THIBAULT STENANO: 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.
THIBAULT STENANO
Largest movements
- Stocks and contracts -€275,847
down €275,847 (-36.3%), from €759,144 to €483,297
- Tangible fixed assets -€33,948
down €33,948 (-17.2%), from €197,215 to €163,267
of which Plant, machinery and equipment: -€33,024
- Receivables within one year -€16,354
down €16,354 (-7.4%), from €220,611 to €204,257
of which Other amounts receivable: -€14,491
- Debts after one year -€353,583
down €353,583 (-61.8%), from €572,037 to €218,454
- Other debts +€26,703
up €26,703 (+8.3%), from €321,500 to €348,203
- Trade debts -€12,402
down €12,402 (-8.1%), from €152,412 to €140,010
- Gross operating margin -€76,527
down €76,527 (-53.1%), from €144,125 to €67,598
- Taxes -€15,741
down €15,741 (-91.6%), from €17,187 to €1,445
- Other operating charges -€7,112
down €7,112 (-77.8%), from €9,142 to €2,030
- Financial charges -€4,284
down €4,284 (-14.8%), from €28,923 to €24,639
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,218,308 | €889,554 | -€328,753 | -27.0% |
| Fixed assets | 21/28 | €202,465 | €168,517 | -€33,948 | -16.8% |
| Tangible fixed assets | 22/27 | €197,215 | €163,267 | -€33,948 | -17.2% |
| Plant, machinery and equipment | 23 | €192,772 | €159,748 | -€33,024 | -17.1% |
| Furniture and vehicles | 24 | €4,443 | €3,520 | -€923 | -20.8% |
| Financial fixed assets | 28 | €5,250 | €5,250 | = | 0.0% |
| Current assets | 29/58 | €1,015,842 | €721,037 | -€294,806 | -29.0% |
| Stocks and contracts in progress | 3 | €759,144 | €483,297 | -€275,847 | -36.3% |
| Stocks | 30/36 | €759,144 | €483,297 | -€275,847 | -36.3% |
| Amounts receivable within one year | 40/41 | €220,611 | €204,257 | -€16,354 | -7.4% |
| Trade receivables | 40 | €7,263 | €5,400 | -€1,863 | -25.7% |
| Other amounts receivable | 41 | €213,347 | €198,857 | -€14,491 | -6.8% |
| Cash at bank and in hand | 54/58 | €21,860 | €18,365 | -€3,496 | -16.0% |
| Deferred charges and accrued income | 490/1 | €14,227 | €15,118 | +€891 | +6.3% |
| Total equity and liabilities | 10/49 | €1,218,308 | €889,554 | -€328,753 | -27.0% |
| Equity | 10/15 | €97,791 | €101,930 | +€4,139 | +4.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €92,791 | €96,930 | +€4,139 | +4.5% |
| Distributable reserves | 133 | €92,791 | €96,930 | +€4,139 | +4.5% |
| Amounts payable | 17/49 | €1,120,516 | €787,624 | -€332,893 | -29.7% |
| Amounts payable after more than one year | 17 | €572,037 | €218,454 | -€353,583 | -61.8% |
| Financial debts | 170/4 | €572,037 | €218,454 | -€353,583 | -61.8% |
| Amounts payable within one year | 42/48 | €534,113 | €556,586 | +€22,473 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €40,399 | €40,811 | +€412 | +1.0% |
| Trade debts | 44 | €152,412 | €140,010 | -€12,402 | -8.1% |
| Suppliers | 440/4 | €152,412 | €140,010 | -€12,402 | -8.1% |
| Taxes, remuneration and social security | 45 | €19,802 | €27,562 | +€7,760 | +39.2% |
| Taxes | 450/3 | €16,723 | €18,168 | +€1,445 | +8.6% |
| Remuneration and social security | 454/9 | €3,079 | €9,394 | +€6,315 | +205% |
| Other amounts payable | 47/48 | €321,500 | €348,203 | +€26,703 | +8.3% |
| Accrued charges and deferred income | 492/3 | €14,366 | €12,584 | -€1,782 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,193 | €35,345 | +€152 | +0.4% |
| Other operating charges | 640/8 | €9,142 | €2,030 | -€7,112 | -77.8% |
| Gross operating margin | 9900 | €144,125 | €67,598 | -€76,527 | -53.1% |
| Operating profit (loss) | 9901 | €99,790 | €30,223 | -€69,567 | -69.7% |
| Financial income | 75/76B | €179 | - | -€179 | |
| Recurring financial income | 75 | €179 | - | -€179 | |
| Financial charges | 65/66B | €28,923 | €24,639 | -€4,284 | -14.8% |
| Recurring financial charges | 65 | €28,923 | €24,639 | -€4,284 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €71,046 | €5,585 | -€65,462 | -92.1% |
| Income taxes | 67/77 | €17,187 | €1,445 | -€15,741 | -91.6% |
| Profit (loss) for the period | 9904 | €53,860 | €4,139 | -€49,720 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,860 | €4,139 | -€49,720 | -92.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.