JAN WAEGEMANS: 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 WAEGEMANS
Largest movements
- Cash -€26,344
down €26,344 (-95.8%), from €27,486 to €1,142
mainly Investment in fixed assets (net) (-€26,457) and Trade debts (-€12,506)
- Tangible fixed assets +€15,223
up €15,223 (+44.3%), from €34,392 to €49,614
of which Furniture and vehicles: +€22,135
- Receivables within one year +€11,998
up €11,998 (+11.7%), from €102,276 to €114,273
of which Trade receivables: +€15,158
- Stocks and contracts -€4,058
down €4,058 (-57.3%), from €7,079 to €3,020
- Reserves +€21,065
up €21,065 (+27.9%), from €75,410 to €96,475
of which Distributable reserves: +€21,065
- Trade debts -€12,506
down €12,506 (-48.8%), from €25,607 to €13,101
- Other debts -€11,979
down €11,979 (-13.6%), from €88,376 to €76,398
- Debts after one year -€6,830
down €6,830 (-92.2%), from €7,407 to €578
- Tax, wage and social debts +€5,551
up €5,551 (+845%), from €657 to €6,209
- Gross operating margin +€26,286
up €26,286 (+82.3%), from €31,931 to €58,216
- Taxes +€8,955
up €8,955 (+213%), from €4,196 to €13,151
- Financial charges +€1,194
up €1,194 (+32.7%), from €3,648 to €4,842
of which Financial charges: +€901
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 | €222,725 | €218,345 | -€4,380 | -2.0% |
| Fixed assets | 21/28 | €83,478 | €97,382 | +€13,905 | +16.7% |
| Tangible fixed assets | 22/27 | €34,392 | €49,614 | +€15,223 | +44.3% |
| Land and buildings | 22 | €23,010 | €15,340 | -€7,670 | -33.3% |
| Plant, machinery and equipment | 23 | €1,114 | €1,871 | +€757 | +68.0% |
| Furniture and vehicles | 24 | €10,268 | €32,403 | +€22,135 | +216% |
| Financial fixed assets | 28 | €49,086 | €47,768 | -€1,318 | -2.7% |
| Current assets | 29/58 | €139,247 | €120,962 | -€18,285 | -13.1% |
| Stocks and contracts in progress | 3 | €7,079 | €3,020 | -€4,058 | -57.3% |
| Stocks | 30/36 | €7,079 | €3,020 | -€4,058 | -57.3% |
| Amounts receivable within one year | 40/41 | €102,276 | €114,273 | +€11,998 | +11.7% |
| Trade receivables | 40 | €43,565 | €58,722 | +€15,158 | +34.8% |
| Other amounts receivable | 41 | €58,711 | €55,551 | -€3,160 | -5.4% |
| Cash at bank and in hand | 54/58 | €27,486 | €1,142 | -€26,344 | -95.8% |
| Deferred charges and accrued income | 490/1 | €2,406 | €2,526 | +€120 | +5.0% |
| Total equity and liabilities | 10/49 | €222,725 | €218,345 | -€4,380 | -2.0% |
| Equity | 10/15 | €94,010 | €115,075 | +€21,065 | +22.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €75,410 | €96,475 | +€21,065 | +27.9% |
| Tax-exempt reserves | 132 | €1,897 | €1,897 | = | 0.0% |
| Distributable reserves | 133 | €73,514 | €94,579 | +€21,065 | +28.7% |
| Amounts payable | 17/49 | €128,714 | €103,269 | -€25,445 | -19.8% |
| Amounts payable after more than one year | 17 | €7,407 | €578 | -€6,830 | -92.2% |
| Financial debts | 170/4 | €7,407 | €578 | -€6,830 | -92.2% |
| Amounts payable within one year | 42/48 | €121,267 | €102,537 | -€18,730 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €6,627 | €6,830 | +€203 | +3.1% |
| Trade debts | 44 | €25,607 | €13,101 | -€12,506 | -48.8% |
| Suppliers | 440/4 | €25,607 | €13,101 | -€12,506 | -48.8% |
| Taxes, remuneration and social security | 45 | €657 | €6,209 | +€5,551 | +845% |
| Taxes | 450/3 | €657 | €6,209 | +€5,551 | +845% |
| Other amounts payable | 47/48 | €88,376 | €76,398 | -€11,979 | -13.6% |
| Accrued charges and deferred income | 492/3 | €40 | €154 | +€115 | +290% |
| Non-recurring operating income | 76A | €6,095 | - | -€6,095 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,750 | €12,553 | -€197 | -1.5% |
| Other operating charges | 640/8 | €1,880 | €2,177 | +€297 | +15.8% |
| Gross operating margin | 9900 | €31,931 | €58,216 | +€26,286 | +82.3% |
| Operating profit (loss) | 9901 | €17,301 | €43,487 | +€26,186 | +151% |
| Financial income | 75/76B | €4 | €1 | -€3 | -66.5% |
| Recurring financial income | 75 | €4 | €1 | -€3 | -66.5% |
| Financial charges | 65/66B | €3,648 | €4,842 | +€1,194 | +32.7% |
| Recurring financial charges | 65 | €3,648 | €4,549 | +€901 | +24.7% |
| Non-recurring financial charges | 66B | - | €293 | +€293 | |
| Profit (loss) for the period before taxes | 9903 | €13,657 | €38,646 | +€24,989 | +183% |
| Income taxes | 67/77 | €4,196 | €13,151 | +€8,955 | +213% |
| Profit (loss) for the period | 9904 | €9,462 | €25,496 | +€16,034 | +169% |
| Profit (loss) for the period to be appropriated | 9905 | €9,462 | €25,496 | +€16,034 | +169% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.