Steven De Bruyn: 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 Bruyn
Largest movements
- Cash +€101,555
up €101,555 (+195%), from €52,155 to €153,709
mainly Net result for the year (+€189,063) and Tax, wage and social debts (+€49,387)
- Receivables within one year +€73,850
up €73,850 (+66.8%), from €110,490 to €184,341
of which Trade receivables: +€73,551
- Receivables after one year -€20,000
down €20,000 (-80.0%), from €25,000 to €5,000
of which Trade receivables: -€20,000
- Tangible fixed assets +€16,763
up €16,763 (+150%), from €11,211 to €27,974
of which Furniture and vehicles: +€16,873
- Reserves +€189,063
up €189,063 (+204%), from €92,856 to €281,919
- Other debts -€70,000
down €70,000 (-100%), from €70,000 to €0
- Tax, wage and social debts +€49,387
up €49,387 (+176%), from €28,109 to €77,496
- Short-term financial debts +€3,826
up €3,826 (+303%), from €1,264 to €5,090
- Gross operating margin +€157,839
up €157,839 (+152%), from €103,929 to €261,767
- Taxes +€39,238
up €39,238 (+173%), from €22,653 to €61,891
- Depreciation +€4,543
up €4,543 (+107%), from €4,239 to €8,782
- Financial income -€4,188
down €4,188 (-70.2%), from €5,967 to €1,779
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 | €200,582 | €372,628 | +€172,045 | +85.8% |
| Fixed assets | 21/28 | €11,211 | €27,974 | +€16,763 | +150% |
| Tangible fixed assets | 22/27 | €11,211 | €27,974 | +€16,763 | +150% |
| Plant, machinery and equipment | 23 | €742 | €632 | -€110 | -14.9% |
| Furniture and vehicles | 24 | €10,469 | €27,342 | +€16,873 | +161% |
| Current assets | 29/58 | €189,371 | €344,653 | +€155,282 | +82.0% |
| Amounts receivable after more than one year | 29 | €25,000 | €5,000 | -€20,000 | -80.0% |
| Trade receivables | 290 | €20,000 | €0 | -€20,000 | -100% |
| Other amounts receivable | 291 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €110,490 | €184,341 | +€73,850 | +66.8% |
| Trade receivables | 40 | €66,101 | €139,652 | +€73,551 | +111% |
| Other amounts receivable | 41 | €44,389 | €44,689 | +€299 | +0.7% |
| Cash at bank and in hand | 54/58 | €52,155 | €153,709 | +€101,555 | +195% |
| Deferred charges and accrued income | 490/1 | €1,726 | €1,603 | -€123 | -7.1% |
| Total equity and liabilities | 10/49 | €200,582 | €372,628 | +€172,045 | +85.8% |
| Equity | 10/15 | €97,856 | €286,919 | +€189,063 | +193% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €92,856 | €281,919 | +€189,063 | +204% |
| Distributable reserves | 133 | €92,856 | €281,919 | +€189,063 | +204% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €102,727 | €85,709 | -€17,018 | -16.6% |
| Amounts payable within one year | 42/48 | €102,727 | €83,770 | -€18,957 | -18.5% |
| Financial debts | 43 | €1,264 | €5,090 | +€3,826 | +303% |
| Credit institutions | 430/8 | €1,264 | €5,090 | +€3,826 | +303% |
| Trade debts | 44 | €3,354 | €1,184 | -€2,170 | -64.7% |
| Suppliers | 440/4 | €3,354 | €1,184 | -€2,170 | -64.7% |
| Taxes, remuneration and social security | 45 | €28,109 | €77,496 | +€49,387 | +176% |
| Taxes | 450/3 | €28,109 | €77,496 | +€49,387 | +176% |
| Other amounts payable | 47/48 | €70,000 | €0 | -€70,000 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | €1,939 | +€1,939 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,239 | €8,782 | +€4,543 | +107% |
| Other operating charges | 640/8 | €783 | €2,716 | +€1,933 | +247% |
| Gross operating margin | 9900 | €103,929 | €261,767 | +€157,839 | +152% |
| Operating profit (loss) | 9901 | €98,906 | €250,269 | +€151,363 | +153% |
| Financial income | 75/76B | €5,967 | €1,779 | -€4,188 | -70.2% |
| Recurring financial income | 75 | €5,967 | €1,779 | -€4,188 | -70.2% |
| Financial charges | 65/66B | €2,443 | €1,094 | -€1,349 | -55.2% |
| Recurring financial charges | 65 | €2,443 | €1,094 | -€1,349 | -55.2% |
| Profit (loss) for the period before taxes | 9903 | €102,430 | €250,954 | +€148,525 | +145% |
| Income taxes | 67/77 | €22,653 | €61,891 | +€39,238 | +173% |
| Profit (loss) for the period | 9904 | €79,777 | €189,063 | +€109,286 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €79,777 | €189,063 | +€109,286 | +137% |
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 21 October 2026 via checked.be.