B.J.: 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.
B.J.
Largest movements
- Current investments +€290,117
new in 2025: €290,117
- Tangible fixed assets -€150,119
down €150,119 (-26.0%), from €577,397 to €427,278
- Cash -€75,943
down €75,943 (-89.3%), from €85,012 to €9,069
mainly Current investments (-€290,117) and Other debts (-€83,739)
- Other debts -€83,739
down €83,739 (-52.5%), from €159,449 to €75,710
- Debts after one year +€82,739
up €82,739 (+18.4%), from €450,813 to €533,551
of which Other amounts payable: +€270,000
- Reserves +€75,681
up €75,681 (+244.1%), from €31,000 to €106,681
of which Distributable reserves: +€75,681
- Financial income +€98,589
up €98,589 (+74813.0%), from €132 to €98,720
of which Non-recurring financial income: +€98,122
- Taxes +€7,469
up €7,469 (+18893.7%), from €40 to €7,508
- Financial charges +€6,426
up €6,426 (+67.2%), from €9,560 to €15,987
- Gross operating margin +€6,363
up €6,363 (+32.9%), from €19,328 to €25,691
- Depreciation -€4,202
down €4,202 (-16.6%), from €25,326 to €21,124
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 | €1,203,287 | €1,274,535 | +€71,248 | +5.9% |
| Fixed assets | 21/28 | €1,118,275 | €968,156 | -€150,119 | -13.4% |
| Tangible fixed assets | 22/27 | €577,397 | €427,278 | -€150,119 | -26.0% |
| Land and buildings | 22 | €577,397 | €427,278 | -€150,119 | -26.0% |
| Financial fixed assets | 28 | €540,878 | €540,878 | = | 0.0% |
| Current assets | 29/58 | €85,012 | €306,379 | +€221,367 | +260.4% |
| Amounts receivable within one year | 40/41 | - | €7,193 | +€7,193 | |
| Trade receivables | 40 | - | €7,193 | +€7,193 | |
| Current investments | 50/53 | - | €290,117 | +€290,117 | |
| Cash at bank and in hand | 54/58 | €85,012 | €9,069 | -€75,943 | -89.3% |
| Total equity and liabilities | 10/49 | €1,203,287 | €1,274,535 | +€71,248 | +5.9% |
| Equity | 10/15 | €489,779 | €565,460 | +€75,681 | +15.5% |
| Contributions | 10/11 | €310,000 | €310,000 | = | 0.0% |
| Capital | 10 | €310,000 | €310,000 | = | 0.0% |
| Issued capital | 100 | €310,000 | €310,000 | = | 0.0% |
| Reserves | 13 | €31,000 | €106,681 | +€75,681 | +244.1% |
| Non-distributable reserves | 130/1 | €31,000 | €31,000 | = | 0.0% |
| Legal reserve | 130 | €31,000 | €31,000 | = | 0.0% |
| Distributable reserves | 133 | - | €75,681 | +€75,681 | |
| Profit (loss) carried forward | 14 | €148,779 | €148,779 | = | 0.0% |
| Amounts payable | 17/49 | €713,508 | €709,075 | -€4,433 | -0.6% |
| Amounts payable after more than one year | 17 | €450,813 | €533,551 | +€82,739 | +18.4% |
| Financial debts | 170/4 | €330,813 | €143,551 | -€187,261 | -56.6% |
| Other amounts payable | 178/9 | €120,000 | €390,000 | +€270,000 | +225.0% |
| Amounts payable within one year | 42/48 | €262,696 | €175,524 | -€87,171 | -33.2% |
| Current portion of amounts payable after more than one year | 42 | €92,312 | €81,437 | -€10,875 | -11.8% |
| Trade debts | 44 | €4,993 | €6,240 | +€1,247 | +25.0% |
| Suppliers | 440/4 | €4,993 | €6,240 | +€1,247 | +25.0% |
| Taxes, remuneration and social security | 45 | €5,941 | €12,137 | +€6,196 | +104.3% |
| Taxes | 450/3 | €5,941 | €12,137 | +€6,196 | +104.3% |
| Other amounts payable | 47/48 | €159,449 | €75,710 | -€83,739 | -52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,326 | €21,124 | -€4,202 | -16.6% |
| Other operating charges | 640/8 | €7,203 | €4,112 | -€3,092 | -42.9% |
| Gross operating margin | 9900 | €19,328 | €25,691 | +€6,363 | +32.9% |
| Operating profit (loss) | 9901 | -€13,201 | €456 | +€13,656 | |
| Financial income | 75/76B | €132 | €98,720 | +€98,589 | +74813.0% |
| Recurring financial income | 75 | €132 | €599 | +€467 | +354.4% |
| Non-recurring financial income | 76B | - | €98,122 | +€98,122 | |
| Financial charges | 65/66B | €9,560 | €15,987 | +€6,426 | +67.2% |
| Recurring financial charges | 65 | €9,560 | €15,987 | +€6,426 | +67.2% |
| Profit (loss) for the period before taxes | 9903 | -€22,629 | €83,189 | +€105,818 | |
| Income taxes | 67/77 | €40 | €7,508 | +€7,469 | +18893.7% |
| Profit (loss) for the period | 9904 | -€22,669 | €75,681 | +€98,350 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,669 | €75,681 | +€98,350 |
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 12 October 2026 via checked.be.