Van Mieghem Stefan: 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.
Van Mieghem Stefan
Largest movements
- Cash -€43,913
down €43,913 (-66.0%), from €66,508 to €22,594
mainly Contributions, distributions and other (-€35,000) and Investment in fixed assets (net) (-€33,141)
- Receivables within one year +€8,595
up €8,595 (+72.0%), from €11,943 to €20,538
of which Trade receivables: +€6,639
- Tangible fixed assets -€5,934
down €5,934 (-14.7%), from €40,458 to €34,524
of which Furniture and vehicles: -€5,130
- Deferred charges and accrued income +€1,853
up €1,853 (+114%), from €1,629 to €3,482
- Reserves -€35,000
down €35,000 (-64.1%), from €54,585 to €19,585
- Profit (loss) carried forward -€19,255
down €19,255, from €0 to -€19,255
- Debts after one year +€13,544
up €13,544 (+207%), from €6,548 to €20,092
- Trade debts +€5,127
up €5,127 (+187%), from €2,735 to €7,862
- Current portion of long-term debt -€2,969
down €2,969 (-17.1%), from €17,347 to €14,378
- Depreciation +€37,664
up €37,664 (+2,669%), from €1,411 to €39,075
- Taxes -€3,155
down €3,155 (-94.5%), from €3,339 to €184
- Gross operating margin +€2,802
up €2,802 (+13.8%), from €20,241 to €23,043
- Staff costs -€2,176
down €2,176 (-100%), from €2,176 to €0
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 | €120,537 | €81,137 | -€39,399 | -32.7% |
| Fixed assets | 21/28 | €40,458 | €34,524 | -€5,934 | -14.7% |
| Tangible fixed assets | 22/27 | €40,458 | €34,524 | -€5,934 | -14.7% |
| Plant, machinery and equipment | 23 | €1,476 | €672 | -€804 | -54.5% |
| Furniture and vehicles | 24 | €38,982 | €33,852 | -€5,130 | -13.2% |
| Current assets | 29/58 | €80,079 | €46,614 | -€33,465 | -41.8% |
| Amounts receivable within one year | 40/41 | €11,943 | €20,538 | +€8,595 | +72.0% |
| Trade receivables | 40 | €584 | €7,222 | +€6,639 | +1,138% |
| Other amounts receivable | 41 | €11,359 | €13,316 | +€1,957 | +17.2% |
| Cash at bank and in hand | 54/58 | €66,508 | €22,594 | -€43,913 | -66.0% |
| Deferred charges and accrued income | 490/1 | €1,629 | €3,482 | +€1,853 | +114% |
| Total equity and liabilities | 10/49 | €120,537 | €81,137 | -€39,399 | -32.7% |
| Equity | 10/15 | €86,585 | €32,330 | -€54,255 | -62.7% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €54,585 | €19,585 | -€35,000 | -64.1% |
| Distributable reserves | 133 | €54,585 | €19,585 | -€35,000 | -64.1% |
| Profit (loss) carried forward | 14 | €0 | -€19,255 | -€19,255 | |
| Amounts payable | 17/49 | €33,952 | €48,807 | +€14,856 | +43.8% |
| Amounts payable after more than one year | 17 | €6,548 | €20,092 | +€13,544 | +207% |
| Financial debts | 170/4 | €6,548 | €20,092 | +€13,544 | +207% |
| Amounts payable within one year | 42/48 | €25,850 | €27,705 | +€1,855 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €17,347 | €14,378 | -€2,969 | -17.1% |
| Trade debts | 44 | €2,735 | €7,862 | +€5,127 | +187% |
| Suppliers | 440/4 | €2,735 | €7,862 | +€5,127 | +187% |
| Taxes, remuneration and social security | 45 | €2,377 | €2,350 | -€27 | -1.1% |
| Taxes | 450/3 | €37 | €10 | -€27 | -73.6% |
| Remuneration and social security | 454/9 | €2,340 | €2,340 | = | 0.0% |
| Other amounts payable | 47/48 | €3,392 | €3,116 | -€275 | -8.1% |
| Accrued charges and deferred income | 492/3 | €1,553 | €1,010 | -€543 | -35.0% |
| Remuneration, social security and pensions | 62 | €2,176 | €0 | -€2,176 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,411 | €39,075 | +€37,664 | +2,669% |
| Other operating charges | 640/8 | €1,474 | €1,543 | +€70 | +4.7% |
| Gross operating margin | 9900 | €20,241 | €23,043 | +€2,802 | +13.8% |
| Operating profit (loss) | 9901 | €15,181 | -€17,576 | -€32,757 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €1,351 | €1,495 | +€144 | +10.6% |
| Recurring financial charges | 65 | €1,351 | €1,495 | +€144 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €13,831 | -€19,071 | -€32,901 | |
| Income taxes | 67/77 | €3,339 | €184 | -€3,155 | -94.5% |
| Profit (loss) for the period | 9904 | €10,492 | -€19,255 | -€29,747 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,492 | -€19,255 | -€29,747 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.