JAN NELLENS: 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 NELLENS
Largest movements
- Cash +€17,285
up €17,285 (+196.6%), from €8,794 to €26,079
mainly Net result for the year (+€34,230) and Depreciation (+€8,810)
- Receivables within one year +€14,079
up €14,079 (+118208.1%), from €12 to €14,091
of which Trade receivables: +€14,091
- Tangible fixed assets -€6,255
down €6,255 (-5.4%), from €116,833 to €110,579
of which Furniture and vehicles: -€4,588
- Reserves +€34,230
up €34,230 (+37.2%), from €92,057 to €126,287
of which Distributable reserves: +€34,230
- Trade debts -€6,145
down €6,145 (-86.3%), from €7,124 to €980
- Tax, wage and social debts +€5,717
up €5,717 (+189.2%), from €3,021 to €8,738
- Debts after one year -€5,277
down €5,277 (-42.4%), from €12,455 to €7,179
- Current portion of long-term debt -€3,352
down €3,352 (-28.8%), from €11,628 to €8,276
- Gross operating margin +€6,189
up €6,189 (+11.4%), from €54,059 to €60,249
- Depreciation +€5,601
up €5,601 (+174.5%), from €3,209 to €8,810
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.
Cash bridge derived
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 | €126,783 | €151,941 | +€25,157 | +19.8% |
| Fixed assets | 21/28 | €116,833 | €110,579 | -€6,255 | -5.4% |
| Tangible fixed assets | 22/27 | €116,833 | €110,579 | -€6,255 | -5.4% |
| Land and buildings | 22 | €59,864 | €58,197 | -€1,667 | -2.8% |
| Furniture and vehicles | 24 | €18,970 | €14,381 | -€4,588 | -24.2% |
| Other tangible fixed assets | 26 | €38,000 | €38,000 | = | 0.0% |
| Current assets | 29/58 | €9,950 | €41,362 | +€31,412 | +315.7% |
| Amounts receivable within one year | 40/41 | €12 | €14,091 | +€14,079 | +118208.1% |
| Trade receivables | 40 | - | €14,091 | +€14,091 | |
| Other amounts receivable | 41 | €12 | €0 | -€12 | -100.0% |
| Cash at bank and in hand | 54/58 | €8,794 | €26,079 | +€17,285 | +196.6% |
| Deferred charges and accrued income | 490/1 | €1,144 | €1,192 | +€48 | +4.2% |
| Total equity and liabilities | 10/49 | €126,783 | €151,941 | +€25,157 | +19.8% |
| Equity | 10/15 | €92,057 | €126,287 | +€34,230 | +37.2% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €92,057 | €126,287 | +€34,230 | +37.2% |
| Tax-exempt reserves | 132 | €194 | €194 | = | 0.0% |
| Distributable reserves | 133 | €91,863 | €126,093 | +€34,230 | +37.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €34,726 | €25,653 | -€9,073 | -26.1% |
| Amounts payable after more than one year | 17 | €12,455 | €7,179 | -€5,277 | -42.4% |
| Financial debts | 170/4 | €12,455 | €7,179 | -€5,277 | -42.4% |
| Amounts payable within one year | 42/48 | €22,271 | €18,475 | -€3,796 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €11,628 | €8,276 | -€3,352 | -28.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €7,124 | €980 | -€6,145 | -86.3% |
| Suppliers | 440/4 | €7,124 | €980 | -€6,145 | -86.3% |
| Taxes, remuneration and social security | 45 | €3,021 | €8,738 | +€5,717 | +189.2% |
| Taxes | 450/3 | €3,021 | €8,738 | +€5,717 | +189.2% |
| Other amounts payable | 47/48 | €498 | €481 | -€17 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,209 | €8,810 | +€5,601 | +174.5% |
| Other operating charges | 640/8 | €1,673 | €1,792 | +€119 | +7.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €54,059 | €60,249 | +€6,189 | +11.4% |
| Operating profit (loss) | 9901 | €49,177 | €49,646 | +€469 | +1.0% |
| Financial income | 75/76B | €10 | €0 | -€10 | -97.5% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -97.5% |
| Financial charges | 65/66B | €1,171 | €810 | -€361 | -30.8% |
| Recurring financial charges | 65 | €1,171 | €810 | -€361 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €48,016 | €48,837 | +€821 | +1.7% |
| Income taxes | 67/77 | €14,305 | €14,607 | +€301 | +2.1% |
| Profit (loss) for the period | 9904 | €33,711 | €34,230 | +€520 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,711 | €34,230 | +€520 | +1.5% |
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 9 October 2026 via checked.be.