STEVEN DE BACKER: 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 DE BACKER
Largest movements
- Tangible fixed assets -€232,764
no longer reported in 2025 (was €232,764)
of which Other tangible fixed assets: -€128,202
- Stocks and contracts -€29,441
no longer reported in 2025 (was €29,441)
of which Stocks: -€21,809
- Receivables within one year -€9,294
down €9,294 (-88.2%), from €10,536 to €1,242
of which Trade receivables: -€8,393
- Deferred charges and accrued income -€3,889
no longer reported in 2025 (was €3,889)
- Debts after one year -€159,519
no longer reported in 2025 (was €159,519)
- Trade debts -€30,933
down €30,933 (-87.6%), from €35,306 to €4,373
- Profit (loss) carried forward -€26,256
down €26,256 (-95.9%), from -€27,376 to -€53,632
- Current portion of long-term debt -€24,315
down €24,315 (-86.9%), from €27,989 to €3,674
- Other debts -€19,760
down €19,760 (-67.9%), from €29,121 to €9,361
- Gross operating margin -€43,385
down €43,385, from €40,300 to -€3,085
- Staff costs -€42,454
no longer reported in 2025 (was €42,454)
- Depreciation -€24,495
no longer reported in 2025 (was €24,495)
- Financial charges -€7,930
down €7,930 (-96.2%), from €8,245 to €315
- Other operating charges -€2,003
no longer reported in 2025 (was €2,003)
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €276,630 | €1,282 | -€275,348 | -99.5% |
| Fixed assets | 21/28 | €232,764 | - | -€232,764 | |
| Tangible fixed assets | 22/27 | €232,764 | - | -€232,764 | |
| Plant, machinery and equipment | 23 | €82,158 | - | -€82,158 | |
| Furniture and vehicles | 24 | €4,614 | - | -€4,614 | |
| Leasing and similar rights | 25 | €17,789 | - | -€17,789 | |
| Other tangible fixed assets | 26 | €128,202 | - | -€128,202 | |
| Current assets | 29/58 | €43,866 | €1,282 | -€42,584 | -97.1% |
| Stocks and contracts in progress | 3 | €29,441 | - | -€29,441 | |
| Stocks | 30/36 | €21,809 | - | -€21,809 | |
| Contracts in progress | 37 | €7,632 | - | -€7,632 | |
| Amounts receivable within one year | 40/41 | €10,536 | €1,242 | -€9,294 | -88.2% |
| Trade receivables | 40 | €8,393 | - | -€8,393 | |
| Other amounts receivable | 41 | €2,143 | €1,242 | -€901 | -42.0% |
| Cash at bank and in hand | 54/58 | - | €40 | +€40 | |
| Deferred charges and accrued income | 490/1 | €3,889 | - | -€3,889 | |
| Total equity and liabilities | 10/49 | €276,630 | €1,282 | -€275,348 | -99.5% |
| Equity | 10/15 | €7,366 | -€18,890 | -€26,256 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,142 | €16,142 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,004 | €1,004 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,004 | €1,004 | = | 0.0% |
| Distributable reserves | 133 | €15,138 | €15,138 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,376 | -€53,632 | -€26,256 | -95.9% |
| Amounts payable | 17/49 | €269,265 | €20,173 | -€249,092 | -92.5% |
| Amounts payable after more than one year | 17 | €159,519 | - | -€159,519 | |
| Financial debts | 170/4 | €159,519 | - | -€159,519 | |
| Amounts payable within one year | 42/48 | €97,309 | €17,423 | -€79,887 | -82.1% |
| Current portion of amounts payable after more than one year | 42 | €27,989 | €3,674 | -€24,315 | -86.9% |
| Trade debts | 44 | €35,306 | €4,373 | -€30,933 | -87.6% |
| Suppliers | 440/4 | €35,306 | €4,373 | -€30,933 | -87.6% |
| Taxes, remuneration and social security | 45 | €4,894 | €15 | -€4,878 | -99.7% |
| Taxes | 450/3 | €474 | €15 | -€458 | -96.8% |
| Remuneration and social security | 454/9 | €4,420 | - | -€4,420 | |
| Other amounts payable | 47/48 | €29,121 | €9,361 | -€19,760 | -67.9% |
| Accrued charges and deferred income | 492/3 | €12,437 | €2,750 | -€9,687 | -77.9% |
| Remuneration, social security and pensions | 62 | €42,454 | - | -€42,454 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,495 | - | -€24,495 | |
| Other operating charges | 640/8 | €2,003 | - | -€2,003 | |
| Gross operating margin | 9900 | €40,300 | -€3,085 | -€43,385 | |
| Operating profit (loss) | 9901 | -€28,652 | -€3,085 | +€25,567 | +89.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €8,245 | €315 | -€7,930 | -96.2% |
| Recurring financial charges | 65 | €8,245 | €315 | -€7,930 | -96.2% |
| Profit (loss) for the period before taxes | 9903 | -€36,896 | -€3,400 | +€33,497 | +90.8% |
| Profit (loss) for the period | 9904 | -€36,896 | -€3,400 | +€33,497 | +90.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,896 | -€3,400 | +€33,497 | +90.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.