STRAT-X: 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.
STRAT-X
Largest movements
- Cash +€228,635
up €228,635 (+428.3%), from €53,385 to €282,020
mainly Current investments (+€221,389) and Depreciation (+€32,272)
- Current investments -€221,389
down €221,389 (-100.0%), from €221,389 to €0
- Tangible fixed assets +€19,345
up €19,345 (+8.6%), from €225,841 to €245,186
of which Land and buildings: +€15,975
- Receivables within one year -€13,961
down €13,961 (-48.0%), from €29,115 to €15,154
of which Other amounts receivable: -€16,467
- Reserves +€14,433
up €14,433 (+3.8%), from €379,510 to €393,943
of which Distributable reserves: +€24,972
- Gross operating margin -€78,701
down €78,701 (-57.3%), from €137,368 to €58,667
- Taxes -€23,521
down €23,521 (-67.7%), from €34,752 to €11,231
- Depreciation +€2,305
up €2,305 (+7.7%), from €29,967 to €32,272
- Financial income +€1,955
up €1,955 (+68.1%), from €2,872 to €4,827
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 | €530,967 | €543,642 | +€12,675 | +2.4% |
| Fixed assets | 21/28 | €225,942 | €245,287 | +€19,345 | +8.6% |
| Tangible fixed assets | 22/27 | €225,841 | €245,186 | +€19,345 | +8.6% |
| Land and buildings | 22 | - | €15,975 | +€15,975 | |
| Plant, machinery and equipment | 23 | €10,159 | €7,464 | -€2,696 | -26.5% |
| Furniture and vehicles | 24 | €7,008 | €8,874 | +€1,866 | +26.6% |
| Other tangible fixed assets | 26 | €208,673 | €212,873 | +€4,200 | +2.0% |
| Financial fixed assets | 28 | €101 | €101 | = | 0.0% |
| Current assets | 29/58 | €305,025 | €298,355 | -€6,670 | -2.2% |
| Amounts receivable within one year | 40/41 | €29,115 | €15,154 | -€13,961 | -48.0% |
| Trade receivables | 40 | €11,322 | €13,828 | +€2,506 | +22.1% |
| Other amounts receivable | 41 | €17,793 | €1,326 | -€16,467 | -92.5% |
| Current investments | 50/53 | €221,389 | €0 | -€221,389 | -100.0% |
| Cash at bank and in hand | 54/58 | €53,385 | €282,020 | +€228,635 | +428.3% |
| Deferred charges and accrued income | 490/1 | €1,136 | €1,181 | +€45 | +4.0% |
| Total equity and liabilities | 10/49 | €530,967 | €543,642 | +€12,675 | +2.4% |
| Equity | 10/15 | €385,710 | €400,143 | +€14,433 | +3.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €379,510 | €393,943 | +€14,433 | +3.8% |
| Tax-exempt reserves | 132 | €134,883 | €124,344 | -€10,539 | -7.8% |
| Distributable reserves | 133 | €244,627 | €269,599 | +€24,972 | +10.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €44,961 | €41,448 | -€3,513 | -7.8% |
| Deferred taxes | 168 | €44,961 | €41,448 | -€3,513 | -7.8% |
| Amounts payable | 17/49 | €100,296 | €102,051 | +€1,755 | +1.7% |
| Amounts payable within one year | 42/48 | €95,052 | €96,516 | +€1,464 | +1.5% |
| Trade debts | 44 | €3,211 | €2,436 | -€775 | -24.1% |
| Suppliers | 440/4 | €3,211 | €2,436 | -€775 | -24.1% |
| Taxes, remuneration and social security | 45 | €15,979 | €13,334 | -€2,645 | -16.6% |
| Taxes | 450/3 | €13,810 | €11,141 | -€2,669 | -19.3% |
| Remuneration and social security | 454/9 | €2,169 | €2,193 | +€24 | +1.1% |
| Other amounts payable | 47/48 | €75,862 | €80,747 | +€4,885 | +6.4% |
| Accrued charges and deferred income | 492/3 | €5,244 | €5,534 | +€291 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,967 | €32,272 | +€2,305 | +7.7% |
| Other operating charges | 640/8 | €1,488 | €1,408 | -€79 | -5.3% |
| Gross operating margin | 9900 | €137,368 | €58,667 | -€78,701 | -57.3% |
| Operating profit (loss) | 9901 | €105,913 | €24,987 | -€80,927 | -76.4% |
| Financial income | 75/76B | €2,872 | €4,827 | +€1,955 | +68.1% |
| Recurring financial income | 75 | €2,872 | €4,827 | +€1,955 | +68.1% |
| Financial charges | 65/66B | €8,106 | €7,663 | -€443 | -5.5% |
| Recurring financial charges | 65 | €8,106 | €7,663 | -€443 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €100,680 | €22,151 | -€78,529 | -78.0% |
| Transfer from deferred taxes | 780 | €3,294 | €3,513 | +€219 | +6.7% |
| Income taxes | 67/77 | €34,752 | €11,231 | -€23,521 | -67.7% |
| Profit (loss) for the period | 9904 | €69,221 | €14,433 | -€54,788 | -79.1% |
| Transfer from tax-exempt reserves | 789 | €9,882 | €10,539 | +€658 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €79,103 | €24,972 | -€54,131 | -68.4% |
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 5 October 2026 via checked.be.