J. DOYEN: what changed
Two fiscal 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.
What changed
J. DOYEN
NACE 77.120, Rental and leasing activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€216,924
2024 · -€31,799+€248,724
Equity
€1.5m
2024 · €1.3m+€201,499
Cash
€819,642
2024 · €622,598+€197,044
Balance sheet total
€2.0m
2024 · €2.0m-€28,043
Largest movements
Assets
- Tangible fixed assets -€199,386
down €199,386 (-23.6%), from €844,141 to €644,755
of which Furniture and vehicles: -€187,593
- Cash +€197,044
up €197,044 (+31.6%), from €622,598 to €819,642
mainly Depreciation (+€345,213) and Net result for the year (+€216,924)
Equity and liabilities
- Other debts -€338,785
no longer reported in 2025 (was €338,785)
- Reserves +€131,925
up €131,925 (+82.9%), from €159,073 to €290,998
of which Tax-exempt reserves: +€131,925
- Trade debts +€115,257
new in 2025: €115,257
- Profit (loss) carried forward +€69,574
up €69,574 (+6.0%), from €1.2m to €1.2m
- Debts after one year -€28,716
down €28,716 (-18.8%), from €152,917 to €124,201
Income statement
- Other operating charges -€9,809
down €9,809 (-38.5%), from €25,486 to €15,677
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.
Result 2024
-€31,799
Gross operating margin
-€6,386
Depreciation
-€7,716
Other operating charges
+€9,809
Other operating items
+€256,671
Financial income
+€3,419
Financial charges
+€146
Taxes
-€7,220
Result 2025
€216,924
Cash bridge derived
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.
From operations
+€386,235
Investment
-€145,827
Financing
-€43,364
Cash 2024
€622,598
From operations (derived)
+€386,235
Net result for the year
+€216,924
Depreciation
+€345,213
Receivables within one year
+€6,593
Deferred charges and accrued income
+€19,109
Provisions
-€5,142
Trade debts
+€115,257
Tax, wage and social debts
+€27,067
Other debts
-€338,785
Investment (derived)
-€145,827
Investment in fixed assets (net)
-€145,827
Financing
-€43,364
Debts after one year
-€28,716
Current portion of long-term debt
+€777
Contributions, distributions and other
-€15,425
Cash 2025
€819,642
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,044,463 | €2,016,420 | -€28,043 | -1.4% |
| Fixed assets | 21/28 | €1,032,747 | €833,361 | -€199,386 | -19.3% |
| Tangible fixed assets | 22/27 | €844,141 | €644,755 | -€199,386 | -23.6% |
| Land and buildings | 22 | €358,578 | €347,551 | -€11,027 | -3.1% |
| Plant, machinery and equipment | 23 | €2,133 | €1,367 | -€766 | -35.9% |
| Furniture and vehicles | 24 | €483,429 | €295,837 | -€187,593 | -38.8% |
| Financial fixed assets | 28 | €188,606 | €188,606 | = | 0.0% |
| Current assets | 29/58 | €1,011,716 | €1,183,059 | +€171,343 | +16.9% |
| Amounts receivable within one year | 40/41 | €309,396 | €302,804 | -€6,593 | -2.1% |
| Trade receivables | 40 | €139,145 | €77,609 | -€61,535 | -44.2% |
| Other amounts receivable | 41 | €170,251 | €225,194 | +€54,943 | +32.3% |
| Cash at bank and in hand | 54/58 | €622,598 | €819,642 | +€197,044 | +31.6% |
| Deferred charges and accrued income | 490/1 | €79,722 | €60,613 | -€19,109 | -24.0% |
| Total equity and liabilities | 10/49 | €2,044,463 | €2,016,420 | -€28,043 | -1.4% |
| Equity | 10/15 | €1,332,324 | €1,533,824 | +€201,499 | +15.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €159,073 | €290,998 | +€131,925 | +82.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €88,357 | €220,282 | +€131,925 | +149.3% |
| Distributable reserves | 133 | €68,856 | €68,856 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,154,651 | €1,224,226 | +€69,574 | +6.0% |
| Provisions and deferred taxes | 16 | €48,707 | €43,565 | -€5,142 | -10.6% |
| Deferred taxes | 168 | €48,707 | €43,565 | -€5,142 | -10.6% |
| Amounts payable | 17/49 | €663,431 | €439,031 | -€224,401 | -33.8% |
| Amounts payable after more than one year | 17 | €152,917 | €124,201 | -€28,716 | -18.8% |
| Financial debts | 170/4 | €152,917 | €124,201 | -€28,716 | -18.8% |
| Amounts payable within one year | 42/48 | €510,514 | €314,829 | -€195,685 | -38.3% |
| Current portion of amounts payable after more than one year | 42 | €50,601 | €51,378 | +€777 | +1.5% |
| Financial debts | 43 | €13,333 | €13,333 | = | 0.0% |
| Credit institutions | 430/8 | €13,333 | €13,333 | = | 0.0% |
| Trade debts | 44 | - | €115,257 | +€115,257 | |
| Suppliers | 440/4 | - | €115,257 | +€115,257 | |
| Taxes, remuneration and social security | 45 | €107,795 | €134,861 | +€27,067 | +25.1% |
| Taxes | 450/3 | €107,795 | €134,861 | +€27,067 | +25.1% |
| Other amounts payable | 47/48 | €338,785 | - | -€338,785 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €337,497 | €345,213 | +€7,716 | +2.3% |
| Other operating charges | 640/8 | €25,486 | €15,677 | -€9,809 | -38.5% |
| Non-recurring operating charges | 66A | €350,000 | €93,329 | -€256,671 | -73.3% |
| Gross operating margin | 9900 | €775,978 | €769,592 | -€6,386 | -0.8% |
| Operating profit (loss) | 9901 | €62,995 | €315,373 | +€252,378 | +400.6% |
| Financial income | 75/76B | €217 | €3,636 | +€3,419 | +1574.4% |
| Recurring financial income | 75 | €217 | €3,636 | +€3,419 | +1574.4% |
| Financial charges | 65/66B | €5,521 | €5,375 | -€146 | -2.6% |
| Recurring financial charges | 65 | €5,521 | €5,375 | -€146 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €57,691 | €313,635 | +€255,943 | +443.6% |
| Transfer from deferred taxes | 780 | €20,567 | €20,567 | = | 0.0% |
| Income taxes | 67/77 | €110,058 | €117,277 | +€7,220 | +6.6% |
| Profit (loss) for the period | 9904 | -€31,799 | €216,924 | +€248,724 | |
| Transfer to tax-exempt reserves | 689 | - | €147,350 | +€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,799 | €69,574 | +€101,374 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.