J. Engelen: 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.
J. Engelen
Largest movements
- Stocks and contracts +€13,187
up €13,187 (+113%), from €11,684 to €24,871
- Cash -€9,699
down €9,699 (-50.1%), from €19,349 to €9,650
mainly Contributions, distributions and other (-€40,000) and Stocks and contracts (-€13,187)
- Intangible fixed assets -€2,500
down €2,500 (-14.7%), from €17,014 to €14,514
- Receivables within one year -€1,413
down €1,413 (-12.3%), from €11,453 to €10,040
of which Other amounts receivable: -€1,382
- Deferred charges and accrued income +€851
up €851 (+412%), from €206 to €1,057
- Other debts +€25,286
up €25,286 (+109%), from €23,289 to €48,575
- Profit (loss) carried forward -€21,631
down €21,631 (-89.1%), from €24,277 to €2,646
- Trade debts +€10,185
up €10,185 (+282%), from €3,614 to €13,799
- Current portion of long-term debt -€4,555
down €4,555 (-49.4%), from €9,214 to €4,659
- Tax, wage and social debts -€4,343
down €4,343 (-70.7%), from €6,144 to €1,801
- Gross operating margin +€10,984
up €10,984 (+33.2%), from €33,047 to €44,032
- Staff costs -€8,250
down €8,250 (-53.9%), from €15,298 to €7,047
- Taxes +€3,959
up €3,959 (+566%), from €699 to €4,658
- Depreciation -€1,778
down €1,778 (-14.9%), from €11,923 to €10,145
- Financial charges +€1,389
up €1,389 (+220%), from €631 to €2,020
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 | €76,778 | €77,990 | +€1,212 | +1.6% |
| Fixed assets | 21/28 | €34,087 | €32,372 | -€1,714 | -5.0% |
| Intangible fixed assets | 21 | €17,014 | €14,514 | -€2,500 | -14.7% |
| Tangible fixed assets | 22/27 | €10,322 | €11,108 | +€786 | +7.6% |
| Plant, machinery and equipment | 23 | €2,557 | €3,802 | +€1,245 | +48.7% |
| Furniture and vehicles | 24 | €1,985 | €4,460 | +€2,475 | +125% |
| Leasing and similar rights | 25 | €5,780 | €2,846 | -€2,934 | -50.8% |
| Financial fixed assets | 28 | €6,750 | €6,750 | = | 0.0% |
| Current assets | 29/58 | €42,692 | €45,618 | +€2,926 | +6.9% |
| Stocks and contracts in progress | 3 | €11,684 | €24,871 | +€13,187 | +113% |
| Stocks | 30/36 | €11,684 | €24,871 | +€13,187 | +113% |
| Amounts receivable within one year | 40/41 | €11,453 | €10,040 | -€1,413 | -12.3% |
| Trade receivables | 40 | €5,944 | €5,913 | -€31 | -0.5% |
| Other amounts receivable | 41 | €5,508 | €4,126 | -€1,382 | -25.1% |
| Cash at bank and in hand | 54/58 | €19,349 | €9,650 | -€9,699 | -50.1% |
| Deferred charges and accrued income | 490/1 | €206 | €1,057 | +€851 | +412% |
| Total equity and liabilities | 10/49 | €76,778 | €77,990 | +€1,212 | +1.6% |
| Equity | 10/15 | €29,277 | €7,646 | -€21,631 | -73.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,277 | €2,646 | -€21,631 | -89.1% |
| Amounts payable | 17/49 | €47,501 | €70,344 | +€22,842 | +48.1% |
| Amounts payable after more than one year | 17 | €4,074 | €1,510 | -€2,565 | -62.9% |
| Financial debts | 170/4 | €4,074 | €1,510 | -€2,565 | -62.9% |
| Amounts payable within one year | 42/48 | €43,361 | €68,834 | +€25,473 | +58.7% |
| Current portion of amounts payable after more than one year | 42 | €9,214 | €4,659 | -€4,555 | -49.4% |
| Trade debts | 44 | €3,614 | €13,799 | +€10,185 | +282% |
| Suppliers | 440/4 | €3,614 | €13,799 | +€10,185 | +282% |
| Advances received on contracts in progress | 46 | €1,100 | - | -€1,100 | |
| Taxes, remuneration and social security | 45 | €6,144 | €1,801 | -€4,343 | -70.7% |
| Taxes | 450/3 | €6,144 | €1,801 | -€4,343 | -70.7% |
| Other amounts payable | 47/48 | €23,289 | €48,575 | +€25,286 | +109% |
| Accrued charges and deferred income | 492/3 | €66 | - | -€66 | |
| Non-recurring operating income | 76A | €139 | - | -€139 | |
| Remuneration, social security and pensions | 62 | €15,298 | €7,047 | -€8,250 | -53.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,923 | €10,145 | -€1,778 | -14.9% |
| Other operating charges | 640/8 | €1,736 | €1,822 | +€85 | +4.9% |
| Non-recurring operating charges | 66A | €889 | - | -€889 | |
| Gross operating margin | 9900 | €33,047 | €44,032 | +€10,984 | +33.2% |
| Operating profit (loss) | 9901 | €3,201 | €25,017 | +€21,816 | +681% |
| Financial income | 75/76B | €35 | €30 | -€5 | -13.3% |
| Recurring financial income | 75 | €35 | €30 | -€5 | -13.3% |
| Financial charges | 65/66B | €631 | €2,020 | +€1,389 | +220% |
| Recurring financial charges | 65 | €631 | €2,020 | +€1,389 | +220% |
| Profit (loss) for the period before taxes | 9903 | €2,605 | €23,028 | +€20,422 | +784% |
| Income taxes | 67/77 | €699 | €4,658 | +€3,959 | +566% |
| Profit (loss) for the period | 9904 | €1,906 | €18,369 | +€16,463 | +864% |
| Profit (loss) for the period to be appropriated | 9905 | €1,906 | €18,369 | +€16,463 | +864% |
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 30 October 2026 via checked.be.