Jan De Graeve: 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 De Graeve
Largest movements
- Cash +€173,519
up €173,519 (+122%), from €142,635 to €316,154
mainly Net result for the year (+€148,340) and Debts after one year (+€57,726)
- Current investments +€65,750
up €65,750 (+83.3%), from €78,950 to €144,700
- Tangible fixed assets +€64,127
up €64,127 (+392%), from €16,346 to €80,474
of which Furniture and vehicles: +€63,551
- Receivables within one year -€43,228
down €43,228 (-77.9%), from €55,477 to €12,249
of which Trade receivables: -€46,539
- Stocks and contracts +€10,000
up €10,000 (+50.0%), from €20,000 to €30,000
- Reserves +€148,340
up €148,340 (+56.9%), from €260,706 to €409,046
of which Tax-exempt reserves: +€77,294
- Debts after one year +€57,726
new in 2025: €57,726
- Other debts +€20,118
up €20,118 (+1,108%), from €1,816 to €21,934
- Current portion of long-term debt +€15,786
new in 2025: €15,786
- Trade debts +€15,544
up €15,544 (+107%), from €14,556 to €30,101
- Gross operating margin +€45,014
up €45,014 (+25.5%), from €176,796 to €221,809
- Depreciation +€11,300
up €11,300 (+110%), from €10,247 to €21,547
- Taxes +€7,652
up €7,652 (+17.9%), from €42,696 to €50,348
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 | €326,484 | €601,603 | +€275,118 | +84.3% |
| Fixed assets | 21/28 | €29,423 | €96,860 | +€67,437 | +229% |
| Intangible fixed assets | 21 | €13,076 | €16,386 | +€3,310 | +25.3% |
| Tangible fixed assets | 22/27 | €16,346 | €80,474 | +€64,127 | +392% |
| Land and buildings | 22 | €749 | €0 | -€749 | -100% |
| Plant, machinery and equipment | 23 | €1,021 | €2,346 | +€1,325 | +130% |
| Furniture and vehicles | 24 | €14,577 | €78,128 | +€63,551 | +436% |
| Current assets | 29/58 | €297,062 | €504,743 | +€207,681 | +69.9% |
| Stocks and contracts in progress | 3 | €20,000 | €30,000 | +€10,000 | +50.0% |
| Contracts in progress | 37 | €20,000 | €30,000 | +€10,000 | +50.0% |
| Amounts receivable within one year | 40/41 | €55,477 | €12,249 | -€43,228 | -77.9% |
| Trade receivables | 40 | €46,539 | €0 | -€46,539 | -100% |
| Other amounts receivable | 41 | €8,937 | €12,249 | +€3,311 | +37.1% |
| Current investments | 50/53 | €78,950 | €144,700 | +€65,750 | +83.3% |
| Cash at bank and in hand | 54/58 | €142,635 | €316,154 | +€173,519 | +122% |
| Deferred charges and accrued income | 490/1 | - | €1,640 | +€1,640 | |
| Total equity and liabilities | 10/49 | €326,484 | €601,603 | +€275,118 | +84.3% |
| Equity | 10/15 | €298,420 | €446,760 | +€148,340 | +49.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €260,706 | €409,046 | +€148,340 | +56.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,150 | €140,444 | +€77,294 | +122% |
| Distributable reserves | 133 | €195,696 | €266,743 | +€71,046 | +36.3% |
| Profit (loss) carried forward | 14 | €25,314 | €25,314 | = | 0.0% |
| Amounts payable | 17/49 | €28,064 | €154,843 | +€126,779 | +452% |
| Amounts payable after more than one year | 17 | - | €57,726 | +€57,726 | |
| Financial debts | 170/4 | - | €57,726 | +€57,726 | |
| Amounts payable within one year | 42/48 | €26,564 | €80,701 | +€54,137 | +204% |
| Current portion of amounts payable after more than one year | 42 | - | €15,786 | +€15,786 | |
| Trade debts | 44 | €14,556 | €30,101 | +€15,544 | +107% |
| Suppliers | 440/4 | €14,556 | €30,101 | +€15,544 | +107% |
| Advances received on contracts in progress | 46 | €150 | €0 | -€150 | -100% |
| Taxes, remuneration and social security | 45 | €10,042 | €12,880 | +€2,838 | +28.3% |
| Taxes | 450/3 | €10,042 | €12,880 | +€2,838 | +28.3% |
| Other amounts payable | 47/48 | €1,816 | €21,934 | +€20,118 | +1,108% |
| Accrued charges and deferred income | 492/3 | €1,500 | €16,416 | +€14,916 | +994% |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,247 | €21,547 | +€11,300 | +110% |
| Other operating charges | 640/8 | €1,335 | €2,645 | +€1,310 | +98.2% |
| Gross operating margin | 9900 | €176,796 | €221,809 | +€45,014 | +25.5% |
| Operating profit (loss) | 9901 | €165,214 | €197,618 | +€32,404 | +19.6% |
| Financial income | 75/76B | €4,541 | €2,908 | -€1,633 | -36.0% |
| Recurring financial income | 75 | €1,541 | €2,908 | +€1,367 | +88.7% |
| Non-recurring financial income | 76B | €3,000 | €0 | -€3,000 | -100% |
| Financial charges | 65/66B | €153 | €1,837 | +€1,684 | +1,101% |
| Recurring financial charges | 65 | €153 | €1,837 | +€1,684 | +1,101% |
| Profit (loss) for the period before taxes | 9903 | €169,602 | €198,688 | +€29,086 | +17.1% |
| Income taxes | 67/77 | €42,696 | €50,348 | +€7,652 | +17.9% |
| Profit (loss) for the period | 9904 | €126,906 | €148,340 | +€21,434 | +16.9% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €77,294 | +€14,144 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,756 | €71,046 | +€7,290 | +11.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.