JAN NOYENS: 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 NOYENS
Largest movements
- Current investments +€977,074
up €977,074 (+45.9%), from €2.1m to €3.1m
- Stocks and contracts -€268,331
down €268,331 (-21.9%), from €1.2m to €955,146
of which Stocks: -€261,363
- Receivables within one year +€208,252
up €208,252 (+32.3%), from €644,305 to €852,557
of which Trade receivables: +€299,030
- Cash -€174,593
down €174,593 (-17.2%), from €1.0m to €839,689
mainly Current investments (-€977,074) and Other debts (-€472,551)
- Reserves +€1.2m
up €1.2m (+35.2%), from €3.4m to €4.7m
of which Distributable reserves: +€1.2m
- Other debts -€472,551
down €472,551 (-91.3%), from €517,367 to €44,816
- Accrued charges and deferred income -€395,252
down €395,252 (-66.0%), from €598,639 to €203,388
- Tax, wage and social debts +€261,468
up €261,468 (+225%), from €116,136 to €377,604
of which Taxes: +€260,591
- Trade debts +€136,425
up €136,425 (+20.8%), from €655,901 to €792,326
- Gross operating margin +€871,427
up €871,427 (+68.0%), from €1.3m to €2.2m
- Taxes +€305,881
up €305,881 (+127%), from €240,550 to €546,431
- Staff costs -€69,400
down €69,400 (-14.7%), from €472,825 to €403,425
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 | €5,397,808 | €6,141,432 | +€743,625 | +13.8% |
| Fixed assets | 21/28 | €370,625 | €372,330 | +€1,705 | +0.5% |
| Tangible fixed assets | 22/27 | €370,625 | €372,330 | +€1,705 | +0.5% |
| Land and buildings | 22 | €301,501 | €295,501 | -€6,000 | -2.0% |
| Plant, machinery and equipment | 23 | €7,377 | €3,240 | -€4,137 | -56.1% |
| Furniture and vehicles | 24 | €61,748 | €73,589 | +€11,842 | +19.2% |
| Current assets | 29/58 | €5,027,182 | €5,769,102 | +€741,920 | +14.8% |
| Stocks and contracts in progress | 3 | €1,223,477 | €955,146 | -€268,331 | -21.9% |
| Stocks | 30/36 | €1,151,144 | €889,781 | -€261,363 | -22.7% |
| Contracts in progress | 37 | €72,333 | €65,365 | -€6,968 | -9.6% |
| Amounts receivable within one year | 40/41 | €644,305 | €852,557 | +€208,252 | +32.3% |
| Trade receivables | 40 | €528,867 | €827,897 | +€299,030 | +56.5% |
| Other amounts receivable | 41 | €115,438 | €24,660 | -€90,778 | -78.6% |
| Current investments | 50/53 | €2,130,819 | €3,107,893 | +€977,074 | +45.9% |
| Cash at bank and in hand | 54/58 | €1,014,282 | €839,689 | -€174,593 | -17.2% |
| Deferred charges and accrued income | 490/1 | €14,300 | €13,817 | -€483 | -3.4% |
| Total equity and liabilities | 10/49 | €5,397,808 | €6,141,432 | +€743,625 | +13.8% |
| Equity | 10/15 | €3,509,764 | €4,723,299 | +€1.2m | +34.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,447,764 | €4,661,299 | +€1.2m | +35.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €3,441,564 | €4,655,099 | +€1.2m | +35.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,888,044 | €1,418,133 | -€469,910 | -24.9% |
| Amounts payable within one year | 42/48 | €1,289,404 | €1,214,746 | -€74,659 | -5.8% |
| Trade debts | 44 | €655,901 | €792,326 | +€136,425 | +20.8% |
| Suppliers | 440/4 | €655,901 | €792,326 | +€136,425 | +20.8% |
| Taxes, remuneration and social security | 45 | €116,136 | €377,604 | +€261,468 | +225% |
| Taxes | 450/3 | €62,399 | €322,990 | +€260,591 | +418% |
| Remuneration and social security | 454/9 | €53,737 | €54,614 | +€877 | +1.6% |
| Other amounts payable | 47/48 | €517,367 | €44,816 | -€472,551 | -91.3% |
| Accrued charges and deferred income | 492/3 | €598,639 | €203,388 | -€395,252 | -66.0% |
| Remuneration, social security and pensions | 62 | €472,825 | €403,425 | -€69,400 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,789 | €36,114 | -€20,675 | -36.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €18,753 | €19,485 | +€732 | +3.9% |
| Gross operating margin | 9900 | €1,281,711 | €2,153,138 | +€871,427 | +68.0% |
| Operating profit (loss) | 9901 | €733,345 | €1,694,114 | +€960,770 | +131% |
| Financial income | 75/76B | €46,119 | €65,204 | +€19,085 | +41.4% |
| Recurring financial income | 75 | €46,119 | €65,204 | +€19,085 | +41.4% |
| Financial charges | 65/66B | €12,221 | -€648 | -€12,870 | |
| Recurring financial charges | 65 | €12,221 | -€648 | -€12,870 | |
| Profit (loss) for the period before taxes | 9903 | €767,242 | €1,759,966 | +€992,724 | +129% |
| Income taxes | 67/77 | €240,550 | €546,431 | +€305,881 | +127% |
| Profit (loss) for the period | 9904 | €526,692 | €1,213,535 | +€686,843 | +130% |
| Profit (loss) for the period to be appropriated | 9905 | €526,692 | €1,213,535 | +€686,843 | +130% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.