DR. ANN 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.
DR. ANN JANSSEN
Largest movements
- Cash -€174,196
down €174,196 (-53.0%), from €328,749 to €154,553
mainly Current investments (-€127,500) and Contributions, distributions and other (-€29,984)
- Current investments +€127,500
new in 2025: €127,500
- Receivables within one year -€4,545
down €4,545 (-78.1%), from €5,820 to €1,275
of which Other amounts receivable: -€4,531
- Reserves -€29,441
down €29,441 (-11.0%), from €267,189 to €237,748
- Other debts -€22,435
down €22,435 (-35.3%), from €63,511 to €41,076
- Gross operating margin +€9,438
up €9,438, from -€7,236 to €2,203
- Other operating charges -€4,518
down €4,518 (-79.4%), from €5,689 to €1,171
- Financial income +€930
up €930 (+140%), from €662 to €1,593
- Depreciation +€552
up €552 (+109%), from €508 to €1,060
- Financial charges +€274
up €274 (+44.5%), from €616 to €889
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 | €344,657 | €292,357 | -€52,300 | -15.2% |
| Fixed assets | 21/28 | €10,089 | €9,029 | -€1,060 | -10.5% |
| Tangible fixed assets | 22/27 | €10,089 | €9,029 | -€1,060 | -10.5% |
| Furniture and vehicles | 24 | €2,971 | €2,665 | -€306 | -10.3% |
| Other tangible fixed assets | 26 | €7,118 | €6,364 | -€754 | -10.6% |
| Current assets | 29/58 | €334,569 | €283,328 | -€51,241 | -15.3% |
| Amounts receivable within one year | 40/41 | €5,820 | €1,275 | -€4,545 | -78.1% |
| Trade receivables | 40 | €872 | €858 | -€14 | -1.6% |
| Other amounts receivable | 41 | €4,948 | €417 | -€4,531 | -91.6% |
| Current investments | 50/53 | - | €127,500 | +€127,500 | |
| Cash at bank and in hand | 54/58 | €328,749 | €154,553 | -€174,196 | -53.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €344,657 | €292,357 | -€52,300 | -15.2% |
| Equity | 10/15 | €279,589 | €250,148 | -€29,441 | -10.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €267,189 | €237,748 | -€29,441 | -11.0% |
| Distributable reserves | 133 | €267,189 | €237,748 | -€29,441 | -11.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €65,068 | €42,209 | -€22,859 | -35.1% |
| Amounts payable within one year | 42/48 | €65,068 | €42,209 | -€22,859 | -35.1% |
| Trade debts | 44 | €1,557 | €1,133 | -€424 | -27.2% |
| Suppliers | 440/4 | €1,557 | €1,133 | -€424 | -27.2% |
| Other amounts payable | 47/48 | €63,511 | €41,076 | -€22,435 | -35.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €508 | €1,060 | +€552 | +109% |
| Other operating charges | 640/8 | €5,689 | €1,171 | -€4,518 | -79.4% |
| Gross operating margin | 9900 | -€7,236 | €2,203 | +€9,438 | |
| Operating profit (loss) | 9901 | -€13,433 | -€28 | +€13,405 | +99.8% |
| Financial income | 75/76B | €662 | €1,593 | +€930 | +140% |
| Recurring financial income | 75 | €662 | €1,593 | +€930 | +140% |
| Financial charges | 65/66B | €616 | €889 | +€274 | +44.5% |
| Recurring financial charges | 65 | €616 | €889 | +€274 | +44.5% |
| Profit (loss) for the period before taxes | 9903 | -€13,387 | €675 | +€14,062 | |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€13,515 | €543 | +€14,058 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,515 | €543 | +€14,058 |
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 30 October 2026 via checked.be.