STIJN BOVEN: 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 BOVEN
Largest movements
- Financial fixed assets -€221,210
down €221,210 (-26.1%), from €847,867 to €626,657
- Cash +€67,969
up €67,969 (+91.5%), from €74,265 to €142,234
mainly Investment in fixed assets (net) (+€209,054) and Net result for the year (+€170,571)
- Current investments +€24,492
up €24,492 (+1,225%), from €2,000 to €26,492
- Tangible fixed assets -€20,057
down €20,057 (-5.4%), from €374,637 to €354,581
of which Furniture and vehicles: -€17,016
- Debts after one year -€149,761
down €149,761 (-30.8%), from €486,574 to €336,813
- Current portion of long-term debt -€29,064
down €29,064 (-33.4%), from €86,992 to €57,928
- Reserves +€20,781
up €20,781 (+2.8%), from €748,574 to €769,355
- Financial income +€145,885
up €145,885 (+2,181%), from €6,688 to €152,573
of which Non-recurring financial income: +€97,438
- Gross operating margin -€40,152
down €40,152 (-24.7%), from €162,523 to €122,370
- Other operating charges +€19,002
up €19,002 (+772%), from €2,461 to €21,463
- Taxes -€9,446
down €9,446 (-21.3%), from €44,358 to €34,912
- Financial charges +€4,574
up €4,574 (+40.8%), from €11,211 to €15,784
of which Financial charges: +€4,604
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 | €1,344,912 | €1,186,887 | -€158,025 | -11.7% |
| Fixed assets | 21/28 | €1,222,504 | €981,238 | -€241,267 | -19.7% |
| Tangible fixed assets | 22/27 | €374,637 | €354,581 | -€20,057 | -5.4% |
| Land and buildings | 22 | €292,483 | €291,865 | -€617 | -0.2% |
| Furniture and vehicles | 24 | €64,535 | €47,519 | -€17,016 | -26.4% |
| Other tangible fixed assets | 26 | €17,620 | €15,196 | -€2,424 | -13.8% |
| Financial fixed assets | 28 | €847,867 | €626,657 | -€221,210 | -26.1% |
| Current assets | 29/58 | €122,407 | €205,649 | +€83,242 | +68.0% |
| Amounts receivable within one year | 40/41 | €44,581 | €36,291 | -€8,290 | -18.6% |
| Trade receivables | 40 | €299 | - | -€299 | |
| Other amounts receivable | 41 | €44,282 | €36,291 | -€7,991 | -18.0% |
| Current investments | 50/53 | €2,000 | €26,492 | +€24,492 | +1,225% |
| Cash at bank and in hand | 54/58 | €74,265 | €142,234 | +€67,969 | +91.5% |
| Deferred charges and accrued income | 490/1 | €1,561 | €632 | -€929 | -59.5% |
| Total equity and liabilities | 10/49 | €1,344,912 | €1,186,887 | -€158,025 | -11.7% |
| Equity | 10/15 | €760,974 | €781,755 | +€20,781 | +2.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €748,574 | €769,355 | +€20,781 | +2.8% |
| Distributable reserves | 133 | €748,574 | €769,355 | +€20,781 | +2.8% |
| Amounts payable | 17/49 | €583,938 | €405,132 | -€178,806 | -30.6% |
| Amounts payable after more than one year | 17 | €486,574 | €336,813 | -€149,761 | -30.8% |
| Financial debts | 170/4 | €486,574 | €336,813 | -€149,761 | -30.8% |
| Amounts payable within one year | 42/48 | €94,038 | €68,319 | -€25,719 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €86,992 | €57,928 | -€29,064 | -33.4% |
| Trade debts | 44 | €2,688 | €1,148 | -€1,540 | -57.3% |
| Suppliers | 440/4 | €2,688 | €1,148 | -€1,540 | -57.3% |
| Taxes, remuneration and social security | 45 | €4,358 | €9,243 | +€4,885 | +112% |
| Taxes | 450/3 | €4,358 | €9,243 | +€4,885 | +112% |
| Accrued charges and deferred income | 492/3 | €3,326 | - | -€3,326 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,417 | €32,213 | +€3,796 | +13.4% |
| Other operating charges | 640/8 | €2,461 | €21,463 | +€19,002 | +772% |
| Gross operating margin | 9900 | €162,523 | €122,370 | -€40,152 | -24.7% |
| Operating profit (loss) | 9901 | €131,645 | €68,695 | -€62,950 | -47.8% |
| Financial income | 75/76B | €6,688 | €152,573 | +€145,885 | +2,181% |
| Recurring financial income | 75 | €3,554 | €52,000 | +€48,447 | +1,363% |
| Non-recurring financial income | 76B | €3,134 | €100,573 | +€97,438 | +3,109% |
| Financial charges | 65/66B | €11,211 | €15,784 | +€4,574 | +40.8% |
| Recurring financial charges | 65 | €11,181 | €15,784 | +€4,604 | +41.2% |
| Non-recurring financial charges | 66B | €30 | - | -€30 | |
| Profit (loss) for the period before taxes | 9903 | €127,123 | €205,483 | +€78,361 | +61.6% |
| Income taxes | 67/77 | €44,358 | €34,912 | -€9,446 | -21.3% |
| Profit (loss) for the period | 9904 | €82,764 | €170,571 | +€87,807 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €82,764 | €170,571 | +€87,807 | +106% |
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 26 October 2026 via checked.be.