DR. AARTS JOZEF: 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.
DR. AARTS JOZEF
Largest movements
- Receivables within one year +€48,601
up €48,601 (+295%), from €16,447 to €65,048
- Cash -€13,263
down €13,263 (-9.9%), from €134,424 to €121,161
mainly Receivables within one year (-€48,601) and Deferred charges and accrued income (-€5,134)
- Tangible fixed assets -€5,262
down €5,262 (-24.4%), from €21,589 to €16,328
of which Furniture and vehicles: -€4,742
- Deferred charges and accrued income +€5,134
up €5,134 (+72.8%), from €7,049 to €12,183
- Reserves +€34,678
up €34,678 (+15.9%), from €218,211 to €252,889
- Gross operating margin -€8,568
down €8,568 (-12.8%), from €67,132 to €58,564
- Financial income -€4,935
down €4,935 (-53.6%), from €9,206 to €4,271
- Taxes -€3,201
down €3,201 (-14.2%), from €22,554 to €19,353
- Other operating charges -€2,995
down €2,995 (-66.1%), from €4,532 to €1,537
- Depreciation +€1,865
up €1,865 (+39.9%), from €4,679 to €6,544
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 | €232,210 | €267,419 | +€35,210 | +15.2% |
| Fixed assets | 21/28 | €21,589 | €16,328 | -€5,262 | -24.4% |
| Tangible fixed assets | 22/27 | €21,589 | €16,328 | -€5,262 | -24.4% |
| Land and buildings | 22 | €260 | €0 | -€260 | -100% |
| Furniture and vehicles | 24 | €14,202 | €9,460 | -€4,742 | -33.4% |
| Other tangible fixed assets | 26 | €7,127 | €6,868 | -€259 | -3.6% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €210,620 | €251,092 | +€40,471 | +19.2% |
| Amounts receivable after more than one year | 29 | €52,700 | €52,700 | = | 0.0% |
| Other amounts receivable | 291 | €52,700 | €52,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,447 | €65,048 | +€48,601 | +295% |
| Other amounts receivable | 41 | €16,447 | €65,048 | +€48,601 | +295% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €134,424 | €121,161 | -€13,263 | -9.9% |
| Deferred charges and accrued income | 490/1 | €7,049 | €12,183 | +€5,134 | +72.8% |
| Total equity and liabilities | 10/49 | €232,210 | €267,419 | +€35,210 | +15.2% |
| Equity | 10/15 | €230,611 | €265,289 | +€34,678 | +15.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €218,211 | €252,889 | +€34,678 | +15.9% |
| Distributable reserves | 133 | €218,211 | €252,889 | +€34,678 | +15.9% |
| Amounts payable | 17/49 | €1,598 | €2,130 | +€532 | +33.3% |
| Amounts payable within one year | 42/48 | €1,598 | €2,130 | +€532 | +33.3% |
| Trade debts | 44 | €872 | €1,077 | +€205 | +23.5% |
| Suppliers | 440/4 | €872 | €1,077 | +€205 | +23.5% |
| Taxes, remuneration and social security | 45 | €306 | €0 | -€306 | -100% |
| Taxes | 450/3 | €306 | €0 | -€306 | -100% |
| Other amounts payable | 47/48 | €420 | €1,053 | +€633 | +151% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,679 | €6,544 | +€1,865 | +39.9% |
| Other operating charges | 640/8 | €4,532 | €1,537 | -€2,995 | -66.1% |
| Gross operating margin | 9900 | €67,132 | €58,564 | -€8,568 | -12.8% |
| Operating profit (loss) | 9901 | €57,921 | €50,483 | -€7,438 | -12.8% |
| Financial income | 75/76B | €9,206 | €4,271 | -€4,935 | -53.6% |
| Recurring financial income | 75 | €9,206 | €4,271 | -€4,935 | -53.6% |
| Financial charges | 65/66B | €569 | €724 | +€155 | +27.2% |
| Recurring financial charges | 65 | €569 | €724 | +€155 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | €66,558 | €54,030 | -€12,528 | -18.8% |
| Income taxes | 67/77 | €22,554 | €19,353 | -€3,201 | -14.2% |
| Profit (loss) for the period | 9904 | €44,004 | €34,678 | -€9,327 | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €44,004 | €34,678 | -€9,327 | -21.2% |
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 31 October 2026 via checked.be.