J. PIRARD: 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. PIRARD
Largest movements
- Tangible fixed assets -€10,114
down €10,114 (-55.5%), from €18,237 to €8,123
of which Furniture and vehicles: -€9,498
- Cash +€5,514
up €5,514 (+30.0%), from €18,364 to €23,878
mainly Depreciation (+€10,114) and Other debts (+€1,300)
- Receivables within one year +€418
up €418 (+12.5%), from €3,343 to €3,760
of which Other amounts receivable: +€418
- Debts after one year -€3,546
down €3,546 (-100%), from €3,546 to €0
- Reserves -€2,645
down €2,645 (-6.4%), from €41,409 to €38,764
of which Tax-exempt reserves: -€2,645
- Profit (loss) carried forward +€1,681
up €1,681 (+7.8%), from -€21,464 to -€19,782
- Other debts +€1,300
up €1,300 (+49.5%), from €2,628 to €3,928
- Current portion of long-term debt -€1,182
down €1,182 (-25.0%), from €4,728 to €3,546
- Gross operating margin +€12,250
up €12,250, from -€2,771 to €9,479
- Financial charges -€268
down €268 (-60.0%), from €446 to €179
- Depreciation -€202
down €202 (-2.0%), from €10,316 to €10,114
- Financial income -€104
down €104 (-40.5%), from €257 to €153
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 | €40,185 | €35,907 | -€4,278 | -10.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €18,237 | €8,123 | -€10,114 | -55.5% |
| Tangible fixed assets | 22/27 | €18,237 | €8,123 | -€10,114 | -55.5% |
| Plant, machinery and equipment | 23 | €1,300 | €684 | -€615 | -47.4% |
| Furniture and vehicles | 24 | €16,937 | €7,439 | -€9,498 | -56.1% |
| Current assets | 29/58 | €21,948 | €27,784 | +€5,836 | +26.6% |
| Amounts receivable within one year | 40/41 | €3,343 | €3,760 | +€418 | +12.5% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €3,343 | €3,760 | +€418 | +12.5% |
| Cash at bank and in hand | 54/58 | €18,364 | €23,878 | +€5,514 | +30.0% |
| Deferred charges and accrued income | 490/1 | €242 | €145 | -€96 | -39.9% |
| Total equity and liabilities | 10/49 | €40,185 | €35,907 | -€4,278 | -10.6% |
| Equity | 10/15 | €26,145 | €25,182 | -€963 | -3.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €41,409 | €38,764 | -€2,645 | -6.4% |
| Tax-exempt reserves | 132 | €14,129 | €11,484 | -€2,645 | -18.7% |
| Distributable reserves | 133 | €27,280 | €27,280 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,464 | -€19,782 | +€1,681 | +7.8% |
| Provisions and deferred taxes | 16 | €992 | €331 | -€661 | -66.7% |
| Deferred taxes | 168 | €992 | €331 | -€661 | -66.7% |
| Amounts payable | 17/49 | €13,048 | €10,395 | -€2,653 | -20.3% |
| Amounts payable after more than one year | 17 | €3,546 | €0 | -€3,546 | -100% |
| Financial debts | 170/4 | €3,546 | €0 | -€3,546 | -100% |
| Amounts payable within one year | 42/48 | €9,502 | €10,395 | +€893 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €4,728 | €3,546 | -€1,182 | -25.0% |
| Trade debts | 44 | €1,468 | €2,243 | +€775 | +52.8% |
| Suppliers | 440/4 | €1,468 | €2,243 | +€775 | +52.8% |
| Taxes, remuneration and social security | 45 | €678 | €678 | = | 0.0% |
| Taxes | 450/3 | €678 | €678 | = | 0.0% |
| Other amounts payable | 47/48 | €2,628 | €3,928 | +€1,300 | +49.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,316 | €10,114 | -€202 | -2.0% |
| Other operating charges | 640/8 | €946 | €965 | +€19 | +2.0% |
| Gross operating margin | 9900 | -€2,771 | €9,479 | +€12,250 | |
| Operating profit (loss) | 9901 | -€14,032 | -€1,599 | +€12,433 | +88.6% |
| Financial income | 75/76B | €257 | €153 | -€104 | -40.5% |
| Recurring financial income | 75 | €257 | €153 | -€104 | -40.5% |
| Financial charges | 65/66B | €446 | €179 | -€268 | -60.0% |
| Recurring financial charges | 65 | €446 | €179 | -€268 | -60.0% |
| Profit (loss) for the period before taxes | 9903 | -€14,221 | -€1,624 | +€12,597 | +88.6% |
| Transfer from deferred taxes | 780 | €661 | €661 | = | 0.0% |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | -€13,560 | -€963 | +€12,597 | +92.9% |
| Transfer from tax-exempt reserves | 789 | €2,645 | €2,645 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,915 | €1,681 | +€12,597 |
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 17 October 2026 via checked.be.