14 | - | -€2,441 | -€2,441 | |
| Amounts payable | 17/49 | €25,114 | €16,013 | -€9,101 | -36.2% |
| Amounts payable within one year | 42/48 | €25,114 | €15,863 | -€9,251 | -36.8% |
| Trade debts | 44 | €2,872 | €7,537 | +€4,665 | +162.4% |
| Suppliers | 440/4 | €2,872 | €7,537 | +€4,665 | +162.4% |
| Taxes, remuneration and social security | 45 | €22,242 | €8,326 | -€13,916 | -62.6% |
| Taxes | 450/3 | €18,132 | €5,530 | -€12,602 | -69.5% |
| Remuneration and social security | 454/9 | €4,110 | €2,796 | -€1,314 | -32.0% |
| Accrued charges and deferred income | 492/3 | - | €150 | +€150 | |
| Non-recurring operating income | 76A | €4,162 | €0 | -€4,162 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,718 | €7,860 | +€141 | +1.8% |
| Other operating charges | 640/8 | €1,477 | €1,368 | -€109 | -7.4% |
| Non-recurring operating charges | 66A | €7,561 | €0 | -€7,561 | -100.0% |
| Gross operating margin | 9900 | €132,689 | -€12,939 | -€145,629 | |
| Operating profit (loss) | 9901 | €115,933 | -€22,167 | -€138,100 | |
| Financial income | 75/76B | €2,942 | €3,656 | +€714 | +24.3% |
| Recurring financial income | 75 | €2,942 | €3,656 | +€714 | +24.3% |
| Financial charges | 65/66B | €6,121 | €5,197 | -€924 | -15.1% |
| Recurring financial charges | 65 | €6,121 | €5,197 | -€924 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €112,754 | -€23,708 | -€136,461 | |
| Income taxes | 67/77 | €35,904 | €4,364 | -€31,540 | -87.8% |
| Profit (loss) for the period | 9904 | €76,850 | -€28,072 | -€104,922 | |
| Profit (loss) for the period to be appropriated | 9905 | €76,850 | -€28,072 | -€104,922 |
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 30 September 2026 via checked.be.