Steven Lievens: 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 Lievens
Largest movements
- Cash +€72,777
up €72,777 (+49.8%), from €146,039 to €218,815
mainly Net result for the year (+€68,425) and Depreciation (+€6,350)
- Tangible fixed assets -€6,350
down €6,350 (-68.6%), from €9,257 to €2,907
- Receivables within one year -€3,959
down €3,959 (-14.6%), from €27,168 to €23,209
of which Trade receivables: -€10,067
- Reserves +€68,425
up €68,425 (+43.5%), from €157,237 to €225,662
- Tax, wage and social debts -€6,555
down €6,555 (-44.0%), from €14,881 to €8,326
- Trade debts +€2,594
up €2,594 (+458%), from €566 to €3,160
- Gross operating margin -€12,859
down €12,859 (-12.0%), from €107,290 to €94,431
- Taxes -€7,846
down €7,846 (-29.3%), from €26,738 to €18,892
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 | €183,633 | €245,865 | +€62,232 | +33.9% |
| Fixed assets | 21/28 | €9,347 | €2,998 | -€6,350 | -67.9% |
| Tangible fixed assets | 22/27 | €9,257 | €2,907 | -€6,350 | -68.6% |
| Furniture and vehicles | 24 | €9,257 | €2,907 | -€6,350 | -68.6% |
| Financial fixed assets | 28 | €91 | €91 | = | 0.0% |
| Current assets | 29/58 | €174,285 | €242,867 | +€68,582 | +39.4% |
| Amounts receivable within one year | 40/41 | €27,168 | €23,209 | -€3,959 | -14.6% |
| Trade receivables | 40 | €27,168 | €17,101 | -€10,067 | -37.1% |
| Other amounts receivable | 41 | €0 | €6,108 | +€6,108 | |
| Cash at bank and in hand | 54/58 | €146,039 | €218,815 | +€72,777 | +49.8% |
| Deferred charges and accrued income | 490/1 | €1,078 | €843 | -€235 | -21.8% |
| Total equity and liabilities | 10/49 | €183,633 | €245,865 | +€62,232 | +33.9% |
| Equity | 10/15 | €161,237 | €229,662 | +€68,425 | +42.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €157,237 | €225,662 | +€68,425 | +43.5% |
| Distributable reserves | 133 | €157,237 | €225,662 | +€68,425 | +43.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €22,396 | €16,203 | -€6,192 | -27.6% |
| Amounts payable within one year | 42/48 | €19,796 | €15,123 | -€4,672 | -23.6% |
| Trade debts | 44 | €566 | €3,160 | +€2,594 | +458% |
| Suppliers | 440/4 | €566 | €3,160 | +€2,594 | +458% |
| Taxes, remuneration and social security | 45 | €14,881 | €8,326 | -€6,555 | -44.0% |
| Taxes | 450/3 | €14,881 | €8,326 | -€6,555 | -44.0% |
| Other amounts payable | 47/48 | €4,348 | €3,637 | -€711 | -16.4% |
| Accrued charges and deferred income | 492/3 | €2,600 | €1,080 | -€1,520 | -58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,350 | €6,350 | = | 0.0% |
| Other operating charges | 640/8 | €817 | €791 | -€26 | -3.1% |
| Gross operating margin | 9900 | €107,290 | €94,431 | -€12,859 | -12.0% |
| Operating profit (loss) | 9901 | €100,123 | €87,290 | -€12,833 | -12.8% |
| Financial income | 75/76B | €0 | €75 | +€75 | |
| Recurring financial income | 75 | €0 | €75 | +€75 | |
| Financial charges | 65/66B | €41 | €48 | +€7 | +17.1% |
| Recurring financial charges | 65 | €41 | €48 | +€7 | +17.1% |
| Profit (loss) for the period before taxes | 9903 | €100,082 | €87,317 | -€12,765 | -12.8% |
| Income taxes | 67/77 | €26,738 | €18,892 | -€7,846 | -29.3% |
| Profit (loss) for the period | 9904 | €73,344 | €68,425 | -€4,919 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €73,344 | €68,425 | -€4,919 | -6.7% |
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 27 October 2026 via checked.be.