Stijn Viaene: 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 Viaene
Largest movements
- Tangible fixed assets +€67,720
up €67,720 (+35.7%), from €189,469 to €257,189
of which Furniture and vehicles: +€81,169
- Cash -€14,410
down €14,410 (-16.0%), from €89,860 to €75,451
mainly Investment in fixed assets (net) (-€110,104) and Contributions, distributions and other (-€43,178)
- Receivables within one year -€4,712
down €4,712 (-23.4%), from €20,120 to €15,408
of which Trade receivables: -€11,699
- Debts after one year +€46,808
new in 2025: €46,808
- Reserves -€33,966
down €33,966 (-12.4%), from €274,409 to €240,442
- Other debts +€25,136
up €25,136, from €0 to €25,136
- Current portion of long-term debt +€16,701
up €16,701, from €0 to €16,701
- Tax, wage and social debts -€6,618
down €6,618 (-100%), from €6,618 to €0
- Gross operating margin -€19,680
down €19,680 (-24.7%), from €79,802 to €60,122
- Depreciation +€11,822
up €11,822 (+38.7%), from €30,562 to €42,384
- Taxes -€10,700
down €10,700 (-68.2%), from €15,687 to €4,987
- Financial income -€971
down €971 (-79.7%), from €1,218 to €247
- Financial charges +€919
up €919 (+103%), from €889 to €1,809
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 | €300,850 | €349,449 | +€48,599 | +16.2% |
| Fixed assets | 21/28 | €190,869 | €258,589 | +€67,720 | +35.5% |
| Tangible fixed assets | 22/27 | €189,469 | €257,189 | +€67,720 | +35.7% |
| Land and buildings | 22 | €185,105 | €172,408 | -€12,697 | -6.9% |
| Plant, machinery and equipment | 23 | €2,682 | €1,931 | -€752 | -28.0% |
| Furniture and vehicles | 24 | €1,682 | €82,851 | +€81,169 | +4,827% |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €109,981 | €90,859 | -€19,121 | -17.4% |
| Amounts receivable within one year | 40/41 | €20,120 | €15,408 | -€4,712 | -23.4% |
| Trade receivables | 40 | €12,107 | €408 | -€11,699 | -96.6% |
| Other amounts receivable | 41 | €8,013 | €15,001 | +€6,988 | +87.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €89,860 | €75,451 | -€14,410 | -16.0% |
| Total equity and liabilities | 10/49 | €300,850 | €349,449 | +€48,599 | +16.2% |
| Equity | 10/15 | €292,959 | €258,992 | -€33,966 | -11.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €274,409 | €240,442 | -€33,966 | -12.4% |
| Distributable reserves | 133 | €274,409 | €240,442 | -€33,966 | -12.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €7,891 | €90,456 | +€82,565 | +1,046% |
| Amounts payable after more than one year | 17 | - | €46,808 | +€46,808 | |
| Financial debts | 170/4 | - | €46,808 | +€46,808 | |
| Amounts payable within one year | 42/48 | €7,891 | €43,648 | +€35,757 | +453% |
| Current portion of amounts payable after more than one year | 42 | €0 | €16,701 | +€16,701 | |
| Trade debts | 44 | €1,274 | €1,811 | +€538 | +42.2% |
| Suppliers | 440/4 | €1,274 | €1,811 | +€538 | +42.2% |
| Taxes, remuneration and social security | 45 | €6,618 | €0 | -€6,618 | -100% |
| Taxes | 450/3 | €6,618 | €0 | -€6,618 | -100% |
| Other amounts payable | 47/48 | €0 | €25,136 | +€25,136 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,562 | €42,384 | +€11,822 | +38.7% |
| Other operating charges | 640/8 | €1,671 | €1,977 | +€306 | +18.3% |
| Gross operating margin | 9900 | €79,802 | €60,122 | -€19,680 | -24.7% |
| Operating profit (loss) | 9901 | €47,569 | €15,760 | -€31,808 | -66.9% |
| Financial income | 75/76B | €1,218 | €247 | -€971 | -79.7% |
| Recurring financial income | 75 | €1,218 | €247 | -€971 | -79.7% |
| Financial charges | 65/66B | €889 | €1,809 | +€919 | +103% |
| Recurring financial charges | 65 | €889 | €1,809 | +€919 | +103% |
| Profit (loss) for the period before taxes | 9903 | €47,897 | €14,199 | -€33,699 | -70.4% |
| Income taxes | 67/77 | €15,687 | €4,987 | -€10,700 | -68.2% |
| Profit (loss) for the period | 9904 | €32,210 | €9,211 | -€22,999 | -71.4% |
| Profit (loss) for the period to be appropriated | 9905 | €32,210 | €9,211 | -€22,999 | -71.4% |
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 30 October 2026 via checked.be.