DR CINDY JOYE: 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 CINDY JOYE
Largest movements
- Receivables within one year +€34,210
up €34,210 (+57.0%), from €60,062 to €94,272
of which Other amounts receivable: +€34,435
- Receivables after one year -€20,000
down €20,000 (-52.6%), from €38,000 to €18,000
- Cash +€8,059
up €8,059 (+32.2%), from €25,012 to €33,071
mainly Other debts (+€45,152) and Net result for the year (+€25,208)
- Tangible fixed assets -€6,992
down €6,992 (-22.9%), from €30,572 to €23,580
- Deferred charges and accrued income +€2,097
up €2,097 (+48.4%), from €4,329 to €6,426
- Other debts +€45,152
new in 2025: €45,152
- Reserves -€22,450
down €22,450 (-19.8%), from €113,618 to €91,168
of which Distributable reserves: -€15,010
- Current portion of long-term debt -€6,019
down €6,019 (-36.9%), from €16,325 to €10,307
- Gross operating margin +€10,794
up €10,794 (+35.2%), from €30,624 to €41,418
- Taxes +€6,284
up €6,284 (+85.8%), from €7,322 to €13,607
- Depreciation +€2,513
up €2,513 (+56.1%), from €4,479 to €6,992
- Financial income +€1,539
up €1,539 (+37.1%), from €4,152 to €5,691
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 | €157,976 | €175,349 | +€17,374 | +11.0% |
| Fixed assets | 21/28 | €30,572 | €23,580 | -€6,992 | -22.9% |
| Tangible fixed assets | 22/27 | €30,572 | €23,580 | -€6,992 | -22.9% |
| Furniture and vehicles | 24 | €30,572 | €23,580 | -€6,992 | -22.9% |
| Current assets | 29/58 | €127,403 | €151,769 | +€24,366 | +19.1% |
| Amounts receivable after more than one year | 29 | €38,000 | €18,000 | -€20,000 | -52.6% |
| Other amounts receivable | 291 | €38,000 | €18,000 | -€20,000 | -52.6% |
| Amounts receivable within one year | 40/41 | €60,062 | €94,272 | +€34,210 | +57.0% |
| Trade receivables | 40 | €225 | - | -€225 | |
| Other amounts receivable | 41 | €59,837 | €94,272 | +€34,435 | +57.5% |
| Cash at bank and in hand | 54/58 | €25,012 | €33,071 | +€8,059 | +32.2% |
| Deferred charges and accrued income | 490/1 | €4,329 | €6,426 | +€2,097 | +48.4% |
| Total equity and liabilities | 10/49 | €157,976 | €175,349 | +€17,374 | +11.0% |
| Equity | 10/15 | €137,178 | €114,728 | -€22,450 | -16.4% |
| Contributions | 10/11 | €23,560 | €23,560 | = | 0.0% |
| Reserves | 13 | €113,618 | €91,168 | -€22,450 | -19.8% |
| Non-distributable reserves | 130/1 | €7,440 | - | -€7,440 | |
| Reserves not available under the articles | 1311 | €7,440 | - | -€7,440 | |
| Distributable reserves | 133 | €106,178 | €91,168 | -€15,010 | -14.1% |
| Amounts payable | 17/49 | €20,797 | €60,621 | +€39,824 | +191% |
| Amounts payable within one year | 42/48 | €20,797 | €60,621 | +€39,824 | +191% |
| Current portion of amounts payable after more than one year | 42 | €16,325 | €10,307 | -€6,019 | -36.9% |
| Trade debts | 44 | - | €136 | +€136 | |
| Suppliers | 440/4 | - | €136 | +€136 | |
| Taxes, remuneration and social security | 45 | €4,472 | €5,027 | +€555 | +12.4% |
| Taxes | 450/3 | €3,322 | €5,027 | +€1,705 | +51.3% |
| Remuneration and social security | 454/9 | €1,150 | - | -€1,150 | |
| Other amounts payable | 47/48 | - | €45,152 | +€45,152 | |
| Non-recurring operating income | 76A | €7,834 | - | -€7,834 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,479 | €6,992 | +€2,513 | +56.1% |
| Other operating charges | 640/8 | €116 | €63 | -€53 | -45.7% |
| Gross operating margin | 9900 | €30,624 | €41,418 | +€10,794 | +35.2% |
| Operating profit (loss) | 9901 | €26,028 | €34,362 | +€8,334 | +32.0% |
| Financial income | 75/76B | €4,152 | €5,691 | +€1,539 | +37.1% |
| Recurring financial income | 75 | €4,152 | €5,691 | +€1,539 | +37.1% |
| Financial charges | 65/66B | €880 | €1,239 | +€359 | +40.8% |
| Recurring financial charges | 65 | €880 | €1,239 | +€359 | +40.8% |
| Profit (loss) for the period before taxes | 9903 | €29,300 | €38,814 | +€9,514 | +32.5% |
| Income taxes | 67/77 | €7,322 | €13,607 | +€6,284 | +85.8% |
| Profit (loss) for the period | 9904 | €21,978 | €25,208 | +€3,229 | +14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,978 | €25,208 | +€3,229 | +14.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.