Jean-Benoît Bughin: 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.
Jean-Benoît Bughin
Largest movements
- Cash -€8,101
down €8,101 (-33.0%), from €24,545 to €16,444
mainly Contributions, distributions and other (-€4,524) and Trade debts (-€4,441)
- Receivables within one year -€1,849
down €1,849 (-2.4%), from €78,139 to €76,290
of which Trade receivables: -€5,098
- Trade debts -€4,441
down €4,441 (-36.9%), from €12,051 to €7,610
- Tax, wage and social debts -€3,884
down €3,884 (-32.4%), from €11,985 to €8,102
of which Remuneration and social security: -€4,700
- Other debts -€1,636
down €1,636 (-29.8%), from €5,482 to €3,846
- Turnover -€82,591
no longer reported in 2025 (was €82,591)
- Purchases and services -€62,627
no longer reported in 2025 (was €62,627)
- Gross operating margin -€15,967
down €15,967 (-62.3%), from €25,628 to €9,661
- Taxes -€2,683
down €2,683 (-55.7%), from €4,813 to €2,130
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 | €105,307 | €95,345 | -€9,961 | -9.5% |
| Fixed assets | 21/28 | €1,367 | €1,014 | -€353 | -25.8% |
| Tangible fixed assets | 22/27 | €1,367 | €1,014 | -€353 | -25.8% |
| Furniture and vehicles | 24 | €407 | €170 | -€237 | -58.2% |
| Other tangible fixed assets | 26 | €960 | €844 | -€116 | -12.1% |
| Current assets | 29/58 | €103,940 | €94,331 | -€9,609 | -9.2% |
| Amounts receivable within one year | 40/41 | €78,139 | €76,290 | -€1,849 | -2.4% |
| Trade receivables | 40 | €77,787 | €72,689 | -€5,098 | -6.6% |
| Other amounts receivable | 41 | €352 | €3,601 | +€3,249 | +923% |
| Cash at bank and in hand | 54/58 | €24,545 | €16,444 | -€8,101 | -33.0% |
| Deferred charges and accrued income | 490/1 | €1,256 | €1,597 | +€341 | +27.2% |
| Total equity and liabilities | 10/49 | €105,307 | €95,345 | -€9,961 | -9.5% |
| Equity | 10/15 | €75,788 | €75,788 | = | 0.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €69,788 | €69,788 | = | 0.0% |
| Distributable reserves | 133 | €69,788 | €69,788 | = | 0.0% |
| Amounts payable | 17/49 | €29,518 | €19,557 | -€9,961 | -33.7% |
| Amounts payable within one year | 42/48 | €29,518 | €19,557 | -€9,961 | -33.7% |
| Trade debts | 44 | €12,051 | €7,610 | -€4,441 | -36.9% |
| Suppliers | 440/4 | €12,051 | €7,610 | -€4,441 | -36.9% |
| Taxes, remuneration and social security | 45 | €11,985 | €8,102 | -€3,884 | -32.4% |
| Taxes | 450/3 | €5,085 | €5,902 | +€816 | +16.1% |
| Remuneration and social security | 454/9 | €6,900 | €2,200 | -€4,700 | -68.1% |
| Other amounts payable | 47/48 | €5,482 | €3,846 | -€1,636 | -29.8% |
| Turnover | 70 | €82,591 | - | -€82,591 | |
| Non-recurring operating income | 76A | €2,845 | - | -€2,845 | |
| Goods, raw materials, services and sundry goods | 60/61 | €62,627 | - | -€62,627 | |
| Remuneration, social security and pensions | 62 | - | €622 | +€622 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €353 | €353 | = | 0.0% |
| Other operating charges | 640/8 | €204 | €101 | -€103 | -50.7% |
| Gross operating margin | 9900 | €25,628 | €9,661 | -€15,967 | -62.3% |
| Operating profit (loss) | 9901 | €25,072 | €8,586 | -€16,486 | -65.8% |
| Financial charges | 65/66B | €1,628 | €1,931 | +€303 | +18.6% |
| Recurring financial charges | 65 | €1,346 | €1,612 | +€266 | +19.7% |
| Non-recurring financial charges | 66B | €282 | €319 | +€37 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €23,443 | €6,655 | -€16,789 | -71.6% |
| Income taxes | 67/77 | €4,813 | €2,130 | -€2,683 | -55.7% |
| Profit (loss) for the period | 9904 | €18,630 | €4,524 | -€14,106 | -75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,630 | €4,524 | -€14,106 | -75.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.