STUBBORN: 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.
STUBBORN
Largest movements
- Cash +€75,871
up €75,871 (+158.3%), from €47,914 to €123,785
mainly Net result for the year (+€87,970) and Depreciation (+€14,672)
- Tangible fixed assets -€11,076
down €11,076 (-30.0%), from €36,912 to €25,836
of which Furniture and vehicles: -€10,747
- Receivables within one year +€6,516
up €6,516 (+19.0%), from €34,375 to €40,891
of which Trade receivables: +€3,630
- Reserves +€77,970
up €77,970 (+104.9%), from €74,296 to €152,266
- Other debts -€6,781
down €6,781 (-34.4%), from €19,707 to €12,926
- Gross operating margin +€33,267
up €33,267 (+32.1%), from €103,572 to €136,839
- Depreciation +€7,892
up €7,892 (+116.4%), from €6,780 to €14,672
- Taxes +€1,494
up €1,494 (+4.9%), from €30,621 to €32,114
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 | €119,201 | €190,512 | +€71,310 | +59.8% |
| Fixed assets | 21/28 | €36,912 | €25,836 | -€11,076 | -30.0% |
| Tangible fixed assets | 22/27 | €36,912 | €25,836 | -€11,076 | -30.0% |
| Furniture and vehicles | 24 | €34,443 | €23,695 | -€10,747 | -31.2% |
| Other tangible fixed assets | 26 | €2,470 | €2,141 | -€329 | -13.3% |
| Current assets | 29/58 | €82,289 | €164,676 | +€82,387 | +100.1% |
| Amounts receivable within one year | 40/41 | €34,375 | €40,891 | +€6,516 | +19.0% |
| Trade receivables | 40 | €34,375 | €38,005 | +€3,630 | +10.6% |
| Other amounts receivable | 41 | €0 | €2,886 | +€2,886 | |
| Cash at bank and in hand | 54/58 | €47,914 | €123,785 | +€75,871 | +158.3% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €119,201 | €190,512 | +€71,310 | +59.8% |
| Equity | 10/15 | €75,296 | €153,266 | +€77,970 | +103.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €74,296 | €152,266 | +€77,970 | +104.9% |
| Distributable reserves | 133 | €74,296 | €152,266 | +€77,970 | +104.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €43,905 | €37,246 | -€6,660 | -15.2% |
| Amounts payable within one year | 42/48 | €42,022 | €35,084 | -€6,938 | -16.5% |
| Trade debts | 44 | €1,555 | €684 | -€871 | -56.0% |
| Suppliers | 440/4 | €1,555 | €684 | -€871 | -56.0% |
| Taxes, remuneration and social security | 45 | €20,760 | €21,473 | +€713 | +3.4% |
| Taxes | 450/3 | €18,610 | €14,723 | -€3,887 | -20.9% |
| Remuneration and social security | 454/9 | €2,150 | €6,750 | +€4,600 | +214.0% |
| Other amounts payable | 47/48 | €19,707 | €12,926 | -€6,781 | -34.4% |
| Accrued charges and deferred income | 492/3 | €1,883 | €2,162 | +€279 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,780 | €14,672 | +€7,892 | +116.4% |
| Other operating charges | 640/8 | €1,017 | €997 | -€20 | -2.0% |
| Gross operating margin | 9900 | €103,572 | €136,839 | +€33,267 | +32.1% |
| Operating profit (loss) | 9901 | €95,775 | €121,169 | +€25,394 | +26.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €1,033 | €1,085 | +€52 | +5.0% |
| Recurring financial charges | 65 | €1,033 | €1,085 | +€52 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €94,742 | €120,084 | +€25,342 | +26.7% |
| Income taxes | 67/77 | €30,621 | €32,114 | +€1,494 | +4.9% |
| Profit (loss) for the period | 9904 | €64,122 | €87,970 | +€23,848 | +37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €64,122 | €87,970 | +€23,848 | +37.2% |
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 5 October 2026 via checked.be.