Stijn Goegebeur: what changed
Stijn Goegebeur
Largest movements
- Tangible fixed assets +€65,350
up €65,350 (+32.3%), from €202,340 to €267,689
of which Furniture and vehicles: +€75,015
- Cash +€30,205
up €30,205 (+66.3%), from €45,536 to €75,741
mainly Net result for the year (+€36,386) and Depreciation (+€26,738)
- Receivables within one year -€16,113
down €16,113 (-70.4%), from €22,895 to €6,782
of which Trade receivables: -€12,838
- Reserves +€36,000
up €36,000 (+47.4%), from €76,000 to €112,000
- Debts after one year +€24,085
up €24,085 (+15.2%), from €158,313 to €182,398
- Current portion of long-term debt +€11,828
up €11,828 (+106%), from €11,122 to €22,950
- Trade debts +€6,612
up €6,612 (+41.4%), from €15,972 to €22,584
- Gross operating margin +€52,362
up €52,362 (+95.9%), from €54,585 to €106,947
- Staff costs +€21,178
new in 2026: €21,178
- Depreciation +€9,844
up €9,844 (+58.3%), from €16,894 to €26,738
- Taxes +€7,772
up €7,772 (+107%), from €7,296 to €15,068
- Other operating charges +€1,303
up €1,303 (+119%), from €1,097 to €2,400
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €272,185 | €354,505 | +€82,320 | +30.2% |
| Fixed assets | 21/28 | €202,340 | €267,689 | +€65,350 | +32.3% |
| Tangible fixed assets | 22/27 | €202,340 | €267,689 | +€65,350 | +32.3% |
| Land and buildings | 22 | €192,792 | €184,019 | -€8,773 | -4.6% |
| Plant, machinery and equipment | 23 | €4,932 | €4,039 | -€892 | -18.1% |
| Furniture and vehicles | 24 | €4,616 | €79,631 | +€75,015 | +1,625% |
| Current assets | 29/58 | €69,845 | €86,815 | +€16,970 | +24.3% |
| Amounts receivable within one year | 40/41 | €22,895 | €6,782 | -€16,113 | -70.4% |
| Trade receivables | 40 | €16,178 | €3,341 | -€12,838 | -79.3% |
| Other amounts receivable | 41 | €6,716 | €3,441 | -€3,275 | -48.8% |
| Cash at bank and in hand | 54/58 | €45,536 | €75,741 | +€30,205 | +66.3% |
| Deferred charges and accrued income | 490/1 | €1,415 | €4,293 | +€2,878 | +203% |
| Total equity and liabilities | 10/49 | €272,185 | €354,505 | +€82,320 | +30.2% |
| Equity | 10/15 | €79,482 | €115,868 | +€36,386 | +45.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €76,000 | €112,000 | +€36,000 | +47.4% |
| Distributable reserves | 133 | €76,000 | €112,000 | +€36,000 | +47.4% |
| Profit (loss) carried forward | 14 | €482 | €868 | +€386 | +80.0% |
| Amounts payable | 17/49 | €192,703 | €238,637 | +€45,934 | +23.8% |
| Amounts payable after more than one year | 17 | €158,313 | €182,398 | +€24,085 | +15.2% |
| Financial debts | 170/4 | €158,313 | €182,398 | +€24,085 | +15.2% |
| Amounts payable within one year | 42/48 | €34,390 | €56,239 | +€21,849 | +63.5% |
| Current portion of amounts payable after more than one year | 42 | €11,122 | €22,950 | +€11,828 | +106% |
| Trade debts | 44 | €15,972 | €22,584 | +€6,612 | +41.4% |
| Suppliers | 440/4 | €15,972 | €22,584 | +€6,612 | +41.4% |
| Taxes, remuneration and social security | 45 | €7,296 | €10,704 | +€3,408 | +46.7% |
| Taxes | 450/3 | €7,296 | €9,000 | +€1,705 | +23.4% |
| Remuneration and social security | 454/9 | - | €1,704 | +€1,704 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €5,425 | +€5,425 | |
| Remuneration, social security and pensions | 62 | - | €21,178 | +€21,178 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,894 | €26,738 | +€9,844 | +58.3% |
| Other operating charges | 640/8 | €1,097 | €2,400 | +€1,303 | +119% |
| Non-recurring operating charges | 66A | - | €56 | +€56 | |
| Gross operating margin | 9900 | €54,585 | €106,947 | +€52,362 | +95.9% |
| Operating profit (loss) | 9901 | €36,594 | €56,575 | +€19,981 | +54.6% |
| Financial income | 75/76B | €341 | €644 | +€303 | +88.8% |
| Recurring financial income | 75 | €341 | €644 | +€303 | +88.8% |
| Financial charges | 65/66B | €4,493 | €5,765 | +€1,272 | +28.3% |
| Recurring financial charges | 65 | €4,493 | €5,765 | +€1,272 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €32,442 | €51,454 | +€19,012 | +58.6% |
| Income taxes | 67/77 | €7,296 | €15,068 | +€7,772 | +107% |
| Profit (loss) for the period | 9904 | €25,146 | €36,386 | +€11,240 | +44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,146 | €36,386 | +€11,240 | +44.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.