STIJN PANS: 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 PANS
Largest movements
- Receivables within one year -€121,554
down €121,554 (-65.3%), from €186,128 to €64,574
of which Other amounts receivable: -€89,930
- Stocks and contracts +€20,476
up €20,476 (+25.7%), from €79,601 to €100,077
of which Contracts in progress: +€30,794
- Cash +€6,464
up €6,464 (+6.5%), from €99,103 to €105,567
mainly Receivables within one year (+€121,554) and Net result for the year (+€117,777)
- Other debts -€132,168
down €132,168 (-51.4%), from €257,000 to €124,832
- Trade debts +€38,255
up €38,255 (+78.2%), from €48,897 to €87,153
- Reserves +€5,777
up €5,777 (+10.9%), from €52,840 to €58,617
- Tax, wage and social debts -€4,531
down €4,531 (-34.4%), from €13,152 to €8,621
of which Taxes: -€3,423
- Gross operating margin -€169,181
down €169,181 (-44.6%), from €379,129 to €209,948
- Staff costs -€25,606
down €25,606 (-23.2%), from €110,533 to €84,927
- Depreciation -€5,423
down €5,423 (-55.9%), from €9,698 to €4,275
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 | €390,659 | €293,753 | -€96,907 | -24.8% |
| Fixed assets | 21/28 | €19,351 | €16,720 | -€2,631 | -13.6% |
| Tangible fixed assets | 22/27 | €19,351 | €16,720 | -€2,631 | -13.6% |
| Land and buildings | 22 | €16,049 | €13,192 | -€2,856 | -17.8% |
| Plant, machinery and equipment | 23 | €3,302 | €3,528 | +€225 | +6.8% |
| Current assets | 29/58 | €371,308 | €277,033 | -€94,276 | -25.4% |
| Stocks and contracts in progress | 3 | €79,601 | €100,077 | +€20,476 | +25.7% |
| Stocks | 30/36 | €43,120 | €32,802 | -€10,318 | -23.9% |
| Contracts in progress | 37 | €36,481 | €67,275 | +€30,794 | +84.4% |
| Amounts receivable within one year | 40/41 | €186,128 | €64,574 | -€121,554 | -65.3% |
| Trade receivables | 40 | €67,961 | €36,337 | -€31,624 | -46.5% |
| Other amounts receivable | 41 | €118,167 | €28,237 | -€89,930 | -76.1% |
| Cash at bank and in hand | 54/58 | €99,103 | €105,567 | +€6,464 | +6.5% |
| Deferred charges and accrued income | 490/1 | €6,476 | €6,814 | +€338 | +5.2% |
| Total equity and liabilities | 10/49 | €390,659 | €293,753 | -€96,907 | -24.8% |
| Equity | 10/15 | €65,254 | €71,031 | +€5,777 | +8.9% |
| Contributions | 10/11 | €12,413 | €12,413 | = | 0.0% |
| Reserves | 13 | €52,840 | €58,617 | +€5,777 | +10.9% |
| Distributable reserves | 133 | €52,840 | €58,617 | +€5,777 | +10.9% |
| Amounts payable | 17/49 | €325,406 | €222,722 | -€102,684 | -31.6% |
| Amounts payable within one year | 42/48 | €320,591 | €220,606 | -€99,985 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €1,541 | - | -€1,541 | |
| Trade debts | 44 | €48,897 | €87,153 | +€38,255 | +78.2% |
| Suppliers | 440/4 | €48,897 | €87,153 | +€38,255 | +78.2% |
| Taxes, remuneration and social security | 45 | €13,152 | €8,621 | -€4,531 | -34.4% |
| Taxes | 450/3 | €3,863 | €440 | -€3,423 | -88.6% |
| Remuneration and social security | 454/9 | €9,289 | €8,182 | -€1,108 | -11.9% |
| Other amounts payable | 47/48 | €257,000 | €124,832 | -€132,168 | -51.4% |
| Accrued charges and deferred income | 492/3 | €4,815 | €2,116 | -€2,699 | -56.0% |
| Remuneration, social security and pensions | 62 | €110,533 | €84,927 | -€25,606 | -23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,698 | €4,275 | -€5,423 | -55.9% |
| Other operating charges | 640/8 | €857 | €726 | -€131 | -15.3% |
| Gross operating margin | 9900 | €379,129 | €209,948 | -€169,181 | -44.6% |
| Operating profit (loss) | 9901 | €258,041 | €120,019 | -€138,021 | -53.5% |
| Financial income | 75/76B | €5,029 | €1,256 | -€3,773 | -75.0% |
| Recurring financial income | 75 | €5,029 | €1,256 | -€3,773 | -75.0% |
| Financial charges | 65/66B | €1,155 | €739 | -€416 | -36.0% |
| Recurring financial charges | 65 | €1,155 | €739 | -€416 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €261,914 | €120,536 | -€141,378 | -54.0% |
| Income taxes | 67/77 | €3,466 | €2,759 | -€707 | -20.4% |
| Profit (loss) for the period | 9904 | €258,448 | €117,777 | -€140,671 | -54.4% |
| Profit (loss) for the period to be appropriated | 9905 | €258,448 | €117,777 | -€140,671 | -54.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.