Anders JD: what changed
Two fiscal 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.
Anders JD
Largest movements
- Receivables within one year +€155,088
up €155,088 (+251.4%), from €61,679 to €216,768
of which Other amounts receivable: +€155,088
- Cash -€61,466
down €61,466 (-30.4%), from €201,984 to €140,519
mainly Receivables within one year (-€155,088) and Investment in fixed assets (net) (-€42,454)
- Tangible fixed assets -€44,281
down €44,281 (-16.3%), from €271,884 to €227,603
of which Plant, machinery and equipment: -€31,211
- Stocks and contracts +€38,727
up €38,727 (+135.3%), from €28,631 to €67,358
- Deferred charges and accrued income +€16,263
up €16,263 (+87.7%), from €18,553 to €34,816
- Trade debts +€79,550
up €79,550 (+144.6%), from €55,001 to €134,552
- Reserves +€21,402
up €21,402 (+7.7%), from €278,043 to €299,445
- Debts after one year -€15,451
down €15,451 (-14.1%), from €109,659 to €94,208
- Tax, wage and social debts +€13,798
up €13,798 (+11.2%), from €122,771 to €136,569
of which Remuneration and social security: +€9,817
- Gross operating margin +€510,240
up €510,240 (+60.5%), from €843,317 to €1.4m
- Staff costs +€434,212
up €434,212 (+59.9%), from €725,371 to €1.2m
- Financial charges +€37,366
up €37,366 (+128.4%), from €29,109 to €66,475
- Depreciation +€35,947
up €35,947 (+62.5%), from €57,528 to €93,475
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.
Cash bridge derived
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 | €648,202 | €745,794 | +€97,592 | +15.1% |
| Fixed assets | 21/28 | €337,353 | €286,333 | -€51,021 | -15.1% |
| Intangible fixed assets | 21 | €65,469 | €58,729 | -€6,740 | -10.3% |
| Tangible fixed assets | 22/27 | €271,884 | €227,603 | -€44,281 | -16.3% |
| Land and buildings | 22 | €13,469 | €20,607 | +€7,138 | +53.0% |
| Plant, machinery and equipment | 23 | €158,284 | €127,073 | -€31,211 | -19.7% |
| Furniture and vehicles | 24 | €90,489 | €71,780 | -€18,709 | -20.7% |
| Other tangible fixed assets | 26 | €9,643 | €8,144 | -€1,499 | -15.5% |
| Current assets | 29/58 | €310,848 | €459,461 | +€148,613 | +47.8% |
| Stocks and contracts in progress | 3 | €28,631 | €67,358 | +€38,727 | +135.3% |
| Stocks | 30/36 | €28,631 | €67,358 | +€38,727 | +135.3% |
| Amounts receivable within one year | 40/41 | €61,679 | €216,768 | +€155,088 | +251.4% |
| Trade receivables | 40 | €4,871 | €4,871 | = | 0.0% |
| Other amounts receivable | 41 | €56,808 | €211,897 | +€155,088 | +273.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €201,984 | €140,519 | -€61,466 | -30.4% |
| Deferred charges and accrued income | 490/1 | €18,553 | €34,816 | +€16,263 | +87.7% |
| Total equity and liabilities | 10/49 | €648,202 | €745,794 | +€97,592 | +15.1% |
| Equity | 10/15 | €298,043 | €319,445 | +€21,402 | +7.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €278,043 | €299,445 | +€21,402 | +7.7% |
| Distributable reserves | 133 | €278,043 | €299,445 | +€21,402 | +7.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €350,159 | €426,349 | +€76,190 | +21.8% |
| Amounts payable after more than one year | 17 | €109,659 | €94,208 | -€15,451 | -14.1% |
| Financial debts | 170/4 | €109,659 | €94,208 | -€15,451 | -14.1% |
| Amounts payable within one year | 42/48 | €237,698 | €329,340 | +€91,641 | +38.6% |
| Current portion of amounts payable after more than one year | 42 | €44,308 | €43,596 | -€713 | -1.6% |
| Financial debts | 43 | €323 | €2,477 | +€2,154 | +666.0% |
| Credit institutions | 430/8 | €323 | €2,477 | +€2,154 | +666.0% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €55,001 | €134,552 | +€79,550 | +144.6% |
| Suppliers | 440/4 | €55,001 | €134,552 | +€79,550 | +144.6% |
| Advances received on contracts in progress | 46 | €5,455 | €0 | -€5,455 | -100.0% |
| Taxes, remuneration and social security | 45 | €122,771 | €136,569 | +€13,798 | +11.2% |
| Taxes | 450/3 | €28,335 | €32,316 | +€3,981 | +14.1% |
| Remuneration and social security | 454/9 | €94,436 | €104,253 | +€9,817 | +10.4% |
| Other amounts payable | 47/48 | €9,839 | €12,146 | +€2,307 | +23.4% |
| Accrued charges and deferred income | 492/3 | €2,801 | €2,801 | = | 0.0% |
| Non-recurring operating income | 76A | €65,000 | €0 | -€65,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €725,371 | €1,159,583 | +€434,212 | +59.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,528 | €93,475 | +€35,947 | +62.5% |
| Other operating charges | 640/8 | €2,696 | €4,882 | +€2,185 | +81.0% |
| Gross operating margin | 9900 | €843,317 | €1,353,557 | +€510,240 | +60.5% |
| Operating profit (loss) | 9901 | €57,722 | €95,618 | +€37,896 | +65.7% |
| Financial income | 75/76B | €2,948 | €7 | -€2,941 | -99.8% |
| Recurring financial income | 75 | €2,948 | €7 | -€2,941 | -99.8% |
| Financial charges | 65/66B | €29,109 | €66,475 | +€37,366 | +128.4% |
| Recurring financial charges | 65 | €29,109 | €66,475 | +€37,366 | +128.4% |
| Profit (loss) for the period before taxes | 9903 | €31,562 | €29,150 | -€2,411 | -7.6% |
| Income taxes | 67/77 | €5,731 | €6,618 | +€887 | +15.5% |
| Profit (loss) for the period | 9904 | €25,831 | €22,532 | -€3,299 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,831 | €22,532 | -€3,299 | -12.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.