Jan Corstens: 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 Corstens
Largest movements
- Receivables within one year -€156,774
down €156,774 (-70.8%), from €221,464 to €64,690
of which Other amounts receivable: -€155,950
- Receivables after one year +€107,300
up €107,300 (+7.1%), from €1.5m to €1.6m
- Tangible fixed assets +€87,933
up €87,933 (+6.0%), from €1.5m to €1.6m
of which Land and buildings: +€269,752
- Cash -€58,824
down €58,824 (-43.0%), from €136,740 to €77,916
mainly Contributions, distributions and other (-€262,147) and Investment in fixed assets (net) (-€148,081)
- Reserves +€162,168
up €162,168 (+9.9%), from €1.6m to €1.8m
of which Distributable reserves: +€162,168
- Current portion of long-term debt -€78,745
down €78,745 (-36.2%), from €217,347 to €138,602
- Short-term financial debts -€67,939
down €67,939 (-8.2%), from €830,478 to €762,539
of which Credit institutions: -€111,331
- Debts after one year -€43,990
down €43,990 (-21.7%), from €203,012 to €159,023
- Gross operating margin +€83,884
up €83,884 (+12.4%), from €676,989 to €760,873
- Depreciation +€20,549
up €20,549 (+51.9%), from €39,599 to €60,148
- Taxes +€18,142
up €18,142 (+10.5%), from €173,582 to €191,724
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 | €3,410,229 | €3,388,675 | -€21,554 | -0.6% |
| Fixed assets | 21/28 | €1,473,023 | €1,560,956 | +€87,933 | +6.0% |
| Tangible fixed assets | 22/27 | €1,472,763 | €1,560,696 | +€87,933 | +6.0% |
| Land and buildings | 22 | €1,288,966 | €1,558,718 | +€269,752 | +20.9% |
| Plant, machinery and equipment | 23 | €0 | €1,978 | +€1,978 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €183,797 | €0 | -€183,797 | -100% |
| Financial fixed assets | 28 | €260 | €260 | = | 0.0% |
| Current assets | 29/58 | €1,937,205 | €1,827,719 | -€109,487 | -5.7% |
| Amounts receivable after more than one year | 29 | €1,521,400 | €1,628,700 | +€107,300 | +7.1% |
| Other amounts receivable | 291 | €1,521,400 | €1,628,700 | +€107,300 | +7.1% |
| Stocks and contracts in progress | 3 | €34,650 | €34,650 | = | 0.0% |
| Stocks | 30/36 | €34,650 | €34,650 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €221,464 | €64,690 | -€156,774 | -70.8% |
| Trade receivables | 40 | €824 | €0 | -€824 | -100% |
| Other amounts receivable | 41 | €220,640 | €64,690 | -€155,950 | -70.7% |
| Cash at bank and in hand | 54/58 | €136,740 | €77,916 | -€58,824 | -43.0% |
| Deferred charges and accrued income | 490/1 | €22,952 | €21,762 | -€1,190 | -5.2% |
| Total equity and liabilities | 10/49 | €3,410,229 | €3,388,675 | -€21,554 | -0.6% |
| Equity | 10/15 | €1,670,882 | €1,833,051 | +€162,168 | +9.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,640,882 | €1,803,051 | +€162,168 | +9.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,640,882 | €1,803,051 | +€162,168 | +9.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,739,346 | €1,555,624 | -€183,723 | -10.6% |
| Amounts payable after more than one year | 17 | €203,012 | €159,023 | -€43,990 | -21.7% |
| Financial debts | 170/4 | €203,012 | €159,023 | -€43,990 | -21.7% |
| Amounts payable within one year | 42/48 | €1,504,968 | €1,365,076 | -€139,893 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €217,347 | €138,602 | -€78,745 | -36.2% |
| Financial debts | 43 | €830,478 | €762,539 | -€67,939 | -8.2% |
| Credit institutions | 430/8 | €272,228 | €160,897 | -€111,331 | -40.9% |
| Other loans | 439 | €558,250 | €601,642 | +€43,392 | +7.8% |
| Trade debts | 44 | €93,272 | €101,371 | +€8,099 | +8.7% |
| Suppliers | 440/4 | €93,272 | €101,371 | +€8,099 | +8.7% |
| Taxes, remuneration and social security | 45 | €100,292 | €100,417 | +€124 | +0.1% |
| Taxes | 450/3 | €90,130 | €92,545 | +€2,414 | +2.7% |
| Remuneration and social security | 454/9 | €10,162 | €7,872 | -€2,290 | -22.5% |
| Other amounts payable | 47/48 | €263,578 | €262,147 | -€1,431 | -0.5% |
| Accrued charges and deferred income | 492/3 | €31,366 | €31,526 | +€160 | +0.5% |
| Non-recurring operating income | 76A | - | €40,087 | +€40,087 | |
| Remuneration, social security and pensions | 62 | €45,414 | €51,565 | +€6,151 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,599 | €60,148 | +€20,549 | +51.9% |
| Other operating charges | 640/8 | €7,799 | €5,711 | -€2,088 | -26.8% |
| Gross operating margin | 9900 | €676,989 | €760,873 | +€83,884 | +12.4% |
| Operating profit (loss) | 9901 | €584,177 | €643,449 | +€59,272 | +10.1% |
| Financial income | 75/76B | €50,731 | €49,900 | -€831 | -1.6% |
| Recurring financial income | 75 | €50,731 | €49,900 | -€831 | -1.6% |
| Financial charges | 65/66B | €78,352 | €77,311 | -€1,042 | -1.3% |
| Recurring financial charges | 65 | €78,352 | €77,311 | -€1,042 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €556,556 | €616,039 | +€59,483 | +10.7% |
| Income taxes | 67/77 | €173,582 | €191,724 | +€18,142 | +10.5% |
| Profit (loss) for the period | 9904 | €382,974 | €424,315 | +€41,341 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €382,974 | €424,315 | +€41,341 | +10.8% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.