J. Van Gyseghem: what changed
J. Van Gyseghem
Largest movements
- Tangible fixed assets -€41,189
down €41,189 (-24.3%), from €169,569 to €128,380
of which Other tangible fixed assets: -€30,964
- Receivables within one year +€23,284
up €23,284 (+20.3%), from €114,740 to €138,023
of which Trade receivables: +€36,375
- Cash -€11,621
down €11,621 (-10.3%), from €112,863 to €101,242
mainly Debts after one year (-€37,382) and Net result for the year (-€31,052)
- Stocks and contracts -€9,597
down €9,597 (-3.4%), from €286,005 to €276,407
- Reserves -€51,052
down €51,052 (-10.3%), from €496,943 to €445,891
- Trade debts +€40,261
up €40,261 (+78.9%), from €51,058 to €91,320
- Debts after one year -€37,382
down €37,382 (-62.4%), from €59,931 to €22,549
- Other debts +€20,000
new in 2025: €20,000
- Short-term financial debts -€16,892
no longer reported in 2025 (was €16,892)
- Gross operating margin -€73,767
down €73,767 (-49.7%), from €148,468 to €74,701
- Taxes -€17,275
down €17,275 (-99.7%), from €17,335 to €60
- Staff costs +€16,491
up €16,491 (+61.9%), from €26,643 to €43,134
- Depreciation +€5,493
up €5,493 (+11.3%), from €48,627 to €54,120
- Financial charges +€1,539
up €1,539 (+25.6%), from €6,009 to €7,548
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €683,176 | €644,053 | -€39,123 | -5.7% |
| Fixed assets | 21/28 | €169,569 | €128,380 | -€41,189 | -24.3% |
| Tangible fixed assets | 22/27 | €169,569 | €128,380 | -€41,189 | -24.3% |
| Plant, machinery and equipment | 23 | €8,800 | €14,524 | +€5,724 | +65.1% |
| Furniture and vehicles | 24 | €64,853 | €48,609 | -€16,244 | -25.0% |
| Leasing and similar rights | 25 | €2,735 | €3,030 | +€295 | +10.8% |
| Other tangible fixed assets | 26 | €93,181 | €62,217 | -€30,964 | -33.2% |
| Current assets | 29/58 | €513,607 | €515,673 | +€2,066 | +0.4% |
| Stocks and contracts in progress | 3 | €286,005 | €276,407 | -€9,597 | -3.4% |
| Stocks | 30/36 | €286,005 | €276,407 | -€9,597 | -3.4% |
| Amounts receivable within one year | 40/41 | €114,740 | €138,023 | +€23,284 | +20.3% |
| Trade receivables | 40 | €99,202 | €135,577 | +€36,375 | +36.7% |
| Other amounts receivable | 41 | €15,538 | €2,446 | -€13,092 | -84.3% |
| Cash at bank and in hand | 54/58 | €112,863 | €101,242 | -€11,621 | -10.3% |
| Total equity and liabilities | 10/49 | €683,176 | €644,053 | -€39,123 | -5.7% |
| Equity | 10/15 | €515,543 | €464,491 | -€51,052 | -9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €496,943 | €445,891 | -€51,052 | -10.3% |
| Distributable reserves | 133 | €496,943 | €445,891 | -€51,052 | -10.3% |
| Amounts payable | 17/49 | €167,633 | €179,561 | +€11,929 | +7.1% |
| Amounts payable after more than one year | 17 | €59,931 | €22,549 | -€37,382 | -62.4% |
| Financial debts | 170/4 | €59,931 | €22,549 | -€37,382 | -62.4% |
| Amounts payable within one year | 42/48 | €107,702 | €157,013 | +€49,310 | +45.8% |
| Current portion of amounts payable after more than one year | 42 | €36,643 | €37,382 | +€739 | +2.0% |
| Financial debts | 43 | €16,892 | - | -€16,892 | |
| Credit institutions | 430/8 | €16,892 | - | -€16,892 | |
| Trade debts | 44 | €51,058 | €91,320 | +€40,261 | +78.9% |
| Suppliers | 440/4 | €51,058 | €91,320 | +€40,261 | +78.9% |
| Taxes, remuneration and social security | 45 | €3,109 | €8,311 | +€5,202 | +167% |
| Taxes | 450/3 | €29 | €241 | +€212 | +736% |
| Remuneration and social security | 454/9 | €3,080 | €8,070 | +€4,990 | +162% |
| Other amounts payable | 47/48 | - | €20,000 | +€20,000 | |
| Remuneration, social security and pensions | 62 | €26,643 | €43,134 | +€16,491 | +61.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,627 | €54,120 | +€5,493 | +11.3% |
| Other operating charges | 640/8 | €451 | €890 | +€439 | +97.4% |
| Gross operating margin | 9900 | €148,468 | €74,701 | -€73,767 | -49.7% |
| Operating profit (loss) | 9901 | €72,747 | -€23,444 | -€96,191 | |
| Financial income | 75/76B | €30 | - | -€30 | |
| Recurring financial income | 75 | €30 | - | -€30 | |
| Financial charges | 65/66B | €6,009 | €7,548 | +€1,539 | +25.6% |
| Recurring financial charges | 65 | €6,009 | €7,548 | +€1,539 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €66,767 | -€30,992 | -€97,759 | |
| Income taxes | 67/77 | €17,335 | €60 | -€17,275 | -99.7% |
| Profit (loss) for the period | 9904 | €49,432 | -€31,052 | -€80,484 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,432 | -€31,052 | -€80,484 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.