JAN DEMEY: 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 DEMEY
Largest movements
- Financial fixed assets +€118,462
up €118,462 (+6.4%), from €1.8m to €2.0m
- Receivables after one year +€111,148
up €111,148 (+106%), from €104,708 to €215,856
- Receivables within one year -€70,839
down €70,839 (-27.9%), from €253,535 to €182,696
of which Trade receivables: -€151,520
- Tangible fixed assets -€65,608
down €65,608 (-4.7%), from €1.4m to €1.3m
of which Land and buildings: -€35,640
- Debts after one year -€159,919
down €159,919 (-15.7%), from €1.0m to €859,715
of which Financial debts: -€92,937
- Reserves +€138,015
up €138,015 (+6.5%), from €2.1m to €2.3m
of which Distributable reserves: +€138,015
- Short-term financial debts +€42,438
up €42,438 (+13.8%), from €307,562 to €350,000
- Financial income +€67,051
up €67,051 (+16,296%), from €411 to €67,463
of which Non-recurring financial income: +€64,500
- Taxes +€17,371
up €17,371 (+53.5%), from €32,488 to €49,859
- Financial charges -€12,752
down €12,752 (-22.6%), from €56,403 to €43,651
- Gross operating margin +€8,641
up €8,641 (+3.1%), from €276,523 to €285,164
- Other operating charges +€6,922
up €6,922 (+65.8%), from €10,522 to €17,444
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 | €3,677,076 | €3,741,666 | +€64,589 | +1.8% |
| Fixed assets | 21/28 | €3,249,863 | €3,302,717 | +€52,854 | +1.6% |
| Tangible fixed assets | 22/27 | €1,410,431 | €1,344,823 | -€65,608 | -4.7% |
| Land and buildings | 22 | €1,025,235 | €989,596 | -€35,640 | -3.5% |
| Plant, machinery and equipment | 23 | €25,619 | €30,886 | +€5,267 | +20.6% |
| Furniture and vehicles | 24 | €51,349 | €49,624 | -€1,725 | -3.4% |
| Leasing and similar rights | 25 | €61,495 | €39,730 | -€21,765 | -35.4% |
| Other tangible fixed assets | 26 | €246,733 | €234,988 | -€11,745 | -4.8% |
| Financial fixed assets | 28 | €1,839,433 | €1,957,895 | +€118,462 | +6.4% |
| Current assets | 29/58 | €427,213 | €438,948 | +€11,735 | +2.7% |
| Amounts receivable after more than one year | 29 | €104,708 | €215,856 | +€111,148 | +106% |
| Other amounts receivable | 291 | €104,708 | €215,856 | +€111,148 | +106% |
| Amounts receivable within one year | 40/41 | €253,535 | €182,696 | -€70,839 | -27.9% |
| Trade receivables | 40 | €241,925 | €90,405 | -€151,520 | -62.6% |
| Other amounts receivable | 41 | €11,610 | €92,291 | +€80,681 | +695% |
| Cash at bank and in hand | 54/58 | €57,119 | €29,290 | -€27,828 | -48.7% |
| Deferred charges and accrued income | 490/1 | €11,852 | €11,106 | -€745 | -6.3% |
| Total equity and liabilities | 10/49 | €3,677,076 | €3,741,666 | +€64,589 | +1.8% |
| Equity | 10/15 | €2,178,811 | €2,316,826 | +€138,015 | +6.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Revaluation surpluses | 12 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,123,811 | €2,261,826 | +€138,015 | +6.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €2,067,561 | €2,205,576 | +€138,015 | +6.7% |
| Amounts payable | 17/49 | €1,498,266 | €1,424,840 | -€73,426 | -4.9% |
| Amounts payable after more than one year | 17 | €1,019,634 | €859,715 | -€159,919 | -15.7% |
| Financial debts | 170/4 | €591,316 | €498,379 | -€92,937 | -15.7% |
| Other amounts payable | 178/9 | €428,317 | €361,336 | -€66,982 | -15.6% |
| Amounts payable within one year | 42/48 | €458,378 | €553,001 | +€94,623 | +20.6% |
| Current portion of amounts payable after more than one year | 42 | €119,902 | €132,937 | +€13,035 | +10.9% |
| Financial debts | 43 | €307,562 | €350,000 | +€42,438 | +13.8% |
| Credit institutions | 430/8 | €307,562 | €350,000 | +€42,438 | +13.8% |
| Trade debts | 44 | €10,997 | €17,951 | +€6,954 | +63.2% |
| Suppliers | 440/4 | €10,997 | €17,951 | +€6,954 | +63.2% |
| Taxes, remuneration and social security | 45 | €19,916 | €52,113 | +€32,197 | +162% |
| Taxes | 450/3 | €19,916 | €52,113 | +€32,197 | +162% |
| Accrued charges and deferred income | 492/3 | €20,254 | €12,124 | -€8,131 | -40.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,907 | €103,657 | -€1,250 | -1.2% |
| Other operating charges | 640/8 | €10,522 | €17,444 | +€6,922 | +65.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €276,523 | €285,164 | +€8,641 | +3.1% |
| Operating profit (loss) | 9901 | €161,094 | €164,063 | +€2,969 | +1.8% |
| Financial income | 75/76B | €411 | €67,463 | +€67,051 | +16,296% |
| Recurring financial income | 75 | €411 | €2,963 | +€2,551 | +620% |
| Non-recurring financial income | 76B | - | €64,500 | +€64,500 | |
| Financial charges | 65/66B | €56,403 | €43,651 | -€12,752 | -22.6% |
| Recurring financial charges | 65 | €56,403 | €43,651 | -€12,752 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €105,102 | €187,875 | +€82,772 | +78.8% |
| Income taxes | 67/77 | €32,488 | €49,859 | +€17,371 | +53.5% |
| Profit (loss) for the period | 9904 | €72,614 | €138,015 | +€65,401 | +90.1% |
| Profit (loss) for the period to be appropriated | 9905 | €72,614 | €138,015 | +€65,401 | +90.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.