Stijn Devoldere: 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.
Stijn Devoldere
Largest movements
- Receivables within one year +€22,260
up €22,260 (+29.9%), from €74,393 to €96,653
of which Trade receivables: +€13,601
- Cash -€14,051
down €14,051 (-19.2%), from €73,041 to €58,990
mainly Investment in fixed assets (net) (-€134,510) and Trade debts (-€36,157)
- Tangible fixed assets +€10,838
up €10,838 (+3.7%), from €295,616 to €306,454
of which Furniture and vehicles: +€35,211
- Trade debts -€36,157
down €36,157 (-48.4%), from €74,701 to €38,545
- Debts after one year +€31,940
up €31,940 (+122%), from €26,205 to €58,145
- Current portion of long-term debt +€16,351
up €16,351 (+48.6%), from €33,668 to €50,019
- Taxes +€9,523
up €9,523, from -€2,305 to €7,218
- Depreciation -€9,439
down €9,439 (-7.1%), from €133,111 to €123,671
- Other operating charges -€3,854
down €3,854 (-78.4%), from €4,915 to €1,061
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 | €491,474 | €506,047 | +€14,572 | +3.0% |
| Fixed assets | 21/28 | €295,616 | €306,454 | +€10,838 | +3.7% |
| Tangible fixed assets | 22/27 | €295,616 | €306,454 | +€10,838 | +3.7% |
| Plant, machinery and equipment | 23 | €226,941 | €202,568 | -€24,373 | -10.7% |
| Furniture and vehicles | 24 | €68,675 | €103,886 | +€35,211 | +51.3% |
| Current assets | 29/58 | €195,859 | €199,593 | +€3,734 | +1.9% |
| Stocks and contracts in progress | 3 | €48,425 | €43,950 | -€4,475 | -9.2% |
| Stocks | 30/36 | €9,925 | €8,950 | -€975 | -9.8% |
| Contracts in progress | 37 | €38,500 | €35,000 | -€3,500 | -9.1% |
| Amounts receivable within one year | 40/41 | €74,393 | €96,653 | +€22,260 | +29.9% |
| Trade receivables | 40 | €68,474 | €82,075 | +€13,601 | +19.9% |
| Other amounts receivable | 41 | €5,919 | €14,578 | +€8,660 | +146% |
| Cash at bank and in hand | 54/58 | €73,041 | €58,990 | -€14,051 | -19.2% |
| Total equity and liabilities | 10/49 | €491,474 | €506,047 | +€14,572 | +3.0% |
| Equity | 10/15 | €222,227 | €223,592 | +€1,365 | +0.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €60,280 | €60,280 | = | 0.0% |
| Distributable reserves | 133 | €60,280 | €60,280 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,946 | €143,311 | +€1,365 | +1.0% |
| Amounts payable | 17/49 | €269,248 | €282,455 | +€13,207 | +4.9% |
| Amounts payable after more than one year | 17 | €26,205 | €58,145 | +€31,940 | +122% |
| Financial debts | 170/4 | €26,205 | €58,145 | +€31,940 | +122% |
| Amounts payable within one year | 42/48 | €243,043 | €224,310 | -€18,733 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €33,668 | €50,019 | +€16,351 | +48.6% |
| Trade debts | 44 | €74,701 | €38,545 | -€36,157 | -48.4% |
| Suppliers | 440/4 | €74,701 | €38,545 | -€36,157 | -48.4% |
| Other amounts payable | 47/48 | €134,673 | €135,746 | +€1,073 | +0.8% |
| Non-recurring operating income | 76A | €300 | - | -€300 | |
| Remuneration, social security and pensions | 62 | €223 | - | -€223 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,111 | €123,671 | -€9,439 | -7.1% |
| Other operating charges | 640/8 | €4,915 | €1,061 | -€3,854 | -78.4% |
| Non-recurring operating charges | 66A | - | €3,523 | +€3,523 | |
| Gross operating margin | 9900 | €138,540 | €138,298 | -€242 | -0.2% |
| Operating profit (loss) | 9901 | €291 | €10,042 | +€9,752 | +3,356% |
| Financial income | 75/76B | €2,671 | €2,377 | -€294 | -11.0% |
| Recurring financial income | 75 | €2,671 | €2,377 | -€294 | -11.0% |
| Financial charges | 65/66B | €3,433 | €3,836 | +€403 | +11.7% |
| Recurring financial charges | 65 | €3,433 | €3,836 | +€403 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | -€471 | €8,583 | +€9,054 | |
| Income taxes | 67/77 | -€2,305 | €7,218 | +€9,523 | |
| Profit (loss) for the period | 9904 | €1,834 | €1,365 | -€469 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,834 | €1,365 | -€469 | -25.6% |
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 30 October 2026 via checked.be.