JAN TIELEMANS: 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 TIELEMANS
Largest movements
- Cash -€137,808
down €137,808 (-31.3%), from €439,894 to €302,086
mainly Other debts (-€149,537) and Debts after one year (-€6,308)
- Receivables within one year -€11,185
down €11,185 (-36.5%), from €30,623 to €19,438
of which Trade receivables: -€11,505
- Tangible fixed assets -€8,062
down €8,062 (-2.8%), from €285,036 to €276,974
of which Land and buildings: -€9,099
- Other debts -€149,537
down €149,537 (-62.0%), from €241,309 to €91,772
- Gross operating margin -€12,595
down €12,595 (-63.7%), from €19,769 to €7,174
- Depreciation -€4,451
down €4,451 (-31.9%), from €13,961 to €9,510
- Taxes -€1,307
no longer reported in 2025 (was €1,307)
- Financial income +€686
up €686 (+57.9%), from €1,185 to €1,871
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 | €782,263 | €622,889 | -€159,374 | -20.4% |
| Fixed assets | 21/28 | €285,036 | €276,974 | -€8,062 | -2.8% |
| Tangible fixed assets | 22/27 | €285,036 | €276,974 | -€8,062 | -2.8% |
| Land and buildings | 22 | €284,188 | €275,089 | -€9,099 | -3.2% |
| Furniture and vehicles | 24 | - | €1,320 | +€1,320 | |
| Other tangible fixed assets | 26 | €848 | €565 | -€283 | -33.3% |
| Current assets | 29/58 | €497,227 | €345,914 | -€151,313 | -30.4% |
| Amounts receivable within one year | 40/41 | €30,623 | €19,438 | -€11,185 | -36.5% |
| Trade receivables | 40 | €30,585 | €19,080 | -€11,505 | -37.6% |
| Other amounts receivable | 41 | €38 | €358 | +€320 | +841% |
| Current investments | 50/53 | €24,390 | €24,390 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €439,894 | €302,086 | -€137,808 | -31.3% |
| Deferred charges and accrued income | 490/1 | €2,320 | - | -€2,320 | |
| Total equity and liabilities | 10/49 | €782,263 | €622,889 | -€159,374 | -20.4% |
| Equity | 10/15 | €520,271 | €516,801 | -€3,470 | -0.7% |
| Contributions | 10/11 | €130,200 | €130,200 | = | 0.0% |
| Reserves | 13 | €390,071 | €390,071 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,020 | €13,020 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,020 | €13,020 | = | 0.0% |
| Distributable reserves | 133 | €377,051 | €377,051 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€3,470 | -€3,470 | |
| Amounts payable | 17/49 | €261,992 | €106,088 | -€155,904 | -59.5% |
| Amounts payable after more than one year | 17 | €10,561 | €4,252 | -€6,308 | -59.7% |
| Financial debts | 170/4 | €10,561 | €4,252 | -€6,308 | -59.7% |
| Amounts payable within one year | 42/48 | €251,431 | €101,836 | -€149,596 | -59.5% |
| Current portion of amounts payable after more than one year | 42 | €6,225 | €6,308 | +€83 | +1.3% |
| Trade debts | 44 | €3,072 | €3,110 | +€39 | +1.3% |
| Suppliers | 440/4 | €3,072 | €3,110 | +€39 | +1.3% |
| Taxes, remuneration and social security | 45 | €825 | €645 | -€180 | -21.8% |
| Taxes | 450/3 | €825 | €645 | -€180 | -21.8% |
| Other amounts payable | 47/48 | €241,309 | €91,772 | -€149,537 | -62.0% |
| Non-recurring operating income | 76A | €2,000 | - | -€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,961 | €9,510 | -€4,451 | -31.9% |
| Other operating charges | 640/8 | €2,545 | €2,615 | +€70 | +2.7% |
| Gross operating margin | 9900 | €19,769 | €7,174 | -€12,595 | -63.7% |
| Operating profit (loss) | 9901 | €3,262 | -€4,951 | -€8,213 | |
| Financial income | 75/76B | €1,185 | €1,871 | +€686 | +57.9% |
| Recurring financial income | 75 | €1,185 | €1,871 | +€686 | +57.9% |
| Financial charges | 65/66B | €467 | €390 | -€76 | -16.4% |
| Recurring financial charges | 65 | €467 | €390 | -€76 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €3,981 | -€3,470 | -€7,451 | |
| Income taxes | 67/77 | €1,307 | - | -€1,307 | |
| Profit (loss) for the period | 9904 | €2,674 | -€3,470 | -€6,144 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,674 | -€3,470 | -€6,144 |
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 15 October 2026 via checked.be.