STIJN DEKEYZER: 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 DEKEYZER
Largest movements
- Receivables within one year +€24,228
up €24,228 (+186.0%), from €13,027 to €37,255
of which Trade receivables: +€26,781
- Tangible fixed assets +€18,963
up €18,963 (+4.6%), from €410,279 to €429,242
of which Land and buildings: +€32,091
- Other debts +€73,704
up €73,704 (+951.8%), from €7,744 to €81,448
- Debts after one year -€37,327
down €37,327 (-100.0%), from €37,327 to €0
- Current portion of long-term debt -€6,057
down €6,057 (-14.0%), from €43,384 to €37,327
- Depreciation +€30,980
up €30,980 (+111.0%), from €27,901 to €58,881
- Gross operating margin +€14,111
up €14,111 (+10.6%), from €132,871 to €146,983
- Taxes -€12,543
down €12,543 (-45.5%), from €27,594 to €15,051
- Financial charges +€4,897
up €4,897 (+667.4%), from €734 to €5,631
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 | €531,186 | €573,096 | +€41,910 | +7.9% |
| Fixed assets | 21/28 | €410,279 | €429,242 | +€18,963 | +4.6% |
| Tangible fixed assets | 22/27 | €410,279 | €429,242 | +€18,963 | +4.6% |
| Land and buildings | 22 | €258,894 | €290,985 | +€32,091 | +12.4% |
| Plant, machinery and equipment | 23 | €29,148 | €22,326 | -€6,822 | -23.4% |
| Furniture and vehicles | 24 | €5,062 | €23,193 | +€18,131 | +358.2% |
| Leasing and similar rights | 25 | €117,174 | €92,738 | -€24,436 | -20.9% |
| Current assets | 29/58 | €120,908 | €143,854 | +€22,946 | +19.0% |
| Amounts receivable after more than one year | 29 | €85,500 | €80,750 | -€4,750 | -5.6% |
| Other amounts receivable | 291 | €85,500 | €80,750 | -€4,750 | -5.6% |
| Amounts receivable within one year | 40/41 | €13,027 | €37,255 | +€24,228 | +186.0% |
| Trade receivables | 40 | €3,025 | €29,806 | +€26,781 | +885.3% |
| Other amounts receivable | 41 | €10,002 | €7,449 | -€2,553 | -25.5% |
| Cash at bank and in hand | 54/58 | €20,563 | €19,790 | -€773 | -3.8% |
| Deferred charges and accrued income | 490/1 | €1,818 | €6,059 | +€4,242 | +233.4% |
| Total equity and liabilities | 10/49 | €531,186 | €573,096 | +€41,910 | +7.9% |
| Equity | 10/15 | €423,551 | €427,601 | +€4,050 | +1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €404,951 | €409,001 | +€4,050 | +1.0% |
| Distributable reserves | 133 | €404,951 | €409,001 | +€4,050 | +1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €107,635 | €145,495 | +€37,860 | +35.2% |
| Amounts payable after more than one year | 17 | €37,327 | €0 | -€37,327 | -100.0% |
| Financial debts | 170/4 | €37,327 | €0 | -€37,327 | -100.0% |
| Amounts payable within one year | 42/48 | €70,308 | €142,338 | +€72,030 | +102.4% |
| Current portion of amounts payable after more than one year | 42 | €43,384 | €37,327 | -€6,057 | -14.0% |
| Trade debts | 44 | €2,563 | €7,439 | +€4,877 | +190.3% |
| Suppliers | 440/4 | €2,563 | €7,439 | +€4,877 | +190.3% |
| Taxes, remuneration and social security | 45 | €16,617 | €16,123 | -€495 | -3.0% |
| Taxes | 450/3 | €13,755 | €16,123 | +€2,368 | +17.2% |
| Remuneration and social security | 454/9 | €2,862 | €0 | -€2,862 | -100.0% |
| Other amounts payable | 47/48 | €7,744 | €81,448 | +€73,704 | +951.8% |
| Accrued charges and deferred income | 492/3 | - | €3,157 | +€3,157 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,901 | €58,881 | +€30,980 | +111.0% |
| Other operating charges | 640/8 | €4,868 | €5,080 | +€212 | +4.4% |
| Gross operating margin | 9900 | €132,871 | €146,983 | +€14,111 | +10.6% |
| Operating profit (loss) | 9901 | €100,102 | €83,022 | -€17,081 | -17.1% |
| Financial income | 75/76B | €1,805 | €1,710 | -€95 | -5.3% |
| Recurring financial income | 75 | €1,805 | €1,710 | -€95 | -5.3% |
| Financial charges | 65/66B | €734 | €5,631 | +€4,897 | +667.4% |
| Recurring financial charges | 65 | €734 | €5,631 | +€4,897 | +667.4% |
| Profit (loss) for the period before taxes | 9903 | €101,174 | €79,101 | -€22,073 | -21.8% |
| Income taxes | 67/77 | €27,594 | €15,051 | -€12,543 | -45.5% |
| Profit (loss) for the period | 9904 | €73,580 | €64,050 | -€9,530 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,580 | €64,050 | -€9,530 | -13.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.