JEAN DENIS: 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.
What changed
JEAN DENIS
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3,368
2024 · €3,589-€221
Equity
€877,606
2024 · €874,238+€3,368
Cash
€100
2024 · €1,067-€967
Balance sheet total
€1.8m
2024 · €1.8m-€47,633
Largest movements
Assets
- Tangible fixed assets -€47,022
down €47,022 (-2.6%), from €1.8m to €1.7m
of which Land and buildings: -€47,580
Equity and liabilities
- Debts after one year -€62,560
down €62,560 (-8.0%), from €778,795 to €716,235
- Other debts +€20,000
new in 2025: €20,000
Income statement
- Gross operating margin +€1,570
up €1,570 (+1.6%), from €97,129 to €98,699
- Other operating charges +€1,287
up €1,287 (+14.2%), from €9,034 to €10,321
- Depreciation +€1,066
up €1,066 (+1.7%), from €63,475 to €64,541
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.
Result 2024
€3,589
Gross operating margin
+€1,570
Depreciation
-€1,066
Other operating charges
-€1,287
Financial charges
+€562
Result 2025
€3,368
raises the resultlowers the result
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.
From operations
+€82,711
Investment
-€17,519
Financing
-€66,159
Cash 2024
€1,067
From operations (derived)
+€82,711
Net result for the year
+€3,368
Depreciation
+€64,541
Deferred charges and accrued income
-€356
Provisions
-€4,880
Other debts
+€20,000
Accrued charges and deferred income
+€38
Investment (derived)
-€17,519
Investment in fixed assets (net)
-€17,519
Financing
-€66,159
Debts after one year
-€62,560
Current portion of long-term debt
+€955
Short-term financial debts
-€4,554
Cash 2025
€100
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,844,914 | €1,797,281 | -€47,633 | -2.6% |
| Fixed assets | 21/28 | €1,774,704 | €1,727,682 | -€47,022 | -2.6% |
| Tangible fixed assets | 22/27 | €1,774,652 | €1,727,630 | -€47,022 | -2.6% |
| Land and buildings | 22 | €1,752,491 | €1,704,911 | -€47,580 | -2.7% |
| Plant, machinery and equipment | 23 | €19,082 | €21,079 | +€1,997 | +10.5% |
| Furniture and vehicles | 24 | €3,079 | €1,640 | -€1,439 | -46.7% |
| Financial fixed assets | 28 | €52 | €52 | = | 0.0% |
| Current assets | 29/58 | €70,210 | €69,599 | -€611 | -0.9% |
| Amounts receivable within one year | 40/41 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 41 | €25,000 | €25,000 | = | 0.0% |
| Current investments | 50/53 | €17,667 | €17,667 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,067 | €100 | -€967 | -90.6% |
| Deferred charges and accrued income | 490/1 | €26,476 | €26,832 | +€356 | +1.3% |
| Total equity and liabilities | 10/49 | €1,844,914 | €1,797,281 | -€47,633 | -2.6% |
| Equity | 10/15 | €874,238 | €877,606 | +€3,368 | +0.4% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Revaluation surpluses | 12 | €39,291 | €39,291 | = | 0.0% |
| Reserves | 13 | €828,742 | €832,110 | +€3,368 | +0.4% |
| Tax-exempt reserves | 132 | €190,995 | €181,518 | -€9,477 | -5.0% |
| Distributable reserves | 133 | €637,747 | €650,592 | +€12,845 | +2.0% |
| Provisions and deferred taxes | 16 | €97,821 | €92,941 | -€4,880 | -5.0% |
| Deferred taxes | 168 | €97,821 | €92,941 | -€4,880 | -5.0% |
| Amounts payable | 17/49 | €872,855 | €826,734 | -€46,121 | -5.3% |
| Amounts payable after more than one year | 17 | €778,795 | €716,235 | -€62,560 | -8.0% |
| Financial debts | 170/4 | €778,795 | €716,235 | -€62,560 | -8.0% |
| Amounts payable within one year | 42/48 | €71,304 | €87,705 | +€16,401 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €61,632 | €62,587 | +€955 | +1.5% |
| Financial debts | 43 | €9,262 | €4,708 | -€4,554 | -49.2% |
| Credit institutions | 430/8 | €9,262 | €4,708 | -€4,554 | -49.2% |
| Trade debts | 44 | €410 | €410 | = | 0.0% |
| Suppliers | 440/4 | €410 | €410 | = | 0.0% |
| Other amounts payable | 47/48 | - | €20,000 | +€20,000 | |
| Accrued charges and deferred income | 492/3 | €22,756 | €22,794 | +€38 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,475 | €64,541 | +€1,066 | +1.7% |
| Other operating charges | 640/8 | €9,034 | €10,321 | +€1,287 | +14.2% |
| Gross operating margin | 9900 | €97,129 | €98,699 | +€1,570 | +1.6% |
| Operating profit (loss) | 9901 | €24,620 | €23,837 | -€783 | -3.2% |
| Financial charges | 65/66B | €25,911 | €25,349 | -€562 | -2.2% |
| Recurring financial charges | 65 | €25,911 | €25,349 | -€562 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,291 | -€1,512 | -€221 | -17.1% |
| Transfer from deferred taxes | 780 | €4,880 | €4,880 | = | 0.0% |
| Profit (loss) for the period | 9904 | €3,589 | €3,368 | -€221 | -6.2% |
| Transfer from tax-exempt reserves | 789 | €9,477 | €9,477 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,066 | €12,845 | -€221 | -1.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.