DR. JACQUES GIELEN: 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. JACQUES GIELEN
Largest movements
- Cash +€71,261
up €71,261 (+7.6%), from €942,632 to €1.0m
mainly Net result for the year (+€80,953) and Trade debts (+€2,279)
- Reserves +€80,953
up €80,953 (+8.7%), from €935,159 to €1.0m
of which Distributable reserves: +€80,953
- Gross operating margin -€28,487
down €28,487 (-18.6%), from €152,950 to €124,463
- Taxes -€9,167
down €9,167 (-18.7%), from €48,991 to €39,824
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 | €957,245 | €1,027,036 | +€69,791 | +7.3% |
| Fixed assets | 21/28 | €2,392 | €1,258 | -€1,133 | -47.4% |
| Tangible fixed assets | 22/27 | €2,392 | €1,258 | -€1,133 | -47.4% |
| Furniture and vehicles | 24 | €2,392 | €1,258 | -€1,133 | -47.4% |
| Current assets | 29/58 | €954,853 | €1,025,778 | +€70,925 | +7.4% |
| Amounts receivable within one year | 40/41 | €10,151 | €10,000 | -€151 | -1.5% |
| Trade receivables | 40 | €10,151 | €10,000 | -€151 | -1.5% |
| Cash at bank and in hand | 54/58 | €942,632 | €1,013,893 | +€71,261 | +7.6% |
| Deferred charges and accrued income | 490/1 | €2,070 | €1,884 | -€185 | -9.0% |
| Total equity and liabilities | 10/49 | €957,245 | €1,027,036 | +€69,791 | +7.3% |
| Equity | 10/15 | €935,159 | €1,016,113 | +€80,953 | +8.7% |
| Reserves | 13 | €935,159 | €1,016,113 | +€80,953 | +8.7% |
| Tax-exempt reserves | 132 | €229 | €229 | = | 0.0% |
| Distributable reserves | 133 | €934,930 | €1,015,884 | +€80,953 | +8.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €22,085 | €10,923 | -€11,162 | -50.5% |
| Amounts payable within one year | 42/48 | €22,085 | €10,923 | -€11,162 | -50.5% |
| Trade debts | 44 | - | €2,279 | +€2,279 | |
| Suppliers | 440/4 | - | €2,279 | +€2,279 | |
| Taxes, remuneration and social security | 45 | €14,316 | €5,011 | -€9,305 | -65.0% |
| Taxes | 450/3 | €14,316 | €5,011 | -€9,305 | -65.0% |
| Other amounts payable | 47/48 | €7,769 | €3,633 | -€4,137 | -53.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,507 | €1,133 | -€373 | -24.8% |
| Other operating charges | 640/8 | €1,279 | €1,843 | +€565 | +44.2% |
| Gross operating margin | 9900 | €152,950 | €124,463 | -€28,487 | -18.6% |
| Operating profit (loss) | 9901 | €150,165 | €121,486 | -€28,679 | -19.1% |
| Financial charges | 65/66B | €1,184 | €708 | -€476 | -40.2% |
| Recurring financial charges | 65 | €1,184 | €708 | -€476 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | €148,980 | €120,778 | -€28,203 | -18.9% |
| Income taxes | 67/77 | €48,991 | €39,824 | -€9,167 | -18.7% |
| Profit (loss) for the period | 9904 | €99,989 | €80,953 | -€19,036 | -19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €99,989 | €80,953 | -€19,036 | -19.0% |
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 31 October 2026 via checked.be.