JANINE: 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.
JANINE
Largest movements
- Tangible fixed assets -€32,017
down €32,017 (-15.3%), from €208,880 to €176,863
of which Other tangible fixed assets: -€18,577
- Cash +€29,979
up €29,979 (+13.4%), from €224,488 to €254,467
mainly Depreciation (+€56,974) and Net result for the year (+€40,243)
- Receivables after one year -€18,446
down €18,446 (-59.3%), from €31,106 to €12,660
- Stocks and contracts +€16,453
up €16,453 (+90.8%), from €18,130 to €34,583
- Receivables within one year -€14,098
down €14,098 (-26.5%), from €53,232 to €39,134
of which Other amounts receivable: -€14,996
- Profit (loss) carried forward +€40,243
up €40,243 (+28.9%), from €139,252 to €179,496
- Debts after one year -€34,515
down €34,515 (-42.1%), from €81,929 to €47,414
- Investment grants -€19,803
down €19,803 (-21.0%), from €94,082 to €74,280
- Other debts +€10,425
new in 2025: €10,425
- Trade debts -€9,666
down €9,666 (-26.0%), from €37,239 to €27,573
- Gross operating margin +€118,241
up €118,241 (+34.8%), from €339,466 to €457,707
- Staff costs +€61,129
up €61,129 (+20.7%), from €295,846 to €356,975
- Taxes +€7,388
up €7,388 (+366.1%), from €2,018 to €9,406
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 | €568,991 | €548,992 | -€19,999 | -3.5% |
| Fixed assets | 21/28 | €239,680 | €207,663 | -€32,017 | -13.4% |
| Tangible fixed assets | 22/27 | €208,880 | €176,863 | -€32,017 | -15.3% |
| Plant, machinery and equipment | 23 | €32,102 | €26,042 | -€6,060 | -18.9% |
| Furniture and vehicles | 24 | €90,711 | €83,331 | -€7,380 | -8.1% |
| Other tangible fixed assets | 26 | €86,067 | €67,490 | -€18,577 | -21.6% |
| Financial fixed assets | 28 | €30,800 | €30,800 | = | 0.0% |
| Current assets | 29/58 | €329,311 | €341,329 | +€12,018 | +3.6% |
| Amounts receivable after more than one year | 29 | €31,106 | €12,660 | -€18,446 | -59.3% |
| Other amounts receivable | 291 | €31,106 | €12,660 | -€18,446 | -59.3% |
| Stocks and contracts in progress | 3 | €18,130 | €34,583 | +€16,453 | +90.8% |
| Stocks | 30/36 | €18,130 | €34,583 | +€16,453 | +90.8% |
| Amounts receivable within one year | 40/41 | €53,232 | €39,134 | -€14,098 | -26.5% |
| Trade receivables | 40 | €10,279 | €11,177 | +€898 | +8.7% |
| Other amounts receivable | 41 | €42,953 | €27,957 | -€14,996 | -34.9% |
| Cash at bank and in hand | 54/58 | €224,488 | €254,467 | +€29,979 | +13.4% |
| Deferred charges and accrued income | 490/1 | €2,355 | €485 | -€1,870 | -79.4% |
| Total equity and liabilities | 10/49 | €568,991 | €548,992 | -€19,999 | -3.5% |
| Equity | 10/15 | €357,834 | €378,275 | +€20,441 | +5.7% |
| Contributions | 10/11 | €124,500 | €124,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,252 | €179,496 | +€40,243 | +28.9% |
| Investment grants | 15 | €94,082 | €74,280 | -€19,803 | -21.0% |
| Amounts payable | 17/49 | €211,157 | €170,717 | -€40,440 | -19.2% |
| Amounts payable after more than one year | 17 | €81,929 | €47,414 | -€34,515 | -42.1% |
| Financial debts | 170/4 | €81,929 | €47,414 | -€34,515 | -42.1% |
| Amounts payable within one year | 42/48 | €129,227 | €123,302 | -€5,925 | -4.6% |
| Financial debts | 43 | €39,066 | €34,940 | -€4,126 | -10.6% |
| Credit institutions | 430/8 | €39,066 | €34,940 | -€4,126 | -10.6% |
| Trade debts | 44 | €37,239 | €27,573 | -€9,666 | -26.0% |
| Suppliers | 440/4 | €37,239 | €27,573 | -€9,666 | -26.0% |
| Taxes, remuneration and social security | 45 | €52,923 | €50,364 | -€2,559 | -4.8% |
| Taxes | 450/3 | €22,967 | €19,222 | -€3,745 | -16.3% |
| Remuneration and social security | 454/9 | €29,956 | €31,143 | +€1,187 | +4.0% |
| Other amounts payable | 47/48 | - | €10,425 | +€10,425 | |
| Remuneration, social security and pensions | 62 | €295,846 | €356,975 | +€61,129 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,998 | €56,974 | +€1,976 | +3.6% |
| Other operating charges | 640/8 | €3,355 | €6,164 | +€2,809 | +83.7% |
| Gross operating margin | 9900 | €339,466 | €457,707 | +€118,241 | +34.8% |
| Operating profit (loss) | 9901 | -€14,733 | €37,593 | +€52,327 | |
| Financial income | 75/76B | €21,309 | €21,350 | +€40 | +0.2% |
| Recurring financial income | 75 | €21,309 | €21,350 | +€40 | +0.2% |
| Financial charges | 65/66B | €9,446 | €9,294 | -€153 | -1.6% |
| Recurring financial charges | 65 | €9,446 | €9,294 | -€153 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,870 | €49,649 | +€52,520 | |
| Income taxes | 67/77 | €2,018 | €9,406 | +€7,388 | +366.1% |
| Profit (loss) for the period | 9904 | -€4,888 | €40,243 | +€45,132 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,888 | €40,243 | +€45,132 |
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 6 October 2026 via checked.be.