Jan Francis: 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 Francis
Largest movements
- Tangible fixed assets +€373,289
up €373,289 (+120%), from €310,219 to €683,508
of which Assets under construction and advance payments: +€378,795
- Receivables within one year +€35,467
up €35,467 (+226%), from €15,715 to €51,182
of which Trade receivables: +€38,896
- Stocks and contracts +€13,050
up €13,050 (+59.9%), from €21,773 to €34,823
of which Stocks: +€13,050
- Cash +€8,397
up €8,397 (+22.1%), from €37,913 to €46,310
mainly Debts after one year (+€372,465) and Net result for the year (+€28,216)
- Debts after one year +€372,465
up €372,465 (+136%), from €273,321 to €645,786
of which Financial debts: +€372,465
- Profit (loss) carried forward +€28,216
up €28,216 (+66.6%), from €42,354 to €70,570
- Current portion of long-term debt +€14,584
up €14,584 (+158%), from €9,207 to €23,792
- Trade debts +€11,430
up €11,430 (+1,763%), from €648 to €12,078
- Gross operating margin +€8,647
up €8,647 (+20.6%), from €41,982 to €50,630
- Financial charges +€5,169
up €5,169 (+51.8%), from €9,983 to €15,151
- Taxes -€4,000
no longer reported in 2025 (was €4,000)
- Depreciation -€1,998
down €1,998 (-23.7%), from €8,417 to €6,418
- Other operating charges -€1,878
down €1,878 (-84.7%), from €2,218 to €340
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 | €385,620 | €815,823 | +€430,203 | +112% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €310,219 | €683,508 | +€373,289 | +120% |
| Tangible fixed assets | 22/27 | €310,219 | €683,508 | +€373,289 | +120% |
| Land and buildings | 22 | €186,498 | €186,421 | -€78 | 0.0% |
| Plant, machinery and equipment | 23 | €2,329 | €2,472 | +€143 | +6.1% |
| Furniture and vehicles | 24 | €5,836 | €765 | -€5,071 | -86.9% |
| Other tangible fixed assets | 26 | €2,500 | €2,000 | -€500 | -20.0% |
| Assets under construction and advance payments | 27 | €113,056 | €491,850 | +€378,795 | +335% |
| Current assets | 29/58 | €75,401 | €132,315 | +€56,914 | +75.5% |
| Stocks and contracts in progress | 3 | €21,773 | €34,823 | +€13,050 | +59.9% |
| Stocks | 30/36 | €14,273 | €27,323 | +€13,050 | +91.4% |
| Contracts in progress | 37 | €7,500 | €7,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,715 | €51,182 | +€35,467 | +226% |
| Trade receivables | 40 | €12,287 | €51,182 | +€38,896 | +317% |
| Other amounts receivable | 41 | €3,428 | €0 | -€3,428 | -100% |
| Cash at bank and in hand | 54/58 | €37,913 | €46,310 | +€8,397 | +22.1% |
| Total equity and liabilities | 10/49 | €385,620 | €815,823 | +€430,203 | +112% |
| Equity | 10/15 | €100,330 | €128,546 | +€28,216 | +28.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €39,376 | €39,376 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €37,516 | €37,516 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,354 | €70,570 | +€28,216 | +66.6% |
| Amounts payable | 17/49 | €285,291 | €687,277 | +€401,987 | +141% |
| Amounts payable after more than one year | 17 | €273,321 | €645,786 | +€372,465 | +136% |
| Financial debts | 170/4 | €183,321 | €555,786 | +€372,465 | +203% |
| Other amounts payable | 178/9 | €90,000 | €90,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €11,970 | €41,492 | +€29,522 | +247% |
| Current portion of amounts payable after more than one year | 42 | €9,207 | €23,792 | +€14,584 | +158% |
| Trade debts | 44 | €648 | €12,078 | +€11,430 | +1,763% |
| Suppliers | 440/4 | €648 | €12,078 | +€11,430 | +1,763% |
| Taxes, remuneration and social security | 45 | - | €1,734 | +€1,734 | |
| Taxes | 450/3 | - | €234 | +€234 | |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €2,114 | €3,888 | +€1,774 | +83.9% |
| Remuneration, social security and pensions | 62 | €504 | €504 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,417 | €6,418 | -€1,998 | -23.7% |
| Other operating charges | 640/8 | €2,218 | €340 | -€1,878 | -84.7% |
| Gross operating margin | 9900 | €41,982 | €50,630 | +€8,647 | +20.6% |
| Operating profit (loss) | 9901 | €30,844 | €43,367 | +€12,524 | +40.6% |
| Financial charges | 65/66B | €9,983 | €15,151 | +€5,169 | +51.8% |
| Recurring financial charges | 65 | €9,983 | €15,151 | +€5,169 | +51.8% |
| Profit (loss) for the period before taxes | 9903 | €20,861 | €28,216 | +€7,355 | +35.3% |
| Income taxes | 67/77 | €4,000 | - | -€4,000 | |
| Profit (loss) for the period | 9904 | €16,861 | €28,216 | +€11,355 | +67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,861 | €28,216 | +€11,355 | +67.3% |
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.