JAN MEEUS: 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 MEEUS
Largest movements
- Cash +€135,655
up €135,655 (+227%), from €59,863 to €195,518
mainly Net result for the year (+€80,609) and Depreciation (+€80,407)
- Receivables within one year +€18,593
up €18,593 (+43.4%), from €42,809 to €61,402
of which Trade receivables: +€28,496
- Reserves +€57,030
up €57,030 (+57.2%), from €99,722 to €156,751
- Debts after one year +€36,947
new in 2025: €36,947
- Profit (loss) carried forward +€23,580
up €23,580, from -€23,580 to €0
- Current portion of long-term debt +€11,805
up €11,805, from €0 to €11,805
- Tax, wage and social debts +€8,965
up €8,965 (+1,355%), from €662 to €9,626
- Gross operating margin +€94,897
up €94,897 (+121%), from €78,449 to €173,346
- Taxes +€9,989
new in 2025: €9,989
- Depreciation +€2,480
up €2,480 (+3.2%), from €77,926 to €80,407
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 | €288,437 | €437,315 | +€148,879 | +51.6% |
| Fixed assets | 21/28 | €178,992 | €175,261 | -€3,732 | -2.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €178,992 | €175,261 | -€3,732 | -2.1% |
| Plant, machinery and equipment | 23 | €143,126 | €99,732 | -€43,395 | -30.3% |
| Furniture and vehicles | 24 | €35,866 | €17,942 | -€17,924 | -50.0% |
| Leasing and similar rights | 25 | €0 | €57,587 | +€57,587 | |
| Current assets | 29/58 | €109,445 | €262,055 | +€152,610 | +139% |
| Amounts receivable within one year | 40/41 | €42,809 | €61,402 | +€18,593 | +43.4% |
| Trade receivables | 40 | €30,621 | €59,117 | +€28,496 | +93.1% |
| Other amounts receivable | 41 | €12,189 | €2,285 | -€9,903 | -81.2% |
| Cash at bank and in hand | 54/58 | €59,863 | €195,518 | +€135,655 | +227% |
| Deferred charges and accrued income | 490/1 | €6,772 | €5,134 | -€1,638 | -24.2% |
| Total equity and liabilities | 10/49 | €288,437 | €437,315 | +€148,879 | +51.6% |
| Equity | 10/15 | €94,742 | €175,351 | +€80,609 | +85.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,722 | €156,751 | +€57,030 | +57.2% |
| Distributable reserves | 133 | €99,722 | €156,751 | +€57,030 | +57.2% |
| Profit (loss) carried forward | 14 | -€23,580 | €0 | +€23,580 | |
| Amounts payable | 17/49 | €193,695 | €261,964 | +€68,269 | +35.2% |
| Amounts payable after more than one year | 17 | - | €36,947 | +€36,947 | |
| Financial debts | 170/4 | - | €36,947 | +€36,947 | |
| Amounts payable within one year | 42/48 | €193,301 | €225,017 | +€31,715 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | €11,805 | +€11,805 | |
| Trade debts | 44 | €2,802 | €6,426 | +€3,624 | +129% |
| Suppliers | 440/4 | €2,802 | €6,426 | +€3,624 | +129% |
| Taxes, remuneration and social security | 45 | €662 | €9,626 | +€8,965 | +1,355% |
| Taxes | 450/3 | €662 | €9,626 | +€8,965 | +1,355% |
| Other amounts payable | 47/48 | €189,838 | €197,159 | +€7,322 | +3.9% |
| Accrued charges and deferred income | 492/3 | €393 | €0 | -€393 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,926 | €80,407 | +€2,480 | +3.2% |
| Other operating charges | 640/8 | €2,404 | €2,096 | -€308 | -12.8% |
| Non-recurring operating charges | 66A | €4,568 | €0 | -€4,568 | -100% |
| Gross operating margin | 9900 | €78,449 | €173,346 | +€94,897 | +121% |
| Operating profit (loss) | 9901 | -€6,449 | €90,844 | +€97,293 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €509 | €246 | -€263 | -51.7% |
| Recurring financial charges | 65 | €509 | €246 | -€263 | -51.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,958 | €90,598 | +€97,556 | |
| Income taxes | 67/77 | - | €9,989 | +€9,989 | |
| Profit (loss) for the period | 9904 | -€6,958 | €80,609 | +€87,567 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,958 | €80,609 | +€87,567 |
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 18 October 2026 via checked.be.