TEN STUYVER: 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.
TEN STUYVER
Largest movements
- Tangible fixed assets -€21,090
down €21,090 (-4.5%), from €471,593 to €450,503
of which Plant, machinery and equipment: -€20,366
- Deferred charges and accrued income -€9,226
down €9,226 (-92.1%), from €10,014 to €788
- Receivables within one year -€6,450
down €6,450 (-32.6%), from €19,805 to €13,355
of which Other amounts receivable: -€4,056
- Other debts -€18,637
down €18,637 (-56.6%), from €32,924 to €14,288
- Profit (loss) carried forward -€13,294
down €13,294 (-6.1%), from -€216,584 to -€229,878
- Current portion of long-term debt -€12,145
down €12,145 (-35.4%), from €34,340 to €22,195
- Tax, wage and social debts +€8,926
up €8,926 (+44.4%), from €20,083 to €29,010
of which Taxes: +€9,535
- Gross operating margin -€23,787
down €23,787 (-17.1%), from €139,029 to €115,242
- Depreciation -€12,491
down €12,491 (-28.2%), from €44,249 to €31,758
- Staff costs +€7,249
up €7,249 (+10.5%), from €69,364 to €76,613
- Other operating charges -€1,725
down €1,725 (-15.5%), from €11,138 to €9,413
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 | €531,597 | €492,879 | -€38,719 | -7.3% |
| Fixed assets | 21/28 | €471,890 | €450,800 | -€21,090 | -4.5% |
| Tangible fixed assets | 22/27 | €471,593 | €450,503 | -€21,090 | -4.5% |
| Land and buildings | 22 | €275,612 | €275,612 | = | 0.0% |
| Plant, machinery and equipment | 23 | €184,162 | €163,796 | -€20,366 | -11.1% |
| Furniture and vehicles | 24 | €5,138 | €6,011 | +€873 | +17.0% |
| Leasing and similar rights | 25 | €6,681 | €5,084 | -€1,597 | -23.9% |
| Financial fixed assets | 28 | €297 | €297 | = | 0.0% |
| Current assets | 29/58 | €59,707 | €42,079 | -€17,629 | -29.5% |
| Stocks and contracts in progress | 3 | €18,633 | €19,718 | +€1,085 | +5.8% |
| Stocks | 30/36 | €18,633 | €19,718 | +€1,085 | +5.8% |
| Amounts receivable within one year | 40/41 | €19,805 | €13,355 | -€6,450 | -32.6% |
| Trade receivables | 40 | €14,537 | €12,144 | -€2,393 | -16.5% |
| Other amounts receivable | 41 | €5,267 | €1,211 | -€4,056 | -77.0% |
| Current investments | 50/53 | €2,477 | €593 | -€1,885 | -76.1% |
| Cash at bank and in hand | 54/58 | €8,778 | €7,624 | -€1,154 | -13.1% |
| Deferred charges and accrued income | 490/1 | €10,014 | €788 | -€9,226 | -92.1% |
| Total equity and liabilities | 10/49 | €531,597 | €492,879 | -€38,719 | -7.3% |
| Equity | 10/15 | €271,727 | €258,433 | -€13,294 | -4.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €132,750 | €132,750 | = | 0.0% |
| Reserves | 13 | €336,970 | €336,970 | = | 0.0% |
| Distributable reserves | 133 | €336,970 | €336,970 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€216,584 | -€229,878 | -€13,294 | -6.1% |
| Amounts payable | 17/49 | €259,870 | €234,446 | -€25,424 | -9.8% |
| Amounts payable after more than one year | 17 | €119,479 | €119,017 | -€461 | -0.4% |
| Financial debts | 170/4 | €119,479 | €119,017 | -€461 | -0.4% |
| Amounts payable within one year | 42/48 | €138,388 | €110,129 | -€28,259 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €34,340 | €22,195 | -€12,145 | -35.4% |
| Trade debts | 44 | €34,785 | €29,692 | -€5,094 | -14.6% |
| Suppliers | 440/4 | €34,785 | €29,692 | -€5,094 | -14.6% |
| Advances received on contracts in progress | 46 | €16,255 | €14,945 | -€1,310 | -8.1% |
| Taxes, remuneration and social security | 45 | €20,083 | €29,010 | +€8,926 | +44.4% |
| Taxes | 450/3 | €15,781 | €25,316 | +€9,535 | +60.4% |
| Remuneration and social security | 454/9 | €4,302 | €3,693 | -€609 | -14.2% |
| Other amounts payable | 47/48 | €32,924 | €14,288 | -€18,637 | -56.6% |
| Accrued charges and deferred income | 492/3 | €2,003 | €5,299 | +€3,296 | +165% |
| Non-recurring operating income | 76A | €50 | - | -€50 | |
| Remuneration, social security and pensions | 62 | €69,364 | €76,613 | +€7,249 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,249 | €31,758 | -€12,491 | -28.2% |
| Other operating charges | 640/8 | €11,138 | €9,413 | -€1,725 | -15.5% |
| Gross operating margin | 9900 | €139,029 | €115,242 | -€23,787 | -17.1% |
| Operating profit (loss) | 9901 | €14,277 | -€2,543 | -€16,820 | |
| Financial income | 75/76B | €162 | €149 | -€14 | -8.4% |
| Recurring financial income | 75 | €162 | €149 | -€14 | -8.4% |
| Financial charges | 65/66B | €10,301 | €10,621 | +€320 | +3.1% |
| Recurring financial charges | 65 | €10,301 | €10,621 | +€320 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €4,138 | -€13,015 | -€17,153 | |
| Income taxes | 67/77 | €190 | €280 | +€90 | +47.4% |
| Profit (loss) for the period | 9904 | €3,949 | -€13,294 | -€17,243 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,949 | -€13,294 | -€17,243 |
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 27 October 2026 via checked.be.