Dr. Jan Guth: 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 Guth
Largest movements
- Receivables within one year +€192,772
new in 2025: €192,772
- Cash +€95,651
up €95,651 (+137%), from €69,768 to €165,419
mainly Net result for the year (+€266,589) and Tax, wage and social debts (+€75,679)
- Deferred charges and accrued income +€39,970
up €39,970 (+30.8%), from €129,779 to €169,749
- Tangible fixed assets -€15,875
down €15,875 (-21.7%), from €73,278 to €57,402
- Profit (loss) carried forward +€266,589
up €266,589 (+116%), from €230,063 to €496,651
- Tax, wage and social debts +€75,679
up €75,679 (+728%), from €10,390 to €86,068
- Other debts -€20,595
down €20,595 (-100%), from €20,595 to €0
- Trade debts -€9,155
down €9,155 (-93.6%), from €9,777 to €623
- Gross operating margin +€62,111
up €62,111 (+20.5%), from €303,218 to €365,330
- Depreciation +€13,401
up €13,401 (+542%), from €2,474 to €15,875
- Taxes +€12,679
up €12,679 (+18.0%), from €70,390 to €83,068
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 | €272,825 | €585,342 | +€312,518 | +115% |
| Fixed assets | 21/28 | €73,278 | €57,402 | -€15,875 | -21.7% |
| Tangible fixed assets | 22/27 | €73,278 | €57,402 | -€15,875 | -21.7% |
| Furniture and vehicles | 24 | €73,278 | €57,402 | -€15,875 | -21.7% |
| Current assets | 29/58 | €199,547 | €527,940 | +€328,393 | +165% |
| Amounts receivable within one year | 40/41 | - | €192,772 | +€192,772 | |
| Other amounts receivable | 41 | - | €192,772 | +€192,772 | |
| Cash at bank and in hand | 54/58 | €69,768 | €165,419 | +€95,651 | +137% |
| Deferred charges and accrued income | 490/1 | €129,779 | €169,749 | +€39,970 | +30.8% |
| Total equity and liabilities | 10/49 | €272,825 | €585,342 | +€312,518 | +115% |
| Equity | 10/15 | €232,063 | €498,651 | +€266,589 | +115% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €230,063 | €496,651 | +€266,589 | +116% |
| Amounts payable | 17/49 | €40,762 | €86,691 | +€45,929 | +113% |
| Amounts payable within one year | 42/48 | €40,762 | €86,691 | +€45,929 | +113% |
| Trade debts | 44 | €9,777 | €623 | -€9,155 | -93.6% |
| Suppliers | 440/4 | €9,777 | €623 | -€9,155 | -93.6% |
| Taxes, remuneration and social security | 45 | €10,390 | €86,068 | +€75,679 | +728% |
| Taxes | 450/3 | €10,390 | €86,068 | +€75,679 | +728% |
| Other amounts payable | 47/48 | €20,595 | €0 | -€20,595 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,474 | €15,875 | +€13,401 | +542% |
| Other operating charges | 640/8 | €225 | €169 | -€57 | -25.1% |
| Gross operating margin | 9900 | €303,218 | €365,330 | +€62,111 | +20.5% |
| Operating profit (loss) | 9901 | €300,519 | €349,285 | +€48,767 | +16.2% |
| Financial income | 75/76B | - | €446 | +€446 | |
| Recurring financial income | 75 | - | €446 | +€446 | |
| Financial charges | 65/66B | €66 | €75 | +€9 | +13.2% |
| Recurring financial charges | 65 | €66 | €75 | +€9 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €300,452 | €349,657 | +€49,204 | +16.4% |
| Income taxes | 67/77 | €70,390 | €83,068 | +€12,679 | +18.0% |
| Profit (loss) for the period | 9904 | €230,063 | €266,589 | +€36,526 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €230,063 | €266,589 | +€36,526 | +15.9% |
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 23 October 2026 via checked.be.