Steven Van Bael: 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 Van Bael
Largest movements
- Cash -€270,434
down €270,434 (-80.2%), from €337,086 to €66,653
mainly Contributions, distributions and other (-€193,000) and Other debts (-€137,646)
- Receivables within one year +€6,181
up €6,181 (+895%), from €690 to €6,872
of which Other amounts receivable: +€4,032
- Other debts -€137,646
down €137,646 (-77.9%), from €176,687 to €39,042
- Reserves -€94,509
down €94,509 (-91.1%), from €103,738 to €9,229
- Tax, wage and social debts -€32,794
down €32,794 (-62.5%), from €52,506 to €19,713
- Gross operating margin -€8,345
down €8,345 (-6.4%), from €129,495 to €121,151
- Taxes -€3,117
down €3,117 (-10.0%), from €31,143 to €28,026
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 | €340,117 | €75,230 | -€264,887 | -77.9% |
| Fixed assets | 21/28 | €1,243 | €607 | -€635 | -51.1% |
| Tangible fixed assets | 22/27 | €1,243 | €607 | -€635 | -51.1% |
| Plant, machinery and equipment | 23 | €1,243 | €607 | -€635 | -51.1% |
| Current assets | 29/58 | €338,875 | €74,623 | -€264,252 | -78.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €690 | €6,872 | +€6,181 | +895% |
| Trade receivables | 40 | - | €2,150 | +€2,150 | |
| Other amounts receivable | 41 | €690 | €4,722 | +€4,032 | +584% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €337,086 | €66,653 | -€270,434 | -80.2% |
| Deferred charges and accrued income | 490/1 | €1,098 | €1,098 | = | 0.0% |
| Total equity and liabilities | 10/49 | €340,117 | €75,230 | -€264,887 | -77.9% |
| Equity | 10/15 | €108,738 | €14,229 | -€94,509 | -86.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €103,738 | €9,229 | -€94,509 | -91.1% |
| Distributable reserves | 133 | €103,738 | €9,229 | -€94,509 | -91.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €231,379 | €61,001 | -€170,378 | -73.6% |
| Amounts payable within one year | 42/48 | €231,379 | €61,001 | -€170,378 | -73.6% |
| Trade debts | 44 | €2,186 | €2,247 | +€61 | +2.8% |
| Suppliers | 440/4 | €2,186 | €2,247 | +€61 | +2.8% |
| Taxes, remuneration and social security | 45 | €52,506 | €19,713 | -€32,794 | -62.5% |
| Taxes | 450/3 | €52,506 | €19,713 | -€32,794 | -62.5% |
| Other amounts payable | 47/48 | €176,687 | €39,042 | -€137,646 | -77.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €635 | €635 | = | 0.0% |
| Other operating charges | 640/8 | €697 | €654 | -€44 | -6.3% |
| Gross operating margin | 9900 | €129,495 | €121,151 | -€8,345 | -6.4% |
| Operating profit (loss) | 9901 | €128,163 | €119,862 | -€8,301 | -6.5% |
| Financial income | 75/76B | €7,036 | €7,209 | +€172 | +2.4% |
| Recurring financial income | 75 | €7,036 | €7,209 | +€172 | +2.4% |
| Financial charges | 65/66B | €548 | €554 | +€5 | +0.9% |
| Recurring financial charges | 65 | €548 | €554 | +€5 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €134,651 | €126,517 | -€8,134 | -6.0% |
| Income taxes | 67/77 | €31,143 | €28,026 | -€3,117 | -10.0% |
| Profit (loss) for the period | 9904 | €103,507 | €98,491 | -€5,017 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €103,507 | €98,491 | -€5,017 | -4.8% |
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 25 October 2026 via checked.be.