ANDREW JANSSENS: 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.
ANDREW JANSSENS
Largest movements
- Tangible fixed assets -€25,459
down €25,459 (-5.0%), from €504,758 to €479,299
of which Land and buildings: -€19,200
- Receivables within one year -€8,620
down €8,620 (-17.7%), from €48,649 to €40,029
of which Other amounts receivable: -€9,893
- Cash +€8,457
up €8,457 (+16.6%), from €50,840 to €59,297
mainly Net result for the year (+€51,126) and Depreciation (+€28,645)
- Reserves +€28,983
up €28,983 (+10.6%), from €274,402 to €303,386
of which Distributable reserves: +€28,983
- Debts after one year -€28,817
down €28,817 (-9.0%), from €320,324 to €291,508
- Other debts -€24,457
down €24,457 (-53.8%), from €45,493 to €21,036
- Tax, wage and social debts -€9,667
down €9,667 (-28.4%), from €34,062 to €24,395
of which Taxes: -€7,377
- Current portion of long-term debt +€7,378
up €7,378 (+26.3%), from €28,038 to €35,417
- Gross operating margin -€20,166
down €20,166 (-15.0%), from €134,854 to €114,688
- Taxes -€3,033
down €3,033 (-10.0%), from €30,419 to €27,387
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 | €725,418 | €699,819 | -€25,599 | -3.5% |
| Fixed assets | 21/28 | €624,564 | €599,104 | -€25,459 | -4.1% |
| Tangible fixed assets | 22/27 | €504,758 | €479,299 | -€25,459 | -5.0% |
| Land and buildings | 22 | €431,553 | €412,353 | -€19,200 | -4.4% |
| Plant, machinery and equipment | 23 | €52,003 | €45,807 | -€6,196 | -11.9% |
| Furniture and vehicles | 24 | €21,202 | €21,139 | -€63 | -0.3% |
| Financial fixed assets | 28 | €119,806 | €119,806 | = | 0.0% |
| Current assets | 29/58 | €100,855 | €100,715 | -€140 | -0.1% |
| Amounts receivable within one year | 40/41 | €48,649 | €40,029 | -€8,620 | -17.7% |
| Trade receivables | 40 | €16,289 | €17,561 | +€1,273 | +7.8% |
| Other amounts receivable | 41 | €32,361 | €22,468 | -€9,893 | -30.6% |
| Cash at bank and in hand | 54/58 | €50,840 | €59,297 | +€8,457 | +16.6% |
| Deferred charges and accrued income | 490/1 | €1,365 | €1,388 | +€23 | +1.7% |
| Total equity and liabilities | 10/49 | €725,418 | €699,819 | -€25,599 | -3.5% |
| Equity | 10/15 | €293,535 | €322,518 | +€28,983 | +9.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €274,402 | €303,386 | +€28,983 | +10.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,178 | €21,178 | = | 0.0% |
| Distributable reserves | 133 | €251,364 | €280,348 | +€28,983 | +11.5% |
| Profit (loss) carried forward | 14 | €12,933 | €12,933 | = | 0.0% |
| Amounts payable | 17/49 | €431,883 | €377,301 | -€54,583 | -12.6% |
| Amounts payable after more than one year | 17 | €320,324 | €291,508 | -€28,817 | -9.0% |
| Financial debts | 170/4 | €320,324 | €291,508 | -€28,817 | -9.0% |
| Amounts payable within one year | 42/48 | €110,671 | €84,353 | -€26,318 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | €28,038 | €35,417 | +€7,378 | +26.3% |
| Trade debts | 44 | €3,077 | €3,505 | +€428 | +13.9% |
| Suppliers | 440/4 | €3,077 | €3,505 | +€428 | +13.9% |
| Taxes, remuneration and social security | 45 | €34,062 | €24,395 | -€9,667 | -28.4% |
| Taxes | 450/3 | €31,772 | €24,395 | -€7,377 | -23.2% |
| Remuneration and social security | 454/9 | €2,290 | - | -€2,290 | |
| Other amounts payable | 47/48 | €45,493 | €21,036 | -€24,457 | -53.8% |
| Accrued charges and deferred income | 492/3 | €888 | €1,440 | +€552 | +62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,779 | €28,645 | +€866 | +3.1% |
| Other operating charges | 640/8 | €1,233 | €1,390 | +€158 | +12.8% |
| Non-recurring operating charges | 66A | €4,738 | - | -€4,738 | |
| Gross operating margin | 9900 | €134,854 | €114,688 | -€20,166 | -15.0% |
| Operating profit (loss) | 9901 | €101,103 | €84,652 | -€16,451 | -16.3% |
| Financial income | 75/76B | €932 | €456 | -€476 | -51.1% |
| Recurring financial income | 75 | €932 | €456 | -€476 | -51.1% |
| Financial charges | 65/66B | €7,247 | €6,595 | -€652 | -9.0% |
| Recurring financial charges | 65 | €7,247 | €6,595 | -€652 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €94,788 | €78,513 | -€16,275 | -17.2% |
| Income taxes | 67/77 | €30,419 | €27,387 | -€3,033 | -10.0% |
| Profit (loss) for the period | 9904 | €64,368 | €51,126 | -€13,242 | -20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €64,368 | €51,126 | -€13,242 | -20.6% |
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 31 October 2026 via checked.be.