BERNARD LOONTJENS: 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.
BERNARD LOONTJENS
Largest movements
- Financial fixed assets -€116,000
down €116,000 (-9.0%), from €1.3m to €1.2m
- Receivables within one year -€92,243
down €92,243 (-27.6%), from €334,059 to €241,816
of which Other amounts receivable: -€94,634
- Cash +€79,244
up €79,244 (+83.2%), from €95,229 to €174,472
mainly Other debts (+€180,868) and Investment in fixed assets (net) (+€116,000)
- Reserves -€368,963
down €368,963 (-6.3%), from €5.9m to €5.5m
- Other debts +€180,868
new in 2025: €180,868
- Financial income +€126,882
up €126,882 (+362%), from €35,010 to €161,892
- Financial charges +€108,884
up €108,884 (+704%), from €15,460 to €124,344
of which Non-recurring financial charges: +€96,000
- Depreciation +€10,696
up €10,696 (+27.8%), from €38,477 to €49,173
- Gross operating margin -€4,418
down €4,418 (-17.0%), from €25,969 to €21,552
- Taxes +€2,444
up €2,444 (+59.7%), from €4,091 to €6,535
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 | €5,875,716 | €5,698,582 | -€177,134 | -3.0% |
| Fixed assets | 21/28 | €2,033,206 | €1,868,033 | -€165,173 | -8.1% |
| Tangible fixed assets | 22/27 | €744,006 | €694,833 | -€49,173 | -6.6% |
| Land and buildings | 22 | €475,243 | €466,356 | -€8,887 | -1.9% |
| Plant, machinery and equipment | 23 | €5,318 | €4,197 | -€1,121 | -21.1% |
| Furniture and vehicles | 24 | €263,444 | €224,280 | -€39,164 | -14.9% |
| Financial fixed assets | 28 | €1,289,200 | €1,173,200 | -€116,000 | -9.0% |
| Current assets | 29/58 | €3,842,510 | €3,830,549 | -€11,961 | -0.3% |
| Amounts receivable within one year | 40/41 | €334,059 | €241,816 | -€92,243 | -27.6% |
| Trade receivables | 40 | - | €2,391 | +€2,391 | |
| Other amounts receivable | 41 | €334,059 | €239,425 | -€94,634 | -28.3% |
| Current investments | 50/53 | €3,404,257 | €3,408,667 | +€4,410 | +0.1% |
| Cash at bank and in hand | 54/58 | €95,229 | €174,472 | +€79,244 | +83.2% |
| Deferred charges and accrued income | 490/1 | €8,966 | €5,594 | -€3,372 | -37.6% |
| Total equity and liabilities | 10/49 | €5,875,716 | €5,698,582 | -€177,134 | -3.0% |
| Equity | 10/15 | €5,873,915 | €5,504,952 | -€368,963 | -6.3% |
| Reserves | 13 | €5,873,915 | €5,504,952 | -€368,963 | -6.3% |
| Distributable reserves | 133 | €5,873,915 | €5,504,952 | -€368,963 | -6.3% |
| Amounts payable | 17/49 | €1,801 | €193,630 | +€191,829 | +10,652% |
| Amounts payable within one year | 42/48 | €1,801 | €193,600 | +€191,799 | +10,651% |
| Trade debts | 44 | €1,760 | €12,079 | +€10,319 | +586% |
| Suppliers | 440/4 | €1,760 | €12,079 | +€10,319 | +586% |
| Taxes, remuneration and social security | 45 | €41 | €653 | +€612 | +1,507% |
| Taxes | 450/3 | €41 | €653 | +€612 | +1,507% |
| Other amounts payable | 47/48 | - | €180,868 | +€180,868 | |
| Accrued charges and deferred income | 492/3 | - | €30 | +€30 | |
| Non-recurring operating income | 76A | €20,000 | - | -€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,477 | €49,173 | +€10,696 | +27.8% |
| Other operating charges | 640/8 | €2,610 | €3,231 | +€621 | +23.8% |
| Gross operating margin | 9900 | €25,969 | €21,552 | -€4,418 | -17.0% |
| Operating profit (loss) | 9901 | -€15,118 | -€30,852 | -€15,734 | -104% |
| Financial income | 75/76B | €35,010 | €161,892 | +€126,882 | +362% |
| Recurring financial income | 75 | €35,010 | €161,892 | +€126,882 | +362% |
| Financial charges | 65/66B | €15,460 | €124,344 | +€108,884 | +704% |
| Recurring financial charges | 65 | -€4,540 | €8,344 | +€12,884 | |
| Non-recurring financial charges | 66B | €20,000 | €116,000 | +€96,000 | +480% |
| Profit (loss) for the period before taxes | 9903 | €4,433 | €6,696 | +€2,263 | +51.1% |
| Income taxes | 67/77 | €4,091 | €6,535 | +€2,444 | +59.7% |
| Profit (loss) for the period | 9904 | €342 | €161 | -€181 | -52.9% |
| Profit (loss) for the period to be appropriated | 9905 | €342 | €161 | -€181 | -52.9% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.