Steven Plehier: 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 Plehier
Largest movements
- Financial fixed assets +€19,881
up €19,881 (+57.3%), from €34,688 to €54,569
- Deferred charges and accrued income +€16,766
up €16,766 (+76.5%), from €21,912 to €38,677
- Tangible fixed assets +€9,061
up €9,061 (+576%), from €1,574 to €10,635
- Cash -€7,399
down €7,399 (-34.2%), from €21,657 to €14,258
mainly Contributions, distributions and other (-€34,800) and Investment in fixed assets (net) (-€30,812)
- Current investments -€4,888
down €4,888 (-4.6%), from €105,418 to €100,530
- Other debts +€23,316
up €23,316 (+1,103%), from €2,113 to €25,430
- Reserves +€8,350
up €8,350 (+7.4%), from €113,150 to €121,500
- Tax, wage and social debts -€4,744
down €4,744 (-18.8%), from €25,295 to €20,551
of which Taxes: -€4,189
- Debts after one year +€4,392
new in 2025: €4,392
- Current portion of long-term debt +€2,635
new in 2025: €2,635
- Gross operating margin +€22,312
up €22,312 (+52.2%), from €42,714 to €65,026
- Taxes +€5,941
up €5,941 (+50.0%), from €11,880 to €17,820
- Financial charges +€1,596
up €1,596 (+83.8%), from €1,905 to €3,501
- Financial income -€769
down €769 (-30.2%), from €2,547 to €1,778
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 | €186,100 | €218,899 | +€32,798 | +17.6% |
| Fixed assets | 21/28 | €36,262 | €65,204 | +€28,942 | +79.8% |
| Tangible fixed assets | 22/27 | €1,574 | €10,635 | +€9,061 | +576% |
| Furniture and vehicles | 24 | €1,574 | €10,635 | +€9,061 | +576% |
| Financial fixed assets | 28 | €34,688 | €54,569 | +€19,881 | +57.3% |
| Current assets | 29/58 | €149,838 | €153,695 | +€3,856 | +2.6% |
| Amounts receivable within one year | 40/41 | €851 | €230 | -€621 | -73.0% |
| Trade receivables | 40 | €569 | €162 | -€407 | -71.5% |
| Other amounts receivable | 41 | €282 | €68 | -€215 | -76.0% |
| Current investments | 50/53 | €105,418 | €100,530 | -€4,888 | -4.6% |
| Cash at bank and in hand | 54/58 | €21,657 | €14,258 | -€7,399 | -34.2% |
| Deferred charges and accrued income | 490/1 | €21,912 | €38,677 | +€16,766 | +76.5% |
| Total equity and liabilities | 10/49 | €186,100 | €218,899 | +€32,798 | +17.6% |
| Equity | 10/15 | €157,036 | €165,575 | +€8,539 | +5.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €113,150 | €121,500 | +€8,350 | +7.4% |
| Distributable reserves | 133 | €113,150 | €121,500 | +€8,350 | +7.4% |
| Profit (loss) carried forward | 14 | €28,886 | €29,075 | +€189 | +0.7% |
| Amounts payable | 17/49 | €29,064 | €53,324 | +€24,260 | +83.5% |
| Amounts payable after more than one year | 17 | - | €4,392 | +€4,392 | |
| Financial debts | 170/4 | - | €4,392 | +€4,392 | |
| Amounts payable within one year | 42/48 | €28,385 | €48,914 | +€20,529 | +72.3% |
| Current portion of amounts payable after more than one year | 42 | - | €2,635 | +€2,635 | |
| Trade debts | 44 | €978 | €299 | -€679 | -69.4% |
| Suppliers | 440/4 | €978 | €299 | -€679 | -69.4% |
| Taxes, remuneration and social security | 45 | €25,295 | €20,551 | -€4,744 | -18.8% |
| Taxes | 450/3 | €24,740 | €20,551 | -€4,189 | -16.9% |
| Remuneration and social security | 454/9 | €555 | - | -€555 | |
| Other amounts payable | 47/48 | €2,113 | €25,430 | +€23,316 | +1,103% |
| Accrued charges and deferred income | 492/3 | €679 | €18 | -€661 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,412 | €1,870 | +€458 | +32.5% |
| Other operating charges | 640/8 | €182 | €266 | +€84 | +46.4% |
| Non-recurring operating charges | 66A | - | €8 | +€8 | |
| Gross operating margin | 9900 | €42,714 | €65,026 | +€22,312 | +52.2% |
| Operating profit (loss) | 9901 | €41,120 | €62,882 | +€21,762 | +52.9% |
| Financial income | 75/76B | €2,547 | €1,778 | -€769 | -30.2% |
| Recurring financial income | 75 | €2,547 | €1,778 | -€769 | -30.2% |
| Financial charges | 65/66B | €1,905 | €3,501 | +€1,596 | +83.8% |
| Recurring financial charges | 65 | €1,905 | €3,501 | +€1,596 | +83.8% |
| Profit (loss) for the period before taxes | 9903 | €41,763 | €61,159 | +€19,396 | +46.4% |
| Income taxes | 67/77 | €11,880 | €17,820 | +€5,941 | +50.0% |
| Profit (loss) for the period | 9904 | €29,883 | €43,339 | +€13,455 | +45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,883 | €43,339 | +€13,455 | +45.0% |
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.