BRIAN JOYEUX: 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.
BRIAN JOYEUX
Largest movements
- Cash +€39,350
up €39,350 (+31.4%), from €125,413 to €164,763
mainly Net result for the year (+€118,891) and Depreciation (+€110,025)
- Tangible fixed assets -€32,937
down €32,937 (-3.1%), from €1.1m to €1.0m
of which Land and buildings: -€55,280
- Reserves +€330,000
up €330,000 (+704%), from €46,860 to €376,860
of which Distributable reserves: +€300,000
- Profit (loss) carried forward -€227,109
down €227,109 (-87.1%), from €260,677 to €33,568
- Other debts -€68,741
down €68,741 (-46.6%), from €147,649 to €78,908
- Debts after one year -€52,316
down €52,316 (-8.4%), from €619,874 to €567,557
- Tax, wage and social debts +€31,472
up €31,472 (+35.8%), from €87,816 to €119,287
of which Taxes: +€27,792
- Depreciation +€60,533
up €60,533 (+122%), from €49,492 to €110,025
- Staff costs +€46,224
up €46,224 (+15.6%), from €296,688 to €342,912
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 | €1,263,567 | €1,279,171 | +€15,604 | +1.2% |
| Fixed assets | 21/28 | €1,078,092 | €1,042,055 | -€36,037 | -3.3% |
| Intangible fixed assets | 21 | €7,837 | €4,737 | -€3,100 | -39.6% |
| Tangible fixed assets | 22/27 | €1,064,563 | €1,031,626 | -€32,937 | -3.1% |
| Land and buildings | 22 | €927,636 | €872,357 | -€55,280 | -6.0% |
| Plant, machinery and equipment | 23 | €118,276 | €140,656 | +€22,380 | +18.9% |
| Furniture and vehicles | 24 | €5,155 | €6,618 | +€1,462 | +28.4% |
| Other tangible fixed assets | 26 | €13,496 | €11,996 | -€1,500 | -11.1% |
| Financial fixed assets | 28 | €5,692 | €5,692 | = | 0.0% |
| Current assets | 29/58 | €185,475 | €237,116 | +€51,642 | +27.8% |
| Stocks and contracts in progress | 3 | €31,311 | €41,759 | +€10,448 | +33.4% |
| Stocks | 30/36 | €31,311 | €41,759 | +€10,448 | +33.4% |
| Amounts receivable within one year | 40/41 | €26,893 | €24,945 | -€1,948 | -7.2% |
| Trade receivables | 40 | €15,761 | €19,251 | +€3,490 | +22.1% |
| Other amounts receivable | 41 | €11,133 | €5,694 | -€5,438 | -48.9% |
| Cash at bank and in hand | 54/58 | €125,413 | €164,763 | +€39,350 | +31.4% |
| Deferred charges and accrued income | 490/1 | €1,858 | €5,650 | +€3,792 | +204% |
| Total equity and liabilities | 10/49 | €1,263,567 | €1,279,171 | +€15,604 | +1.2% |
| Equity | 10/15 | €313,737 | €424,908 | +€111,171 | +35.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €46,860 | €376,860 | +€330,000 | +704% |
| 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 | €15,000 | €45,000 | +€30,000 | +200% |
| Distributable reserves | 133 | €30,000 | €330,000 | +€300,000 | +1,000% |
| Profit (loss) carried forward | 14 | €260,677 | €33,568 | -€227,109 | -87.1% |
| Investment grants | 15 | - | €8,280 | +€8,280 | |
| Amounts payable | 17/49 | €949,829 | €854,263 | -€95,567 | -10.1% |
| Amounts payable after more than one year | 17 | €619,874 | €567,557 | -€52,316 | -8.4% |
| Financial debts | 170/4 | €619,874 | €567,557 | -€52,316 | -8.4% |
| Amounts payable within one year | 42/48 | €329,956 | €286,705 | -€43,250 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | €48,997 | €50,607 | +€1,610 | +3.3% |
| Trade debts | 44 | €45,495 | €37,903 | -€7,592 | -16.7% |
| Suppliers | 440/4 | €45,495 | €37,903 | -€7,592 | -16.7% |
| Taxes, remuneration and social security | 45 | €87,816 | €119,287 | +€31,472 | +35.8% |
| Taxes | 450/3 | €30,443 | €58,234 | +€27,792 | +91.3% |
| Remuneration and social security | 454/9 | €57,373 | €61,053 | +€3,680 | +6.4% |
| Other amounts payable | 47/48 | €147,649 | €78,908 | -€68,741 | -46.6% |
| Remuneration, social security and pensions | 62 | €296,688 | €342,912 | +€46,224 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,492 | €110,025 | +€60,533 | +122% |
| Other operating charges | 640/8 | €8,072 | €8,438 | +€367 | +4.5% |
| Non-recurring operating charges | 66A | €6,354 | - | -€6,354 | |
| Gross operating margin | 9900 | €641,361 | €639,281 | -€2,080 | -0.3% |
| Operating profit (loss) | 9901 | €280,756 | €177,906 | -€102,850 | -36.6% |
| Financial income | 75/76B | €32 | €923 | +€892 | +2,825% |
| Recurring financial income | 75 | €32 | €923 | +€892 | +2,825% |
| Financial charges | 65/66B | €30,727 | €34,898 | +€4,171 | +13.6% |
| Recurring financial charges | 65 | €30,727 | €34,898 | +€4,171 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €250,061 | €143,931 | -€106,129 | -42.4% |
| Income taxes | 67/77 | €27,943 | €25,040 | -€2,902 | -10.4% |
| Profit (loss) for the period | 9904 | €222,118 | €118,891 | -€103,227 | -46.5% |
| Profit (loss) for the period to be appropriated | 9905 | €222,118 | €118,891 | -€103,227 | -46.5% |
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 13 October 2026 via checked.be.