J. TROUBLEYN: 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. TROUBLEYN
Largest movements
- Current investments +€50,000
up €50,000 (+28.6%), from €175,000 to €225,000
- Cash +€39,601
up €39,601 (+23.6%), from €167,928 to €207,529
mainly Net result for the year (+€152,055) and Other debts (+€65,120)
- Other debts +€65,120
up €65,120 (+113%), from €57,481 to €122,601
- Reserves +€29,454
up €29,454 (+4.6%), from €645,963 to €675,417
- Debts after one year -€14,873
no longer reported in 2025 (was €14,873)
- Tax, wage and social debts +€11,998
up €11,998 (+54.5%), from €22,007 to €34,005
- Gross operating margin +€8,679
up €8,679 (+3.2%), from €271,649 to €280,328
- Taxes +€4,111
up €4,111 (+5.9%), from €70,162 to €74,273
- Depreciation +€3,596
up €3,596 (+7.7%), from €46,771 to €50,367
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 | €780,612 | €870,876 | +€90,264 | +11.6% |
| Fixed assets | 21/28 | €415,021 | €410,329 | -€4,692 | -1.1% |
| Tangible fixed assets | 22/27 | €413,534 | €410,329 | -€3,205 | -0.8% |
| Land and buildings | 22 | €360,354 | €368,608 | +€8,254 | +2.3% |
| Plant, machinery and equipment | 23 | - | €4,357 | +€4,357 | |
| Furniture and vehicles | 24 | €50,520 | €34,318 | -€16,202 | -32.1% |
| Other tangible fixed assets | 26 | €2,660 | €3,046 | +€386 | +14.5% |
| Financial fixed assets | 28 | €1,487 | - | -€1,487 | |
| Current assets | 29/58 | €365,591 | €460,547 | +€94,956 | +26.0% |
| Amounts receivable within one year | 40/41 | - | €2,180 | +€2,180 | |
| Other amounts receivable | 41 | - | €2,180 | +€2,180 | |
| Current investments | 50/53 | €175,000 | €225,000 | +€50,000 | +28.6% |
| Cash at bank and in hand | 54/58 | €167,928 | €207,529 | +€39,601 | +23.6% |
| Deferred charges and accrued income | 490/1 | €22,663 | €25,838 | +€3,175 | +14.0% |
| Total equity and liabilities | 10/49 | €780,612 | €870,876 | +€90,264 | +11.6% |
| Equity | 10/15 | €654,639 | €684,093 | +€29,454 | +4.5% |
| Contributions | 10/11 | €8,676 | €8,676 | = | 0.0% |
| Reserves | 13 | €645,963 | €675,417 | +€29,454 | +4.6% |
| Distributable reserves | 133 | €645,963 | €675,417 | +€29,454 | +4.6% |
| Amounts payable | 17/49 | €125,973 | €186,783 | +€60,810 | +48.3% |
| Amounts payable after more than one year | 17 | €14,873 | - | -€14,873 | |
| Financial debts | 170/4 | €14,873 | - | -€14,873 | |
| Amounts payable within one year | 42/48 | €111,100 | €186,783 | +€75,683 | +68.1% |
| Current portion of amounts payable after more than one year | 42 | €19,612 | €14,873 | -€4,739 | -24.2% |
| Financial debts | 43 | €12,000 | €15,000 | +€3,000 | +25.0% |
| Credit institutions | 430/8 | €12,000 | €15,000 | +€3,000 | +25.0% |
| Trade debts | 44 | - | €304 | +€304 | |
| Suppliers | 440/4 | - | €304 | +€304 | |
| Taxes, remuneration and social security | 45 | €22,007 | €34,005 | +€11,998 | +54.5% |
| Taxes | 450/3 | €22,007 | €34,005 | +€11,998 | +54.5% |
| Other amounts payable | 47/48 | €57,481 | €122,601 | +€65,120 | +113% |
| Remuneration, social security and pensions | 62 | €2,006 | - | -€2,006 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,771 | €50,367 | +€3,596 | +7.7% |
| Other operating charges | 640/8 | €2,172 | €2,148 | -€24 | -1.1% |
| Gross operating margin | 9900 | €271,649 | €280,328 | +€8,679 | +3.2% |
| Operating profit (loss) | 9901 | €220,700 | €227,813 | +€7,113 | +3.2% |
| Financial income | 75/76B | €521 | €1,010 | +€489 | +93.9% |
| Recurring financial income | 75 | €521 | €1,010 | +€489 | +93.9% |
| Financial charges | 65/66B | €2,730 | €2,495 | -€235 | -8.6% |
| Recurring financial charges | 65 | €2,730 | €2,495 | -€235 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €218,491 | €226,328 | +€7,837 | +3.6% |
| Income taxes | 67/77 | €70,162 | €74,273 | +€4,111 | +5.9% |
| Profit (loss) for the period | 9904 | €148,329 | €152,055 | +€3,726 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €148,329 | €152,055 | +€3,726 | +2.5% |
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 15 October 2026 via checked.be.