Stijn Coenen: 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.
Stijn Coenen
Largest movements
- Receivables within one year +€4,191
up €4,191 (+15.3%), from €27,325 to €31,517
of which Trade receivables: +€5,166
- Deferred charges and accrued income -€1,315
down €1,315 (-100.0%), from €1,315 to €0
- Cash +€700
up €700 (+12.6%), from €5,543 to €6,243
mainly Net result for the year (+€10,135) and Deferred charges and accrued income (+€1,315)
- Reserves +€10,135
up €10,135 (+68.3%), from €14,835 to €24,969
- Trade debts -€3,377
down €3,377 (-95.4%), from €3,538 to €161
- Other debts -€2,825
down €2,825 (-29.0%), from €9,733 to €6,909
- Tax, wage and social debts -€487
down €487 (-40.3%), from €1,207 to €720
- Gross operating margin +€11,593
up €11,593 (+323.8%), from €3,581 to €15,174
- Taxes +€1,631
up €1,631 (+135.1%), from €1,207 to €2,838
- Other operating charges +€326
up €326 (+57.5%), from €568 to €894
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 | €34,313 | €37,760 | +€3,446 | +10.0% |
| Fixed assets | 21/28 | €130 | €0 | -€130 | -100.0% |
| Tangible fixed assets | 22/27 | €130 | €0 | -€130 | -100.0% |
| Plant, machinery and equipment | 23 | €130 | - | -€130 | |
| Furniture and vehicles | 24 | - | €0 | = | |
| Current assets | 29/58 | €34,183 | €37,760 | +€3,576 | +10.5% |
| Amounts receivable within one year | 40/41 | €27,325 | €31,517 | +€4,191 | +15.3% |
| Trade receivables | 40 | €25,689 | €30,855 | +€5,166 | +20.1% |
| Other amounts receivable | 41 | €1,636 | €662 | -€974 | -59.6% |
| Cash at bank and in hand | 54/58 | €5,543 | €6,243 | +€700 | +12.6% |
| Deferred charges and accrued income | 490/1 | €1,315 | €0 | -€1,315 | -100.0% |
| Total equity and liabilities | 10/49 | €34,313 | €37,760 | +€3,446 | +10.0% |
| Equity | 10/15 | €19,835 | €29,969 | +€10,135 | +51.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €14,835 | €24,969 | +€10,135 | +68.3% |
| Distributable reserves | 133 | €14,835 | €24,969 | +€10,135 | +68.3% |
| Amounts payable | 17/49 | €14,479 | €7,790 | -€6,688 | -46.2% |
| Amounts payable within one year | 42/48 | €14,479 | €7,790 | -€6,688 | -46.2% |
| Trade debts | 44 | €3,538 | €161 | -€3,377 | -95.4% |
| Suppliers | 440/4 | €3,538 | €161 | -€3,377 | -95.4% |
| Taxes, remuneration and social security | 45 | €1,207 | €720 | -€487 | -40.3% |
| Taxes | 450/3 | €1,207 | €720 | -€487 | -40.3% |
| Other amounts payable | 47/48 | €9,733 | €6,909 | -€2,825 | -29.0% |
| Non-recurring operating income | 76A | €724 | €0 | -€724 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €337 | €452 | +€115 | +34.1% |
| Other operating charges | 640/8 | €568 | €894 | +€326 | +57.5% |
| Gross operating margin | 9900 | €3,581 | €15,174 | +€11,593 | +323.8% |
| Operating profit (loss) | 9901 | €2,677 | €13,829 | +€11,152 | +416.6% |
| Financial charges | 65/66B | €776 | €855 | +€79 | +10.2% |
| Recurring financial charges | 65 | €776 | €855 | +€79 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | €1,901 | €12,973 | +€11,072 | +582.6% |
| Income taxes | 67/77 | €1,207 | €2,838 | +€1,631 | +135.1% |
| Profit (loss) for the period | 9904 | €693 | €10,135 | +€9,441 | +1361.9% |
| Profit (loss) for the period to be appropriated | 9905 | €693 | €10,135 | +€9,441 | +1361.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.