DR. B. JENNES: 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. B. JENNES
Largest movements
- Receivables within one year +€29,305
up €29,305 (+14.3%), from €205,570 to €234,875
of which Trade receivables: +€59,305
- Cash -€23,262
down €23,262 (-23.8%), from €97,717 to €74,455
mainly Contributions, distributions and other (-€350,990) and Investment in fixed assets (net) (-€30,150)
- Tangible fixed assets +€16,457
up €16,457 (+41.6%), from €39,529 to €55,986
of which Furniture and vehicles: +€13,746
- Other debts +€16,479
up €16,479 (+5.4%), from €303,740 to €320,219
- Tax, wage and social debts +€6,950
new in 2025: €6,950
- Gross operating margin +€51,163
up €51,163 (+12.0%), from €427,553 to €478,716
- Taxes +€11,244
up €11,244 (+11.3%), from €99,689 to €110,933
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 | €344,865 | €365,925 | +€21,060 | +6.1% |
| Fixed assets | 21/28 | €41,446 | €55,986 | +€14,540 | +35.1% |
| Intangible fixed assets | 21 | €1,917 | - | -€1,917 | |
| Tangible fixed assets | 22/27 | €39,529 | €55,986 | +€16,457 | +41.6% |
| Land and buildings | 22 | €32,817 | €37,182 | +€4,365 | +13.3% |
| Plant, machinery and equipment | 23 | €6,015 | €4,361 | -€1,654 | -27.5% |
| Furniture and vehicles | 24 | €697 | €14,443 | +€13,746 | +1,972% |
| Current assets | 29/58 | €303,419 | €309,939 | +€6,520 | +2.1% |
| Amounts receivable within one year | 40/41 | €205,570 | €234,875 | +€29,305 | +14.3% |
| Trade receivables | 40 | €175,570 | €234,875 | +€59,305 | +33.8% |
| Other amounts receivable | 41 | €30,000 | - | -€30,000 | |
| Cash at bank and in hand | 54/58 | €97,717 | €74,455 | -€23,262 | -23.8% |
| Deferred charges and accrued income | 490/1 | €132 | €609 | +€477 | +361% |
| Total equity and liabilities | 10/49 | €344,865 | €365,925 | +€21,060 | +6.1% |
| Equity | 10/15 | €38,267 | €37,350 | -€917 | -2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,667 | €18,750 | -€917 | -4.7% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €917 | - | -€917 | |
| Amounts payable | 17/49 | €306,598 | €328,575 | +€21,977 | +7.2% |
| Amounts payable within one year | 42/48 | €306,598 | €328,575 | +€21,977 | +7.2% |
| Trade debts | 44 | €2,858 | €1,406 | -€1,452 | -50.8% |
| Suppliers | 440/4 | €2,858 | €1,406 | -€1,452 | -50.8% |
| Taxes, remuneration and social security | 45 | - | €6,950 | +€6,950 | |
| Taxes | 450/3 | - | €6,950 | +€6,950 | |
| Other amounts payable | 47/48 | €303,740 | €320,219 | +€16,479 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,160 | €15,610 | +€2,450 | +18.6% |
| Other operating charges | 640/8 | €1,539 | €1,979 | +€440 | +28.6% |
| Gross operating margin | 9900 | €427,553 | €478,716 | +€51,163 | +12.0% |
| Operating profit (loss) | 9901 | €412,854 | €461,127 | +€48,273 | +11.7% |
| Financial charges | 65/66B | €161 | €121 | -€40 | -24.8% |
| Recurring financial charges | 65 | €161 | €121 | -€40 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €412,693 | €461,006 | +€48,313 | +11.7% |
| Income taxes | 67/77 | €99,689 | €110,933 | +€11,244 | +11.3% |
| Profit (loss) for the period | 9904 | €313,004 | €350,073 | +€37,069 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €313,004 | €350,073 | +€37,069 | +11.8% |
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.