Dr. Jan Bosteels: 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. Jan Bosteels
Largest movements
- Receivables within one year +€63,216
up €63,216 (+51.4%), from €123,058 to €186,274
of which Trade receivables: +€32,620
- Cash +€62,263
up €62,263 (+4.0%), from €1.6m to €1.6m
mainly Net result for the year (+€280,739) and Depreciation (+€30,604)
- Reserves +€280,739
up €280,739 (+17.1%), from €1.6m to €1.9m
- Other debts -€137,776
no longer reported in 2025 (was €137,776)
- Taxes -€33,027
down €33,027 (-29.6%), from €111,563 to €78,536
- Financial income +€11,268
up €11,268 (+61.6%), from €18,306 to €29,574
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 | €1,815,719 | €1,937,139 | +€121,420 | +6.7% |
| Fixed assets | 21/28 | €117,269 | €113,632 | -€3,637 | -3.1% |
| Tangible fixed assets | 22/27 | €115,645 | €112,008 | -€3,637 | -3.1% |
| Land and buildings | 22 | €83,339 | €73,330 | -€10,009 | -12.0% |
| Plant, machinery and equipment | 23 | €4,319 | €18,244 | +€13,925 | +322% |
| Furniture and vehicles | 24 | €27,987 | €20,434 | -€7,553 | -27.0% |
| Financial fixed assets | 28 | €1,624 | €1,624 | = | 0.0% |
| Current assets | 29/58 | €1,698,450 | €1,823,507 | +€125,057 | +7.4% |
| Amounts receivable within one year | 40/41 | €123,058 | €186,274 | +€63,216 | +51.4% |
| Trade receivables | 40 | €98,595 | €131,215 | +€32,620 | +33.1% |
| Other amounts receivable | 41 | €24,463 | €55,059 | +€30,596 | +125% |
| Cash at bank and in hand | 54/58 | €1,560,834 | €1,623,097 | +€62,263 | +4.0% |
| Deferred charges and accrued income | 490/1 | €14,558 | €14,136 | -€422 | -2.9% |
| Total equity and liabilities | 10/49 | €1,815,719 | €1,937,139 | +€121,420 | +6.7% |
| Equity | 10/15 | €1,655,740 | €1,936,479 | +€280,739 | +17.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,643,340 | €1,924,079 | +€280,739 | +17.1% |
| Distributable reserves | 133 | €1,643,340 | €1,924,079 | +€280,739 | +17.1% |
| Amounts payable | 17/49 | €159,979 | €660 | -€159,319 | -99.6% |
| Amounts payable within one year | 42/48 | €159,979 | €660 | -€159,319 | -99.6% |
| Trade debts | 44 | €3,067 | €660 | -€2,407 | -78.5% |
| Suppliers | 440/4 | €3,067 | €660 | -€2,407 | -78.5% |
| Taxes, remuneration and social security | 45 | €19,136 | - | -€19,136 | |
| Taxes | 450/3 | €19,136 | - | -€19,136 | |
| Other amounts payable | 47/48 | €137,776 | - | -€137,776 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,549 | €30,604 | -€2,945 | -8.8% |
| Gross operating margin | 9900 | €362,085 | €362,874 | +€789 | +0.2% |
| Operating profit (loss) | 9901 | €328,536 | €332,270 | +€3,734 | +1.1% |
| Financial income | 75/76B | €18,306 | €29,574 | +€11,268 | +61.6% |
| Recurring financial income | 75 | €18,306 | €29,574 | +€11,268 | +61.6% |
| Financial charges | 65/66B | €3,105 | €2,569 | -€536 | -17.3% |
| Recurring financial charges | 65 | €3,105 | €2,569 | -€536 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €343,737 | €359,275 | +€15,538 | +4.5% |
| Income taxes | 67/77 | €111,563 | €78,536 | -€33,027 | -29.6% |
| Profit (loss) for the period | 9904 | €232,174 | €280,739 | +€48,565 | +20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €232,174 | €280,739 | +€48,565 | +20.9% |
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 27 October 2026 via checked.be.