STIJN RAES: 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.
What changed
STIJN RAES
NACE 69.102, Activities of notaries
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€153,494
2024 · €8,386+€145,108
Equity
€439,314
2024 · €285,820+€153,494
Cash
€68,145
2024 · €75,086-€6,941
Balance sheet total
€2.1m
2024 · €2.1m+€53,470
Largest movements
Assets
- Current investments +€200,000
new in 2025: €200,000
- Tangible fixed assets -€106,503
down €106,503 (-5.7%), from €1.9m to €1.8m
of which Leasing and similar rights: -€99,752
- Deferred charges and accrued income -€27,808
down €27,808 (-37.4%), from €74,327 to €46,519
Equity and liabilities
- Reserves +€153,494
up €153,494 (+55.2%), from €278,220 to €431,714
- Debts after one year -€140,607
down €140,607 (-9.5%), from €1.5m to €1.3m
Income statement
- Gross operating margin +€222,085
up €222,085 (+134%), from €165,220 to €387,305
- Taxes +€68,923
up €68,923 (+528%), from €13,055 to €81,978
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.
Result 2024
€8,386
Gross operating margin
+€222,085
Depreciation
-€796
Other operating charges
-€2,276
Financial income
-€1,584
Financial charges
-€3,397
Taxes
-€68,923
Result 2025
€153,494
raises the resultlowers the result
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.
From operations
+€330,788
Investment
-€200,000
Financing
-€137,729
Cash 2024
€75,086
From operations (derived)
+€330,788
Net result for the year
+€153,494
Depreciation
+€106,503
Receivables within one year
+€5,277
Deferred charges and accrued income
+€27,808
Trade debts
+€16,000
Tax, wage and social debts
+€15,650
Other debts
+€1,848
Accrued charges and deferred income
+€4,208
Investment (derived)
-€200,000
Current investments
-€200,000
Financing
-€137,729
Debts after one year
-€140,607
Current portion of long-term debt
+€2,878
Cash 2025
€68,145
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,070,387 | €2,123,857 | +€53,470 | +2.6% |
| Fixed assets | 21/28 | €1,868,841 | €1,762,338 | -€106,503 | -5.7% |
| Tangible fixed assets | 22/27 | €1,868,841 | €1,762,338 | -€106,503 | -5.7% |
| Land and buildings | 22 | €61,034 | €57,322 | -€3,712 | -6.1% |
| Plant, machinery and equipment | 23 | €6,121 | €4,653 | -€1,469 | -24.0% |
| Furniture and vehicles | 24 | €3,742 | €2,772 | -€970 | -25.9% |
| Leasing and similar rights | 25 | €1,795,544 | €1,695,792 | -€99,752 | -5.6% |
| Other tangible fixed assets | 26 | €2,400 | €1,800 | -€600 | -25.0% |
| Current assets | 29/58 | €201,545 | €361,519 | +€159,973 | +79.4% |
| Amounts receivable within one year | 40/41 | €52,133 | €46,855 | -€5,277 | -10.1% |
| Trade receivables | 40 | €16,094 | €16,094 | = | 0.0% |
| Other amounts receivable | 41 | €36,038 | €30,761 | -€5,277 | -14.6% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €75,086 | €68,145 | -€6,941 | -9.2% |
| Deferred charges and accrued income | 490/1 | €74,327 | €46,519 | -€27,808 | -37.4% |
| Total equity and liabilities | 10/49 | €2,070,387 | €2,123,857 | +€53,470 | +2.6% |
| Equity | 10/15 | €285,820 | €439,314 | +€153,494 | +53.7% |
| Contributions | 10/11 | €7,600 | €7,600 | = | 0.0% |
| Reserves | 13 | €278,220 | €431,714 | +€153,494 | +55.2% |
| Distributable reserves | 133 | €278,220 | €431,714 | +€153,494 | +55.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €10,951 | €10,951 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €10,951 | €10,951 | = | 0.0% |
| Pensions and similar obligations | 160 | €10,951 | €10,951 | = | 0.0% |
| Amounts payable | 17/49 | €1,773,615 | €1,673,592 | -€100,023 | -5.6% |
| Amounts payable after more than one year | 17 | €1,487,458 | €1,346,850 | -€140,607 | -9.5% |
| Financial debts | 170/4 | €1,487,458 | €1,346,850 | -€140,607 | -9.5% |
| Amounts payable within one year | 42/48 | €286,158 | €322,533 | +€36,376 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €137,729 | €140,607 | +€2,878 | +2.1% |
| Trade debts | 44 | €64,299 | €80,299 | +€16,000 | +24.9% |
| Suppliers | 440/4 | €64,299 | €80,299 | +€16,000 | +24.9% |
| Taxes, remuneration and social security | 45 | €7,253 | €22,903 | +€15,650 | +216% |
| Taxes | 450/3 | €4,553 | €20,203 | +€15,650 | +344% |
| Remuneration and social security | 454/9 | €2,700 | €2,700 | = | 0.0% |
| Other amounts payable | 47/48 | €76,876 | €78,724 | +€1,848 | +2.4% |
| Accrued charges and deferred income | 492/3 | - | €4,208 | +€4,208 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,707 | €106,503 | +€796 | +0.8% |
| Other operating charges | 640/8 | €1,596 | €3,872 | +€2,276 | +143% |
| Gross operating margin | 9900 | €165,220 | €387,305 | +€222,085 | +134% |
| Operating profit (loss) | 9901 | €57,917 | €276,929 | +€219,012 | +378% |
| Financial income | 75/76B | €1,584 | €0 | -€1,584 | -100.0% |
| Recurring financial income | 75 | €1,584 | €0 | -€1,584 | -100.0% |
| Financial charges | 65/66B | €38,060 | €41,458 | +€3,397 | +8.9% |
| Recurring financial charges | 65 | €38,060 | €41,458 | +€3,397 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €21,441 | €235,471 | +€214,031 | +998% |
| Income taxes | 67/77 | €13,055 | €81,978 | +€68,923 | +528% |
| Profit (loss) for the period | 9904 | €8,386 | €153,494 | +€145,108 | +1,730% |
| Profit (loss) for the period to be appropriated | 9905 | €8,386 | €153,494 | +€145,108 | +1,730% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.