Stuurboord: 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.
Stuurboord
Largest movements
- Current investments +€40,000
new in 2025: €40,000
- Cash -€30,567
down €30,567 (-97.5%), from €31,337 to €770
mainly Current investments (-€40,000) and Other debts (-€4,234)
- Tangible fixed assets +€3,570
up €3,570 (+437%), from €816 to €4,387
of which Plant, machinery and equipment: +€2,197
- Receivables within one year +€1,305
up €1,305 (+8.1%), from €16,148 to €17,453
of which Trade receivables: +€1,169
- Profit (loss) carried forward +€17,719
up €17,719 (+71.2%), from €24,899 to €42,618
- Other debts -€4,234
down €4,234 (-59.1%), from €7,159 to €2,925
- Tax, wage and social debts +€1,424
up €1,424 (+10.7%), from €13,365 to €14,789
- Gross operating margin -€8,063
down €8,063 (-25.8%), from €31,293 to €23,231
- Taxes -€1,663
down €1,663 (-26.2%), from €6,356 to €4,693
- Depreciation +€426
up €426 (+3,338%), from €13 to €439
- Other operating charges +€347
new in 2025: €347
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 | €48,302 | €62,610 | +€14,308 | +29.6% |
| Fixed assets | 21/28 | €816 | €4,387 | +€3,570 | +437% |
| Tangible fixed assets | 22/27 | €816 | €4,387 | +€3,570 | +437% |
| Plant, machinery and equipment | 23 | €479 | €2,677 | +€2,197 | +458% |
| Furniture and vehicles | 24 | €337 | €1,710 | +€1,373 | +407% |
| Current assets | 29/58 | €47,485 | €58,223 | +€10,738 | +22.6% |
| Amounts receivable within one year | 40/41 | €16,148 | €17,453 | +€1,305 | +8.1% |
| Trade receivables | 40 | €16,117 | €17,286 | +€1,169 | +7.3% |
| Other amounts receivable | 41 | €31 | €166 | +€135 | +434% |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €31,337 | €770 | -€30,567 | -97.5% |
| Total equity and liabilities | 10/49 | €48,302 | €62,610 | +€14,308 | +29.6% |
| Equity | 10/15 | €26,899 | €44,618 | +€17,719 | +65.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,899 | €42,618 | +€17,719 | +71.2% |
| Amounts payable | 17/49 | €21,403 | €17,992 | -€3,411 | -15.9% |
| Amounts payable within one year | 42/48 | €21,403 | €17,992 | -€3,411 | -15.9% |
| Trade debts | 44 | €879 | €278 | -€602 | -68.4% |
| Suppliers | 440/4 | €879 | €278 | -€602 | -68.4% |
| Taxes, remuneration and social security | 45 | €13,365 | €14,789 | +€1,424 | +10.7% |
| Taxes | 450/3 | €13,365 | €14,789 | +€1,424 | +10.7% |
| Other amounts payable | 47/48 | €7,159 | €2,925 | -€4,234 | -59.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13 | €439 | +€426 | +3,338% |
| Other operating charges | 640/8 | - | €347 | +€347 | |
| Gross operating margin | 9900 | €31,293 | €23,231 | -€8,063 | -25.8% |
| Operating profit (loss) | 9901 | €31,281 | €22,445 | -€8,836 | -28.2% |
| Financial income | 75/76B | €0 | €47 | +€47 | +12,374% |
| Recurring financial income | 75 | €0 | €47 | +€47 | +12,374% |
| Financial charges | 65/66B | €27 | €81 | +€54 | +205% |
| Recurring financial charges | 65 | €27 | €81 | +€54 | +205% |
| Profit (loss) for the period before taxes | 9903 | €31,255 | €22,412 | -€8,843 | -28.3% |
| Income taxes | 67/77 | €6,356 | €4,693 | -€1,663 | -26.2% |
| Profit (loss) for the period | 9904 | €24,899 | €17,719 | -€7,180 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €24,899 | €17,719 | -€7,180 | -28.8% |
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 1 November 2026 via checked.be.