JAN BELLEFROID: 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.
JAN BELLEFROID
Largest movements
- Receivables within one year +€40,046
up €40,046 (+41.1%), from €97,461 to €137,507
of which Trade receivables: +€23,912
- Cash +€2,484
up €2,484 (+200%), from €1,242 to €3,725
mainly Net result for the year (+€33,735) and Other debts (+€8,600)
- Profit (loss) carried forward +€33,735
up €33,735 (+72.5%), from -€46,529 to -€12,794
- Other debts +€8,600
new in 2025: €8,600
- Short-term financial debts +€5,645
up €5,645 (+21.9%), from €25,836 to €31,481
- Trade debts -€2,587
down €2,587 (-30.3%), from €8,535 to €5,948
- Staff costs -€36,905
down €36,905 (-70.5%), from €52,373 to €15,468
- Gross operating margin -€6,320
down €6,320 (-10.3%), from €61,584 to €55,264
- Financial charges -€2,359
down €2,359 (-48.0%), from €4,912 to €2,553
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 | €100,471 | €144,978 | +€44,507 | +44.3% |
| Fixed assets | 21/28 | €51 | €1,291 | +€1,240 | +2,434% |
| Tangible fixed assets | 22/27 | €46 | €1,286 | +€1,240 | +2,696% |
| Furniture and vehicles | 24 | €46 | €1,286 | +€1,240 | +2,696% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €100,420 | €143,687 | +€43,267 | +43.1% |
| Amounts receivable within one year | 40/41 | €97,461 | €137,507 | +€40,046 | +41.1% |
| Trade receivables | 40 | €591 | €24,503 | +€23,912 | +4,047% |
| Other amounts receivable | 41 | €96,870 | €113,005 | +€16,134 | +16.7% |
| Cash at bank and in hand | 54/58 | €1,242 | €3,725 | +€2,484 | +200% |
| Deferred charges and accrued income | 490/1 | €1,717 | €2,455 | +€738 | +43.0% |
| Total equity and liabilities | 10/49 | €100,471 | €144,978 | +€44,507 | +44.3% |
| Equity | 10/15 | €59,702 | €93,436 | +€33,735 | +56.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €44,231 | €44,231 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €38,031 | €38,031 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,529 | -€12,794 | +€33,735 | +72.5% |
| Amounts payable | 17/49 | €40,769 | €51,542 | +€10,772 | +26.4% |
| Amounts payable within one year | 42/48 | €40,539 | €51,312 | +€10,772 | +26.6% |
| Financial debts | 43 | €25,836 | €31,481 | +€5,645 | +21.9% |
| Credit institutions | 430/8 | €25,836 | €31,481 | +€5,645 | +21.9% |
| Trade debts | 44 | €8,535 | €5,948 | -€2,587 | -30.3% |
| Suppliers | 440/4 | €8,535 | €5,948 | -€2,587 | -30.3% |
| Taxes, remuneration and social security | 45 | €6,169 | €5,283 | -€886 | -14.4% |
| Taxes | 450/3 | €1,913 | €2,326 | +€413 | +21.6% |
| Remuneration and social security | 454/9 | €4,256 | €2,957 | -€1,299 | -30.5% |
| Other amounts payable | 47/48 | - | €8,600 | +€8,600 | |
| Accrued charges and deferred income | 492/3 | €230 | €230 | = | 0.0% |
| Non-recurring operating income | 76A | - | €16,858 | +€16,858 | |
| Remuneration, social security and pensions | 62 | €52,373 | €15,468 | -€36,905 | -70.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €256 | €134 | -€122 | -47.7% |
| Other operating charges | 640/8 | €2,703 | €3,258 | +€555 | +20.5% |
| Gross operating margin | 9900 | €61,584 | €55,264 | -€6,320 | -10.3% |
| Operating profit (loss) | 9901 | €6,253 | €36,404 | +€30,151 | +482% |
| Financial income | 75/76B | €30 | €24 | -€6 | -20.7% |
| Recurring financial income | 75 | €30 | €24 | -€6 | -20.7% |
| Financial charges | 65/66B | €4,912 | €2,553 | -€2,359 | -48.0% |
| Recurring financial charges | 65 | €4,912 | €2,553 | -€2,359 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | €1,371 | €33,875 | +€32,504 | +2,371% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +0.9% |
| Profit (loss) for the period | 9904 | €1,231 | €33,735 | +€32,503 | +2,640% |
| Profit (loss) for the period to be appropriated | 9905 | €1,231 | €33,735 | +€32,503 | +2,640% |
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 23 October 2026 via checked.be.