STUURMAN: 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.
STUURMAN
Largest movements
- Tangible fixed assets -€29,616
down €29,616 (-12.5%), from €236,218 to €206,602
of which Furniture and vehicles: -€15,155
- Cash -€23,788
down €23,788 (-18.6%), from €127,717 to €103,930
mainly Contributions, distributions and other (-€94,356) and Debts after one year (-€30,036)
- Debts after one year -€30,036
down €30,036 (-22.5%), from €133,294 to €103,258
- Reserves -€13,014
down €13,014 (-6.4%), from €203,724 to €190,710
- Tax, wage and social debts -€11,775
down €11,775 (-75.2%), from €15,649 to €3,874
of which Taxes: -€11,425
- Gross operating margin +€15,041
up €15,041 (+12.4%), from €121,048 to €136,089
- Depreciation -€6,850
down €6,850 (-18.5%), from €37,043 to €30,194
- Taxes -€1,752
down €1,752 (-8.0%), from €21,981 to €20,229
- Other operating charges -€1,502
down €1,502 (-31.6%), from €4,757 to €3,254
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 | €396,000 | €343,098 | -€52,902 | -13.4% |
| Fixed assets | 21/28 | €236,318 | €206,702 | -€29,616 | -12.5% |
| Tangible fixed assets | 22/27 | €236,218 | €206,602 | -€29,616 | -12.5% |
| Land and buildings | 22 | €206,430 | €192,425 | -€14,005 | -6.8% |
| Plant, machinery and equipment | 23 | €2,373 | €1,917 | -€455 | -19.2% |
| Furniture and vehicles | 24 | €27,415 | €12,259 | -€15,155 | -55.3% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €159,682 | €136,396 | -€23,286 | -14.6% |
| Amounts receivable within one year | 40/41 | €31,965 | €32,467 | +€501 | +1.6% |
| Trade receivables | 40 | €27,870 | €29,483 | +€1,613 | +5.8% |
| Other amounts receivable | 41 | €4,096 | €2,984 | -€1,112 | -27.2% |
| Cash at bank and in hand | 54/58 | €127,717 | €103,930 | -€23,788 | -18.6% |
| Total equity and liabilities | 10/49 | €396,000 | €343,098 | -€52,902 | -13.4% |
| Equity | 10/15 | €216,124 | €203,110 | -€13,014 | -6.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | - | -€12,400 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €203,724 | €190,710 | -€13,014 | -6.4% |
| Distributable reserves | 133 | €203,724 | €190,710 | -€13,014 | -6.4% |
| Amounts payable | 17/49 | €179,876 | €139,988 | -€39,888 | -22.2% |
| Amounts payable after more than one year | 17 | €133,294 | €103,258 | -€30,036 | -22.5% |
| Financial debts | 170/4 | €133,294 | €103,258 | -€30,036 | -22.5% |
| Amounts payable within one year | 42/48 | €46,582 | €35,579 | -€11,002 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €30,036 | €30,036 | = | 0.0% |
| Trade debts | 44 | €897 | €1,576 | +€679 | +75.7% |
| Suppliers | 440/4 | €897 | €1,576 | +€679 | +75.7% |
| Taxes, remuneration and social security | 45 | €15,649 | €3,874 | -€11,775 | -75.2% |
| Taxes | 450/3 | €15,299 | €3,874 | -€11,425 | -74.7% |
| Remuneration and social security | 454/9 | €350 | - | -€350 | |
| Other amounts payable | 47/48 | - | €94 | +€94 | |
| Accrued charges and deferred income | 492/3 | - | €1,150 | +€1,150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,043 | €30,194 | -€6,850 | -18.5% |
| Other operating charges | 640/8 | €4,757 | €3,254 | -€1,502 | -31.6% |
| Gross operating margin | 9900 | €121,048 | €136,089 | +€15,041 | +12.4% |
| Operating profit (loss) | 9901 | €79,248 | €102,641 | +€23,393 | +29.5% |
| Financial income | 75/76B | €1,386 | €461 | -€925 | -66.7% |
| Recurring financial income | 75 | €1,386 | €461 | -€925 | -66.7% |
| Financial charges | 65/66B | €1,866 | €1,531 | -€336 | -18.0% |
| Recurring financial charges | 65 | €1,866 | €1,531 | -€336 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €78,767 | €101,571 | +€22,804 | +29.0% |
| Income taxes | 67/77 | €21,981 | €20,229 | -€1,752 | -8.0% |
| Profit (loss) for the period | 9904 | €56,786 | €81,342 | +€24,556 | +43.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,786 | €81,342 | +€24,556 | +43.2% |
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 19 October 2026 via checked.be.