DR. M JANSSEN: 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. M JANSSEN
Largest movements
- Current investments +€191,286
up €191,286 (+14.5%), from €1.3m to €1.5m
- Cash +€22,979
up €22,979 (+2,404%), from €956 to €23,935
mainly Net result for the year (+€181,186) and Current portion of long-term debt (+€33,333)
- Reserves +€181,186
up €181,186 (+9.5%), from €1.9m to €2.1m
of which Distributable reserves: +€181,186
- Current portion of long-term debt +€33,333
new in 2025: €33,333
- Financial income -€118,540
down €118,540 (-71.6%), from €165,464 to €46,924
of which Non-recurring financial income: -€155,927
- Taxes +€30,234
up €30,234 (+18.9%), from €160,078 to €190,312
- Gross operating margin -€26,019
down €26,019 (-7.0%), from €369,945 to €343,926
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 | €1,971,055 | €2,204,078 | +€233,023 | +11.8% |
| Fixed assets | 21/28 | €533,874 | €524,742 | -€9,132 | -1.7% |
| Tangible fixed assets | 22/27 | €533,874 | €524,742 | -€9,132 | -1.7% |
| Land and buildings | 22 | €533,874 | €519,171 | -€14,703 | -2.8% |
| Plant, machinery and equipment | 23 | - | €4,435 | +€4,435 | |
| Furniture and vehicles | 24 | - | €1,136 | +€1,136 | |
| Current assets | 29/58 | €1,437,181 | €1,679,336 | +€242,155 | +16.8% |
| Stocks and contracts in progress | 3 | €102,163 | €110,168 | +€8,005 | +7.8% |
| Contracts in progress | 37 | €102,163 | €110,168 | +€8,005 | +7.8% |
| Amounts receivable within one year | 40/41 | €10,281 | €28,992 | +€18,711 | +182% |
| Trade receivables | 40 | - | €4,371 | +€4,371 | |
| Other amounts receivable | 41 | €10,281 | €24,621 | +€14,340 | +139% |
| Current investments | 50/53 | €1,319,016 | €1,510,302 | +€191,286 | +14.5% |
| Cash at bank and in hand | 54/58 | €956 | €23,935 | +€22,979 | +2,404% |
| Deferred charges and accrued income | 490/1 | €4,765 | €5,939 | +€1,174 | +24.6% |
| Total equity and liabilities | 10/49 | €1,971,055 | €2,204,078 | +€233,023 | +11.8% |
| Equity | 10/15 | €1,926,242 | €2,107,428 | +€181,186 | +9.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,913,842 | €2,095,028 | +€181,186 | +9.5% |
| Non-distributable reserves | 130/1 | €27,860 | €27,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €27,860 | €27,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,750 | €33,750 | = | 0.0% |
| Distributable reserves | 133 | €1,852,232 | €2,033,418 | +€181,186 | +9.8% |
| Amounts payable | 17/49 | €44,813 | €96,650 | +€51,837 | +116% |
| Amounts payable within one year | 42/48 | €36,952 | €94,259 | +€57,307 | +155% |
| Current portion of amounts payable after more than one year | 42 | - | €33,333 | +€33,333 | |
| Trade debts | 44 | €620 | - | -€620 | |
| Suppliers | 440/4 | €620 | - | -€620 | |
| Taxes, remuneration and social security | 45 | - | €5,000 | +€5,000 | |
| Taxes | 450/3 | - | €5,000 | +€5,000 | |
| Other amounts payable | 47/48 | €36,332 | €55,926 | +€19,594 | +53.9% |
| Accrued charges and deferred income | 492/3 | €7,861 | €2,391 | -€5,470 | -69.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,803 | €15,294 | +€491 | +3.3% |
| Other operating charges | 640/8 | €953 | €3,010 | +€2,057 | +216% |
| Gross operating margin | 9900 | €369,945 | €343,926 | -€26,019 | -7.0% |
| Operating profit (loss) | 9901 | €354,189 | €325,622 | -€28,567 | -8.1% |
| Financial income | 75/76B | €165,464 | €46,924 | -€118,540 | -71.6% |
| Recurring financial income | 75 | €9,537 | €46,924 | +€37,387 | +392% |
| Non-recurring financial income | 76B | €155,927 | - | -€155,927 | |
| Financial charges | 65/66B | €1,776 | €1,048 | -€728 | -41.0% |
| Recurring financial charges | 65 | €1,776 | €1,048 | -€728 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €517,877 | €371,498 | -€146,379 | -28.3% |
| Income taxes | 67/77 | €160,078 | €190,312 | +€30,234 | +18.9% |
| Profit (loss) for the period | 9904 | €357,799 | €181,186 | -€176,613 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €357,799 | €181,186 | -€176,613 | -49.4% |
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 25 October 2026 via checked.be.