DR. JONATHAN AERNOUT: 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. JONATHAN AERNOUT
Largest movements
- Current investments +€50,000
up €50,000, from €0 to €50,000
- Cash +€14,171
up €14,171 (+5.8%), from €244,953 to €259,124
mainly Net result for the year (+€56,277) and Depreciation (+€9,453)
- Tangible fixed assets -€8,704
down €8,704 (-25.5%), from €34,162 to €25,458
of which Furniture and vehicles: -€8,357
- Reserves +€56,277
up €56,277 (+19.3%), from €292,118 to €348,395
- Gross operating margin +€4,030
up €4,030 (+5.3%), from €76,755 to €80,785
- Financial income -€1,156
down €1,156 (-50.6%), from €2,284 to €1,128
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 | €312,958 | €364,750 | +€51,792 | +16.5% |
| Fixed assets | 21/28 | €59,162 | €50,458 | -€8,704 | -14.7% |
| Tangible fixed assets | 22/27 | €34,162 | €25,458 | -€8,704 | -25.5% |
| Plant, machinery and equipment | 23 | €832 | €484 | -€348 | -41.8% |
| Furniture and vehicles | 24 | €33,330 | €24,974 | -€8,357 | -25.1% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €253,796 | €314,292 | +€60,496 | +23.8% |
| Amounts receivable within one year | 40/41 | €7,336 | €4,056 | -€3,279 | -44.7% |
| Other amounts receivable | 41 | €7,336 | €4,056 | -€3,279 | -44.7% |
| Current investments | 50/53 | €0 | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €244,953 | €259,124 | +€14,171 | +5.8% |
| Deferred charges and accrued income | 490/1 | €1,507 | €1,112 | -€395 | -26.2% |
| Total equity and liabilities | 10/49 | €312,958 | €364,750 | +€51,792 | +16.5% |
| Equity | 10/15 | €294,618 | €350,895 | +€56,277 | +19.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €292,118 | €348,395 | +€56,277 | +19.3% |
| Distributable reserves | 133 | €292,118 | €348,395 | +€56,277 | +19.3% |
| Amounts payable | 17/49 | €18,340 | €13,855 | -€4,485 | -24.5% |
| Amounts payable within one year | 42/48 | €16,340 | €13,855 | -€2,484 | -15.2% |
| Trade debts | 44 | €219 | €54 | -€166 | -75.6% |
| Suppliers | 440/4 | €219 | €54 | -€166 | -75.6% |
| Taxes, remuneration and social security | 45 | €6,171 | €6,145 | -€26 | -0.4% |
| Taxes | 450/3 | €6,171 | €6,145 | -€26 | -0.4% |
| Other amounts payable | 47/48 | €9,949 | €7,657 | -€2,293 | -23.0% |
| Accrued charges and deferred income | 492/3 | €2,000 | €0 | -€2,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,682 | €9,453 | +€772 | +8.9% |
| Other operating charges | 640/8 | €964 | €987 | +€23 | +2.3% |
| Gross operating margin | 9900 | €76,755 | €80,785 | +€4,030 | +5.3% |
| Operating profit (loss) | 9901 | €67,109 | €70,345 | +€3,236 | +4.8% |
| Financial income | 75/76B | €2,284 | €1,128 | -€1,156 | -50.6% |
| Recurring financial income | 75 | €2,284 | €1,128 | -€1,156 | -50.6% |
| Financial charges | 65/66B | €684 | €564 | -€120 | -17.5% |
| Recurring financial charges | 65 | €684 | €564 | -€120 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €68,709 | €70,909 | +€2,200 | +3.2% |
| Income taxes | 67/77 | €14,070 | €14,633 | +€563 | +4.0% |
| Profit (loss) for the period | 9904 | €54,639 | €56,277 | +€1,638 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,639 | €56,277 | +€1,638 | +3.0% |
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 13 October 2026 via checked.be.