Vanessa Stirpe: 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.
Vanessa Stirpe
Largest movements
- Receivables within one year -€8,490
down €8,490 (-46.8%), from €18,123 to €9,633
of which Trade receivables: -€6,858
- Tangible fixed assets -€6,767
down €6,767 (-10.6%), from €63,625 to €56,858
of which Land and buildings: -€4,610
- Cash +€5,203
up €5,203 (+18.2%), from €28,630 to €33,833
mainly Net result for the year (+€9,086) and Receivables within one year (+€8,490)
- Debts after one year -€7,029
down €7,029 (-30.2%), from €23,302 to €16,273
- Reserves -€2,679
down €2,679 (-2.7%), from €99,166 to €96,487
- Gross operating margin -€16,590
down €16,590 (-45.2%), from €36,731 to €20,141
- Taxes -€2,868
down €2,868 (-48.9%), from €5,860 to €2,992
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 | €138,416 | €128,456 | -€9,960 | -7.2% |
| Fixed assets | 21/28 | €91,403 | €84,636 | -€6,767 | -7.4% |
| Tangible fixed assets | 22/27 | €63,625 | €56,858 | -€6,767 | -10.6% |
| Land and buildings | 22 | €58,496 | €53,885 | -€4,610 | -7.9% |
| Plant, machinery and equipment | 23 | €1,197 | €186 | -€1,011 | -84.5% |
| Furniture and vehicles | 24 | €3,933 | €2,787 | -€1,146 | -29.1% |
| Financial fixed assets | 28 | €27,778 | €27,778 | = | 0.0% |
| Current assets | 29/58 | €47,013 | €43,820 | -€3,193 | -6.8% |
| Amounts receivable within one year | 40/41 | €18,123 | €9,633 | -€8,490 | -46.8% |
| Trade receivables | 40 | €14,983 | €8,125 | -€6,858 | -45.8% |
| Other amounts receivable | 41 | €3,140 | €1,508 | -€1,632 | -52.0% |
| Cash at bank and in hand | 54/58 | €28,630 | €33,833 | +€5,203 | +18.2% |
| Deferred charges and accrued income | 490/1 | €260 | €354 | +€94 | +36.1% |
| Total equity and liabilities | 10/49 | €138,416 | €128,456 | -€9,960 | -7.2% |
| Equity | 10/15 | €104,166 | €101,487 | -€2,679 | -2.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €99,166 | €96,487 | -€2,679 | -2.7% |
| Distributable reserves | 133 | €99,166 | €96,487 | -€2,679 | -2.7% |
| Amounts payable | 17/49 | €34,250 | €26,969 | -€7,281 | -21.3% |
| Amounts payable after more than one year | 17 | €23,302 | €16,273 | -€7,029 | -30.2% |
| Financial debts | 170/4 | €23,302 | €16,273 | -€7,029 | -30.2% |
| Amounts payable within one year | 42/48 | €10,798 | €10,536 | -€262 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €6,907 | €7,029 | +€122 | +1.8% |
| Trade debts | 44 | €517 | €195 | -€321 | -62.2% |
| Suppliers | 440/4 | €517 | €195 | -€321 | -62.2% |
| Taxes, remuneration and social security | 45 | €2,295 | €1,765 | -€529 | -23.1% |
| Taxes | 450/3 | €895 | €1,765 | +€871 | +97.3% |
| Remuneration and social security | 454/9 | €1,400 | - | -€1,400 | |
| Other amounts payable | 47/48 | €1,080 | €1,547 | +€467 | +43.3% |
| Accrued charges and deferred income | 492/3 | €150 | €160 | +€10 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,915 | €6,767 | -€148 | -2.1% |
| Other operating charges | 640/8 | €921 | €716 | -€205 | -22.3% |
| Non-recurring operating charges | 66A | €434 | - | -€434 | |
| Gross operating margin | 9900 | €36,731 | €20,141 | -€16,590 | -45.2% |
| Operating profit (loss) | 9901 | €28,461 | €12,658 | -€15,803 | -55.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €702 | €580 | -€122 | -17.3% |
| Recurring financial charges | 65 | €702 | €580 | -€122 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €27,759 | €12,078 | -€15,681 | -56.5% |
| Income taxes | 67/77 | €5,860 | €2,992 | -€2,868 | -48.9% |
| Profit (loss) for the period | 9904 | €21,899 | €9,086 | -€12,813 | -58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €21,899 | €9,086 | -€12,813 | -58.5% |
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 29 October 2026 via checked.be.