JAN VOGELS: 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 VOGELS
Largest movements
- Current investments +€350,000
new in 2025: €350,000
- Cash -€307,120
down €307,120 (-32.8%), from €936,269 to €629,149
mainly Current investments (-€350,000) and Contributions, distributions and other (-€201,323)
- Receivables within one year +€49,165
up €49,165 (+304%), from €16,196 to €65,362
- Tangible fixed assets -€27,476
down €27,476 (-10.0%), from €274,154 to €246,678
of which Land and buildings: -€23,282
- Reserves +€36,381
up €36,381 (+3.1%), from €1.2m to €1.2m
- Tax, wage and social debts +€23,551
up €23,551 (+52.2%), from €45,126 to €68,677
of which Taxes: +€20,136
- Gross operating margin +€51,951
up €51,951 (+11.8%), from €441,368 to €493,319
- Staff costs +€21,499
up €21,499 (+35.5%), from €60,632 to €82,132
- Taxes +€15,845
up €15,845 (+16.3%), from €97,341 to €113,185
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 | €1,232,588 | €1,299,166 | +€66,578 | +5.4% |
| Fixed assets | 21/28 | €274,154 | €246,678 | -€27,476 | -10.0% |
| Tangible fixed assets | 22/27 | €274,154 | €246,678 | -€27,476 | -10.0% |
| Land and buildings | 22 | €172,297 | €149,015 | -€23,282 | -13.5% |
| Plant, machinery and equipment | 23 | €11,508 | €22,136 | +€10,628 | +92.3% |
| Furniture and vehicles | 24 | €90,348 | €75,526 | -€14,822 | -16.4% |
| Current assets | 29/58 | €958,434 | €1,052,488 | +€94,054 | +9.8% |
| Amounts receivable within one year | 40/41 | €16,196 | €65,362 | +€49,165 | +304% |
| Other amounts receivable | 41 | €16,196 | €65,362 | +€49,165 | +304% |
| Current investments | 50/53 | - | €350,000 | +€350,000 | |
| Cash at bank and in hand | 54/58 | €936,269 | €629,149 | -€307,120 | -32.8% |
| Deferred charges and accrued income | 490/1 | €5,969 | €7,978 | +€2,009 | +33.7% |
| Total equity and liabilities | 10/49 | €1,232,588 | €1,299,166 | +€66,578 | +5.4% |
| Equity | 10/15 | €1,179,783 | €1,216,164 | +€36,381 | +3.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,173,583 | €1,209,964 | +€36,381 | +3.1% |
| Distributable reserves | 133 | €1,173,583 | €1,209,964 | +€36,381 | +3.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €52,804 | €83,002 | +€30,197 | +57.2% |
| Amounts payable within one year | 42/48 | €52,804 | €83,002 | +€30,197 | +57.2% |
| Trade debts | 44 | €5,678 | €12,354 | +€6,675 | +118% |
| Suppliers | 440/4 | €5,678 | €12,354 | +€6,675 | +118% |
| Taxes, remuneration and social security | 45 | €45,126 | €68,677 | +€23,551 | +52.2% |
| Taxes | 450/3 | €36,682 | €56,818 | +€20,136 | +54.9% |
| Remuneration and social security | 454/9 | €8,444 | €11,859 | +€3,415 | +40.4% |
| Other amounts payable | 47/48 | €2,000 | €1,971 | -€29 | -1.5% |
| Non-recurring operating income | 76A | €503 | €150 | -€353 | -70.2% |
| Remuneration, social security and pensions | 62 | €60,632 | €82,132 | +€21,499 | +35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,961 | €58,379 | -€3,582 | -5.8% |
| Other operating charges | 640/8 | €4,269 | €3,374 | -€895 | -21.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €441,368 | €493,319 | +€51,951 | +11.8% |
| Operating profit (loss) | 9901 | €314,506 | €349,434 | +€34,928 | +11.1% |
| Financial income | 75/76B | €600 | €2,412 | +€1,812 | +302% |
| Recurring financial income | 75 | €600 | €2,412 | +€1,812 | +302% |
| Financial charges | 65/66B | €898 | €957 | +€58 | +6.5% |
| Recurring financial charges | 65 | €898 | €957 | +€58 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €314,208 | €350,889 | +€36,682 | +11.7% |
| Income taxes | 67/77 | €97,341 | €113,185 | +€15,845 | +16.3% |
| Profit (loss) for the period | 9904 | €216,867 | €237,704 | +€20,837 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €216,867 | €237,704 | +€20,837 | +9.6% |
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 19 October 2026 via checked.be.