Dr Edith Jottrand: 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 Edith Jottrand
Largest movements
- Tangible fixed assets +€214,392
up €214,392 (+926%), from €23,161 to €237,553
of which Land and buildings: +€225,924
- Cash -€149,136
down €149,136 (-34.8%), from €428,389 to €279,253
mainly Investment in fixed assets (net) (-€238,446) and Contributions, distributions and other (-€105,183)
- Receivables within one year +€10,763
new in 2025: €10,763
- Deferred charges and accrued income -€8,274
down €8,274 (-15.4%), from €53,793 to €45,519
- Debts after one year +€114,421
new in 2025: €114,421
- Tax, wage and social debts -€38,556
down €38,556 (-48.4%), from €79,629 to €41,073
- Other debts -€15,134
down €15,134 (-9.1%), from €165,651 to €150,517
- Current portion of long-term debt +€7,616
new in 2025: €7,616
- Depreciation +€12,513
up €12,513 (+108%), from €11,542 to €24,054
- Taxes -€6,784
down €6,784 (-17.7%), from €38,275 to €31,491
- Gross operating margin -€6,508
down €6,508 (-4.0%), from €164,723 to €158,215
- Financial income +€3,244
up €3,244 (+134%), from €2,415 to €5,659
- Financial charges +€2,659
up €2,659 (+2,783%), from €96 to €2,754
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 | €505,342 | €573,088 | +€67,745 | +13.4% |
| Fixed assets | 21/28 | €23,161 | €237,553 | +€214,392 | +926% |
| Tangible fixed assets | 22/27 | €23,161 | €237,553 | +€214,392 | +926% |
| Land and buildings | 22 | - | €225,924 | +€225,924 | |
| Plant, machinery and equipment | 23 | €12,296 | €6,296 | -€6,000 | -48.8% |
| Furniture and vehicles | 24 | €4,955 | €17 | -€4,938 | -99.7% |
| Other tangible fixed assets | 26 | €5,910 | €5,316 | -€594 | -10.0% |
| Current assets | 29/58 | €482,182 | €335,535 | -€146,647 | -30.4% |
| Amounts receivable within one year | 40/41 | - | €10,763 | +€10,763 | |
| Other amounts receivable | 41 | - | €10,763 | +€10,763 | |
| Cash at bank and in hand | 54/58 | €428,389 | €279,253 | -€149,136 | -34.8% |
| Deferred charges and accrued income | 490/1 | €53,793 | €45,519 | -€8,274 | -15.4% |
| Total equity and liabilities | 10/49 | €505,342 | €573,088 | +€67,745 | +13.4% |
| Equity | 10/15 | €258,780 | €258,780 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €255,780 | €255,780 | = | 0.0% |
| Distributable reserves | 133 | €255,780 | €255,780 | = | 0.0% |
| Amounts payable | 17/49 | €246,562 | €314,308 | +€67,745 | +27.5% |
| Amounts payable after more than one year | 17 | - | €114,421 | +€114,421 | |
| Financial debts | 170/4 | - | €114,421 | +€114,421 | |
| Amounts payable within one year | 42/48 | €246,379 | €199,697 | -€46,681 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | - | €7,616 | +€7,616 | |
| Trade debts | 44 | €1,099 | €492 | -€607 | -55.2% |
| Suppliers | 440/4 | €1,099 | €492 | -€607 | -55.2% |
| Taxes, remuneration and social security | 45 | €79,629 | €41,073 | -€38,556 | -48.4% |
| Taxes | 450/3 | €79,629 | €41,073 | -€38,556 | -48.4% |
| Other amounts payable | 47/48 | €165,651 | €150,517 | -€15,134 | -9.1% |
| Accrued charges and deferred income | 492/3 | €183 | €189 | +€6 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,542 | €24,054 | +€12,513 | +108% |
| Other operating charges | 640/8 | €384 | €391 | +€7 | +1.9% |
| Gross operating margin | 9900 | €164,723 | €158,215 | -€6,508 | -4.0% |
| Operating profit (loss) | 9901 | €152,797 | €133,769 | -€19,028 | -12.5% |
| Financial income | 75/76B | €2,415 | €5,659 | +€3,244 | +134% |
| Recurring financial income | 75 | €2,415 | €5,659 | +€3,244 | +134% |
| Financial charges | 65/66B | €96 | €2,754 | +€2,659 | +2,783% |
| Recurring financial charges | 65 | €96 | €2,754 | +€2,659 | +2,783% |
| Profit (loss) for the period before taxes | 9903 | €155,117 | €136,674 | -€18,443 | -11.9% |
| Income taxes | 67/77 | €38,275 | €31,491 | -€6,784 | -17.7% |
| Profit (loss) for the period | 9904 | €116,843 | €105,183 | -€11,659 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €116,843 | €105,183 | -€11,659 | -10.0% |
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 14 October 2026 via checked.be.