STIEF KERREMANS: 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.
STIEF KERREMANS
Largest movements
- Receivables after one year +€50,000
new in 2025: €50,000
- Cash -€34,826
down €34,826 (-54.1%), from €64,319 to €29,494
mainly Receivables after one year (-€50,000) and Receivables within one year (-€2,571)
- Tangible fixed assets -€7,483
down €7,483 (-73.9%), from €10,126 to €2,643
of which Furniture and vehicles: -€6,972
- Receivables within one year +€2,571
up €2,571 (+66.4%), from €3,871 to €6,441
of which Other amounts receivable: +€2,220
- Deferred charges and accrued income +€1,580
up €1,580 (+92.1%), from €1,715 to €3,295
- Other debts +€10,000
new in 2025: €10,000
- Trade debts +€1,784
up €1,784 (+51.2%), from €3,483 to €5,267
- Reserves +€1,667
up €1,667 (+2.5%), from €65,640 to €67,307
- Tax, wage and social debts -€1,609
down €1,609 (-41.2%), from €3,907 to €2,299
of which Taxes: -€1,641
- Gross operating margin -€24,401
down €24,401 (-70.2%), from €34,752 to €10,351
- Taxes -€6,128
down €6,128 (-79.4%), from €7,722 to €1,594
- Financial income +€1,545
up €1,545 (+5,134%), from €30 to €1,575
- Depreciation -€456
down €456 (-5.7%), from €7,939 to €7,483
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 | €80,031 | €91,872 | +€11,842 | +14.8% |
| Fixed assets | 21/28 | €10,126 | €2,643 | -€7,483 | -73.9% |
| Tangible fixed assets | 22/27 | €10,126 | €2,643 | -€7,483 | -73.9% |
| Plant, machinery and equipment | 23 | €736 | €225 | -€511 | -69.5% |
| Furniture and vehicles | 24 | €9,390 | €2,418 | -€6,972 | -74.2% |
| Current assets | 29/58 | €69,905 | €89,230 | +€19,325 | +27.6% |
| Amounts receivable after more than one year | 29 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 291 | - | €50,000 | +€50,000 | |
| Amounts receivable within one year | 40/41 | €3,871 | €6,441 | +€2,571 | +66.4% |
| Trade receivables | 40 | €3,257 | €3,608 | +€350 | +10.8% |
| Other amounts receivable | 41 | €613 | €2,834 | +€2,220 | +362% |
| Cash at bank and in hand | 54/58 | €64,319 | €29,494 | -€34,826 | -54.1% |
| Deferred charges and accrued income | 490/1 | €1,715 | €3,295 | +€1,580 | +92.1% |
| Total equity and liabilities | 10/49 | €80,031 | €91,872 | +€11,842 | +14.8% |
| Equity | 10/15 | €72,640 | €74,307 | +€1,667 | +2.3% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €65,640 | €67,307 | +€1,667 | +2.5% |
| Distributable reserves | 133 | €65,640 | €67,307 | +€1,667 | +2.5% |
| Amounts payable | 17/49 | €7,391 | €17,565 | +€10,175 | +138% |
| Amounts payable within one year | 42/48 | €7,391 | €17,565 | +€10,175 | +138% |
| Trade debts | 44 | €3,483 | €5,267 | +€1,784 | +51.2% |
| Suppliers | 440/4 | €3,483 | €5,267 | +€1,784 | +51.2% |
| Taxes, remuneration and social security | 45 | €3,907 | €2,299 | -€1,609 | -41.2% |
| Taxes | 450/3 | €1,808 | €167 | -€1,641 | -90.8% |
| Remuneration and social security | 454/9 | €2,100 | €2,132 | +€32 | +1.5% |
| Other amounts payable | 47/48 | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,939 | €7,483 | -€456 | -5.7% |
| Other operating charges | 640/8 | €900 | €960 | +€60 | +6.7% |
| Gross operating margin | 9900 | €34,752 | €10,351 | -€24,401 | -70.2% |
| Operating profit (loss) | 9901 | €25,913 | €1,908 | -€24,005 | -92.6% |
| Financial income | 75/76B | €30 | €1,575 | +€1,545 | +5,134% |
| Recurring financial income | 75 | €30 | €1,575 | +€1,545 | +5,134% |
| Financial charges | 65/66B | €144 | €223 | +€79 | +54.7% |
| Recurring financial charges | 65 | €144 | €223 | +€79 | +54.7% |
| Profit (loss) for the period before taxes | 9903 | €25,799 | €3,261 | -€22,539 | -87.4% |
| Income taxes | 67/77 | €7,722 | €1,594 | -€6,128 | -79.4% |
| Profit (loss) for the period | 9904 | €18,077 | €1,667 | -€16,410 | -90.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,077 | €1,667 | -€16,410 | -90.8% |
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 29 October 2026 via checked.be.