STIJN MORTIER: 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 MORTIER
Largest movements
- Cash -€98,366
down €98,366 (-58.1%), from €169,217 to €70,851
mainly Contributions, distributions and other (-€222,338) and Deferred charges and accrued income (-€23,320)
- Deferred charges and accrued income +€23,320
up €23,320 (+88.7%), from €26,297 to €49,617
- Reserves -€131,276
down €131,276 (-68.3%), from €192,338 to €61,063
- Other debts +€67,038
up €67,038 (+680%), from €9,856 to €76,894
- Tax, wage and social debts -€9,182
down €9,182 (-32.7%), from €28,103 to €18,921
of which Taxes: -€10,182
- Gross operating margin +€31,420
up €31,420 (+23.9%), from €131,393 to €162,813
- Taxes +€6,916
up €6,916 (+24.9%), from €27,819 to €34,735
- Depreciation +€1,913
up €1,913 (+20.2%), from €9,476 to €11,390
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 | €257,027 | €183,046 | -€73,982 | -28.8% |
| Fixed assets | 21/28 | €61,271 | €61,655 | +€383 | +0.6% |
| Tangible fixed assets | 22/27 | €61,271 | €61,655 | +€383 | +0.6% |
| Plant, machinery and equipment | 23 | €1,178 | €0 | -€1,178 | -100% |
| Furniture and vehicles | 24 | €3,501 | €2,100 | -€1,401 | -40.0% |
| Other tangible fixed assets | 26 | €56,592 | €59,555 | +€2,963 | +5.2% |
| Current assets | 29/58 | €195,756 | €121,391 | -€74,365 | -38.0% |
| Amounts receivable within one year | 40/41 | €242 | €923 | +€681 | +282% |
| Trade receivables | 40 | €242 | €581 | +€339 | +140% |
| Other amounts receivable | 41 | - | €343 | +€343 | |
| Cash at bank and in hand | 54/58 | €169,217 | €70,851 | -€98,366 | -58.1% |
| Deferred charges and accrued income | 490/1 | €26,297 | €49,617 | +€23,320 | +88.7% |
| Total equity and liabilities | 10/49 | €257,027 | €183,046 | -€73,982 | -28.8% |
| Equity | 10/15 | €210,933 | €79,658 | -€131,276 | -62.2% |
| Contributions | 10/11 | €18,595 | €18,595 | = | 0.0% |
| Reserves | 13 | €192,338 | €61,063 | -€131,276 | -68.3% |
| Distributable reserves | 133 | €192,338 | €61,063 | -€131,276 | -68.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €46,094 | €103,388 | +€57,294 | +124% |
| Amounts payable within one year | 42/48 | €45,395 | €101,395 | +€56,000 | +123% |
| Financial debts | 43 | €3,391 | €975 | -€2,416 | -71.3% |
| Credit institutions | 430/8 | €3,391 | €975 | -€2,416 | -71.3% |
| Trade debts | 44 | €4,046 | €4,606 | +€560 | +13.8% |
| Suppliers | 440/4 | €4,046 | €4,606 | +€560 | +13.8% |
| Taxes, remuneration and social security | 45 | €28,103 | €18,921 | -€9,182 | -32.7% |
| Taxes | 450/3 | €21,138 | €10,956 | -€10,182 | -48.2% |
| Remuneration and social security | 454/9 | €6,965 | €7,965 | +€1,000 | +14.4% |
| Other amounts payable | 47/48 | €9,856 | €76,894 | +€67,038 | +680% |
| Accrued charges and deferred income | 492/3 | €699 | €1,993 | +€1,294 | +185% |
| Remuneration, social security and pensions | 62 | €21,287 | €22,160 | +€874 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,476 | €11,390 | +€1,913 | +20.2% |
| Other operating charges | 640/8 | €1,376 | €1,368 | -€8 | -0.6% |
| Non-recurring operating charges | 66A | €63 | €0 | -€63 | -100% |
| Gross operating margin | 9900 | €131,393 | €162,813 | +€31,420 | +23.9% |
| Operating profit (loss) | 9901 | €99,191 | €127,896 | +€28,704 | +28.9% |
| Financial income | 75/76B | €1 | €20 | +€19 | +2,094% |
| Recurring financial income | 75 | €1 | €20 | +€19 | +2,094% |
| Financial charges | 65/66B | €931 | €2,119 | +€1,188 | +128% |
| Recurring financial charges | 65 | €931 | €2,119 | +€1,188 | +128% |
| Profit (loss) for the period before taxes | 9903 | €98,261 | €125,797 | +€27,536 | +28.0% |
| Income taxes | 67/77 | €27,819 | €34,735 | +€6,916 | +24.9% |
| Profit (loss) for the period | 9904 | €70,442 | €91,063 | +€20,620 | +29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,442 | €91,063 | +€20,620 | +29.3% |
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.