Stijn Vandersteegen: 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 Vandersteegen
Largest movements
- Receivables after one year +€125,000
new in 2025: €125,000
- Receivables within one year -€96,099
down €96,099 (-75.8%), from €126,712 to €30,614
- Reserves +€17,300
up €17,300 (+389%), from €4,450 to €21,750
- Other debts +€9,696
up €9,696 (+43.5%), from €22,315 to €32,012
- Taxes +€5,158
up €5,158 (+280%), from €1,845 to €7,003
- Financial charges +€1,138
up €1,138 (+861%), from €132 to €1,270
- Gross operating margin -€803
down €803 (-3.1%), from €25,926 to €25,123
- Financial income +€618
up €618 (+54.1%), from €1,143 to €1,760
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 | €153,206 | €182,527 | +€29,321 | +19.1% |
| Fixed assets | 21/28 | €25,819 | €25,419 | -€400 | -1.5% |
| Tangible fixed assets | 22/27 | €25,819 | €25,419 | -€400 | -1.5% |
| Land and buildings | 22 | €25,819 | €25,419 | -€400 | -1.5% |
| Current assets | 29/58 | €127,387 | €157,108 | +€29,721 | +23.3% |
| Amounts receivable after more than one year | 29 | - | €125,000 | +€125,000 | |
| Other amounts receivable | 291 | - | €125,000 | +€125,000 | |
| Amounts receivable within one year | 40/41 | €126,712 | €30,614 | -€96,099 | -75.8% |
| Other amounts receivable | 41 | €126,712 | €30,614 | -€96,099 | -75.8% |
| Cash at bank and in hand | 54/58 | €675 | €1,495 | +€820 | +121% |
| Total equity and liabilities | 10/49 | €153,206 | €182,527 | +€29,321 | +19.1% |
| Equity | 10/15 | €22,653 | €40,004 | +€17,352 | +76.6% |
| Contributions | 10/11 | €18,200 | €18,200 | = | 0.0% |
| Reserves | 13 | €4,450 | €21,750 | +€17,300 | +389% |
| Distributable reserves | 133 | €4,450 | €21,750 | +€17,300 | +389% |
| Profit (loss) carried forward | 14 | €3 | €54 | +€52 | +1,792% |
| Amounts payable | 17/49 | €130,553 | €142,523 | +€11,970 | +9.2% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 170/4 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €30,553 | €42,523 | +€11,970 | +39.2% |
| Trade debts | 44 | €268 | €998 | +€730 | +272% |
| Suppliers | 440/4 | €268 | €998 | +€730 | +272% |
| Taxes, remuneration and social security | 45 | €7,969 | €9,512 | +€1,543 | +19.4% |
| Taxes | 450/3 | €7,969 | €9,512 | +€1,543 | +19.4% |
| Other amounts payable | 47/48 | €22,315 | €32,012 | +€9,696 | +43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €400 | €400 | = | 0.0% |
| Other operating charges | 640/8 | €922 | €859 | -€62 | -6.8% |
| Gross operating margin | 9900 | €25,926 | €25,123 | -€803 | -3.1% |
| Operating profit (loss) | 9901 | €24,604 | €23,864 | -€741 | -3.0% |
| Financial income | 75/76B | €1,143 | €1,760 | +€618 | +54.1% |
| Recurring financial income | 75 | €1,143 | €1,760 | +€618 | +54.1% |
| Financial charges | 65/66B | €132 | €1,270 | +€1,138 | +861% |
| Recurring financial charges | 65 | €132 | €1,270 | +€1,138 | +861% |
| Profit (loss) for the period before taxes | 9903 | €25,615 | €24,355 | -€1,261 | -4.9% |
| Income taxes | 67/77 | €1,845 | €7,003 | +€5,158 | +280% |
| Profit (loss) for the period | 9904 | €23,770 | €17,352 | -€6,419 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,770 | €17,352 | -€6,419 | -27.0% |
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 21 October 2026 via checked.be.