STEVEN DEWAELE: 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 DEWAELE
Largest movements
- Receivables within one year +€79,282
up €79,282 (+86.5%), from €91,622 to €170,904
of which Trade receivables: +€97,906
- Cash -€37,760
down €37,760 (-31.1%), from €121,329 to €83,570
mainly Receivables within one year (-€79,282) and Debts after one year (-€12,900)
- Tangible fixed assets -€23,464
down €23,464 (-7.3%), from €321,430 to €297,967
of which Furniture and vehicles: -€16,453
- Receivables after one year -€6,193
no longer reported in 2025 (was €6,193)
- Reserves +€23,638
up €23,638 (+6.5%), from €364,571 to €388,209
- Debts after one year -€12,900
down €12,900 (-9.5%), from €136,360 to €123,460
- Other debts +€5,891
new in 2025: €5,891
- Gross operating margin -€10,063
down €10,063 (-14.8%), from €68,086 to €58,023
- Depreciation +€9,403
up €9,403 (+66.9%), from €14,061 to €23,464
- Taxes -€3,678
down €3,678 (-27.9%), from €13,164 to €9,486
- Financial charges -€1,340
down €1,340 (-29.3%), from €4,575 to €3,235
- Financial income -€809
down €809 (-21.9%), from €3,699 to €2,890
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 | €542,298 | €557,548 | +€15,250 | +2.8% |
| Fixed assets | 21/28 | €321,430 | €297,967 | -€23,464 | -7.3% |
| Tangible fixed assets | 22/27 | €321,430 | €297,967 | -€23,464 | -7.3% |
| Land and buildings | 22 | €243,183 | €237,667 | -€5,516 | -2.3% |
| Plant, machinery and equipment | 23 | €2,566 | €1,072 | -€1,495 | -58.2% |
| Furniture and vehicles | 24 | €75,681 | €59,228 | -€16,453 | -21.7% |
| Current assets | 29/58 | €220,868 | €259,582 | +€38,714 | +17.5% |
| Amounts receivable after more than one year | 29 | €6,193 | - | -€6,193 | |
| Other amounts receivable | 291 | €6,193 | - | -€6,193 | |
| Stocks and contracts in progress | 3 | - | €3,276 | +€3,276 | |
| Contracts in progress | 37 | - | €3,276 | +€3,276 | |
| Amounts receivable within one year | 40/41 | €91,622 | €170,904 | +€79,282 | +86.5% |
| Trade receivables | 40 | €65,954 | €163,860 | +€97,906 | +148% |
| Other amounts receivable | 41 | €25,668 | €7,044 | -€18,624 | -72.6% |
| Cash at bank and in hand | 54/58 | €121,329 | €83,570 | -€37,760 | -31.1% |
| Deferred charges and accrued income | 490/1 | €1,723 | €1,832 | +€109 | +6.3% |
| Total equity and liabilities | 10/49 | €542,298 | €557,548 | +€15,250 | +2.8% |
| Equity | 10/15 | €383,171 | €406,809 | +€23,638 | +6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €364,571 | €388,209 | +€23,638 | +6.5% |
| Distributable reserves | 133 | €364,571 | €388,209 | +€23,638 | +6.5% |
| Amounts payable | 17/49 | €159,127 | €150,739 | -€8,387 | -5.3% |
| Amounts payable after more than one year | 17 | €136,360 | €123,460 | -€12,900 | -9.5% |
| Financial debts | 170/4 | €136,360 | €123,460 | -€12,900 | -9.5% |
| Amounts payable within one year | 42/48 | €21,166 | €23,271 | +€2,105 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €12,900 | €12,900 | = | 0.0% |
| Trade debts | 44 | €8,266 | €4,480 | -€3,787 | -45.8% |
| Suppliers | 440/4 | €8,266 | €4,480 | -€3,787 | -45.8% |
| Other amounts payable | 47/48 | - | €5,891 | +€5,891 | |
| Accrued charges and deferred income | 492/3 | €1,600 | €4,008 | +€2,408 | +150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,061 | €23,464 | +€9,403 | +66.9% |
| Other operating charges | 640/8 | €1,146 | €1,090 | -€56 | -4.9% |
| Gross operating margin | 9900 | €68,086 | €58,023 | -€10,063 | -14.8% |
| Operating profit (loss) | 9901 | €52,879 | €33,469 | -€19,410 | -36.7% |
| Financial income | 75/76B | €3,699 | €2,890 | -€809 | -21.9% |
| Recurring financial income | 75 | €3,699 | €2,890 | -€809 | -21.9% |
| Financial charges | 65/66B | €4,575 | €3,235 | -€1,340 | -29.3% |
| Recurring financial charges | 65 | €4,575 | €3,235 | -€1,340 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €52,003 | €33,124 | -€18,879 | -36.3% |
| Income taxes | 67/77 | €13,164 | €9,486 | -€3,678 | -27.9% |
| Profit (loss) for the period | 9904 | €38,840 | €23,638 | -€15,202 | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,840 | €23,638 | -€15,202 | -39.1% |
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 20 October 2026 via checked.be.