Erwin Jennen: 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.
Erwin Jennen
Largest movements
- Receivables within one year +€29,675
up €29,675 (+391%), from €7,584 to €37,259
of which Trade receivables: +€25,977
- Tangible fixed assets -€14,487
down €14,487 (-18.0%), from €80,339 to €65,852
of which Furniture and vehicles: -€14,094
- Cash -€3,168
down €3,168 (-83.5%), from €3,793 to €625
mainly Receivables within one year (-€29,675) and Debts after one year (-€14,937)
- Reserves +€35,199
up €35,199 (+678%), from €5,194 to €40,393
- Debts after one year -€14,937
down €14,937 (-31.2%), from €47,818 to €32,880
- Short-term financial debts -€7,000
down €7,000 (-100%), from €7,000 to €0
- Tax, wage and social debts +€4,697
up €4,697 (+54.5%), from €8,615 to €13,312
- Trade debts -€3,670
down €3,670 (-79.7%), from €4,606 to €936
- Gross operating margin +€45,256
up €45,256 (+189%), from €23,952 to €69,208
- Taxes +€9,092
up €9,092 (+1,595%), from €570 to €9,662
- Depreciation +€2,899
up €2,899 (+15.9%), from €18,205 to €21,104
- Financial charges -€977
down €977 (-28.5%), from €3,429 to €2,452
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 | €92,192 | €104,959 | +€12,767 | +13.8% |
| Fixed assets | 21/28 | €80,339 | €65,852 | -€14,487 | -18.0% |
| Tangible fixed assets | 22/27 | €80,339 | €65,852 | -€14,487 | -18.0% |
| Plant, machinery and equipment | 23 | €559 | €166 | -€393 | -70.3% |
| Furniture and vehicles | 24 | €79,781 | €65,687 | -€14,094 | -17.7% |
| Current assets | 29/58 | €11,853 | €39,107 | +€27,254 | +230% |
| Amounts receivable within one year | 40/41 | €7,584 | €37,259 | +€29,675 | +391% |
| Trade receivables | 40 | €3,154 | €29,131 | +€25,977 | +824% |
| Other amounts receivable | 41 | €4,430 | €8,128 | +€3,698 | +83.5% |
| Cash at bank and in hand | 54/58 | €3,793 | €625 | -€3,168 | -83.5% |
| Deferred charges and accrued income | 490/1 | €476 | €1,223 | +€747 | +157% |
| Total equity and liabilities | 10/49 | €92,192 | €104,959 | +€12,767 | +13.8% |
| Equity | 10/15 | €7,694 | €42,893 | +€35,199 | +457% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €5,194 | €40,393 | +€35,199 | +678% |
| Distributable reserves | 133 | €5,194 | €40,393 | +€35,199 | +678% |
| Amounts payable | 17/49 | €84,498 | €62,066 | -€22,432 | -26.5% |
| Amounts payable after more than one year | 17 | €47,818 | €32,880 | -€14,937 | -31.2% |
| Financial debts | 170/4 | €47,818 | €32,880 | -€14,937 | -31.2% |
| Amounts payable within one year | 42/48 | €35,995 | €29,186 | -€6,809 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €14,415 | €14,937 | +€523 | +3.6% |
| Financial debts | 43 | €7,000 | €0 | -€7,000 | -100% |
| Other loans | 439 | €7,000 | €0 | -€7,000 | -100% |
| Trade debts | 44 | €4,606 | €936 | -€3,670 | -79.7% |
| Suppliers | 440/4 | €4,606 | €936 | -€3,670 | -79.7% |
| Taxes, remuneration and social security | 45 | €8,615 | €13,312 | +€4,697 | +54.5% |
| Taxes | 450/3 | €8,615 | €13,312 | +€4,697 | +54.5% |
| Other amounts payable | 47/48 | €1,359 | €0 | -€1,359 | -100% |
| Accrued charges and deferred income | 492/3 | €685 | €0 | -€685 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,205 | €21,104 | +€2,899 | +15.9% |
| Other operating charges | 640/8 | €1,419 | €935 | -€484 | -34.1% |
| Gross operating margin | 9900 | €23,952 | €69,208 | +€45,256 | +189% |
| Operating profit (loss) | 9901 | €4,328 | €47,170 | +€42,841 | +990% |
| Financial income | 75/76B | - | €142 | +€142 | |
| Recurring financial income | 75 | - | €142 | +€142 | |
| Financial charges | 65/66B | €3,429 | €2,452 | -€977 | -28.5% |
| Recurring financial charges | 65 | €3,429 | €2,452 | -€977 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €900 | €44,860 | +€43,961 | +4,886% |
| Income taxes | 67/77 | €570 | €9,662 | +€9,092 | +1,595% |
| Profit (loss) for the period | 9904 | €330 | €35,199 | +€34,869 | +10,575% |
| Profit (loss) for the period to be appropriated | 9905 | €330 | €35,199 | +€34,869 | +10,575% |
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.