TOM STICKELMANN: 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.
TOM STICKELMANN
Largest movements
- Receivables after one year +€25,000
up €25,000 (+46.1%), from €54,200 to €79,200
- Tangible fixed assets -€12,996
down €12,996 (-62.5%), from €20,793 to €7,797
- Receivables within one year +€5,000
up €5,000 (+77.9%), from €6,416 to €11,416
of which Other amounts receivable: +€5,000
- Reserves +€59,300
up €59,300 (+35.2%), from €168,600 to €227,900
- Debts after one year -€45,759
down €45,759 (-49.4%), from €92,540 to €46,782
of which Financial debts: -€45,759
- Gross operating margin +€5,700
up €5,700 (+13.0%), from €43,753 to €49,453
- Financial income +€4,999
up €4,999 (+12.5%), from €40,001 to €45,000
- Taxes +€3,010
up €3,010 (+23.7%), from €12,719 to €15,728
- Financial charges -€959
down €959 (-15.5%), from €6,164 to €5,206
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 | €377,909 | €394,790 | +€16,881 | +4.5% |
| Fixed assets | 21/28 | €313,409 | €300,414 | -€12,996 | -4.1% |
| Tangible fixed assets | 22/27 | €20,793 | €7,797 | -€12,996 | -62.5% |
| Furniture and vehicles | 24 | €20,793 | €7,797 | -€12,996 | -62.5% |
| Financial fixed assets | 28 | €292,616 | €292,616 | = | 0.0% |
| Current assets | 29/58 | €64,500 | €94,376 | +€29,876 | +46.3% |
| Amounts receivable after more than one year | 29 | €54,200 | €79,200 | +€25,000 | +46.1% |
| Other amounts receivable | 291 | €54,200 | €79,200 | +€25,000 | +46.1% |
| Amounts receivable within one year | 40/41 | €6,416 | €11,416 | +€5,000 | +77.9% |
| Trade receivables | 40 | €6,413 | €6,413 | = | 0.0% |
| Other amounts receivable | 41 | €3 | €5,003 | +€5,000 | +188,679% |
| Cash at bank and in hand | 54/58 | €963 | €1,843 | +€881 | +91.5% |
| Deferred charges and accrued income | 490/1 | €2,922 | €1,917 | -€1,004 | -34.4% |
| Total equity and liabilities | 10/49 | €377,909 | €394,790 | +€16,881 | +4.5% |
| Equity | 10/15 | €170,234 | €229,624 | +€59,389 | +34.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €168,600 | €227,900 | +€59,300 | +35.2% |
| Distributable reserves | 133 | €168,600 | €227,900 | +€59,300 | +35.2% |
| Profit (loss) carried forward | 14 | €634 | €724 | +€89 | +14.1% |
| Amounts payable | 17/49 | €207,675 | €165,166 | -€42,509 | -20.5% |
| Amounts payable after more than one year | 17 | €92,540 | €46,782 | -€45,759 | -49.4% |
| Financial debts | 170/4 | €52,540 | €6,782 | -€45,759 | -87.1% |
| Other amounts payable | 178/9 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €113,195 | €116,515 | +€3,320 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €46,874 | €46,441 | -€433 | -0.9% |
| Trade debts | 44 | €2,635 | €775 | -€1,860 | -70.6% |
| Suppliers | 440/4 | €2,635 | €775 | -€1,860 | -70.6% |
| Taxes, remuneration and social security | 45 | €23,316 | €26,907 | +€3,591 | +15.4% |
| Taxes | 450/3 | €23,316 | €26,907 | +€3,591 | +15.4% |
| Other amounts payable | 47/48 | €40,370 | €42,392 | +€2,022 | +5.0% |
| Accrued charges and deferred income | 492/3 | €1,940 | €1,870 | -€70 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,996 | €12,996 | = | 0.0% |
| Other operating charges | 640/8 | €1,171 | €1,134 | -€37 | -3.1% |
| Gross operating margin | 9900 | €43,753 | €49,453 | +€5,700 | +13.0% |
| Operating profit (loss) | 9901 | €29,587 | €35,323 | +€5,737 | +19.4% |
| Financial income | 75/76B | €40,001 | €45,000 | +€4,999 | +12.5% |
| Recurring financial income | 75 | €40,001 | €45,000 | +€4,999 | +12.5% |
| Financial charges | 65/66B | €6,164 | €5,206 | -€959 | -15.5% |
| Recurring financial charges | 65 | €6,164 | €5,206 | -€959 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €63,423 | €75,118 | +€11,695 | +18.4% |
| Income taxes | 67/77 | €12,719 | €15,728 | +€3,010 | +23.7% |
| Profit (loss) for the period | 9904 | €50,704 | €59,389 | +€8,685 | +17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €50,704 | €59,389 | +€8,685 | +17.1% |
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 28 October 2026 via checked.be.