Stijn Verhoeven: 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 Verhoeven
Largest movements
- Cash +€25,765
up €25,765 (+629%), from €4,098 to €29,864
mainly Net result for the year (+€8,010) and Stocks and contracts (+€5,850)
- Stocks and contracts -€5,850
no longer reported in 2025 (was €5,850)
- Tangible fixed assets -€3,329
down €3,329 (-18.1%), from €18,407 to €15,077
of which Plant, machinery and equipment: -€2,451
- Receivables within one year -€2,293
down €2,293 (-66.7%), from €3,439 to €1,145
of which Trade receivables: -€3,439
- Deferred charges and accrued income +€1,172
up €1,172 (+102%), from €1,152 to €2,324
- Reserves +€8,010
up €8,010 (+29.5%), from €27,129 to €35,139
- Trade debts +€5,648
new in 2025: €5,648
- Tax, wage and social debts +€1,807
up €1,807 (+35.1%), from €5,151 to €6,958
- Gross operating margin +€10,409
up €10,409 (+123%), from €8,458 to €18,867
- Depreciation +€1,789
up €1,789 (+50.1%), from €3,572 to €5,362
- Taxes +€809
up €809 (+24.2%), from €3,348 to €4,157
- Other operating charges +€220
up €220 (+23.2%), from €948 to €1,168
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 | €37,280 | €52,745 | +€15,464 | +41.5% |
| Fixed assets | 21/28 | €22,742 | €19,412 | -€3,329 | -14.6% |
| Tangible fixed assets | 22/27 | €18,407 | €15,077 | -€3,329 | -18.1% |
| Plant, machinery and equipment | 23 | €6,301 | €3,850 | -€2,451 | -38.9% |
| Furniture and vehicles | 24 | €2,034 | €1,330 | -€705 | -34.6% |
| Other tangible fixed assets | 26 | €10,072 | €9,897 | -€174 | -1.7% |
| Financial fixed assets | 28 | €4,335 | €4,335 | = | 0.0% |
| Current assets | 29/58 | €14,539 | €33,333 | +€18,794 | +129% |
| Stocks and contracts in progress | 3 | €5,850 | - | -€5,850 | |
| Contracts in progress | 37 | €5,850 | - | -€5,850 | |
| Amounts receivable within one year | 40/41 | €3,439 | €1,145 | -€2,293 | -66.7% |
| Trade receivables | 40 | €3,439 | - | -€3,439 | |
| Other amounts receivable | 41 | - | €1,145 | +€1,145 | |
| Cash at bank and in hand | 54/58 | €4,098 | €29,864 | +€25,765 | +629% |
| Deferred charges and accrued income | 490/1 | €1,152 | €2,324 | +€1,172 | +102% |
| Total equity and liabilities | 10/49 | €37,280 | €52,745 | +€15,464 | +41.5% |
| Equity | 10/15 | €32,129 | €40,139 | +€8,010 | +24.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €27,129 | €35,139 | +€8,010 | +29.5% |
| Distributable reserves | 133 | €27,129 | €35,139 | +€8,010 | +29.5% |
| Amounts payable | 17/49 | €5,151 | €12,606 | +€7,455 | +145% |
| Amounts payable within one year | 42/48 | €5,151 | €12,606 | +€7,455 | +145% |
| Trade debts | 44 | - | €5,648 | +€5,648 | |
| Suppliers | 440/4 | - | €5,648 | +€5,648 | |
| Taxes, remuneration and social security | 45 | €5,151 | €6,958 | +€1,807 | +35.1% |
| Taxes | 450/3 | €5,151 | €6,958 | +€1,807 | +35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,572 | €5,362 | +€1,789 | +50.1% |
| Other operating charges | 640/8 | €948 | €1,168 | +€220 | +23.2% |
| Gross operating margin | 9900 | €8,458 | €18,867 | +€10,409 | +123% |
| Operating profit (loss) | 9901 | €3,938 | €12,337 | +€8,399 | +213% |
| Financial charges | 65/66B | €125 | €170 | +€45 | +35.5% |
| Recurring financial charges | 65 | €125 | €170 | +€45 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | €3,813 | €12,167 | +€8,355 | +219% |
| Income taxes | 67/77 | €3,348 | €4,157 | +€809 | +24.2% |
| Profit (loss) for the period | 9904 | €464 | €8,010 | +€7,546 | +1,625% |
| Profit (loss) for the period to be appropriated | 9905 | €464 | €8,010 | +€7,546 | +1,625% |
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 27 October 2026 via checked.be.