Jan Moonen: 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.
What changed
Jan Moonen
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €84,697+€972,123
Equity
€3.0m
2024 · €1.9m+€1.1m
Cash
€256,358
2024 · €16,750+€239,608
Balance sheet total
€12.0m
2024 · €10.6m+€1.4m
Largest movements
Assets
- Financial fixed assets +€1.2m
up €1.2m (+13.5%), from €8.9m to €10.1m
- Cash +€239,608
up €239,608 (+1,431%), from €16,750 to €256,358
mainly Short-term financial debts (+€1.2m) and Net result for the year (+€1.1m)
Equity and liabilities
- Short-term financial debts +€1.2m
new in 2025: €1.2m
- Debts after one year -€1.2m
down €1.2m (-14.1%), from €8.3m to €7.1m
of which Financial debts: -€1.2m
- Reserves +€1.1m
up €1.1m (+79.0%), from €1.4m to €2.6m
of which Tax-exempt reserves: +€739,960
- Provisions +€173,541
up €173,541 (+237%), from €73,113 to €246,653
of which Deferred taxes: +€246,653
- Other debts -€124,188
down €124,188 (-87.5%), from €141,929 to €17,742
Income statement
- Turnover +€686,931
new in 2025: €686,931
- Gross operating margin -€439,224
no longer reported in 2025 (was €439,224)
- Financial charges +€332,874
up €332,874 (+7,065%), from €4,712 to €337,585
- Services and other goods +€237,402
new in 2025: €237,402
- Taxes +€91,391
up €91,391 (+318%), from €28,759 to €120,150
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.
Result 2024
€84,697
Turnover
+€686,931
Other operating income
+€2,382
Services and other goods
-€237,402
Staff costs
+€33,978
Depreciation
+€22,184
Write-downs
-€6,614
Provisions
+€73,113
Other operating charges
+€33,399
Other operating items
+€1.0m
Financial income
+€25,535
Financial charges
-€332,874
Taxes
-€91,391
Deferred taxes and other
-€246,653
Result 2025
€1.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.4m
Investment
-€1.1m
Financing
+€9,668
Cash 2024
€16,750
From operations (derived)
+€1.4m
Net result for the year
+€1.1m
Depreciation
+€70,788
Receivables within one year
-€90,157
Deferred charges and accrued income
-€3,317
Provisions
+€173,541
Trade debts
+€72,346
Tax, wage and social debts
+€83,886
Advances received
+€18,144
Other debts
-€124,188
Accrued charges and deferred income
+€106,111
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.2m
Current investments
+€34,100
Financing
+€9,668
Debts after one year
-€1.2m
Short-term financial debts
+€1.2m
Cash 2025
€256,358
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,559,244 | €11,955,571 | +€1.4m | +13.2% |
| Fixed assets | 21/28 | €10,502,911 | €11,600,257 | +€1.1m | +10.4% |
| Tangible fixed assets | 22/27 | €1,602,911 | €1,499,495 | -€103,416 | -6.5% |
| Land and buildings | 22 | €1,601,986 | €1,499,495 | -€102,491 | -6.4% |
| Plant, machinery and equipment | 23 | €925 | €0 | -€925 | -100% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €8,900,000 | €10,100,762 | +€1.2m | +13.5% |
| Affiliated companies | 280/1 | - | €10,100,762 | +€10.1m | |
| Participating interests | 280 | - | €8,900,000 | +€8.9m | |
| Amounts receivable | 281 | - | €1,200,762 | +€1.2m | |
| Current assets | 29/58 | €56,333 | €355,314 | +€298,982 | +531% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €5,483 | €95,640 | +€90,157 | +1,644% |
| Trade receivables | 40 | €3,061 | €17,096 | +€14,035 | +458% |
| Other amounts receivable | 41 | €2,422 | €78,544 | +€76,122 | +3,143% |
| Current investments | 50/53 | €34,100 | €0 | -€34,100 | -100% |
| Other investments | 51/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €16,750 | €256,358 | +€239,608 | +1,431% |
| Deferred charges and accrued income | 490/1 | - | €3,317 | +€3,317 | |
| Total equity and liabilities | 10/49 | €10,559,244 | €11,955,571 | +€1.4m | +13.2% |
| Equity | 10/15 | €1,909,544 | €2,966,364 | +€1.1m | +55.3% |
| Contributions | 10/11 | €380,000 | €380,000 | = | 0.0% |
| Capital | 10 | €380,000 | €380,000 | = | 0.0% |
| Issued capital | 100 | €380,000 | €380,000 | = | 0.0% |
| Reserves | 13 | €1,444,847 | €2,586,364 | +€1.1m | +79.0% |
| Non-distributable reserves | 130/1 | €158,570 | €158,570 | = | 0.0% |
| Legal reserve | 130 | €158,570 | €158,570 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,241 | €785,201 | +€739,960 | +1,636% |
| Distributable reserves | 133 | €1,241,035 | €1,642,592 | +€401,557 | +32.4% |
| Profit (loss) carried forward | 14 | €84,697 | €0 | -€84,697 | -100% |
| Provisions and deferred taxes | 16 | €73,113 | €246,653 | +€173,541 | +237% |
| Provisions for liabilities and charges | 160/5 | €73,113 | €0 | -€73,113 | -100% |
| Major repairs and maintenance | 162 | €73,113 | €0 | -€73,113 | -100% |
| Deferred taxes | 168 | - | €246,653 | +€246,653 | |
| Amounts payable | 17/49 | €8,576,587 | €8,742,554 | +€165,967 | +1.9% |
| Amounts payable after more than one year | 17 | €8,300,000 | €7,132,168 | -€1.2m | -14.1% |
| Financial debts | 170/4 | €8,300,000 | €7,095,557 | -€1.2m | -14.5% |
| Credit institutions | 173 | - | €7,095,557 | +€7.1m | |
| Other amounts payable | 178/9 | - | €36,611 | +€36,611 | |
| Amounts payable within one year | 42/48 | €276,587 | €1,504,275 | +€1.2m | +444% |
| Financial debts | 43 | - | €1,177,500 | +€1.2m | |
| Credit institutions | 430/8 | - | €1,177,500 | +€1.2m | |
| Trade debts | 44 | €82,634 | €154,980 | +€72,346 | +87.5% |
| Suppliers | 440/4 | €82,634 | €154,980 | +€72,346 | +87.5% |
| Advances received on contracts in progress | 46 | - | €18,144 | +€18,144 | |
| Taxes, remuneration and social security | 45 | €52,023 | €135,909 | +€83,886 | +161% |
| Taxes | 450/3 | €29,860 | €123,947 | +€94,087 | +315% |
| Remuneration and social security | 454/9 | €22,164 | €11,962 | -€10,202 | -46.0% |
| Other amounts payable | 47/48 | €141,929 | €17,742 | -€124,188 | -87.5% |
| Accrued charges and deferred income | 492/3 | - | €106,111 | +€106,111 | |
| Operating income | 70/76A | - | €2,138,072 | +€2.1m | |
| Turnover | 70 | - | €686,931 | +€686,931 | |
| Other operating income | 74 | - | €2,382 | +€2,382 | |
| Non-recurring operating income | 76A | - | €1,448,759 | +€1.4m | |
| Operating charges | 60/66A | - | €402,399 | +€402,399 | |
| Goods for resale, raw materials and consumables | 60 | - | €0 | = | |
| Purchases | 600/8 | - | €0 | = | |
| Change in stocks: decrease (increase) | 609 | - | €0 | = | |
| Services and other goods | 61 | - | €237,402 | +€237,402 | |
| Remuneration, social security and pensions | 62 | €122,047 | €88,069 | -€33,978 | -27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,971 | €70,788 | -€22,184 | -23.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,614 | +€6,614 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€73,113 | -€73,113 | |
| Other operating charges | 640/8 | €106,038 | €72,639 | -€33,399 | -31.5% |
| Gross operating margin | 9900 | €439,224 | - | -€439,224 | |
| Operating profit (loss) | 9901 | €118,168 | €1,735,673 | +€1.6m | +1,369% |
| Financial income | 75/76B | - | €25,535 | +€25,535 | |
| Recurring financial income | 75 | - | €25,535 | +€25,535 | |
| Income from financial fixed assets | 750 | - | €23,860 | +€23,860 | |
| Income from current assets | 751 | - | €1,674 | +€1,674 | |
| Other financial income | 752/9 | - | €1 | +€1 | |
| Financial charges | 65/66B | €4,712 | €337,585 | +€332,874 | +7,065% |
| Recurring financial charges | 65 | €4,712 | €337,585 | +€332,874 | +7,065% |
| Debt charges | 650 | - | €337,327 | +€337,327 | |
| Other financial charges | 652/9 | - | €258 | +€258 | |
| Profit (loss) for the period before taxes | 9903 | €113,456 | €1,423,623 | +€1.3m | +1,155% |
| Transfer to deferred taxes | 680 | - | €246,653 | +€246,653 | |
| Income taxes | 67/77 | €28,759 | €120,150 | +€91,391 | +318% |
| Taxes | 670/3 | - | €120,150 | +€120,150 | |
| Profit (loss) for the period | 9904 | €84,697 | €1,056,820 | +€972,123 | +1,148% |
| Transfer to tax-exempt reserves | 689 | - | €739,960 | +€739,960 | |
| Profit (loss) for the period to be appropriated | 9905 | €84,697 | €316,860 | +€232,162 | +274% |
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 1 November 2026 via checked.be.