STIJN DE BEER: 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 DE BEER
Largest movements
- Stocks and contracts -€10.0m
down €10.0m (-85.6%), from €11.7m to €1.7m
- Cash +€1.0m
up €1.0m (+218%), from €462,164 to €1.5m
mainly Stocks and contracts (+€10.0m) and Debts after one year (+€1.2m)
- Receivables within one year +€317,190
up €317,190 (+209%), from €151,888 to €469,078
of which Other amounts receivable: +€328,545
- Advances received -€10.8m
down €10.8m (-93.7%), from €11.5m to €719,096
- Debts after one year +€1.2m
up €1.2m (+239%), from €500,000 to €1.7m
- Other debts +€243,340
up €243,340 (+41.9%), from €580,249 to €823,589
- Profit (loss) carried forward +€231,960
up €231,960 (+52.7%), from -€440,377 to -€208,418
- Trade debts +€200,393
up €200,393 (+179%), from €112,157 to €312,549
- Gross operating margin +€591,557
up €591,557, from -€53,849 to €537,708
- Taxes +€34,667
up €34,667 (+9,030%), from €384 to €35,051
- Staff costs +€31,757
up €31,757 (+46.3%), from €68,629 to €100,387
- Financial charges -€5,749
down €5,749 (-28.7%), from €20,015 to €14,266
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 | €12,472,652 | €3,743,733 | -€8.7m | -70.0% |
| Fixed assets | 21/28 | €121,614 | €90,365 | -€31,249 | -25.7% |
| Intangible fixed assets | 21 | €120 | €72 | -€48 | -40.0% |
| Tangible fixed assets | 22/27 | €120,994 | €89,793 | -€31,201 | -25.8% |
| Furniture and vehicles | 24 | €120,994 | €89,793 | -€31,201 | -25.8% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €12,351,038 | €3,653,368 | -€8.7m | -70.4% |
| Stocks and contracts in progress | 3 | €11,731,143 | €1,690,390 | -€10.0m | -85.6% |
| Stocks | 30/36 | €11,731,143 | €1,690,390 | -€10.0m | -85.6% |
| Amounts receivable within one year | 40/41 | €151,888 | €469,078 | +€317,190 | +209% |
| Trade receivables | 40 | €67,281 | €55,926 | -€11,355 | -16.9% |
| Other amounts receivable | 41 | €84,607 | €413,152 | +€328,545 | +388% |
| Cash at bank and in hand | 54/58 | €462,164 | €1,470,067 | +€1.0m | +218% |
| Deferred charges and accrued income | 490/1 | €5,843 | €23,833 | +€17,990 | +308% |
| Total equity and liabilities | 10/49 | €12,472,652 | €3,743,733 | -€8.7m | -70.0% |
| Equity | 10/15 | -€263,417 | €86,422 | +€349,840 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €158,360 | €276,240 | +€117,880 | +74.4% |
| Tax-exempt reserves | 132 | - | €117,880 | +€117,880 | |
| Distributable reserves | 133 | €158,360 | €158,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€440,377 | -€208,418 | +€231,960 | +52.7% |
| Amounts payable | 17/49 | €12,736,070 | €3,657,310 | -€9.1m | -71.3% |
| Amounts payable after more than one year | 17 | €500,000 | €1,696,739 | +€1.2m | +239% |
| Financial debts | 170/4 | €500,000 | €1,696,739 | +€1.2m | +239% |
| Amounts payable within one year | 42/48 | €12,236,070 | €1,957,531 | -€10.3m | -84.0% |
| Financial debts | 43 | - | €50,363 | +€50,363 | |
| Credit institutions | 430/8 | - | €50,363 | +€50,363 | |
| Trade debts | 44 | €112,157 | €312,549 | +€200,393 | +179% |
| Suppliers | 440/4 | €112,157 | €312,549 | +€200,393 | +179% |
| Advances received on contracts in progress | 46 | €11,469,631 | €719,096 | -€10.8m | -93.7% |
| Taxes, remuneration and social security | 45 | €74,033 | €51,933 | -€22,100 | -29.9% |
| Taxes | 450/3 | €65,817 | €32,626 | -€33,191 | -50.4% |
| Remuneration and social security | 454/9 | €8,216 | €19,307 | +€11,091 | +135% |
| Other amounts payable | 47/48 | €580,249 | €823,589 | +€243,340 | +41.9% |
| Accrued charges and deferred income | 492/3 | - | €3,041 | +€3,041 | |
| Non-recurring operating income | 76A | €15,000 | €0 | -€15,000 | -100% |
| Remuneration, social security and pensions | 62 | €68,629 | €100,387 | +€31,757 | +46.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,383 | €31,249 | +€4,866 | +18.4% |
| Other operating charges | 640/8 | €9,935 | €10,768 | +€832 | +8.4% |
| Gross operating margin | 9900 | -€53,849 | €537,708 | +€591,557 | |
| Operating profit (loss) | 9901 | -€158,797 | €395,305 | +€554,101 | |
| Financial income | 75/76B | €2,387 | €3,852 | +€1,465 | +61.4% |
| Recurring financial income | 75 | €2,387 | €3,852 | +€1,465 | +61.4% |
| Financial charges | 65/66B | €20,015 | €14,266 | -€5,749 | -28.7% |
| Recurring financial charges | 65 | €20,015 | €14,266 | -€5,749 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | -€176,425 | €384,890 | +€561,315 | |
| Income taxes | 67/77 | €384 | €35,051 | +€34,667 | +9,030% |
| Profit (loss) for the period | 9904 | -€176,809 | €349,840 | +€526,649 | |
| Transfer to tax-exempt reserves | 689 | - | €117,880 | +€117,880 | |
| Profit (loss) for the period to be appropriated | 9905 | -€176,809 | €231,960 | +€408,769 |
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 1 November 2026 via checked.be.