Jan Dewaele: 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 Dewaele
Largest movements
- Tangible fixed assets +€430,819
up €430,819 (+48.6%), from €886,832 to €1.3m
of which Land and buildings: +€506,173
- Current investments -€75,000
down €75,000 (-37.5%), from €200,000 to €125,000
- Cash +€22,420
up €22,420 (+81.3%), from €27,578 to €49,998
mainly Net result for the year (+€303,891) and Current investments (+€75,000)
- Receivables within one year +€21,381
up €21,381 (+25.7%), from €83,278 to €104,658
- Reserves +€349,400
up €349,400 (+6,988%), from €5,000 to €354,400
of which Tax-exempt reserves: +€349,400
- Provisions +€63,831
up €63,831 (+121%), from €52,636 to €116,467
of which Deferred taxes: +€116,467
- Profit (loss) carried forward -€45,509
down €45,509 (-4.2%), from €1.1m to €1.0m
- Gross operating margin +€378,079
up €378,079 (+1,445%), from €26,165 to €404,244
- Provisions -€52,636
new in 2025: -€52,636
- Depreciation -€31,117
down €31,117 (-43.5%), from €71,479 to €40,363
- Staff costs -€27,454
down €27,454 (-87.9%), from €31,217 to €3,763
- Financial income -€11,595
down €11,595 (-49.1%), from €23,632 to €12,037
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 | €1,202,626 | €1,601,279 | +€398,653 | +33.1% |
| Fixed assets | 21/28 | €886,832 | €1,317,651 | +€430,819 | +48.6% |
| Tangible fixed assets | 22/27 | €886,832 | €1,317,651 | +€430,819 | +48.6% |
| Land and buildings | 22 | €612,140 | €1,118,313 | +€506,173 | +82.7% |
| Plant, machinery and equipment | 23 | €7,760 | €6,660 | -€1,100 | -14.2% |
| Furniture and vehicles | 24 | €5,187 | €1,766 | -€3,421 | -66.0% |
| Other tangible fixed assets | 26 | €222,199 | €190,912 | -€31,287 | -14.1% |
| Assets under construction and advance payments | 27 | €39,546 | - | -€39,546 | |
| Current assets | 29/58 | €315,794 | €283,628 | -€32,167 | -10.2% |
| Amounts receivable within one year | 40/41 | €83,278 | €104,658 | +€21,381 | +25.7% |
| Other amounts receivable | 41 | €83,278 | €104,658 | +€21,381 | +25.7% |
| Current investments | 50/53 | €200,000 | €125,000 | -€75,000 | -37.5% |
| Cash at bank and in hand | 54/58 | €27,578 | €49,998 | +€22,420 | +81.3% |
| Deferred charges and accrued income | 490/1 | €4,939 | €3,972 | -€967 | -19.6% |
| Total equity and liabilities | 10/49 | €1,202,626 | €1,601,279 | +€398,653 | +33.1% |
| Equity | 10/15 | €1,142,645 | €1,446,536 | +€303,891 | +26.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €354,400 | +€349,400 | +6,988% |
| Tax-exempt reserves | 132 | - | €349,400 | +€349,400 | |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,087,645 | €1,042,137 | -€45,509 | -4.2% |
| Provisions and deferred taxes | 16 | €52,636 | €116,467 | +€63,831 | +121% |
| Provisions for liabilities and charges | 160/5 | €52,636 | - | -€52,636 | |
| Pensions and similar obligations | 160 | €52,636 | - | -€52,636 | |
| Deferred taxes | 168 | - | €116,467 | +€116,467 | |
| Amounts payable | 17/49 | €7,345 | €38,276 | +€30,931 | +421% |
| Amounts payable within one year | 42/48 | €5,845 | €20,816 | +€14,971 | +256% |
| Trade debts | 44 | €2,179 | €6,924 | +€4,745 | +218% |
| Suppliers | 440/4 | €2,179 | €6,924 | +€4,745 | +218% |
| Taxes, remuneration and social security | 45 | €3,666 | €4,157 | +€491 | +13.4% |
| Taxes | 450/3 | €2,279 | €3,867 | +€1,588 | +69.7% |
| Remuneration and social security | 454/9 | €1,387 | €290 | -€1,097 | -79.1% |
| Other amounts payable | 47/48 | - | €9,735 | +€9,735 | |
| Accrued charges and deferred income | 492/3 | €1,500 | €17,460 | +€15,960 | +1,064% |
| Non-recurring operating income | 76A | - | €467,403 | +€467,403 | |
| Remuneration, social security and pensions | 62 | €31,217 | €3,763 | -€27,454 | -87.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,479 | €40,363 | -€31,117 | -43.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€52,636 | -€52,636 | |
| Other operating charges | 640/8 | €9,921 | €4,115 | -€5,806 | -58.5% |
| Gross operating margin | 9900 | €26,165 | €404,244 | +€378,079 | +1,445% |
| Operating profit (loss) | 9901 | -€86,453 | €408,638 | +€495,091 | |
| Financial income | 75/76B | €23,632 | €12,037 | -€11,595 | -49.1% |
| Recurring financial income | 75 | €23,632 | €12,037 | -€11,595 | -49.1% |
| Financial charges | 65/66B | €271 | €340 | +€69 | +25.4% |
| Recurring financial charges | 65 | €271 | €340 | +€69 | +25.4% |
| Profit (loss) for the period before taxes | 9903 | -€63,092 | €420,335 | +€483,426 | |
| Transfer from deferred taxes | 780 | - | €384 | +€384 | |
| Transfer to deferred taxes | 680 | - | €116,851 | +€116,851 | |
| Income taxes | 67/77 | -€193 | -€23 | +€170 | +88.3% |
| Profit (loss) for the period | 9904 | -€62,899 | €303,891 | +€366,790 | |
| Transfer from tax-exempt reserves | 789 | - | €1,153 | +€1,153 | |
| Transfer to tax-exempt reserves | 689 | - | €350,552 | +€350,552 | |
| Profit (loss) for the period to be appropriated | 9905 | -€62,899 | -€45,509 | +€17,390 | +27.6% |
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 31 October 2026 via checked.be.