J. Robertson: 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. Robertson
Largest movements
- Receivables within one year +€16,183
up €16,183 (+98.9%), from €16,358 to €32,541
of which Trade receivables: +€16,445
- Tangible fixed assets -€12,602
down €12,602 (-46.3%), from €27,208 to €14,605
- Deferred charges and accrued income +€1,312
new in 2025: €1,312
- Tax, wage and social debts +€16,427
up €16,427 (+821%), from €2,000 to €18,427
of which Taxes: +€18,427
- Other debts -€8,060
down €8,060 (-11.6%), from €69,301 to €61,241
- Debts after one year -€6,109
down €6,109 (-85.6%), from €7,134 to €1,024
- Advances received +€1,876
new in 2025: €1,876
- Gross operating margin +€37,189
up €37,189 (+65.0%), from €57,190 to €94,378
- Taxes +€13,043
up €13,043 (+113%), from €11,571 to €24,615
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 | €104,360 | €109,427 | +€5,066 | +4.9% |
| Fixed assets | 21/28 | €27,208 | €14,605 | -€12,602 | -46.3% |
| Tangible fixed assets | 22/27 | €27,208 | €14,605 | -€12,602 | -46.3% |
| Furniture and vehicles | 24 | €27,208 | €14,605 | -€12,602 | -46.3% |
| Current assets | 29/58 | €77,153 | €94,822 | +€17,669 | +22.9% |
| Amounts receivable within one year | 40/41 | €16,358 | €32,541 | +€16,183 | +98.9% |
| Trade receivables | 40 | €15,439 | €31,884 | +€16,445 | +107% |
| Other amounts receivable | 41 | €919 | €657 | -€262 | -28.5% |
| Cash at bank and in hand | 54/58 | €60,795 | €60,969 | +€174 | +0.3% |
| Deferred charges and accrued income | 490/1 | - | €1,312 | +€1,312 | |
| Total equity and liabilities | 10/49 | €104,360 | €109,427 | +€5,066 | +4.9% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €85,760 | €90,827 | +€5,066 | +5.9% |
| Amounts payable after more than one year | 17 | €7,134 | €1,024 | -€6,109 | -85.6% |
| Financial debts | 170/4 | €7,134 | €1,024 | -€6,109 | -85.6% |
| Amounts payable within one year | 42/48 | €78,627 | €89,802 | +€11,176 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €6,049 | €6,109 | +€60 | +1.0% |
| Trade debts | 44 | €1,277 | €2,149 | +€872 | +68.3% |
| Suppliers | 440/4 | €1,277 | €2,149 | +€872 | +68.3% |
| Advances received on contracts in progress | 46 | - | €1,876 | +€1,876 | |
| Taxes, remuneration and social security | 45 | €2,000 | €18,427 | +€16,427 | +821% |
| Taxes | 450/3 | €0 | €18,427 | +€18,427 | |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100% |
| Other amounts payable | 47/48 | €69,301 | €61,241 | -€8,060 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,602 | €12,602 | = | 0.0% |
| Other operating charges | 640/8 | €1,965 | €1,860 | -€105 | -5.3% |
| Gross operating margin | 9900 | €57,190 | €94,378 | +€37,189 | +65.0% |
| Operating profit (loss) | 9901 | €42,622 | €79,916 | +€37,294 | +87.5% |
| Financial income | 75/76B | €4 | €7 | +€3 | +68.2% |
| Recurring financial income | 75 | €4 | €7 | +€3 | +68.2% |
| Financial charges | 65/66B | €394 | €249 | -€145 | -36.8% |
| Recurring financial charges | 65 | €394 | €249 | -€145 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | €42,233 | €79,674 | +€37,441 | +88.7% |
| Income taxes | 67/77 | €11,571 | €24,615 | +€13,043 | +113% |
| Profit (loss) for the period | 9904 | €30,661 | €55,059 | +€24,398 | +79.6% |
| Profit (loss) for the period to be appropriated | 9905 | €30,661 | €55,059 | +€24,398 | +79.6% |
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.