STRETCHED.BE: 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.
STRETCHED.BE
Largest movements
- Tangible fixed assets +€132,296
up €132,296 (+39.4%), from €335,421 to €467,717
of which Plant, machinery and equipment: +€114,879
- Cash -€56,648
down €56,648 (-22.5%), from €251,425 to €194,777
mainly Investment in fixed assets (net) (-€374,671) and Contributions, distributions and other (-€74,148)
- Intangible fixed assets -€21,738
down €21,738 (-34.7%), from €62,572 to €40,834
- Debts after one year +€104,925
up €104,925 (+36.7%), from €285,798 to €390,723
- Reserves -€71,914
down €71,914 (-21.8%), from €330,347 to €258,433
- Current portion of long-term debt +€54,135
up €54,135 (+49.1%), from €110,166 to €164,302
- Trade debts -€40,411
down €40,411 (-45.5%), from €88,799 to €48,389
- Gross operating margin +€33,947
up €33,947 (+8.7%), from €388,696 to €422,643
- Staff costs +€23,238
up €23,238 (+22.1%), from €104,914 to €128,152
- Depreciation +€13,752
up €13,752 (+5.5%), from €250,361 to €264,113
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 | €838,222 | €885,123 | +€46,901 | +5.6% |
| Fixed assets | 21/28 | €403,483 | €514,041 | +€110,558 | +27.4% |
| Intangible fixed assets | 21 | €62,572 | €40,834 | -€21,738 | -34.7% |
| Tangible fixed assets | 22/27 | €335,421 | €467,717 | +€132,296 | +39.4% |
| Land and buildings | 22 | €646 | €600 | -€46 | -7.1% |
| Plant, machinery and equipment | 23 | €269,235 | €384,114 | +€114,879 | +42.7% |
| Furniture and vehicles | 24 | €30,607 | €28,249 | -€2,358 | -7.7% |
| Leasing and similar rights | 25 | €28,576 | €49,083 | +€20,507 | +71.8% |
| Other tangible fixed assets | 26 | €6,357 | €5,672 | -€686 | -10.8% |
| Financial fixed assets | 28 | €5,490 | €5,490 | = | 0.0% |
| Current assets | 29/58 | €434,739 | €371,083 | -€63,657 | -14.6% |
| Amounts receivable within one year | 40/41 | €176,858 | €168,528 | -€8,331 | -4.7% |
| Trade receivables | 40 | €73,431 | €69,752 | -€3,679 | -5.0% |
| Other amounts receivable | 41 | €103,427 | €98,776 | -€4,652 | -4.5% |
| Cash at bank and in hand | 54/58 | €251,425 | €194,777 | -€56,648 | -22.5% |
| Deferred charges and accrued income | 490/1 | €6,456 | €7,778 | +€1,323 | +20.5% |
| Total equity and liabilities | 10/49 | €838,222 | €885,123 | +€46,901 | +5.6% |
| Equity | 10/15 | €342,747 | €270,833 | -€71,914 | -21.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €330,347 | €258,433 | -€71,914 | -21.8% |
| Distributable reserves | 133 | €330,347 | €258,433 | -€71,914 | -21.8% |
| Amounts payable | 17/49 | €495,476 | €614,290 | +€118,815 | +24.0% |
| Amounts payable after more than one year | 17 | €285,798 | €390,723 | +€104,925 | +36.7% |
| Financial debts | 170/4 | €285,798 | €390,723 | +€104,925 | +36.7% |
| Amounts payable within one year | 42/48 | €209,677 | €222,012 | +€12,335 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €110,166 | €164,302 | +€54,135 | +49.1% |
| Financial debts | 43 | €0 | €1,438 | +€1,438 | |
| Credit institutions | 430/8 | €0 | €1,438 | +€1,438 | |
| Trade debts | 44 | €88,799 | €48,389 | -€40,411 | -45.5% |
| Suppliers | 440/4 | €88,799 | €48,389 | -€40,411 | -45.5% |
| Taxes, remuneration and social security | 45 | €10,712 | €7,884 | -€2,828 | -26.4% |
| Taxes | 450/3 | €3,935 | €0 | -€3,935 | -100.0% |
| Remuneration and social security | 454/9 | €6,777 | €7,884 | +€1,107 | +16.3% |
| Accrued charges and deferred income | 492/3 | - | €1,554 | +€1,554 | |
| Non-recurring operating income | 76A | €7,170 | €24,280 | +€17,110 | +238.6% |
| Remuneration, social security and pensions | 62 | €104,914 | €128,152 | +€23,238 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250,361 | €264,113 | +€13,752 | +5.5% |
| Other operating charges | 640/8 | €6,840 | €5,494 | -€1,347 | -19.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €388,696 | €422,643 | +€33,947 | +8.7% |
| Operating profit (loss) | 9901 | €26,581 | €24,884 | -€1,696 | -6.4% |
| Financial income | 75/76B | €35 | €922 | +€887 | +2520.8% |
| Recurring financial income | 75 | €35 | €922 | +€887 | +2520.8% |
| Financial charges | 65/66B | €18,990 | €23,196 | +€4,206 | +22.1% |
| Recurring financial charges | 65 | €18,990 | €23,196 | +€4,206 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €7,626 | €2,611 | -€5,015 | -65.8% |
| Income taxes | 67/77 | €776 | €376 | -€400 | -51.6% |
| Profit (loss) for the period | 9904 | €6,850 | €2,235 | -€4,615 | -67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,850 | €2,235 | -€4,615 | -67.4% |
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 11 October 2026 via checked.be.