STIFF STYLE: 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.
STIFF STYLE
Largest movements
- Tangible fixed assets -€45,407
down €45,407 (-5.6%), from €806,677 to €761,270
of which Land and buildings: -€44,887
- Cash +€13,884
up €13,884 (+148.8%), from €9,329 to €23,213
mainly Depreciation (+€45,407) and Short-term financial debts (+€27,801)
- Stocks and contracts -€13,357
down €13,357 (-4.7%), from €284,531 to €271,174
- Debts after one year -€36,388
down €36,388 (-7.8%), from €469,271 to €432,882
- Short-term financial debts +€27,801
up €27,801 (+86.3%), from €32,199 to €60,000
- Current portion of long-term debt -€18,802
down €18,802 (-5.4%), from €346,958 to €328,156
- Profit (loss) carried forward -€18,745
down €18,745 (-11.1%), from €169,509 to €150,763
- Gross operating margin +€23,090
up €23,090 (+23.3%), from €99,193 to €122,283
- Staff costs -€22,036
down €22,036 (-27.8%), from €79,252 to €57,216
- Financial charges -€9,180
down €9,180 (-18.6%), from €49,442 to €40,261
- Other operating charges -€3,595
down €3,595 (-62.0%), from €5,794 to €2,200
- Depreciation -€3,447
down €3,447 (-7.1%), from €48,854 to €45,407
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 | €1,118,824 | €1,081,889 | -€36,935 | -3.3% |
| Fixed assets | 21/28 | €807,047 | €761,640 | -€45,407 | -5.6% |
| Tangible fixed assets | 22/27 | €806,677 | €761,270 | -€45,407 | -5.6% |
| Land and buildings | 22 | €805,431 | €760,543 | -€44,887 | -5.6% |
| Plant, machinery and equipment | 23 | €1,247 | €727 | -€520 | -41.7% |
| Financial fixed assets | 28 | €370 | €370 | = | 0.0% |
| Current assets | 29/58 | €311,776 | €320,249 | +€8,472 | +2.7% |
| Stocks and contracts in progress | 3 | €284,531 | €271,174 | -€13,357 | -4.7% |
| Stocks | 30/36 | €284,531 | €271,174 | -€13,357 | -4.7% |
| Amounts receivable within one year | 40/41 | €9,402 | €13,435 | +€4,033 | +42.9% |
| Trade receivables | 40 | - | €12,963 | +€12,963 | |
| Other amounts receivable | 41 | €9,402 | €471 | -€8,931 | -95.0% |
| Cash at bank and in hand | 54/58 | €9,329 | €23,213 | +€13,884 | +148.8% |
| Deferred charges and accrued income | 490/1 | €8,514 | €12,427 | +€3,913 | +46.0% |
| Total equity and liabilities | 10/49 | €1,118,824 | €1,081,889 | -€36,935 | -3.3% |
| Equity | 10/15 | €189,969 | €171,223 | -€18,745 | -9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €169,509 | €150,763 | -€18,745 | -11.1% |
| Amounts payable | 17/49 | €928,855 | €910,665 | -€18,190 | -2.0% |
| Amounts payable after more than one year | 17 | €469,271 | €432,882 | -€36,388 | -7.8% |
| Financial debts | 170/4 | €469,271 | €432,882 | -€36,388 | -7.8% |
| Amounts payable within one year | 42/48 | €459,584 | €477,783 | +€18,199 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €346,958 | €328,156 | -€18,802 | -5.4% |
| Financial debts | 43 | €32,199 | €60,000 | +€27,801 | +86.3% |
| Credit institutions | 430/8 | €32,199 | €60,000 | +€27,801 | +86.3% |
| Trade debts | 44 | €30,113 | €41,252 | +€11,138 | +37.0% |
| Suppliers | 440/4 | €30,113 | €41,252 | +€11,138 | +37.0% |
| Taxes, remuneration and social security | 45 | €39,818 | €48,376 | +€8,558 | +21.5% |
| Taxes | 450/3 | €26,673 | €37,614 | +€10,941 | +41.0% |
| Remuneration and social security | 454/9 | €13,145 | €10,762 | -€2,384 | -18.1% |
| Other amounts payable | 47/48 | €10,496 | €0 | -€10,496 | -100.0% |
| Non-recurring operating income | 76A | €82,416 | €276 | -€82,140 | -99.7% |
| Remuneration, social security and pensions | 62 | €79,252 | €57,216 | -€22,036 | -27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,854 | €45,407 | -€3,447 | -7.1% |
| Other operating charges | 640/8 | €5,794 | €2,200 | -€3,595 | -62.0% |
| Gross operating margin | 9900 | €99,193 | €122,283 | +€23,090 | +23.3% |
| Operating profit (loss) | 9901 | -€34,708 | €17,460 | +€52,168 | |
| Financial income | 75/76B | €7,408 | €4,585 | -€2,824 | -38.1% |
| Recurring financial income | 75 | €7,408 | €4,585 | -€2,824 | -38.1% |
| Financial charges | 65/66B | €49,442 | €40,261 | -€9,180 | -18.6% |
| Recurring financial charges | 65 | €49,442 | €40,261 | -€9,180 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | -€76,741 | -€18,217 | +€58,524 | +76.3% |
| Income taxes | 67/77 | €598 | €529 | -€69 | -11.6% |
| Profit (loss) for the period | 9904 | -€77,339 | -€18,745 | +€58,594 | +75.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€77,339 | -€18,745 | +€58,594 | +75.8% |
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 1 October 2026 via checked.be.