Dr. SOFIE JAMAR: 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. SOFIE JAMAR
Largest movements
- Receivables after one year -€160,000
down €160,000 (-61.5%), from €260,000 to €100,000
- Current investments +€100,116
up €100,116 (+101%), from €99,617 to €199,732
- Cash -€79,413
down €79,413 (-63.6%), from €124,788 to €45,375
mainly Contributions, distributions and other (-€269,312) and Current investments (-€100,116)
- Deferred charges and accrued income +€12,699
up €12,699 (+145%), from €8,753 to €21,452
- Reserves -€145,644
down €145,644 (-23.4%), from €621,097 to €475,453
- Trade debts +€11,990
up €11,990 (+145%), from €8,265 to €20,255
- Depreciation +€9,692
up €9,692 (+26.9%), from €36,093 to €45,785
- Gross operating margin +€2,740
up €2,740 (+1.2%), from €220,475 to €223,216
- Financial income -€2,672
down €2,672 (-43.2%), from €6,179 to €3,507
- Taxes -€2,317
down €2,317 (-4.0%), from €57,729 to €55,412
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 | €647,586 | €517,303 | -€130,284 | -20.1% |
| Fixed assets | 21/28 | €149,655 | €144,433 | -€5,222 | -3.5% |
| Tangible fixed assets | 22/27 | €149,655 | €144,433 | -€5,222 | -3.5% |
| Land and buildings | 22 | €16,568 | €30,273 | +€13,705 | +82.7% |
| Plant, machinery and equipment | 23 | €23,254 | €22,604 | -€650 | -2.8% |
| Furniture and vehicles | 24 | €109,834 | €91,556 | -€18,278 | -16.6% |
| Current assets | 29/58 | €497,931 | €372,870 | -€125,061 | -25.1% |
| Amounts receivable after more than one year | 29 | €260,000 | €100,000 | -€160,000 | -61.5% |
| Other amounts receivable | 291 | €260,000 | €100,000 | -€160,000 | -61.5% |
| Amounts receivable within one year | 40/41 | €4,774 | €6,311 | +€1,537 | +32.2% |
| Trade receivables | 40 | €4,774 | €3,150 | -€1,623 | -34.0% |
| Other amounts receivable | 41 | - | €3,160 | +€3,160 | |
| Current investments | 50/53 | €99,617 | €199,732 | +€100,116 | +101% |
| Cash at bank and in hand | 54/58 | €124,788 | €45,375 | -€79,413 | -63.6% |
| Deferred charges and accrued income | 490/1 | €8,753 | €21,452 | +€12,699 | +145% |
| Total equity and liabilities | 10/49 | €647,586 | €517,303 | -€130,284 | -20.1% |
| Equity | 10/15 | €633,497 | €487,853 | -€145,644 | -23.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €621,097 | €475,453 | -€145,644 | -23.4% |
| Distributable reserves | 133 | €621,097 | €475,453 | -€145,644 | -23.4% |
| Amounts payable | 17/49 | €14,089 | €29,450 | +€15,361 | +109% |
| Amounts payable within one year | 42/48 | €14,089 | €28,203 | +€14,114 | +100% |
| Trade debts | 44 | €8,265 | €20,255 | +€11,990 | +145% |
| Suppliers | 440/4 | €8,265 | €20,255 | +€11,990 | +145% |
| Taxes, remuneration and social security | 45 | €5,409 | €7,948 | +€2,539 | +46.9% |
| Taxes | 450/3 | €4,509 | €7,048 | +€2,539 | +56.3% |
| Remuneration and social security | 454/9 | €900 | €900 | = | 0.0% |
| Other amounts payable | 47/48 | €415 | - | -€415 | |
| Accrued charges and deferred income | 492/3 | - | €1,246 | +€1,246 | |
| Non-recurring operating income | 76A | €734 | €757 | +€24 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,093 | €45,785 | +€9,692 | +26.9% |
| Other operating charges | 640/8 | €875 | €940 | +€65 | +7.4% |
| Gross operating margin | 9900 | €220,475 | €223,216 | +€2,740 | +1.2% |
| Operating profit (loss) | 9901 | €183,508 | €176,491 | -€7,016 | -3.8% |
| Financial income | 75/76B | €6,179 | €3,507 | -€2,672 | -43.2% |
| Recurring financial income | 75 | €6,179 | €3,507 | -€2,672 | -43.2% |
| Financial charges | 65/66B | €58 | €918 | +€860 | +1,473% |
| Recurring financial charges | 65 | €58 | €918 | +€860 | +1,473% |
| Profit (loss) for the period before taxes | 9903 | €189,628 | €179,080 | -€10,548 | -5.6% |
| Income taxes | 67/77 | €57,729 | €55,412 | -€2,317 | -4.0% |
| Profit (loss) for the period | 9904 | €131,899 | €123,668 | -€8,232 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €131,899 | €123,668 | -€8,232 | -6.2% |
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 26 October 2026 via checked.be.