Stijn Bisschop: 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.
Stijn Bisschop
Largest movements
- Tangible fixed assets +€124,310
up €124,310 (+30.1%), from €412,701 to €537,011
of which Furniture and vehicles: +€143,115
- Cash +€13,366
up €13,366 (+14.5%), from €92,435 to €105,801
mainly Debts after one year (+€86,635) and Depreciation (+€50,850)
- Receivables within one year +€6,904
up €6,904 (+35.8%), from €19,275 to €26,179
of which Other amounts receivable: +€4,050
- Debts after one year +€86,635
up €86,635 (+50.5%), from €171,473 to €258,107
- Trade debts +€27,164
up €27,164 (+352%), from €7,711 to €34,875
- Current portion of long-term debt +€17,507
up €17,507 (+68.4%), from €25,610 to €43,117
- Reserves +€8,255
up €8,255 (+3.0%), from €279,088 to €287,343
- Gross operating margin -€184,667
down €184,667 (-71.1%), from €259,907 to €75,240
- Taxes -€57,374
down €57,374 (-95.6%), from €60,000 to €2,626
- Depreciation +€22,121
up €22,121 (+77.0%), from €28,728 to €50,850
- Financial charges +€4,684
up €4,684 (+86.3%), from €5,430 to €10,114
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 | €539,073 | €683,680 | +€144,607 | +26.8% |
| Fixed assets | 21/28 | €421,701 | €546,011 | +€124,310 | +29.5% |
| Tangible fixed assets | 22/27 | €412,701 | €537,011 | +€124,310 | +30.1% |
| Land and buildings | 22 | €366,177 | €351,510 | -€14,667 | -4.0% |
| Plant, machinery and equipment | 23 | €14,332 | €10,195 | -€4,138 | -28.9% |
| Furniture and vehicles | 24 | €32,192 | €175,307 | +€143,115 | +445% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €117,373 | €137,669 | +€20,296 | +17.3% |
| Amounts receivable within one year | 40/41 | €19,275 | €26,179 | +€6,904 | +35.8% |
| Trade receivables | 40 | €15,125 | €17,980 | +€2,855 | +18.9% |
| Other amounts receivable | 41 | €4,150 | €8,199 | +€4,050 | +97.6% |
| Cash at bank and in hand | 54/58 | €92,435 | €105,801 | +€13,366 | +14.5% |
| Deferred charges and accrued income | 490/1 | €5,663 | €5,688 | +€26 | +0.5% |
| Total equity and liabilities | 10/49 | €539,073 | €683,680 | +€144,607 | +26.8% |
| Equity | 10/15 | €322,688 | €330,943 | +€8,255 | +2.6% |
| Contributions | 10/11 | €43,600 | €43,600 | = | 0.0% |
| Reserves | 13 | €279,088 | €287,343 | +€8,255 | +3.0% |
| Distributable reserves | 133 | €279,088 | €287,343 | +€8,255 | +3.0% |
| Amounts payable | 17/49 | €216,385 | €352,737 | +€136,352 | +63.0% |
| Amounts payable after more than one year | 17 | €171,473 | €258,107 | +€86,635 | +50.5% |
| Financial debts | 170/4 | €171,473 | €258,107 | +€86,635 | +50.5% |
| Amounts payable within one year | 42/48 | €44,912 | €94,629 | +€49,717 | +111% |
| Current portion of amounts payable after more than one year | 42 | €25,610 | €43,117 | +€17,507 | +68.4% |
| Trade debts | 44 | €7,711 | €34,875 | +€27,164 | +352% |
| Suppliers | 440/4 | €7,711 | €34,875 | +€27,164 | +352% |
| Taxes, remuneration and social security | 45 | €11,192 | €9,725 | -€1,467 | -13.1% |
| Taxes | 450/3 | €11,192 | €9,725 | -€1,467 | -13.1% |
| Other amounts payable | 47/48 | €399 | €6,911 | +€6,513 | +1,633% |
| Non-recurring operating income | 76A | €215,556 | €12,710 | -€202,846 | -94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,728 | €50,850 | +€22,121 | +77.0% |
| Other operating charges | 640/8 | €5,671 | €3,456 | -€2,215 | -39.1% |
| Gross operating margin | 9900 | €259,907 | €75,240 | -€184,667 | -71.1% |
| Operating profit (loss) | 9901 | €225,508 | €20,935 | -€204,573 | -90.7% |
| Financial income | 75/76B | €753 | €60 | -€693 | -92.0% |
| Recurring financial income | 75 | €753 | €60 | -€693 | -92.0% |
| Financial charges | 65/66B | €5,430 | €10,114 | +€4,684 | +86.3% |
| Recurring financial charges | 65 | €5,430 | €10,114 | +€4,684 | +86.3% |
| Profit (loss) for the period before taxes | 9903 | €220,831 | €10,881 | -€209,950 | -95.1% |
| Income taxes | 67/77 | €60,000 | €2,626 | -€57,374 | -95.6% |
| Profit (loss) for the period | 9904 | €160,831 | €8,255 | -€152,576 | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €160,831 | €8,255 | -€152,576 | -94.9% |
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.