J. VAN MERODE: 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. VAN MERODE
Largest movements
- Current investments -€950,000
down €950,000 (-65.5%), from €1.5m to €500,000
- Receivables after one year +€850,000
up €850,000 (+89.5%), from €950,000 to €1.8m
- Tangible fixed assets -€101,656
down €101,656 (-10.0%), from €1.0m to €919,055
of which Land and buildings: -€66,964
- Deferred charges and accrued income +€65,538
up €65,538 (+2,185%), from €3,000 to €68,538
- Other debts -€145,266
down €145,266 (-15.1%), from €964,507 to €819,241
- Accrued charges and deferred income -€79,101
down €79,101 (-41.4%), from €191,285 to €112,183
- Reserves +€71,988
up €71,988 (+3.2%), from €2.3m to €2.4m
- Other operating charges -€48,785
down €48,785 (-81.1%), from €60,163 to €11,378
- Financial income +€24,006
up €24,006 (+33.1%), from €72,441 to €96,447
of which Financial income: +€39,523
- Taxes +€8,929
up €8,929 (+29.3%), from €30,470 to €39,399
- Depreciation +€8,796
up €8,796 (+9.5%), from €92,860 to €101,656
- Gross operating margin -€8,296
down €8,296 (-4.2%), from €196,400 to €188,104
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 | €3,466,750 | €3,323,034 | -€143,716 | -4.1% |
| Fixed assets | 21/28 | €1,020,711 | €919,055 | -€101,656 | -10.0% |
| Tangible fixed assets | 22/27 | €1,020,711 | €919,055 | -€101,656 | -10.0% |
| Land and buildings | 22 | €893,910 | €826,946 | -€66,964 | -7.5% |
| Furniture and vehicles | 24 | €126,802 | €92,109 | -€34,692 | -27.4% |
| Current assets | 29/58 | €2,446,038 | €2,403,978 | -€42,060 | -1.7% |
| Amounts receivable after more than one year | 29 | €950,000 | €1,800,000 | +€850,000 | +89.5% |
| Other amounts receivable | 291 | €950,000 | €1,800,000 | +€850,000 | +89.5% |
| Amounts receivable within one year | 40/41 | €23,866 | €8,966 | -€14,900 | -62.4% |
| Trade receivables | 40 | €8,528 | €8,966 | +€438 | +5.1% |
| Other amounts receivable | 41 | €15,339 | - | -€15,339 | |
| Current investments | 50/53 | €1,450,000 | €500,000 | -€950,000 | -65.5% |
| Cash at bank and in hand | 54/58 | €19,172 | €26,475 | +€7,303 | +38.1% |
| Deferred charges and accrued income | 490/1 | €3,000 | €68,538 | +€65,538 | +2,185% |
| Total equity and liabilities | 10/49 | €3,466,750 | €3,323,034 | -€143,716 | -4.1% |
| Equity | 10/15 | €2,302,765 | €2,374,753 | +€71,988 | +3.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €2,283,765 | €2,355,753 | +€71,988 | +3.2% |
| Distributable reserves | 133 | €2,283,765 | €2,355,753 | +€71,988 | +3.2% |
| Amounts payable | 17/49 | €1,163,985 | €948,281 | -€215,704 | -18.5% |
| Amounts payable within one year | 42/48 | €972,700 | €836,097 | -€136,603 | -14.0% |
| Trade debts | 44 | €4,300 | €2,839 | -€1,460 | -34.0% |
| Suppliers | 440/4 | €4,300 | €2,839 | -€1,460 | -34.0% |
| Taxes, remuneration and social security | 45 | €3,893 | €14,017 | +€10,124 | +260% |
| Taxes | 450/3 | €3,893 | €14,017 | +€10,124 | +260% |
| Other amounts payable | 47/48 | €964,507 | €819,241 | -€145,266 | -15.1% |
| Accrued charges and deferred income | 492/3 | €191,285 | €112,183 | -€79,101 | -41.4% |
| Non-recurring operating income | 76A | €13,871 | - | -€13,871 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,860 | €101,656 | +€8,796 | +9.5% |
| Other operating charges | 640/8 | €60,163 | €11,378 | -€48,785 | -81.1% |
| Non-recurring operating charges | 66A | €2,962 | - | -€2,962 | |
| Gross operating margin | 9900 | €196,400 | €188,104 | -€8,296 | -4.2% |
| Operating profit (loss) | 9901 | €40,415 | €75,071 | +€34,655 | +85.7% |
| Financial income | 75/76B | €72,441 | €96,447 | +€24,006 | +33.1% |
| Recurring financial income | 75 | €56,924 | €96,447 | +€39,523 | +69.4% |
| Non-recurring financial income | 76B | €15,516 | - | -€15,516 | |
| Financial charges | 65/66B | €64,734 | €60,131 | -€4,603 | -7.1% |
| Recurring financial charges | 65 | €64,734 | €60,131 | -€4,603 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €48,122 | €111,387 | +€63,264 | +131% |
| Income taxes | 67/77 | €30,470 | €39,399 | +€8,929 | +29.3% |
| Profit (loss) for the period | 9904 | €17,652 | €71,988 | +€54,336 | +308% |
| Profit (loss) for the period to be appropriated | 9905 | €17,652 | €71,988 | +€54,336 | +308% |
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 14 October 2026 via checked.be.