STEVEN FLEURENT: 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.
STEVEN FLEURENT
Largest movements
- Cash +€23,658
up €23,658 (+48.7%), from €48,583 to €72,241
mainly Net result for the year (+€29,446) and Depreciation (+€24,478)
- Tangible fixed assets -€18,877
down €18,877 (-23.1%), from €81,836 to €62,959
of which Land and buildings: -€16,769
- Deferred charges and accrued income +€3,850
up €3,850 (+224.1%), from €1,718 to €5,569
- Trade debts +€5,268
up €5,268 (+244.2%), from €2,157 to €7,425
- Other debts +€4,600
up €4,600 (+19.1%), from €24,120 to €28,721
- Tax, wage and social debts -€2,293
down €2,293 (-15.0%), from €15,263 to €12,970
- Gross operating margin -€16,491
down €16,491 (-22.3%), from €73,876 to €57,385
- Financial charges -€15,794
down €15,794 (-86.8%), from €18,204 to €2,410
of which Non-recurring financial charges: -€16,891
- Depreciation -€5,231
down €5,231 (-17.6%), from €29,708 to €24,478
- Financial income +€897
up €897 (+99.2%), from €905 to €1,802
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 | €182,137 | €191,158 | +€9,020 | +5.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €81,836 | €62,959 | -€18,877 | -23.1% |
| Tangible fixed assets | 22/27 | €81,836 | €62,959 | -€18,877 | -23.1% |
| Land and buildings | 22 | €72,134 | €55,365 | -€16,769 | -23.2% |
| Plant, machinery and equipment | 23 | €6,627 | €5,229 | -€1,398 | -21.1% |
| Furniture and vehicles | 24 | €3,075 | €2,365 | -€710 | -23.1% |
| Current assets | 29/58 | €100,301 | €128,199 | +€27,898 | +27.8% |
| Amounts receivable within one year | 40/41 | €50,000 | €50,389 | +€389 | +0.8% |
| Trade receivables | 40 | - | €14 | +€14 | |
| Other amounts receivable | 41 | €50,000 | €50,376 | +€376 | +0.8% |
| Cash at bank and in hand | 54/58 | €48,583 | €72,241 | +€23,658 | +48.7% |
| Deferred charges and accrued income | 490/1 | €1,718 | €5,569 | +€3,850 | +224.1% |
| Total equity and liabilities | 10/49 | €182,137 | €191,158 | +€9,020 | +5.0% |
| Equity | 10/15 | €140,597 | €142,042 | +€1,446 | +1.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €122,047 | €123,492 | +€1,446 | +1.2% |
| Distributable reserves | 133 | €122,047 | €123,492 | +€1,446 | +1.2% |
| Amounts payable | 17/49 | €41,541 | €49,116 | +€7,575 | +18.2% |
| Amounts payable within one year | 42/48 | €41,541 | €49,116 | +€7,575 | +18.2% |
| Trade debts | 44 | €2,157 | €7,425 | +€5,268 | +244.2% |
| Suppliers | 440/4 | €2,157 | €7,425 | +€5,268 | +244.2% |
| Taxes, remuneration and social security | 45 | €15,263 | €12,970 | -€2,293 | -15.0% |
| Taxes | 450/3 | €15,263 | €12,970 | -€2,293 | -15.0% |
| Other amounts payable | 47/48 | €24,120 | €28,721 | +€4,600 | +19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,708 | €24,478 | -€5,231 | -17.6% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €73,876 | €57,385 | -€16,491 | -22.3% |
| Operating profit (loss) | 9901 | €44,042 | €32,780 | -€11,262 | -25.6% |
| Financial income | 75/76B | €905 | €1,802 | +€897 | +99.2% |
| Recurring financial income | 75 | €905 | €1,802 | +€897 | +99.2% |
| Financial charges | 65/66B | €18,204 | €2,410 | -€15,794 | -86.8% |
| Recurring financial charges | 65 | €1,313 | €2,410 | +€1,097 | +83.5% |
| Non-recurring financial charges | 66B | €16,891 | - | -€16,891 | |
| Profit (loss) for the period before taxes | 9903 | €26,743 | €32,172 | +€5,430 | +20.3% |
| Income taxes | 67/77 | €2,580 | €2,727 | +€146 | +5.7% |
| Profit (loss) for the period | 9904 | €24,162 | €29,446 | +€5,283 | +21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,162 | €29,446 | +€5,283 | +21.9% |
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 4 October 2026 via checked.be.