Stijn Hermans: 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 Hermans
Largest movements
- Tangible fixed assets -€20,713
down €20,713 (-55.0%), from €37,651 to €16,939
- Cash -€4,911
down €4,911 (-84.4%), from €5,822 to €910
mainly Net result for the year (-€18,525) and Tax, wage and social debts (-€8,498)
- Profit (loss) carried forward -€18,525
down €18,525 (-79.3%), from -€23,350 to -€41,874
- Tax, wage and social debts -€8,498
down €8,498 (-91.1%), from €9,333 to €835
- Other debts +€1,058
up €1,058 (+73.8%), from €1,434 to €2,491
- Gross operating margin +€4,639
up €4,639, from -€1,280 to €3,360
- Other operating charges -€68
down €68 (-7.5%), from €914 to €846
- Depreciation -€60
down €60 (-0.3%), from €20,773 to €20,713
- Financial charges -€40
down €40 (-22.0%), from €180 to €140
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 | €44,715 | €18,499 | -€26,216 | -58.6% |
| Fixed assets | 21/28 | €37,651 | €16,939 | -€20,713 | -55.0% |
| Tangible fixed assets | 22/27 | €37,651 | €16,939 | -€20,713 | -55.0% |
| Furniture and vehicles | 24 | €37,651 | €16,939 | -€20,713 | -55.0% |
| Current assets | 29/58 | €7,064 | €1,560 | -€5,503 | -77.9% |
| Amounts receivable within one year | 40/41 | €797 | €650 | -€147 | -18.4% |
| Trade receivables | 40 | €650 | €650 | = | 0.0% |
| Other amounts receivable | 41 | €147 | €0 | -€147 | -100.0% |
| Cash at bank and in hand | 54/58 | €5,822 | €910 | -€4,911 | -84.4% |
| Deferred charges and accrued income | 490/1 | €445 | €0 | -€445 | -100.0% |
| Total equity and liabilities | 10/49 | €44,715 | €18,499 | -€26,216 | -58.6% |
| Equity | 10/15 | €33,262 | €14,737 | -€18,525 | -55.7% |
| Reserves | 13 | €56,612 | €56,612 | = | 0.0% |
| Distributable reserves | 133 | €56,612 | €56,612 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,350 | -€41,874 | -€18,525 | -79.3% |
| Amounts payable | 17/49 | €11,453 | €3,762 | -€7,691 | -67.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €11,453 | €3,720 | -€7,734 | -67.5% |
| Trade debts | 44 | €686 | €393 | -€293 | -42.7% |
| Suppliers | 440/4 | €686 | €393 | -€293 | -42.7% |
| Taxes, remuneration and social security | 45 | €9,333 | €835 | -€8,498 | -91.1% |
| Taxes | 450/3 | €9,333 | €835 | -€8,498 | -91.1% |
| Other amounts payable | 47/48 | €1,434 | €2,491 | +€1,058 | +73.8% |
| Accrued charges and deferred income | 492/3 | - | €43 | +€43 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,773 | €20,713 | -€60 | -0.3% |
| Other operating charges | 640/8 | €914 | €846 | -€68 | -7.5% |
| Gross operating margin | 9900 | -€1,280 | €3,360 | +€4,639 | |
| Operating profit (loss) | 9901 | -€22,967 | -€18,199 | +€4,768 | +20.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €180 | €140 | -€40 | -22.0% |
| Recurring financial charges | 65 | €180 | €140 | -€40 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | -€23,146 | -€18,339 | +€4,808 | +20.8% |
| Income taxes | 67/77 | €203 | €186 | -€17 | -8.4% |
| Profit (loss) for the period | 9904 | -€23,350 | -€18,525 | +€4,825 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,350 | -€18,525 | +€4,825 | +20.7% |
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.