JACQUES KÖNIG: 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.
JACQUES KÖNIG
Largest movements
- Receivables within one year +€76,743
up €76,743 (+13.5%), from €570,316 to €647,059
of which Other amounts receivable: +€45,652
- Cash -€69,074
down €69,074 (-43.9%), from €157,368 to €88,294
mainly Receivables within one year (-€76,743) and Debts after one year (-€39,082)
- Trade debts +€49,959
up €49,959 (+7.7%), from €648,948 to €698,907
- Debts after one year -€39,082
down €39,082 (-41.8%), from €93,590 to €54,509
- Gross operating margin -€27,977
down €27,977 (-26.6%), from €105,156 to €77,179
- Staff costs +€12,299
up €12,299 (+55.3%), from €22,256 to €34,554
- Financial charges -€8,991
down €8,991 (-18.4%), from €48,957 to €39,966
- Taxes -€7,935
down €7,935 (-54.1%), from €14,657 to €6,721
- Depreciation -€4,561
down €4,561 (-68.8%), from €6,634 to €2,072
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.
Cash bridge derived
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 | €1,687,281 | €1,692,511 | +€5,230 | +0.3% |
| Fixed assets | 21/28 | €15,066 | €12,993 | -€2,072 | -13.8% |
| Intangible fixed assets | 21 | €13,471 | €12,047 | -€1,424 | -10.6% |
| Tangible fixed assets | 22/27 | €1,594 | €946 | -€648 | -40.6% |
| Furniture and vehicles | 24 | €1,594 | €946 | -€648 | -40.6% |
| Current assets | 29/58 | €1,672,216 | €1,679,518 | +€7,302 | +0.4% |
| Stocks and contracts in progress | 3 | €944,165 | €944,165 | = | 0.0% |
| Stocks | 30/36 | €944,165 | €944,165 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €570,316 | €647,059 | +€76,743 | +13.5% |
| Trade receivables | 40 | €396,120 | €427,211 | +€31,091 | +7.8% |
| Other amounts receivable | 41 | €174,196 | €219,848 | +€45,652 | +26.2% |
| Cash at bank and in hand | 54/58 | €157,368 | €88,294 | -€69,074 | -43.9% |
| Deferred charges and accrued income | 490/1 | €367 | €0 | -€367 | -100.0% |
| Total equity and liabilities | 10/49 | €1,687,281 | €1,692,511 | +€5,230 | +0.3% |
| Equity | 10/15 | €316,873 | €323,733 | +€6,860 | +2.2% |
| Contributions | 10/11 | €230,000 | €230,000 | = | 0.0% |
| Reserves | 13 | €83,138 | €89,998 | +€6,860 | +8.3% |
| Non-distributable reserves | 130/1 | €6,182 | €6,182 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,182 | €6,182 | = | 0.0% |
| Distributable reserves | 133 | €76,956 | €83,816 | +€6,860 | +8.9% |
| Profit (loss) carried forward | 14 | €3,735 | €3,735 | = | 0.0% |
| Amounts payable | 17/49 | €1,370,408 | €1,368,778 | -€1,631 | -0.1% |
| Amounts payable after more than one year | 17 | €93,590 | €54,509 | -€39,082 | -41.8% |
| Financial debts | 170/4 | €93,590 | €54,509 | -€39,082 | -41.8% |
| Amounts payable within one year | 42/48 | €1,276,818 | €1,313,206 | +€36,389 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €37,346 | €39,082 | +€1,736 | +4.6% |
| Financial debts | 43 | €525,000 | €525,000 | = | 0.0% |
| Credit institutions | 430/8 | €525,000 | €525,000 | = | 0.0% |
| Trade debts | 44 | €648,948 | €698,907 | +€49,959 | +7.7% |
| Suppliers | 440/4 | €648,948 | €698,907 | +€49,959 | +7.7% |
| Taxes, remuneration and social security | 45 | €65,524 | €49,779 | -€15,745 | -24.0% |
| Taxes | 450/3 | €62,572 | €44,708 | -€17,863 | -28.5% |
| Remuneration and social security | 454/9 | €2,953 | €5,071 | +€2,118 | +71.7% |
| Other amounts payable | 47/48 | - | €439 | +€439 | |
| Accrued charges and deferred income | 492/3 | €0 | €1,063 | +€1,063 | |
| Remuneration, social security and pensions | 62 | €22,256 | €34,554 | +€12,299 | +55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,634 | €2,072 | -€4,561 | -68.8% |
| Other operating charges | 640/8 | €6,017 | €4,227 | -€1,791 | -29.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €105,156 | €77,179 | -€27,977 | -26.6% |
| Operating profit (loss) | 9901 | €70,249 | €36,325 | -€33,924 | -48.3% |
| Financial income | 75/76B | €14,836 | €17,223 | +€2,387 | +16.1% |
| Recurring financial income | 75 | €14,836 | €17,223 | +€2,387 | +16.1% |
| Financial charges | 65/66B | €48,957 | €39,966 | -€8,991 | -18.4% |
| Recurring financial charges | 65 | €48,957 | €39,966 | -€8,991 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €36,127 | €13,582 | -€22,545 | -62.4% |
| Income taxes | 67/77 | €14,657 | €6,721 | -€7,935 | -54.1% |
| Profit (loss) for the period | 9904 | €21,470 | €6,860 | -€14,610 | -68.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,470 | €6,860 | -€14,610 | -68.0% |
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 11 October 2026 via checked.be.