STIJN VANGENECHTEN: what changed
STIJN VANGENECHTEN
Largest movements
- Current investments -€89,714
down €89,714 (-63.2%), from €142,036 to €52,323
- Receivables within one year -€51,441
down €51,441 (-56.1%), from €91,688 to €40,247
of which Other amounts receivable: -€52,449
- Cash -€24,899
down €24,899 (-23.8%), from €104,675 to €79,776
mainly Contributions, distributions and other (-€149,206) and Current portion of long-term debt (-€11,482)
- Tangible fixed assets -€15,428
down €15,428 (-9.7%), from €158,991 to €143,563
of which Land and buildings: -€14,652
- Reserves -€149,206
down €149,206 (-37.0%), from €403,619 to €254,413
- Current portion of long-term debt -€11,482
down €11,482 (-48.6%), from €23,631 to €12,148
- Debts after one year -€10,753
down €10,753 (-8.8%), from €122,652 to €111,898
- Profit (loss) carried forward -€9,145
down €9,145 (-54.4%), from €16,806 to €7,661
- Gross operating margin -€95,163
down €95,163 (-87.4%), from €108,891 to €13,728
- Depreciation -€8,441
down €8,441 (-33.8%), from €24,939 to €16,498
- Taxes -€7,127
down €7,127 (-94.9%), from €7,513 to €386
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €606,757 | €425,562 | -€181,195 | -29.9% |
| Fixed assets | 21/28 | €258,992 | €243,563 | -€15,428 | -6.0% |
| Tangible fixed assets | 22/27 | €158,991 | €143,563 | -€15,428 | -9.7% |
| Land and buildings | 22 | €155,307 | €140,655 | -€14,652 | -9.4% |
| Plant, machinery and equipment | 23 | - | €1,011 | +€1,011 | |
| Furniture and vehicles | 24 | €3,684 | €1,896 | -€1,788 | -48.5% |
| Financial fixed assets | 28 | €100,001 | €100,001 | = | 0.0% |
| Current assets | 29/58 | €347,765 | €181,999 | -€165,767 | -47.7% |
| Amounts receivable within one year | 40/41 | €91,688 | €40,247 | -€51,441 | -56.1% |
| Trade receivables | 40 | €13,108 | €14,117 | +€1,008 | +7.7% |
| Other amounts receivable | 41 | €78,579 | €26,130 | -€52,449 | -66.7% |
| Current investments | 50/53 | €142,036 | €52,323 | -€89,714 | -63.2% |
| Cash at bank and in hand | 54/58 | €104,675 | €79,776 | -€24,899 | -23.8% |
| Deferred charges and accrued income | 490/1 | €9,366 | €9,653 | +€286 | +3.1% |
| Total equity and liabilities | 10/49 | €606,757 | €425,562 | -€181,195 | -29.9% |
| Equity | 10/15 | €439,024 | €280,674 | -€158,351 | -36.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €403,619 | €254,413 | -€149,206 | -37.0% |
| Distributable reserves | 133 | €403,619 | €254,413 | -€149,206 | -37.0% |
| Profit (loss) carried forward | 14 | €16,806 | €7,661 | -€9,145 | -54.4% |
| Amounts payable | 17/49 | €167,733 | €144,889 | -€22,844 | -13.6% |
| Amounts payable after more than one year | 17 | €122,652 | €111,898 | -€10,753 | -8.8% |
| Financial debts | 170/4 | €122,652 | €111,898 | -€10,753 | -8.8% |
| Amounts payable within one year | 42/48 | €41,892 | €28,801 | -€13,091 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €23,631 | €12,148 | -€11,482 | -48.6% |
| Trade debts | 44 | €1,108 | €1,841 | +€732 | +66.1% |
| Suppliers | 440/4 | €1,108 | €1,841 | +€732 | +66.1% |
| Taxes, remuneration and social security | 45 | €17,153 | €14,812 | -€2,341 | -13.6% |
| Taxes | 450/3 | €13,683 | €11,342 | -€2,341 | -17.1% |
| Remuneration and social security | 454/9 | €3,470 | €3,470 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,190 | €4,190 | +€1,000 | +31.4% |
| Non-recurring operating income | 76A | €82,400 | - | -€82,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,939 | €16,498 | -€8,441 | -33.8% |
| Other operating charges | 640/8 | €5,291 | €4,532 | -€759 | -14.3% |
| Gross operating margin | 9900 | €108,891 | €13,728 | -€95,163 | -87.4% |
| Operating profit (loss) | 9901 | €78,661 | -€7,302 | -€85,963 | |
| Financial income | 75/76B | €1,570 | €2,205 | +€635 | +40.5% |
| Recurring financial income | 75 | €1,570 | €2,205 | +€635 | +40.5% |
| Financial charges | 65/66B | €3,121 | €3,663 | +€542 | +17.4% |
| Recurring financial charges | 65 | €3,121 | €3,663 | +€542 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | €77,110 | -€8,760 | -€85,870 | |
| Income taxes | 67/77 | €7,513 | €386 | -€7,127 | -94.9% |
| Profit (loss) for the period | 9904 | €69,598 | -€9,145 | -€78,743 | |
| Profit (loss) for the period to be appropriated | 9905 | €69,598 | -€9,145 | -€78,743 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.