Stijn Vercammen: 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 Vercammen
Largest movements
- Cash +€53,042
up €53,042 (+149%), from €35,610 to €88,652
mainly Net result for the year (+€76,239) and Trade debts (+€19,360)
- Tangible fixed assets +€20,727
up €20,727 (+722%), from €2,872 to €23,598
of which Land and buildings: +€21,726
- Receivables within one year +€20,480
up €20,480 (+34,794%), from €59 to €20,539
of which Trade receivables: +€13,831
- Deferred charges and accrued income -€2,340
no longer reported in 2025 (was €2,340)
- Profit (loss) carried forward +€76,239
up €76,239 (+508%), from €15,021 to €91,261
- Trade debts +€19,360
new in 2025: €19,360
- Tax, wage and social debts -€3,259
down €3,259 (-31.3%), from €10,428 to €7,168
of which Taxes: -€5,134
- Gross operating margin +€77,096
up €77,096 (+384%), from €20,088 to €97,184
- Taxes +€15,502
up €15,502 (+404%), from €3,834 to €19,335
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 | €40,881 | €132,789 | +€91,908 | +225% |
| Fixed assets | 21/28 | €2,872 | €23,598 | +€20,727 | +722% |
| Tangible fixed assets | 22/27 | €2,872 | €23,598 | +€20,727 | +722% |
| Land and buildings | 22 | - | €21,726 | +€21,726 | |
| Furniture and vehicles | 24 | €2,872 | €1,872 | -€1,000 | -34.8% |
| Current assets | 29/58 | €38,009 | €109,191 | +€71,182 | +187% |
| Amounts receivable within one year | 40/41 | €59 | €20,539 | +€20,480 | +34,794% |
| Trade receivables | 40 | - | €13,831 | +€13,831 | |
| Other amounts receivable | 41 | €59 | €6,707 | +€6,648 | +11,295% |
| Cash at bank and in hand | 54/58 | €35,610 | €88,652 | +€53,042 | +149% |
| Deferred charges and accrued income | 490/1 | €2,340 | - | -€2,340 | |
| Total equity and liabilities | 10/49 | €40,881 | €132,789 | +€91,908 | +225% |
| Equity | 10/15 | €30,021 | €106,261 | +€76,239 | +254% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,021 | €91,261 | +€76,239 | +508% |
| Amounts payable | 17/49 | €10,860 | €26,528 | +€15,669 | +144% |
| Amounts payable within one year | 42/48 | €10,428 | €26,528 | +€16,101 | +154% |
| Trade debts | 44 | - | €19,360 | +€19,360 | |
| Suppliers | 440/4 | - | €19,360 | +€19,360 | |
| Taxes, remuneration and social security | 45 | €10,428 | €7,168 | -€3,259 | -31.3% |
| Taxes | 450/3 | €10,428 | €5,293 | -€5,134 | -49.2% |
| Remuneration and social security | 454/9 | - | €1,875 | +€1,875 | |
| Accrued charges and deferred income | 492/3 | €432 | - | -€432 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,229 | €1,053 | -€176 | -14.3% |
| Other operating charges | 640/8 | - | €276 | +€276 | |
| Gross operating margin | 9900 | €20,088 | €97,184 | +€77,096 | +384% |
| Operating profit (loss) | 9901 | €18,859 | €95,854 | +€76,995 | +408% |
| Financial charges | 65/66B | €4 | €280 | +€275 | +6,543% |
| Recurring financial charges | 65 | €4 | €280 | +€275 | +6,543% |
| Profit (loss) for the period before taxes | 9903 | €18,855 | €95,575 | +€76,720 | +407% |
| Income taxes | 67/77 | €3,834 | €19,335 | +€15,502 | +404% |
| Profit (loss) for the period | 9904 | €15,021 | €76,239 | +€61,218 | +408% |
| Profit (loss) for the period to be appropriated | 9905 | €15,021 | €76,239 | +€61,218 | +408% |
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 23 October 2026 via checked.be.