STEVEN BLANCHAERT: 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.
STEVEN BLANCHAERT
Largest movements
- Cash +€14,248
up €14,248 (+77.9%), from €18,296 to €32,543
mainly Depreciation (+€9,170) and Other debts (+€6,407)
- Tangible fixed assets -€6,814
down €6,814 (-19.0%), from €35,883 to €29,069
of which Furniture and vehicles: -€7,793
- Deferred charges and accrued income -€4,335
down €4,335 (-12.3%), from €35,197 to €30,863
- Receivables within one year -€3,077
down €3,077 (-25.1%), from €12,281 to €9,205
- Other debts +€6,407
up €6,407 (+16.0%), from €40,031 to €46,438
- Debts after one year -€5,974
down €5,974 (-27.5%), from €21,712 to €15,738
- Tax, wage and social debts -€2,913
down €2,913 (-32.5%), from €8,957 to €6,044
of which Taxes: -€2,913
- Accrued charges and deferred income +€1,836
up €1,836 (+114%), from €1,605 to €3,442
- Gross operating margin -€5,477
down €5,477 (-25.5%), from €21,479 to €16,002
- Taxes -€2,129
down €2,129 (-77.6%), from €2,743 to €615
- Financial charges +€2,058
up €2,058 (+78.6%), from €2,618 to €4,676
- Depreciation +€1,730
up €1,730 (+23.2%), from €7,440 to €9,170
- Other operating charges +€406
up €406 (+125%), from €324 to €730
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 | €101,657 | €101,680 | +€23 | 0.0% |
| Fixed assets | 21/28 | €35,883 | €29,069 | -€6,814 | -19.0% |
| Tangible fixed assets | 22/27 | €35,883 | €29,069 | -€6,814 | -19.0% |
| Plant, machinery and equipment | 23 | €3,612 | €4,591 | +€979 | +27.1% |
| Furniture and vehicles | 24 | €32,271 | €24,478 | -€7,793 | -24.1% |
| Current assets | 29/58 | €65,774 | €72,611 | +€6,836 | +10.4% |
| Amounts receivable within one year | 40/41 | €12,281 | €9,205 | -€3,077 | -25.1% |
| Trade receivables | 40 | €12,281 | €9,205 | -€3,077 | -25.1% |
| Cash at bank and in hand | 54/58 | €18,296 | €32,543 | +€14,248 | +77.9% |
| Deferred charges and accrued income | 490/1 | €35,197 | €30,863 | -€4,335 | -12.3% |
| Total equity and liabilities | 10/49 | €101,657 | €101,680 | +€23 | 0.0% |
| Equity | 10/15 | €22,010 | €22,825 | +€815 | +3.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €12,010 | €12,825 | +€815 | +6.8% |
| Distributable reserves | 133 | €12,010 | €12,825 | +€815 | +6.8% |
| Amounts payable | 17/49 | €79,646 | €78,855 | -€792 | -1.0% |
| Amounts payable after more than one year | 17 | €21,712 | €15,738 | -€5,974 | -27.5% |
| Financial debts | 170/4 | €21,712 | €15,738 | -€5,974 | -27.5% |
| Amounts payable within one year | 42/48 | €56,329 | €59,675 | +€3,346 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €5,795 | €6,049 | +€254 | +4.4% |
| Trade debts | 44 | €1,526 | €1,144 | -€382 | -25.0% |
| Suppliers | 440/4 | €1,526 | €1,144 | -€382 | -25.0% |
| Advances received on contracts in progress | 46 | €20 | - | -€20 | |
| Taxes, remuneration and social security | 45 | €8,957 | €6,044 | -€2,913 | -32.5% |
| Taxes | 450/3 | €6,109 | €3,197 | -€2,913 | -47.7% |
| Remuneration and social security | 454/9 | €2,847 | €2,847 | = | 0.0% |
| Other amounts payable | 47/48 | €40,031 | €46,438 | +€6,407 | +16.0% |
| Accrued charges and deferred income | 492/3 | €1,605 | €3,442 | +€1,836 | +114% |
| Non-recurring operating income | 76A | €4,779 | - | -€4,779 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,440 | €9,170 | +€1,730 | +23.2% |
| Other operating charges | 640/8 | €324 | €730 | +€406 | +125% |
| Gross operating margin | 9900 | €21,479 | €16,002 | -€5,477 | -25.5% |
| Operating profit (loss) | 9901 | €13,715 | €6,102 | -€7,613 | -55.5% |
| Financial income | 75/76B | €13 | €3 | -€10 | -76.6% |
| Recurring financial income | 75 | €13 | €3 | -€10 | -76.6% |
| Financial charges | 65/66B | €2,618 | €4,676 | +€2,058 | +78.6% |
| Recurring financial charges | 65 | €2,618 | €4,676 | +€2,058 | +78.6% |
| Profit (loss) for the period before taxes | 9903 | €11,110 | €1,429 | -€9,681 | -87.1% |
| Income taxes | 67/77 | €2,743 | €615 | -€2,129 | -77.6% |
| Profit (loss) for the period | 9904 | €8,366 | €815 | -€7,552 | -90.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,366 | €815 | -€7,552 | -90.3% |
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 22 October 2026 via checked.be.