Stijn Coghe: 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 Coghe
Largest movements
- Deferred charges and accrued income +€38,510
up €38,510 (+2757.4%), from €1,397 to €39,907
- Cash +€30,420
up €30,420 (+31.3%), from €97,066 to €127,485
mainly Net result for the year (+€57,541) and Depreciation (+€19,076)
- Tangible fixed assets -€17,062
down €17,062 (-19.2%), from €89,056 to €71,994
of which Furniture and vehicles: -€15,205
- Reserves +€55,823
up €55,823 (+74.9%), from €74,517 to €130,340
- Other debts +€15,446
up €15,446 (+927.1%), from €1,666 to €17,112
- Debts after one year -€14,841
down €14,841 (-26.5%), from €56,076 to €41,235
- Tax, wage and social debts -€5,022
down €5,022 (-13.1%), from €38,331 to €33,309
of which Taxes: -€5,022
- Trade debts -€2,444
down €2,444 (-81.7%), from €2,993 to €549
- Gross operating margin -€13,008
down €13,008 (-11.7%), from €111,029 to €98,021
- Depreciation +€9,298
up €9,298 (+95.1%), from €9,778 to €19,076
- Taxes -€4,690
down €4,690 (-20.9%), from €22,388 to €17,698
- Financial charges +€1,157
up €1,157 (+73.9%), from €1,566 to €2,723
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 | €189,837 | €239,386 | +€49,549 | +26.1% |
| Fixed assets | 21/28 | €89,056 | €71,994 | -€17,062 | -19.2% |
| Tangible fixed assets | 22/27 | €89,056 | €71,994 | -€17,062 | -19.2% |
| Plant, machinery and equipment | 23 | €2,757 | €2,050 | -€707 | -25.6% |
| Furniture and vehicles | 24 | €75,911 | €60,707 | -€15,205 | -20.0% |
| Other tangible fixed assets | 26 | €10,388 | €9,238 | -€1,150 | -11.1% |
| Current assets | 29/58 | €100,781 | €167,392 | +€66,611 | +66.1% |
| Amounts receivable within one year | 40/41 | €2,318 | €0 | -€2,318 | -100.0% |
| Trade receivables | 40 | €2,014 | €0 | -€2,014 | -100.0% |
| Other amounts receivable | 41 | €304 | €0 | -€304 | -100.0% |
| Cash at bank and in hand | 54/58 | €97,066 | €127,485 | +€30,420 | +31.3% |
| Deferred charges and accrued income | 490/1 | €1,397 | €39,907 | +€38,510 | +2757.4% |
| Total equity and liabilities | 10/49 | €189,837 | €239,386 | +€49,549 | +26.1% |
| Equity | 10/15 | €76,517 | €132,340 | +€55,823 | +73.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €74,517 | €130,340 | +€55,823 | +74.9% |
| Distributable reserves | 133 | €74,517 | €130,340 | +€55,823 | +74.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €113,320 | €107,047 | -€6,273 | -5.5% |
| Amounts payable after more than one year | 17 | €56,076 | €41,235 | -€14,841 | -26.5% |
| Financial debts | 170/4 | €56,076 | €41,235 | -€14,841 | -26.5% |
| Amounts payable within one year | 42/48 | €57,244 | €65,811 | +€8,568 | +15.0% |
| Current portion of amounts payable after more than one year | 42 | €14,253 | €14,841 | +€588 | +4.1% |
| Trade debts | 44 | €2,993 | €549 | -€2,444 | -81.7% |
| Suppliers | 440/4 | €2,993 | €549 | -€2,444 | -81.7% |
| Taxes, remuneration and social security | 45 | €38,331 | €33,309 | -€5,022 | -13.1% |
| Taxes | 450/3 | €35,253 | €30,231 | -€5,022 | -14.2% |
| Remuneration and social security | 454/9 | €3,078 | €3,078 | = | 0.0% |
| Other amounts payable | 47/48 | €1,666 | €17,112 | +€15,446 | +927.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,778 | €19,076 | +€9,298 | +95.1% |
| Other operating charges | 640/8 | €1,115 | €1,027 | -€88 | -7.9% |
| Gross operating margin | 9900 | €111,029 | €98,021 | -€13,008 | -11.7% |
| Operating profit (loss) | 9901 | €100,137 | €77,918 | -€22,219 | -22.2% |
| Financial income | 75/76B | €1 | €44 | +€44 | +7401.7% |
| Recurring financial income | 75 | €1 | €44 | +€44 | +7401.7% |
| Financial charges | 65/66B | €1,566 | €2,723 | +€1,157 | +73.9% |
| Recurring financial charges | 65 | €1,566 | €2,723 | +€1,157 | +73.9% |
| Profit (loss) for the period before taxes | 9903 | €98,571 | €75,239 | -€23,332 | -23.7% |
| Income taxes | 67/77 | €22,388 | €17,698 | -€4,690 | -20.9% |
| Profit (loss) for the period | 9904 | €76,183 | €57,541 | -€18,642 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €76,183 | €57,541 | -€18,642 | -24.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.