CHRIS JANSSEN: 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.
CHRIS JANSSEN
Largest movements
- Receivables within one year +€30,696
up €30,696 (+101%), from €30,534 to €61,231
of which Trade receivables: +€39,245
- Deferred charges and accrued income -€9,080
down €9,080 (-85.8%), from €10,583 to €1,503
- Stocks and contracts +€6,174
up €6,174 (+8.7%), from €71,177 to €77,351
of which Contracts in progress: +€28,979
- Cash -€4,198
down €4,198 (-14.8%), from €28,351 to €24,152
mainly Receivables within one year (-€30,696) and Advances received (-€9,250)
- Tangible fixed assets -€2,531
down €2,531 (-25.8%), from €9,798 to €7,267
of which Furniture and vehicles: -€1,788
- Reserves +€30,353
up €30,353 (+32.1%), from €94,551 to €124,904
- Advances received -€9,250
no longer reported in 2025 (was €9,250)
- Other debts +€5,420
up €5,420 (+33.0%), from €16,419 to €21,839
- Tax, wage and social debts -€4,172
down €4,172 (-48.5%), from €8,601 to €4,429
- Gross operating margin +€57,174
up €57,174, from -€10,404 to €46,770
- Taxes +€11,616
up €11,616 (+3,619%), from €321 to €11,937
- Depreciation +€977
up €977 (+75.5%), from €1,294 to €2,271
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 | €150,520 | €171,581 | +€21,061 | +14.0% |
| Fixed assets | 21/28 | €9,798 | €7,267 | -€2,531 | -25.8% |
| Tangible fixed assets | 22/27 | €9,798 | €7,267 | -€2,531 | -25.8% |
| Plant, machinery and equipment | 23 | €2,406 | €1,663 | -€743 | -30.9% |
| Furniture and vehicles | 24 | €7,392 | €5,604 | -€1,788 | -24.2% |
| Current assets | 29/58 | €140,722 | €164,314 | +€23,592 | +16.8% |
| Stocks and contracts in progress | 3 | €71,177 | €77,351 | +€6,174 | +8.7% |
| Stocks | 30/36 | €57,185 | €34,380 | -€22,805 | -39.9% |
| Contracts in progress | 37 | €13,992 | €42,971 | +€28,979 | +207% |
| Amounts receivable within one year | 40/41 | €30,534 | €61,231 | +€30,696 | +101% |
| Trade receivables | 40 | €10,680 | €49,925 | +€39,245 | +367% |
| Other amounts receivable | 41 | €19,854 | €11,306 | -€8,548 | -43.1% |
| Current investments | 50/53 | €77 | €77 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,351 | €24,152 | -€4,198 | -14.8% |
| Deferred charges and accrued income | 490/1 | €10,583 | €1,503 | -€9,080 | -85.8% |
| Total equity and liabilities | 10/49 | €150,520 | €171,581 | +€21,061 | +14.0% |
| Equity | 10/15 | €99,057 | €129,410 | +€30,353 | +30.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €94,551 | €124,904 | +€30,353 | +32.1% |
| Distributable reserves | 133 | €94,551 | €124,904 | +€30,353 | +32.1% |
| Profit (loss) carried forward | 14 | -€14,094 | -€14,094 | = | 0.0% |
| Amounts payable | 17/49 | €51,463 | €42,171 | -€9,292 | -18.1% |
| Amounts payable within one year | 42/48 | €51,463 | €42,171 | -€9,292 | -18.1% |
| Trade debts | 44 | €17,192 | €15,903 | -€1,290 | -7.5% |
| Suppliers | 440/4 | €17,192 | €15,903 | -€1,290 | -7.5% |
| Advances received on contracts in progress | 46 | €9,250 | - | -€9,250 | |
| Taxes, remuneration and social security | 45 | €8,601 | €4,429 | -€4,172 | -48.5% |
| Taxes | 450/3 | €8,601 | €4,429 | -€4,172 | -48.5% |
| Other amounts payable | 47/48 | €16,419 | €21,839 | +€5,420 | +33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,294 | €2,271 | +€977 | +75.5% |
| Other operating charges | 640/8 | €1,418 | €1,581 | +€163 | +11.5% |
| Non-recurring operating charges | 66A | - | €261 | +€261 | |
| Gross operating margin | 9900 | -€10,404 | €46,770 | +€57,174 | |
| Operating profit (loss) | 9901 | -€13,116 | €42,657 | +€55,773 | |
| Financial income | 75/76B | €130 | €36 | -€94 | -72.1% |
| Recurring financial income | 75 | €130 | €36 | -€94 | -72.1% |
| Financial charges | 65/66B | €787 | €404 | -€384 | -48.7% |
| Recurring financial charges | 65 | €787 | €404 | -€384 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | -€13,773 | €42,290 | +€56,063 | |
| Income taxes | 67/77 | €321 | €11,937 | +€11,616 | +3,619% |
| Profit (loss) for the period | 9904 | -€14,094 | €30,353 | +€44,447 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,094 | €30,353 | +€44,447 |
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 21 October 2026 via checked.be.