JANUS: 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.
JANUS
Largest movements
- Tangible fixed assets +€51,516
up €51,516 (+11.6%), from €442,702 to €494,219
of which Leasing and similar rights: +€41,193
- Cash -€43,392
down €43,392 (-31.5%), from €137,939 to €94,548
mainly Investment in fixed assets (net) (-€95,504) and Current investments (-€20,764)
- Current investments +€20,764
up €20,764 (+11.3%), from €184,344 to €205,108
- Receivables within one year +€19,135
up €19,135 (+83.9%), from €22,799 to €41,934
of which Trade receivables: +€17,250
- Debts after one year +€26,492
new in 2025: €26,492
- Current portion of long-term debt +€12,681
new in 2025: €12,681
- Profit (loss) carried forward +€10,000
up €10,000 (+405.7%), from €2,465 to €12,465
- Reserves +€9,445
up €9,445 (+1.4%), from €680,958 to €690,404
- Other operating charges +€50,175
up €50,175 (+1832.8%), from €2,738 to €52,913
- Write-downs -€37,058
new in 2025: -€37,058
- Financial charges +€13,973
up €13,973, from -€6,345 to €7,628
of which Financial charges: +€14,576
- Depreciation +€12,242
up €12,242 (+41.0%), from €29,893 to €42,136
- Financial income +€8,284
up €8,284 (+344.6%), from €2,404 to €10,688
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 | €794,681 | €843,418 | +€48,737 | +6.1% |
| Fixed assets | 21/28 | €446,744 | €500,112 | +€53,369 | +11.9% |
| Tangible fixed assets | 22/27 | €442,702 | €494,219 | +€51,516 | +11.6% |
| Land and buildings | 22 | €396,695 | €418,208 | +€21,513 | +5.4% |
| Furniture and vehicles | 24 | €46,007 | €34,817 | -€11,189 | -24.3% |
| Leasing and similar rights | 25 | - | €41,193 | +€41,193 | |
| Financial fixed assets | 28 | €4,042 | €5,894 | +€1,852 | +45.8% |
| Current assets | 29/58 | €347,937 | €343,305 | -€4,632 | -1.3% |
| Amounts receivable within one year | 40/41 | €22,799 | €41,934 | +€19,135 | +83.9% |
| Trade receivables | 40 | €19,192 | €36,442 | +€17,250 | +89.9% |
| Other amounts receivable | 41 | €3,607 | €5,492 | +€1,885 | +52.3% |
| Current investments | 50/53 | €184,344 | €205,108 | +€20,764 | +11.3% |
| Cash at bank and in hand | 54/58 | €137,939 | €94,548 | -€43,392 | -31.5% |
| Deferred charges and accrued income | 490/1 | €2,855 | €1,715 | -€1,139 | -39.9% |
| Total equity and liabilities | 10/49 | €794,681 | €843,418 | +€48,737 | +6.1% |
| Equity | 10/15 | €702,023 | €721,468 | +€19,445 | +2.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €680,958 | €690,404 | +€9,445 | +1.4% |
| Distributable reserves | 133 | €680,958 | €690,404 | +€9,445 | +1.4% |
| Profit (loss) carried forward | 14 | €2,465 | €12,465 | +€10,000 | +405.7% |
| Amounts payable | 17/49 | €92,658 | €121,950 | +€29,292 | +31.6% |
| Amounts payable after more than one year | 17 | - | €26,492 | +€26,492 | |
| Financial debts | 170/4 | - | €26,492 | +€26,492 | |
| Amounts payable within one year | 42/48 | €92,658 | €95,457 | +€2,800 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | - | €12,681 | +€12,681 | |
| Trade debts | 44 | €18,141 | €11,762 | -€6,379 | -35.2% |
| Suppliers | 440/4 | €18,141 | €11,762 | -€6,379 | -35.2% |
| Taxes, remuneration and social security | 45 | €19,135 | €20,330 | +€1,194 | +6.2% |
| Taxes | 450/3 | €15,051 | €16,222 | +€1,172 | +7.8% |
| Remuneration and social security | 454/9 | €4,084 | €4,107 | +€23 | +0.6% |
| Other amounts payable | 47/48 | €55,382 | €50,686 | -€4,696 | -8.5% |
| Non-recurring operating income | 76A | €14,750 | - | -€14,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,893 | €42,136 | +€12,242 | +41.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€37,058 | -€37,058 | |
| Other operating charges | 640/8 | €2,738 | €52,913 | +€50,175 | +1832.8% |
| Gross operating margin | 9900 | €86,595 | €84,847 | -€1,748 | -2.0% |
| Operating profit (loss) | 9901 | €53,964 | €26,857 | -€27,107 | -50.2% |
| Financial income | 75/76B | €2,404 | €10,688 | +€8,284 | +344.6% |
| Recurring financial income | 75 | €2,404 | €10,688 | +€8,284 | +344.6% |
| Financial charges | 65/66B | -€6,345 | €7,628 | +€13,973 | |
| Recurring financial charges | 65 | -€12,789 | €1,787 | +€14,576 | |
| Non-recurring financial charges | 66B | €6,443 | €5,841 | -€602 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €62,713 | €29,917 | -€32,797 | -52.3% |
| Income taxes | 67/77 | €13,003 | €10,472 | -€2,531 | -19.5% |
| Profit (loss) for the period | 9904 | €49,711 | €19,445 | -€30,266 | -60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €49,711 | €19,445 | -€30,266 | -60.9% |
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 8 October 2026 via checked.be.