STIMULATE: what changed
Two fiscal 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.
STIMULATE
Largest movements
- Cash -€122,257
down €122,257 (-51.7%), from €236,304 to €114,047
mainly Contributions, distributions and other (-€225,000) and Tax, wage and social debts (-€24,231)
- Receivables within one year -€13,017
down €13,017 (-70.7%), from €18,400 to €5,383
of which Trade receivables: -€18,400
- Reserves -€159,235
down €159,235 (-80.1%), from €198,708 to €39,473
- Other debts +€47,036
up €47,036 (+36462.0%), from €129 to €47,165
- Tax, wage and social debts -€24,231
down €24,231 (-38.9%), from €62,229 to €37,998
of which Taxes: -€27,231
- Gross operating margin -€38,593
down €38,593 (-30.3%), from €127,473 to €88,880
- Taxes -€8,924
down €8,924 (-31.9%), from €27,985 to €19,061
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.
Cash bridge derived
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 | €263,758 | €127,612 | -€136,146 | -51.6% |
| Fixed assets | 21/28 | €1,038 | €1,614 | +€576 | +55.5% |
| Tangible fixed assets | 22/27 | €1,038 | €1,614 | +€576 | +55.5% |
| Furniture and vehicles | 24 | €1,038 | €1,614 | +€576 | +55.5% |
| Current assets | 29/58 | €262,720 | €125,998 | -€136,722 | -52.0% |
| Amounts receivable within one year | 40/41 | €18,400 | €5,383 | -€13,017 | -70.7% |
| Trade receivables | 40 | €18,400 | - | -€18,400 | |
| Other amounts receivable | 41 | - | €5,383 | +€5,383 | |
| Cash at bank and in hand | 54/58 | €236,304 | €114,047 | -€122,257 | -51.7% |
| Deferred charges and accrued income | 490/1 | €8,016 | €6,568 | -€1,448 | -18.1% |
| Total equity and liabilities | 10/49 | €263,758 | €127,612 | -€136,146 | -51.6% |
| Equity | 10/15 | €198,808 | €39,573 | -€159,235 | -80.1% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €198,708 | €39,473 | -€159,235 | -80.1% |
| Distributable reserves | 133 | €198,708 | €39,473 | -€159,235 | -80.1% |
| Amounts payable | 17/49 | €64,950 | €88,039 | +€23,089 | +35.5% |
| Amounts payable within one year | 42/48 | €64,950 | €88,039 | +€23,089 | +35.5% |
| Trade debts | 44 | €2,592 | €2,876 | +€284 | +11.0% |
| Suppliers | 440/4 | €2,592 | €2,876 | +€284 | +11.0% |
| Taxes, remuneration and social security | 45 | €62,229 | €37,998 | -€24,231 | -38.9% |
| Taxes | 450/3 | €62,229 | €34,998 | -€27,231 | -43.8% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €129 | €47,165 | +€47,036 | +36462.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €756 | €794 | +€38 | +5.0% |
| Other operating charges | 640/8 | €208 | €886 | +€678 | +326.0% |
| Gross operating margin | 9900 | €127,473 | €88,880 | -€38,593 | -30.3% |
| Operating profit (loss) | 9901 | €126,509 | €87,200 | -€39,309 | -31.1% |
| Financial charges | 65/66B | €2,897 | €2,374 | -€523 | -18.1% |
| Recurring financial charges | 65 | €2,897 | €2,374 | -€523 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €123,612 | €84,826 | -€38,786 | -31.4% |
| Income taxes | 67/77 | €27,985 | €19,061 | -€8,924 | -31.9% |
| Profit (loss) for the period | 9904 | €95,627 | €65,765 | -€29,862 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €95,627 | €65,765 | -€29,862 | -31.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.