JAN VANHEULE: what changed
Two fiscal 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 VANHEULE
Largest movements
- Receivables within one year +€26,258
up €26,258 (+29.1%), from €90,197 to €116,455
of which Trade receivables: +€21,709
- Cash -€12,797
down €12,797 (-5.2%), from €247,597 to €234,799
mainly Contributions, distributions and other (-€118,096) and Trade debts (-€40,361)
- Tangible fixed assets -€8,989
down €8,989 (-21.3%), from €42,138 to €33,149
of which Furniture and vehicles: -€8,701
- Other debts +€86,284
up €86,284 (+200.8%), from €42,980 to €129,264
- Reserves -€45,028
down €45,028 (-15.9%), from €283,200 to €238,172
- Trade debts -€40,361
no longer reported in 2025 (was €40,361)
- Gross operating margin +€12,972
up €12,972 (+13.7%), from €94,522 to €107,494
- Depreciation +€7,410
up €7,410 (+469.2%), from €1,579 to €8,989
- Taxes -€5,102
down €5,102 (-16.4%), from €31,032 to €25,930
- Other operating charges +€1,472
up €1,472 (+170.9%), from €861 to €2,334
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 | €383,293 | €385,889 | +€2,596 | +0.7% |
| Fixed assets | 21/28 | €42,138 | €33,149 | -€8,989 | -21.3% |
| Tangible fixed assets | 22/27 | €42,138 | €33,149 | -€8,989 | -21.3% |
| Furniture and vehicles | 24 | €40,843 | €32,142 | -€8,701 | -21.3% |
| Other tangible fixed assets | 26 | €1,295 | €1,007 | -€288 | -22.3% |
| Current assets | 29/58 | €341,156 | €352,740 | +€11,585 | +3.4% |
| Amounts receivable within one year | 40/41 | €90,197 | €116,455 | +€26,258 | +29.1% |
| Trade receivables | 40 | €7,197 | €28,906 | +€21,709 | +301.6% |
| Other amounts receivable | 41 | €83,000 | €87,550 | +€4,550 | +5.5% |
| Cash at bank and in hand | 54/58 | €247,597 | €234,799 | -€12,797 | -5.2% |
| Deferred charges and accrued income | 490/1 | €3,362 | €1,486 | -€1,876 | -55.8% |
| Total equity and liabilities | 10/49 | €383,293 | €385,889 | +€2,596 | +0.7% |
| Equity | 10/15 | €295,600 | €250,572 | -€45,028 | -15.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €283,200 | €238,172 | -€45,028 | -15.9% |
| Distributable reserves | 133 | €283,200 | €238,172 | -€45,028 | -15.9% |
| Amounts payable | 17/49 | €87,693 | €135,317 | +€47,624 | +54.3% |
| Amounts payable within one year | 42/48 | €87,693 | €135,317 | +€47,624 | +54.3% |
| Trade debts | 44 | €40,361 | - | -€40,361 | |
| Suppliers | 440/4 | €40,361 | - | -€40,361 | |
| Taxes, remuneration and social security | 45 | €4,352 | €6,053 | +€1,701 | +39.1% |
| Taxes | 450/3 | €4,352 | €6,053 | +€1,701 | +39.1% |
| Other amounts payable | 47/48 | €42,980 | €129,264 | +€86,284 | +200.8% |
| Non-recurring operating income | 76A | - | €876 | +€876 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,579 | €8,989 | +€7,410 | +469.2% |
| Other operating charges | 640/8 | €861 | €2,334 | +€1,472 | +170.9% |
| Gross operating margin | 9900 | €94,522 | €107,494 | +€12,972 | +13.7% |
| Operating profit (loss) | 9901 | €92,082 | €96,172 | +€4,090 | +4.4% |
| Financial income | 75/76B | €2,992 | €3,025 | +€33 | +1.1% |
| Recurring financial income | 75 | €2,992 | €3,025 | +€33 | +1.1% |
| Financial charges | 65/66B | €104 | €198 | +€95 | +91.4% |
| Recurring financial charges | 65 | €104 | €198 | +€95 | +91.4% |
| Profit (loss) for the period before taxes | 9903 | €94,970 | €98,998 | +€4,028 | +4.2% |
| Income taxes | 67/77 | €31,032 | €25,930 | -€5,102 | -16.4% |
| Profit (loss) for the period | 9904 | €63,938 | €73,068 | +€9,130 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,938 | €73,068 | +€9,130 | +14.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.