Stijn Duchi: 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 Duchi
Largest movements
- Cash +€69,236
up €69,236 (+64.4%), from €107,500 to €176,735
mainly Net result for the year (+€70,473) and Depreciation (+€3,003)
- Tangible fixed assets -€3,003
down €3,003 (-24.9%), from €12,047 to €9,044
- Receivables within one year +€1,989
up €1,989 (+1,780%), from €112 to €2,101
of which Other amounts receivable: +€1,924
- Profit (loss) carried forward +€70,473
up €70,473 (+61.5%), from €114,561 to €185,034
- Gross operating margin +€27,939
up €27,939 (+42.1%), from €66,305 to €94,244
- Taxes +€5,378
up €5,378 (+41.4%), from €12,991 to €18,369
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 | €119,983 | €188,206 | +€68,223 | +56.9% |
| Fixed assets | 21/28 | €12,047 | €9,044 | -€3,003 | -24.9% |
| Tangible fixed assets | 22/27 | €12,047 | €9,044 | -€3,003 | -24.9% |
| Furniture and vehicles | 24 | €12,047 | €9,044 | -€3,003 | -24.9% |
| Current assets | 29/58 | €107,937 | €179,162 | +€71,225 | +66.0% |
| Amounts receivable within one year | 40/41 | €112 | €2,101 | +€1,989 | +1,780% |
| Trade receivables | 40 | - | €65 | +€65 | |
| Other amounts receivable | 41 | €112 | €2,036 | +€1,924 | +1,722% |
| Cash at bank and in hand | 54/58 | €107,500 | €176,735 | +€69,236 | +64.4% |
| Deferred charges and accrued income | 490/1 | €325 | €325 | = | 0.0% |
| Total equity and liabilities | 10/49 | €119,983 | €188,206 | +€68,223 | +56.9% |
| Equity | 10/15 | €116,561 | €187,034 | +€70,473 | +60.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,561 | €185,034 | +€70,473 | +61.5% |
| Amounts payable | 17/49 | €3,422 | €1,172 | -€2,250 | -65.7% |
| Amounts payable within one year | 42/48 | €2,714 | €1,172 | -€1,542 | -56.8% |
| Trade debts | 44 | €723 | €803 | +€80 | +11.1% |
| Suppliers | 440/4 | €723 | €803 | +€80 | +11.1% |
| Taxes, remuneration and social security | 45 | €1,991 | €369 | -€1,622 | -81.5% |
| Taxes | 450/3 | €1,991 | €369 | -€1,622 | -81.5% |
| Accrued charges and deferred income | 492/3 | €708 | - | -€708 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,561 | €3,003 | +€442 | +17.3% |
| Other operating charges | 640/8 | €1,164 | €1,199 | +€35 | +3.0% |
| Gross operating margin | 9900 | €66,305 | €94,244 | +€27,939 | +42.1% |
| Operating profit (loss) | 9901 | €62,581 | €90,043 | +€27,462 | +43.9% |
| Financial income | 75/76B | €36 | €6 | -€31 | -84.0% |
| Recurring financial income | 75 | €36 | €6 | -€31 | -84.0% |
| Financial charges | 65/66B | €500 | €1,208 | +€708 | +142% |
| Recurring financial charges | 65 | €500 | €1,208 | +€708 | +142% |
| Profit (loss) for the period before taxes | 9903 | €62,118 | €88,841 | +€26,724 | +43.0% |
| Income taxes | 67/77 | €12,991 | €18,369 | +€5,378 | +41.4% |
| Profit (loss) for the period | 9904 | €49,127 | €70,473 | +€21,346 | +43.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,127 | €70,473 | +€21,346 | +43.5% |
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 18 October 2026 via checked.be.