JAN NULLENS: 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 NULLENS
Largest movements
- Stocks and contracts +€242,896
up €242,896 (+92.4%), from €262,871 to €505,767
- Receivables after one year -€150,000
down €150,000 (-60.0%), from €250,000 to €100,000
- Cash -€24,648
down €24,648 (-8.2%), from €301,963 to €277,314
mainly Stocks and contracts (-€242,896) and Investment in fixed assets (net) (-€23,553)
- Debts after one year +€92,474
up €92,474 (+43.8%), from €211,326 to €303,800
- Reserves -€21,646
down €21,646 (-2.8%), from €771,703 to €750,057
of which Distributable reserves: -€21,646
- Financial income +€10,758
up €10,758 (+100.2%), from €10,739 to €21,498
- Gross operating margin +€4,018
up €4,018 (+32.7%), from -€12,287 to -€8,270
- Taxes +€2,598
up €2,598 (+345.0%), from €753 to €3,351
- Depreciation -€2,360
down €2,360 (-8.0%), from €29,409 to €27,048
- Other operating charges +€292
up €292 (+7.1%), from €4,142 to €4,435
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 | €1,544,333 | €1,615,522 | +€71,189 | +4.6% |
| Fixed assets | 21/28 | €727,247 | €723,752 | -€3,495 | -0.5% |
| Tangible fixed assets | 22/27 | €727,247 | €716,252 | -€10,995 | -1.5% |
| Land and buildings | 22 | €711,291 | €707,759 | -€3,533 | -0.5% |
| Plant, machinery and equipment | 23 | €15,955 | €8,493 | -€7,463 | -46.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | - | €7,500 | +€7,500 | |
| Current assets | 29/58 | €817,086 | €891,770 | +€74,684 | +9.1% |
| Amounts receivable after more than one year | 29 | €250,000 | €100,000 | -€150,000 | -60.0% |
| Other amounts receivable | 291 | €250,000 | €100,000 | -€150,000 | -60.0% |
| Stocks and contracts in progress | 3 | €262,871 | €505,767 | +€242,896 | +92.4% |
| Stocks | 30/36 | €262,871 | €505,767 | +€242,896 | +92.4% |
| Amounts receivable within one year | 40/41 | €425 | €6,866 | +€6,441 | +1516.0% |
| Trade receivables | 40 | €425 | €425 | = | 0.0% |
| Other amounts receivable | 41 | - | €6,441 | +€6,441 | |
| Cash at bank and in hand | 54/58 | €301,963 | €277,314 | -€24,648 | -8.2% |
| Deferred charges and accrued income | 490/1 | €1,828 | €1,823 | -€5 | -0.3% |
| Total equity and liabilities | 10/49 | €1,544,333 | €1,615,522 | +€71,189 | +4.6% |
| Equity | 10/15 | €1,329,703 | €1,308,057 | -€21,646 | -1.6% |
| Contributions | 10/11 | €558,000 | €558,000 | = | 0.0% |
| Reserves | 13 | €771,703 | €750,057 | -€21,646 | -2.8% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €715,453 | €693,807 | -€21,646 | -3.0% |
| Amounts payable | 17/49 | €214,630 | €307,465 | +€92,835 | +43.3% |
| Amounts payable after more than one year | 17 | €211,326 | €303,800 | +€92,474 | +43.8% |
| Other amounts payable | 178/9 | €211,326 | €303,800 | +€92,474 | +43.8% |
| Amounts payable within one year | 42/48 | €3,303 | €3,664 | +€361 | +10.9% |
| Trade debts | 44 | €2,328 | €1,391 | -€937 | -40.2% |
| Suppliers | 440/4 | €2,328 | €1,391 | -€937 | -40.2% |
| Taxes, remuneration and social security | 45 | €975 | €2,273 | +€1,298 | +133.1% |
| Taxes | 450/3 | €975 | €2,273 | +€1,298 | +133.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,409 | €27,048 | -€2,360 | -8.0% |
| Other operating charges | 640/8 | €4,142 | €4,435 | +€292 | +7.1% |
| Gross operating margin | 9900 | -€12,287 | -€8,270 | +€4,018 | +32.7% |
| Operating profit (loss) | 9901 | -€45,838 | -€39,752 | +€6,086 | +13.3% |
| Financial income | 75/76B | €10,739 | €21,498 | +€10,758 | +100.2% |
| Recurring financial income | 75 | €10,739 | €21,498 | +€10,758 | +100.2% |
| Financial charges | 65/66B | €44 | €40 | -€3 | -7.1% |
| Recurring financial charges | 65 | €44 | €40 | -€3 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | -€35,143 | -€18,295 | +€16,847 | +47.9% |
| Income taxes | 67/77 | €753 | €3,351 | +€2,598 | +345.0% |
| Profit (loss) for the period | 9904 | -€35,896 | -€21,646 | +€14,249 | +39.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,896 | -€21,646 | +€14,249 | +39.7% |
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 10 October 2026 via checked.be.