HERWIG JANSSENS: 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.
HERWIG JANSSENS
Largest movements
- Tangible fixed assets +€397,997
up €397,997 (+308%), from €129,026 to €527,023
of which Land and buildings: +€414,233
- Cash -€84,295
down €84,295 (-46.0%), from €183,440 to €99,146
mainly Investment in fixed assets (net) (-€493,931) and Receivables within one year (-€34,066)
- Receivables within one year +€34,066
up €34,066 (+20.4%), from €167,374 to €201,440
of which Trade receivables: +€54,066
- Debts after one year +€266,229
up €266,229 (+214%), from €124,692 to €390,921
- Reserves +€38,697
up €38,697 (+18.2%), from €213,124 to €251,820
- Short-term financial debts +€33,000
up €33,000 (+53.2%), from €62,000 to €95,000
- Trade debts +€20,488
up €20,488 (+620%), from €3,303 to €23,791
- Tax, wage and social debts -€18,310
down €18,310 (-62.3%), from €29,395 to €11,085
- Depreciation +€57,461
up €57,461 (+149%), from €38,473 to €95,934
- Taxes -€21,938
down €21,938 (-50.7%), from €43,269 to €21,331
- Financial income -€21,922
down €21,922 (-99.8%), from €21,974 to €52
- Gross operating margin +€12,085
up €12,085 (+7.6%), from €158,293 to €170,378
- Financial charges +€2,463
up €2,463 (+24.3%), from €10,155 to €12,618
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 | €487,825 | €841,421 | +€353,595 | +72.5% |
| Fixed assets | 21/28 | €129,026 | €527,023 | +€397,997 | +308% |
| Tangible fixed assets | 22/27 | €129,026 | €527,023 | +€397,997 | +308% |
| Land and buildings | 22 | - | €414,233 | +€414,233 | |
| Plant, machinery and equipment | 23 | €30,169 | €14,390 | -€15,778 | -52.3% |
| Furniture and vehicles | 24 | €14,044 | €26,143 | +€12,099 | +86.1% |
| Other tangible fixed assets | 26 | €84,813 | €72,257 | -€12,556 | -14.8% |
| Current assets | 29/58 | €358,799 | €314,397 | -€44,402 | -12.4% |
| Amounts receivable within one year | 40/41 | €167,374 | €201,440 | +€34,066 | +20.4% |
| Trade receivables | 40 | €147,374 | €201,440 | +€54,066 | +36.7% |
| Other amounts receivable | 41 | €20,000 | €0 | -€20,000 | -100% |
| Current investments | 50/53 | - | €250 | +€250 | |
| Cash at bank and in hand | 54/58 | €183,440 | €99,146 | -€84,295 | -46.0% |
| Deferred charges and accrued income | 490/1 | €7,984 | €13,562 | +€5,578 | +69.9% |
| Total equity and liabilities | 10/49 | €487,825 | €841,421 | +€353,595 | +72.5% |
| Equity | 10/15 | €231,724 | €270,420 | +€38,697 | +16.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €213,124 | €251,820 | +€38,697 | +18.2% |
| Distributable reserves | 133 | €213,124 | €251,820 | +€38,697 | +18.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €14,000 | €14,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €14,000 | €14,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €14,000 | €14,000 | = | 0.0% |
| Amounts payable | 17/49 | €242,101 | €557,000 | +€314,899 | +130% |
| Amounts payable after more than one year | 17 | €124,692 | €390,921 | +€266,229 | +214% |
| Financial debts | 170/4 | €124,692 | €390,921 | +€266,229 | +214% |
| Amounts payable within one year | 42/48 | €113,989 | €161,503 | +€47,514 | +41.7% |
| Current portion of amounts payable after more than one year | 42 | €16,509 | €27,898 | +€11,389 | +69.0% |
| Financial debts | 43 | €62,000 | €95,000 | +€33,000 | +53.2% |
| Other loans | 439 | €62,000 | €95,000 | +€33,000 | +53.2% |
| Trade debts | 44 | €3,303 | €23,791 | +€20,488 | +620% |
| Suppliers | 440/4 | €3,303 | €23,791 | +€20,488 | +620% |
| Taxes, remuneration and social security | 45 | €29,395 | €11,085 | -€18,310 | -62.3% |
| Taxes | 450/3 | €29,395 | €11,085 | -€18,310 | -62.3% |
| Other amounts payable | 47/48 | €2,782 | €3,730 | +€948 | +34.1% |
| Accrued charges and deferred income | 492/3 | €3,420 | €4,576 | +€1,156 | +33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,473 | €95,934 | +€57,461 | +149% |
| Other operating charges | 640/8 | €2,251 | €1,851 | -€401 | -17.8% |
| Gross operating margin | 9900 | €158,293 | €170,378 | +€12,085 | +7.6% |
| Operating profit (loss) | 9901 | €117,568 | €72,594 | -€44,975 | -38.3% |
| Financial income | 75/76B | €21,974 | €52 | -€21,922 | -99.8% |
| Recurring financial income | 75 | €21,974 | €52 | -€21,922 | -99.8% |
| Financial charges | 65/66B | €10,155 | €12,618 | +€2,463 | +24.3% |
| Recurring financial charges | 65 | €10,155 | €12,618 | +€2,463 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | €129,387 | €60,028 | -€69,360 | -53.6% |
| Income taxes | 67/77 | €43,269 | €21,331 | -€21,938 | -50.7% |
| Profit (loss) for the period | 9904 | €86,119 | €38,697 | -€47,422 | -55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €86,119 | €38,697 | -€47,422 | -55.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.