Stijn Hermans: 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 Hermans
Largest movements
- Cash +€4,744
up €4,744 (+231%), from €2,056 to €6,800
mainly Depreciation (+€7,135) and Other debts (+€5,058)
- Deferred charges and accrued income -€2,689
down €2,689 (-93.2%), from €2,886 to €198
- Receivables within one year +€2,054
up €2,054 (+98.2%), from €2,092 to €4,146
- Tangible fixed assets +€295
up €295 (+4.7%), from €6,328 to €6,623
of which Plant, machinery and equipment: +€478
- Other debts +€5,058
up €5,058 (+187%), from €2,706 to €7,764
- Current portion of long-term debt -€4,841
no longer reported in 2025 (was €4,841)
- Reserves +€1,859
up €1,859 (+57.0%), from €3,263 to €5,122
- Tax, wage and social debts +€1,808
up €1,808 (+250%), from €724 to €2,532
of which Remuneration and social security: +€1,800
- Profit (loss) carried forward +€315
no longer reported in 2025 (was -€315)
- Depreciation -€2,863
down €2,863 (-28.6%), from €9,998 to €7,135
- Other operating charges -€1,009
down €1,009 (-39.3%), from €2,570 to €1,560
- Taxes +€696
up €696 (+60.1%), from €1,158 to €1,854
- Gross operating margin -€325
down €325 (-2.2%), from €14,535 to €14,210
- Financial income +€171
up €171 (+571,200%), from €0 to €171
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 | €13,362 | €17,767 | +€4,405 | +33.0% |
| Fixed assets | 21/28 | €6,328 | €6,623 | +€295 | +4.7% |
| Tangible fixed assets | 22/27 | €6,328 | €6,623 | +€295 | +4.7% |
| Plant, machinery and equipment | 23 | €916 | €1,393 | +€478 | +52.2% |
| Furniture and vehicles | 24 | €5,412 | €5,230 | -€183 | -3.4% |
| Current assets | 29/58 | €7,034 | €11,144 | +€4,110 | +58.4% |
| Amounts receivable within one year | 40/41 | €2,092 | €4,146 | +€2,054 | +98.2% |
| Other amounts receivable | 41 | €2,092 | €4,146 | +€2,054 | +98.2% |
| Cash at bank and in hand | 54/58 | €2,056 | €6,800 | +€4,744 | +231% |
| Deferred charges and accrued income | 490/1 | €2,886 | €198 | -€2,689 | -93.2% |
| Total equity and liabilities | 10/49 | €13,362 | €17,767 | +€4,405 | +33.0% |
| Equity | 10/15 | €4,948 | €7,122 | +€2,174 | +43.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €3,263 | €5,122 | +€1,859 | +57.0% |
| Distributable reserves | 133 | €3,263 | €5,122 | +€1,859 | +57.0% |
| Profit (loss) carried forward | 14 | -€315 | - | +€315 | |
| Amounts payable | 17/49 | €8,415 | €10,645 | +€2,231 | +26.5% |
| Amounts payable within one year | 42/48 | €8,415 | €10,645 | +€2,231 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | €4,841 | - | -€4,841 | |
| Trade debts | 44 | €144 | €349 | +€205 | +142% |
| Suppliers | 440/4 | €144 | €349 | +€205 | +142% |
| Taxes, remuneration and social security | 45 | €724 | €2,532 | +€1,808 | +250% |
| Taxes | 450/3 | €724 | €732 | +€8 | +1.2% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €2,706 | €7,764 | +€5,058 | +187% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,998 | €7,135 | -€2,863 | -28.6% |
| Other operating charges | 640/8 | €2,570 | €1,560 | -€1,009 | -39.3% |
| Gross operating margin | 9900 | €14,535 | €14,210 | -€325 | -2.2% |
| Operating profit (loss) | 9901 | €1,967 | €5,514 | +€3,547 | +180% |
| Financial income | 75/76B | €0 | €171 | +€171 | +571,200% |
| Recurring financial income | 75 | €0 | €171 | +€171 | +571,200% |
| Financial charges | 65/66B | €164 | €86 | -€78 | -47.8% |
| Recurring financial charges | 65 | €164 | €86 | -€78 | -47.8% |
| Profit (loss) for the period before taxes | 9903 | €1,803 | €5,600 | +€3,797 | +211% |
| Income taxes | 67/77 | €1,158 | €1,854 | +€696 | +60.1% |
| Profit (loss) for the period | 9904 | €645 | €3,746 | +€3,101 | +481% |
| Profit (loss) for the period to be appropriated | 9905 | €645 | €3,746 | +€3,101 | +481% |
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 24 October 2026 via checked.be.