BENOIT JONKEAU: 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.
BENOIT JONKEAU
Largest movements
- Receivables within one year +€2.6m
up €2.6m (+45.6%), from €5.6m to €8.2m
of which Other amounts receivable: +€1.4m
- Cash -€1.1m
down €1.1m (-52.2%), from €2.1m to €985,976
mainly Receivables within one year (-€2.6m) and Stocks and contracts (-€696,042)
- Current investments -€852,839
down €852,839 (-41.3%), from €2.1m to €1.2m
- Stocks and contracts +€696,042
up €696,042 (+38.6%), from €1.8m to €2.5m
- Profit (loss) carried forward +€738,129
up €738,129 (+8.3%), from €8.9m to €9.6m
- Reserves +€315,750
up €315,750 (+13.6%), from €2.3m to €2.6m
of which Distributable reserves: +€336,800
- Tax, wage and social debts +€289,364
up €289,364 (+163%), from €177,257 to €466,620
of which Taxes: +€286,589
- Other debts +€162,435
up €162,435 (+152%), from €106,808 to €269,242
- Gross operating margin -€583,631
down €583,631 (-23.3%), from €2.5m to €1.9m
- Staff costs +€245,361
up €245,361 (+55.2%), from €444,408 to €689,769
- Financial income +€194,855
up €194,855 (+97.8%), from €199,224 to €394,079
- Taxes -€62,989
down €62,989 (-15.2%), from €414,319 to €351,330
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 | €12,290,315 | €13,689,966 | +€1.4m | +11.4% |
| Fixed assets | 21/28 | €511,222 | €515,269 | +€4,047 | +0.8% |
| Tangible fixed assets | 22/27 | €330,001 | €326,048 | -€3,953 | -1.2% |
| Land and buildings | 22 | €25,000 | €25,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €191,839 | €177,186 | -€14,652 | -7.6% |
| Furniture and vehicles | 24 | €113,163 | €123,862 | +€10,699 | +9.5% |
| Financial fixed assets | 28 | €181,221 | €189,221 | +€8,000 | +4.4% |
| Current assets | 29/58 | €11,779,092 | €13,174,696 | +€1.4m | +11.8% |
| Stocks and contracts in progress | 3 | €1,802,086 | €2,498,128 | +€696,042 | +38.6% |
| Stocks | 30/36 | €1,802,086 | €2,498,128 | +€696,042 | +38.6% |
| Amounts receivable within one year | 40/41 | €5,616,488 | €8,175,748 | +€2.6m | +45.6% |
| Trade receivables | 40 | €2,279,005 | €3,483,412 | +€1.2m | +52.8% |
| Other amounts receivable | 41 | €3,337,483 | €4,692,336 | +€1.4m | +40.6% |
| Current investments | 50/53 | €2,065,263 | €1,212,424 | -€852,839 | -41.3% |
| Cash at bank and in hand | 54/58 | €2,064,327 | €985,976 | -€1.1m | -52.2% |
| Deferred charges and accrued income | 490/1 | €230,928 | €302,420 | +€71,492 | +31.0% |
| Total equity and liabilities | 10/49 | €12,290,315 | €13,689,966 | +€1.4m | +11.4% |
| Equity | 10/15 | €11,338,585 | €12,392,635 | +€1.1m | +9.3% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €2,313,359 | €2,629,109 | +€315,750 | +13.6% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €673,600 | €652,550 | -€21,050 | -3.1% |
| Distributable reserves | 133 | €1,624,885 | €1,961,685 | +€336,800 | +20.7% |
| Profit (loss) carried forward | 14 | €8,876,490 | €9,614,618 | +€738,129 | +8.3% |
| Investment grants | 15 | - | €171 | +€171 | |
| Amounts payable | 17/49 | €951,730 | €1,297,331 | +€345,601 | +36.3% |
| Amounts payable within one year | 42/48 | €944,803 | €1,297,074 | +€352,271 | +37.3% |
| Current portion of amounts payable after more than one year | 42 | €14,024 | - | -€14,024 | |
| Financial debts | 43 | €92,215 | €112,958 | +€20,743 | +22.5% |
| Credit institutions | 430/8 | €92,215 | €112,958 | +€20,743 | +22.5% |
| Trade debts | 44 | €554,499 | €448,254 | -€106,246 | -19.2% |
| Suppliers | 440/4 | €554,499 | €448,254 | -€106,246 | -19.2% |
| Taxes, remuneration and social security | 45 | €177,257 | €466,620 | +€289,364 | +163% |
| Taxes | 450/3 | €170,900 | €457,488 | +€286,589 | +168% |
| Remuneration and social security | 454/9 | €6,357 | €9,132 | +€2,775 | +43.7% |
| Other amounts payable | 47/48 | €106,808 | €269,242 | +€162,435 | +152% |
| Accrued charges and deferred income | 492/3 | €6,927 | €257 | -€6,670 | -96.3% |
| Remuneration, social security and pensions | 62 | €444,408 | €689,769 | +€245,361 | +55.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,516 | €160,200 | +€7,683 | +5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,178 | +€14,178 | |
| Other operating charges | 640/8 | €18,505 | €20,112 | +€1,607 | +8.7% |
| Non-recurring operating charges | 66A | €12,083 | €6,876 | -€5,207 | -43.1% |
| Gross operating margin | 9900 | €2,504,978 | €1,921,347 | -€583,631 | -23.3% |
| Operating profit (loss) | 9901 | €1,877,466 | €1,030,211 | -€847,255 | -45.1% |
| Financial income | 75/76B | €199,224 | €394,079 | +€194,855 | +97.8% |
| Recurring financial income | 75 | €199,224 | €394,079 | +€194,855 | +97.8% |
| Financial charges | 65/66B | €21,773 | €19,081 | -€2,692 | -12.4% |
| Recurring financial charges | 65 | €21,773 | €19,081 | -€2,692 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €2,054,917 | €1,405,209 | -€649,708 | -31.6% |
| Income taxes | 67/77 | €414,319 | €351,330 | -€62,989 | -15.2% |
| Profit (loss) for the period | 9904 | €1,640,597 | €1,053,879 | -€586,719 | -35.8% |
| Transfer to tax-exempt reserves | 689 | €673,600 | €315,750 | -€357,850 | -53.1% |
| Profit (loss) for the period to be appropriated | 9905 | €966,997 | €738,129 | -€228,869 | -23.7% |
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 14 October 2026 via checked.be.