J. Missault: 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. Missault
Largest movements
- Tangible fixed assets -€18,166
down €18,166 (-8.9%), from €205,237 to €187,071
of which Land and buildings: -€9,275
- Receivables within one year -€8,701
down €8,701 (-9.3%), from €93,148 to €84,447
of which Trade receivables: -€13,165
- Cash +€5,393
new in 2025: €5,393
mainly Depreciation (+€18,166) and Net result for the year (+€10,895)
- Debts after one year -€16,454
down €16,454 (-9.8%), from €167,594 to €151,139
- Reserves +€10,895
up €10,895 (+16.4%), from €66,486 to €77,382
- Short-term financial debts -€10,000
no longer reported in 2025 (was €10,000)
- Trade debts -€4,258
down €4,258 (-65.5%), from €6,504 to €2,246
- Gross operating margin -€20,366
down €20,366 (-31.7%), from €64,166 to €43,800
- Depreciation -€16,103
down €16,103 (-47.0%), from €34,269 to €18,166
- Financial charges -€2,163
down €2,163 (-19.5%), from €11,096 to €8,934
- Staff costs -€1,285
no longer reported in 2025 (was €1,285)
- Other operating charges -€790
down €790 (-27.8%), from €2,839 to €2,050
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €304,892 | €285,128 | -€19,763 | -6.5% |
| Fixed assets | 21/28 | €205,237 | €187,071 | -€18,166 | -8.9% |
| Tangible fixed assets | 22/27 | €205,237 | €187,071 | -€18,166 | -8.9% |
| Land and buildings | 22 | €157,448 | €148,173 | -€9,275 | -5.9% |
| Plant, machinery and equipment | 23 | €10,168 | €6,489 | -€3,678 | -36.2% |
| Furniture and vehicles | 24 | €11,360 | €7,511 | -€3,849 | -33.9% |
| Other tangible fixed assets | 26 | €26,262 | €24,898 | -€1,364 | -5.2% |
| Current assets | 29/58 | €99,655 | €98,057 | -€1,597 | -1.6% |
| Stocks and contracts in progress | 3 | €2,850 | €1,850 | -€1,000 | -35.1% |
| Stocks | 30/36 | €2,850 | €1,850 | -€1,000 | -35.1% |
| Amounts receivable within one year | 40/41 | €93,148 | €84,447 | -€8,701 | -9.3% |
| Trade receivables | 40 | €87,347 | €74,182 | -€13,165 | -15.1% |
| Other amounts receivable | 41 | €5,801 | €10,265 | +€4,464 | +77.0% |
| Cash at bank and in hand | 54/58 | - | €5,393 | +€5,393 | |
| Deferred charges and accrued income | 490/1 | €3,657 | €6,367 | +€2,710 | +74.1% |
| Total equity and liabilities | 10/49 | €304,892 | €285,128 | -€19,763 | -6.5% |
| Equity | 10/15 | €68,486 | €79,382 | +€10,895 | +15.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €66,486 | €77,382 | +€10,895 | +16.4% |
| Distributable reserves | 133 | €66,486 | €77,382 | +€10,895 | +16.4% |
| Amounts payable | 17/49 | €236,405 | €205,747 | -€30,659 | -13.0% |
| Amounts payable after more than one year | 17 | €167,594 | €151,139 | -€16,454 | -9.8% |
| Financial debts | 170/4 | €167,594 | €151,139 | -€16,454 | -9.8% |
| Amounts payable within one year | 42/48 | €65,537 | €52,714 | -€12,823 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €16,250 | €16,454 | +€204 | +1.3% |
| Financial debts | 43 | €10,000 | - | -€10,000 | |
| Credit institutions | 430/8 | €10,000 | - | -€10,000 | |
| Trade debts | 44 | €6,504 | €2,246 | -€4,258 | -65.5% |
| Suppliers | 440/4 | €6,504 | €2,246 | -€4,258 | -65.5% |
| Taxes, remuneration and social security | 45 | €15,369 | €16,696 | +€1,327 | +8.6% |
| Taxes | 450/3 | €15,369 | €16,696 | +€1,327 | +8.6% |
| Other amounts payable | 47/48 | €17,413 | €17,317 | -€96 | -0.6% |
| Accrued charges and deferred income | 492/3 | €3,275 | €1,894 | -€1,381 | -42.2% |
| Remuneration, social security and pensions | 62 | €1,285 | - | -€1,285 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,269 | €18,166 | -€16,103 | -47.0% |
| Other operating charges | 640/8 | €2,839 | €2,050 | -€790 | -27.8% |
| Gross operating margin | 9900 | €64,166 | €43,800 | -€20,366 | -31.7% |
| Operating profit (loss) | 9901 | €25,773 | €23,584 | -€2,189 | -8.5% |
| Financial income | 75/76B | €15 | €246 | +€232 | +1592.0% |
| Recurring financial income | 75 | €15 | €246 | +€232 | +1592.0% |
| Financial charges | 65/66B | €11,096 | €8,934 | -€2,163 | -19.5% |
| Recurring financial charges | 65 | €11,096 | €8,934 | -€2,163 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €14,691 | €14,897 | +€206 | +1.4% |
| Income taxes | 67/77 | €3,496 | €4,001 | +€506 | +14.5% |
| Profit (loss) for the period | 9904 | €11,195 | €10,895 | -€300 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,195 | €10,895 | -€300 | -2.7% |
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 11 October 2026 via checked.be.