Stijn Bothuyne: what changed
Stijn Bothuyne
Largest movements
- Tangible fixed assets -€75,034
down €75,034 (-40.6%), from €184,647 to €109,613
- Receivables within one year -€23,827
down €23,827 (-17.9%), from €133,133 to €109,306
of which Other amounts receivable: -€35,299
- Cash +€7,566
up €7,566 (+66.1%), from €11,453 to €19,019
mainly Depreciation (+€80,609) and Receivables within one year (+€23,827)
- Debts after one year -€41,880
down €41,880 (-45.9%), from €91,329 to €49,449
- Reserves -€24,573
down €24,573 (-17.7%), from €138,546 to €113,973
- Trade debts -€17,119
down €17,119 (-37.9%), from €45,161 to €28,042
- Current portion of long-term debt -€8,717
down €8,717 (-17.7%), from €49,318 to €40,601
- Gross operating margin -€9,946
down €9,946 (-8.0%), from €123,957 to €114,011
- Depreciation +€6,928
up €6,928 (+9.4%), from €73,681 to €80,609
- Taxes -€2,237
down €2,237 (-23.2%), from €9,625 to €7,389
- Financial charges -€2,075
down €2,075 (-39.7%), from €5,228 to €3,153
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €331,841 | €239,565 | -€92,276 | -27.8% |
| Fixed assets | 21/28 | €184,647 | €109,613 | -€75,034 | -40.6% |
| Tangible fixed assets | 22/27 | €184,647 | €109,613 | -€75,034 | -40.6% |
| Plant, machinery and equipment | 23 | €60,644 | €24,456 | -€36,188 | -59.7% |
| Furniture and vehicles | 24 | €79,743 | €51,457 | -€28,286 | -35.5% |
| Leasing and similar rights | 25 | €44,260 | €33,700 | -€10,560 | -23.9% |
| Current assets | 29/58 | €147,194 | €129,952 | -€17,242 | -11.7% |
| Amounts receivable within one year | 40/41 | €133,133 | €109,306 | -€23,827 | -17.9% |
| Trade receivables | 40 | €43,028 | €54,499 | +€11,472 | +26.7% |
| Other amounts receivable | 41 | €90,105 | €54,807 | -€35,299 | -39.2% |
| Cash at bank and in hand | 54/58 | €11,453 | €19,019 | +€7,566 | +66.1% |
| Deferred charges and accrued income | 490/1 | €2,608 | €1,627 | -€982 | -37.6% |
| Total equity and liabilities | 10/49 | €331,841 | €239,565 | -€92,276 | -27.8% |
| Equity | 10/15 | €143,546 | €118,973 | -€24,573 | -17.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €138,546 | €113,973 | -€24,573 | -17.7% |
| Distributable reserves | 133 | €138,546 | €113,973 | -€24,573 | -17.7% |
| Amounts payable | 17/49 | €188,295 | €120,592 | -€67,703 | -36.0% |
| Amounts payable after more than one year | 17 | €91,329 | €49,449 | -€41,880 | -45.9% |
| Financial debts | 170/4 | €91,329 | €49,449 | -€41,880 | -45.9% |
| Amounts payable within one year | 42/48 | €96,966 | €71,143 | -€25,823 | -26.6% |
| Current portion of amounts payable after more than one year | 42 | €49,318 | €40,601 | -€8,717 | -17.7% |
| Trade debts | 44 | €45,161 | €28,042 | -€17,119 | -37.9% |
| Suppliers | 440/4 | €45,161 | €28,042 | -€17,119 | -37.9% |
| Taxes, remuneration and social security | 45 | €2,487 | €2,499 | +€12 | +0.5% |
| Taxes | 450/3 | - | €12 | +€12 | |
| Remuneration and social security | 454/9 | €2,487 | €2,487 | = | 0.0% |
| Non-recurring operating income | 76A | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,681 | €80,609 | +€6,928 | +9.4% |
| Other operating charges | 640/8 | €2,128 | €2,003 | -€125 | -5.9% |
| Gross operating margin | 9900 | €123,957 | €114,011 | -€9,946 | -8.0% |
| Operating profit (loss) | 9901 | €48,148 | €31,399 | -€16,748 | -34.8% |
| Financial income | 75/76B | €2,615 | €1,627 | -€987 | -37.8% |
| Recurring financial income | 75 | €2,615 | €1,627 | -€987 | -37.8% |
| Financial charges | 65/66B | €5,228 | €3,153 | -€2,075 | -39.7% |
| Recurring financial charges | 65 | €5,228 | €3,153 | -€2,075 | -39.7% |
| Profit (loss) for the period before taxes | 9903 | €45,535 | €29,874 | -€15,661 | -34.4% |
| Income taxes | 67/77 | €9,625 | €7,389 | -€2,237 | -23.2% |
| Profit (loss) for the period | 9904 | €35,909 | €22,485 | -€13,424 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,909 | €22,485 | -€13,424 | -37.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.