Greg dejardin: 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.
Greg dejardin
Largest movements
- Current investments -€3.0m
down €3.0m (-100%), from €3.0m to €0
- Cash +€2.6m
up €2.6m (+456%), from €559,846 to €3.1m
mainly Current investments (+€3.0m) and Net result for the year (+€607,213)
- Receivables within one year -€325,587
down €325,587 (-52.0%), from €626,578 to €300,991
of which Other amounts receivable: -€437,441
- Tangible fixed assets +€150,244
up €150,244 (+2,003%), from €7,501 to €157,746
of which Land and buildings: +€152,619
- Receivables after one year +€69,876
new in 2025: €69,876
- Reserves +€2.3m
up €2.3m (+2,250%), from €102,000 to €2.4m
of which Distributable reserves: +€1.9m
- Profit (loss) carried forward -€1.5m
down €1.5m (-100%), from €1.5m to €0
- Trade debts -€986,143
down €986,143 (-83.2%), from €1.2m to €198,798
- Other debts -€653,213
down €653,213 (-46.5%), from €1.4m to €750,939
- Tax, wage and social debts +€228,416
up €228,416 (+9,613%), from €2,376 to €230,792
of which Taxes: +€229,929
- Gross operating margin +€382,328
up €382,328 (+82.0%), from €466,522 to €848,850
- Taxes +€201,849
up €201,849 (+862%), from €23,413 to €225,263
- Financial income -€61,585
down €61,585 (-93.1%), from €66,165 to €4,580
- Staff costs -€33,147
down €33,147 (-95.9%), from €34,548 to €1,401
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 | €4,218,188 | €3,639,812 | -€578,376 | -13.7% |
| Fixed assets | 21/28 | €7,746 | €157,991 | +€150,244 | +1,940% |
| Tangible fixed assets | 22/27 | €7,501 | €157,746 | +€150,244 | +2,003% |
| Land and buildings | 22 | - | €152,619 | +€152,619 | |
| Furniture and vehicles | 24 | €7,501 | €5,126 | -€2,375 | -31.7% |
| Financial fixed assets | 28 | €245 | €245 | = | 0.0% |
| Current assets | 29/58 | €4,210,441 | €3,481,821 | -€728,620 | -17.3% |
| Amounts receivable after more than one year | 29 | - | €69,876 | +€69,876 | |
| Other amounts receivable | 291 | - | €69,876 | +€69,876 | |
| Amounts receivable within one year | 40/41 | €626,578 | €300,991 | -€325,587 | -52.0% |
| Trade receivables | 40 | €103,333 | €215,186 | +€111,854 | +108% |
| Other amounts receivable | 41 | €523,245 | €85,804 | -€437,441 | -83.6% |
| Current investments | 50/53 | €3,000,000 | €0 | -€3.0m | -100% |
| Cash at bank and in hand | 54/58 | €559,846 | €3,110,866 | +€2.6m | +456% |
| Deferred charges and accrued income | 490/1 | €24,017 | €88 | -€23,929 | -99.6% |
| Total equity and liabilities | 10/49 | €4,218,188 | €3,639,812 | -€578,376 | -13.7% |
| Equity | 10/15 | €1,624,129 | €2,410,757 | +€786,628 | +48.4% |
| Contributions | 10/11 | €20,000 | €14,129 | -€5,871 | -29.4% |
| Reserves | 13 | €102,000 | €2,396,628 | +€2.3m | +2,250% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100% |
| Reserves not available under the articles | 1311 | €2,000 | €0 | -€2,000 | -100% |
| Tax-exempt reserves | 132 | - | €354,908 | +€354,908 | |
| Distributable reserves | 133 | €100,000 | €2,041,720 | +€1.9m | +1,942% |
| Profit (loss) carried forward | 14 | €1,502,129 | €0 | -€1.5m | -100% |
| Provisions and deferred taxes | 16 | - | €4,527 | +€4,527 | |
| Deferred taxes | 168 | - | €4,527 | +€4,527 | |
| Amounts payable | 17/49 | €2,594,059 | €1,224,528 | -€1.4m | -52.8% |
| Amounts payable within one year | 42/48 | €2,591,468 | €1,180,528 | -€1.4m | -54.4% |
| Trade debts | 44 | €1,184,940 | €198,798 | -€986,143 | -83.2% |
| Suppliers | 440/4 | €1,184,940 | €198,798 | -€986,143 | -83.2% |
| Taxes, remuneration and social security | 45 | €2,376 | €230,792 | +€228,416 | +9,613% |
| Taxes | 450/3 | €69 | €229,998 | +€229,929 | +334,832% |
| Remuneration and social security | 454/9 | €2,307 | €794 | -€1,514 | -65.6% |
| Other amounts payable | 47/48 | €1,404,152 | €750,939 | -€653,213 | -46.5% |
| Accrued charges and deferred income | 492/3 | €2,590 | €44,000 | +€41,410 | +1,599% |
| Remuneration, social security and pensions | 62 | €34,548 | €1,401 | -€33,147 | -95.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,999 | €6,256 | +€4,257 | +213% |
| Other operating charges | 640/8 | €1,741 | €4,391 | +€2,650 | +152% |
| Gross operating margin | 9900 | €466,522 | €848,850 | +€382,328 | +82.0% |
| Operating profit (loss) | 9901 | €428,234 | €836,802 | +€408,568 | +95.4% |
| Financial income | 75/76B | €66,165 | €4,580 | -€61,585 | -93.1% |
| Recurring financial income | 75 | €66,165 | €4,580 | -€61,585 | -93.1% |
| Financial charges | 65/66B | €174 | €4,380 | +€4,206 | +2,421% |
| Recurring financial charges | 65 | €174 | €4,380 | +€4,206 | +2,421% |
| Profit (loss) for the period before taxes | 9903 | €494,225 | €837,002 | +€342,777 | +69.4% |
| Transfer to deferred taxes | 680 | - | €4,527 | +€4,527 | |
| Income taxes | 67/77 | €23,413 | €225,263 | +€201,849 | +862% |
| Profit (loss) for the period | 9904 | €470,812 | €607,213 | +€136,401 | +29.0% |
| Transfer to tax-exempt reserves | 689 | - | €354,908 | +€354,908 | |
| Profit (loss) for the period to be appropriated | 9905 | €470,812 | €252,305 | -€218,507 | -46.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.