Stock Lieven: 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.
Stock Lieven
Largest movements
- Cash +€156,524
up €156,524 (+83.7%), from €187,066 to €343,590
mainly Net result for the year (+€155,689) and Depreciation (+€25,923)
- Receivables within one year -€11,471
down €11,471 (-20.0%), from €57,446 to €45,975
of which Other amounts receivable: -€13,205
- Reserves +€155,689
up €155,689 (+37.7%), from €413,262 to €568,951
- Current portion of long-term debt -€17,912
no longer reported in 2025 (was €17,912)
- Gross operating margin +€51,714
up €51,714 (+13.1%), from €393,472 to €445,186
- Taxes +€18,360
up €18,360 (+35.0%), from €52,519 to €70,879
- Depreciation -€7,777
down €7,777 (-23.1%), from €33,701 to €25,923
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 | €482,045 | €623,317 | +€141,271 | +29.3% |
| Fixed assets | 21/28 | €56,916 | €53,217 | -€3,699 | -6.5% |
| Tangible fixed assets | 22/27 | €31,916 | €28,217 | -€3,699 | -11.6% |
| Land and buildings | 22 | €10,069 | €6,806 | -€3,262 | -32.4% |
| Plant, machinery and equipment | 23 | €19,002 | €13,759 | -€5,243 | -27.6% |
| Furniture and vehicles | 24 | €2,845 | €7,652 | +€4,806 | +169% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €425,129 | €570,100 | +€144,971 | +34.1% |
| Amounts receivable within one year | 40/41 | €57,446 | €45,975 | -€11,471 | -20.0% |
| Trade receivables | 40 | €43,657 | €45,391 | +€1,734 | +4.0% |
| Other amounts receivable | 41 | €13,789 | €583 | -€13,205 | -95.8% |
| Current investments | 50/53 | €180,617 | €180,535 | -€82 | 0.0% |
| Cash at bank and in hand | 54/58 | €187,066 | €343,590 | +€156,524 | +83.7% |
| Total equity and liabilities | 10/49 | €482,045 | €623,317 | +€141,271 | +29.3% |
| Equity | 10/15 | €433,262 | €588,951 | +€155,689 | +35.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €413,262 | €568,951 | +€155,689 | +37.7% |
| Distributable reserves | 133 | €413,262 | €568,951 | +€155,689 | +37.7% |
| Amounts payable | 17/49 | €48,783 | €34,365 | -€14,417 | -29.6% |
| Amounts payable within one year | 42/48 | €47,560 | €33,171 | -€14,388 | -30.3% |
| Current portion of amounts payable after more than one year | 42 | €17,912 | - | -€17,912 | |
| Trade debts | 44 | €812 | €2,750 | +€1,938 | +239% |
| Suppliers | 440/4 | €812 | €2,750 | +€1,938 | +239% |
| Taxes, remuneration and social security | 45 | €12,802 | €12,731 | -€71 | -0.6% |
| Taxes | 450/3 | €8,723 | €8,998 | +€275 | +3.1% |
| Remuneration and social security | 454/9 | €4,079 | €3,734 | -€346 | -8.5% |
| Other amounts payable | 47/48 | €16,033 | €17,691 | +€1,658 | +10.3% |
| Accrued charges and deferred income | 492/3 | €1,223 | €1,194 | -€29 | -2.4% |
| Remuneration, social security and pensions | 62 | €189,849 | €194,195 | +€4,346 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,701 | €25,923 | -€7,777 | -23.1% |
| Other operating charges | 640/8 | €1,935 | €1,994 | +€59 | +3.1% |
| Gross operating margin | 9900 | €393,472 | €445,186 | +€51,714 | +13.1% |
| Operating profit (loss) | 9901 | €167,987 | €223,074 | +€55,086 | +32.8% |
| Financial income | 75/76B | €4,499 | €5,006 | +€507 | +11.3% |
| Recurring financial income | 75 | €4,499 | €5,006 | +€507 | +11.3% |
| Financial charges | 65/66B | €2,190 | €1,512 | -€678 | -30.9% |
| Recurring financial charges | 65 | €2,190 | €1,512 | -€678 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €170,296 | €226,567 | +€56,271 | +33.0% |
| Income taxes | 67/77 | €52,519 | €70,879 | +€18,360 | +35.0% |
| Profit (loss) for the period | 9904 | €117,777 | €155,689 | +€37,912 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €117,777 | €155,689 | +€37,912 | +32.2% |
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 29 October 2026 via checked.be.