Jan Vulsteke: 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 Vulsteke
Largest movements
- Cash +€57,631
up €57,631 (+173%), from €33,261 to €90,892
mainly Depreciation (+€50,675) and Debts after one year (+€43,512)
- Tangible fixed assets +€31,825
up €31,825 (+28.6%), from €111,172 to €142,997
of which Furniture and vehicles: +€53,465
- Receivables within one year -€18,094
down €18,094 (-14.9%), from €121,109 to €103,015
of which Other amounts receivable: -€9,473
- Debts after one year +€43,512
up €43,512 (+79.0%), from €55,076 to €98,588
- Reserves +€31,091
up €31,091 (+93.1%), from €33,409 to €64,500
of which Distributable reserves: +€31,091
- Other debts -€11,256
down €11,256 (-7.6%), from €147,437 to €136,181
- Current portion of long-term debt +€8,596
up €8,596 (+38.3%), from €22,452 to €31,048
- Gross operating margin +€45,053
up €45,053 (+89.2%), from €50,515 to €95,568
- Depreciation +€11,408
up €11,408 (+29.1%), from €39,266 to €50,675
- Taxes +€11,099
up €11,099 (+2,907%), from €382 to €11,481
- Write-downs +€1,153
up €1,153 (+29.9%), from -€3,852 to -€2,699
- Financial charges +€1,094
up €1,094 (+49.4%), from €2,215 to €3,309
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €265,542 | €336,905 | +€71,363 | +26.9% |
| Fixed assets | 21/28 | €111,172 | €142,997 | +€31,825 | +28.6% |
| Tangible fixed assets | 22/27 | €111,172 | €142,997 | +€31,825 | +28.6% |
| Plant, machinery and equipment | 23 | €79,122 | €57,482 | -€21,639 | -27.3% |
| Furniture and vehicles | 24 | €32,050 | €85,515 | +€53,465 | +167% |
| Current assets | 29/58 | €154,370 | €193,907 | +€39,537 | +25.6% |
| Amounts receivable within one year | 40/41 | €121,109 | €103,015 | -€18,094 | -14.9% |
| Trade receivables | 40 | €111,636 | €103,015 | -€8,621 | -7.7% |
| Other amounts receivable | 41 | €9,473 | €0 | -€9,473 | -100% |
| Cash at bank and in hand | 54/58 | €33,261 | €90,892 | +€57,631 | +173% |
| Total equity and liabilities | 10/49 | €265,542 | €336,905 | +€71,363 | +26.9% |
| Equity | 10/15 | €35,806 | €66,944 | +€31,138 | +87.0% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €33,409 | €64,500 | +€31,091 | +93.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €33,409 | €64,500 | +€31,091 | +93.1% |
| Profit (loss) carried forward | 14 | -€9,998 | -€9,951 | +€47 | +0.5% |
| Amounts payable | 17/49 | €229,735 | €269,960 | +€40,225 | +17.5% |
| Amounts payable after more than one year | 17 | €55,076 | €98,588 | +€43,512 | +79.0% |
| Financial debts | 170/4 | €55,076 | €98,588 | +€43,512 | +79.0% |
| Amounts payable within one year | 42/48 | €174,350 | €171,372 | -€2,979 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €22,452 | €31,048 | +€8,596 | +38.3% |
| Financial debts | 43 | €960 | €0 | -€960 | -100% |
| Credit institutions | 430/8 | €960 | €0 | -€960 | -100% |
| Trade debts | 44 | €3,119 | €1,719 | -€1,400 | -44.9% |
| Suppliers | 440/4 | €3,119 | €1,719 | -€1,400 | -44.9% |
| Taxes, remuneration and social security | 45 | €382 | €2,424 | +€2,042 | +535% |
| Taxes | 450/3 | €382 | €2,424 | +€2,042 | +535% |
| Other amounts payable | 47/48 | €147,437 | €136,181 | -€11,256 | -7.6% |
| Accrued charges and deferred income | 492/3 | €309 | €0 | -€309 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €624 | €470 | -€155 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,266 | €50,675 | +€11,408 | +29.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,852 | -€2,699 | +€1,153 | +29.9% |
| Other operating charges | 640/8 | €595 | €126 | -€469 | -78.8% |
| Non-recurring operating charges | 66A | €6,573 | €236 | -€6,337 | -96.4% |
| Gross operating margin | 9900 | €50,515 | €95,568 | +€45,053 | +89.2% |
| Operating profit (loss) | 9901 | €7,308 | €46,761 | +€39,453 | +540% |
| Financial income | 75/76B | €38 | €0 | -€38 | -100% |
| Recurring financial income | 75 | €38 | €0 | -€38 | -100% |
| Financial charges | 65/66B | €2,215 | €3,309 | +€1,094 | +49.4% |
| Recurring financial charges | 65 | €2,215 | €3,309 | +€1,094 | +49.4% |
| Profit (loss) for the period before taxes | 9903 | €5,130 | €43,452 | +€38,322 | +747% |
| Income taxes | 67/77 | €382 | €11,481 | +€11,099 | +2,907% |
| Profit (loss) for the period | 9904 | €4,749 | €31,971 | +€27,222 | +573% |
| Profit (loss) for the period to be appropriated | 9905 | €4,749 | €31,971 | +€27,222 | +573% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.