Wim Stevens: 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.
Wim Stevens
Largest movements
- Financial fixed assets +€93,000
up €93,000 (+19.2%), from €485,000 to €578,000
- Cash +€88,160
up €88,160 (+255%), from €34,618 to €122,778
mainly Net result for the year (+€275,560) and Depreciation (+€97,108)
- Tangible fixed assets -€80,773
down €80,773 (-3.3%), from €2.4m to €2.4m
- Receivables within one year -€40,287
down €40,287 (-12.2%), from €329,188 to €288,901
of which Trade receivables: -€39,653
- Reserves +€275,560
up €275,560 (+18.9%), from €1.5m to €1.7m
- Debts after one year -€127,290
down €127,290 (-8.0%), from €1.6m to €1.5m
- Trade debts -€57,999
down €57,999 (-62.6%), from €92,646 to €34,647
- Gross operating margin +€109,240
up €109,240 (+19.3%), from €567,007 to €676,247
- Taxes +€42,206
up €42,206 (+44.0%), from €95,996 to €138,202
- Financial income +€8,176
up €8,176 (+146%), from €5,591 to €13,767
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 | €3,385,948 | €3,447,707 | +€61,760 | +1.8% |
| Fixed assets | 21/28 | €2,916,072 | €2,928,299 | +€12,227 | +0.4% |
| Tangible fixed assets | 22/27 | €2,431,072 | €2,350,299 | -€80,773 | -3.3% |
| Land and buildings | 22 | €2,145,213 | €2,115,509 | -€29,704 | -1.4% |
| Plant, machinery and equipment | 23 | €63,335 | €35,927 | -€27,408 | -43.3% |
| Furniture and vehicles | 24 | €25,208 | €10,673 | -€14,535 | -57.7% |
| Other tangible fixed assets | 26 | €197,316 | €188,190 | -€9,126 | -4.6% |
| Financial fixed assets | 28 | €485,000 | €578,000 | +€93,000 | +19.2% |
| Current assets | 29/58 | €469,876 | €519,408 | +€49,532 | +10.5% |
| Stocks and contracts in progress | 3 | €106,070 | €107,729 | +€1,659 | +1.6% |
| Stocks | 30/36 | €106,070 | €107,729 | +€1,659 | +1.6% |
| Amounts receivable within one year | 40/41 | €329,188 | €288,901 | -€40,287 | -12.2% |
| Trade receivables | 40 | €326,493 | €286,841 | -€39,653 | -12.1% |
| Other amounts receivable | 41 | €2,695 | €2,060 | -€635 | -23.5% |
| Cash at bank and in hand | 54/58 | €34,618 | €122,778 | +€88,160 | +255% |
| Total equity and liabilities | 10/49 | €3,385,948 | €3,447,707 | +€61,760 | +1.8% |
| Equity | 10/15 | €1,456,923 | €1,732,483 | +€275,560 | +18.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €1,455,923 | €1,731,483 | +€275,560 | +18.9% |
| Distributable reserves | 133 | €1,455,923 | €1,731,483 | +€275,560 | +18.9% |
| Amounts payable | 17/49 | €1,929,025 | €1,715,225 | -€213,800 | -11.1% |
| Amounts payable after more than one year | 17 | €1,600,496 | €1,473,206 | -€127,290 | -8.0% |
| Financial debts | 170/4 | €1,600,496 | €1,473,206 | -€127,290 | -8.0% |
| Amounts payable within one year | 42/48 | €328,512 | €242,018 | -€86,494 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €119,910 | €97,290 | -€22,620 | -18.9% |
| Trade debts | 44 | €92,646 | €34,647 | -€57,999 | -62.6% |
| Suppliers | 440/4 | €92,646 | €34,647 | -€57,999 | -62.6% |
| Taxes, remuneration and social security | 45 | €83,723 | €78,975 | -€4,749 | -5.7% |
| Taxes | 450/3 | €68,401 | €56,848 | -€11,553 | -16.9% |
| Remuneration and social security | 454/9 | €15,322 | €22,126 | +€6,804 | +44.4% |
| Other amounts payable | 47/48 | €32,233 | €31,107 | -€1,126 | -3.5% |
| Accrued charges and deferred income | 492/3 | €17 | - | -€17 | |
| Remuneration, social security and pensions | 62 | €121,922 | €124,430 | +€2,508 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,300 | €97,108 | -€2,192 | -2.2% |
| Other operating charges | 640/8 | €6,712 | €8,219 | +€1,507 | +22.5% |
| Non-recurring operating charges | 66A | €540 | - | -€540 | |
| Gross operating margin | 9900 | €567,007 | €676,247 | +€109,240 | +19.3% |
| Operating profit (loss) | 9901 | €338,533 | €446,490 | +€107,956 | +31.9% |
| Financial income | 75/76B | €5,591 | €13,767 | +€8,176 | +146% |
| Recurring financial income | 75 | €5,591 | €13,767 | +€8,176 | +146% |
| Financial charges | 65/66B | €50,010 | €46,495 | -€3,515 | -7.0% |
| Recurring financial charges | 65 | €50,010 | €46,495 | -€3,515 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €294,114 | €413,762 | +€119,647 | +40.7% |
| Income taxes | 67/77 | €95,996 | €138,202 | +€42,206 | +44.0% |
| Profit (loss) for the period | 9904 | €198,118 | €275,560 | +€77,441 | +39.1% |
| Transfer from tax-exempt reserves | 789 | €1,248 | - | -€1,248 | |
| Profit (loss) for the period to be appropriated | 9905 | €199,366 | €275,560 | +€76,194 | +38.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.