JEAN-MICHEL RADEMAKER: 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-MICHEL RADEMAKER
Largest movements
- Stocks and contracts -€133,027
down €133,027 (-75.5%), from €176,151 to €43,124
of which Contracts in progress: -€136,215
- Cash -€19,971
down €19,971 (-59.4%), from €33,647 to €13,676
mainly Net result for the year (-€153,480) and Receivables within one year (-€16,078)
- Receivables within one year +€16,078
up €16,078 (+6.3%), from €256,349 to €272,428
of which Trade receivables: +€10,364
- Profit (loss) carried forward -€153,406
down €153,406, from €3,852 to -€149,554
- Short-term financial debts +€31,194
new in 2024: €31,194
- Trade debts -€12,579
down €12,579 (-3.5%), from €357,654 to €345,075
- Debts after one year -€5,909
down €5,909 (-51.2%), from €11,544 to €5,635
- Gross operating margin -€157,679
down €157,679 (-39.6%), from €398,660 to €240,981
- Write-downs +€22,856
up €22,856 (+164%), from €13,970 to €36,826
- Staff costs -€15,031
down €15,031 (-4.2%), from €357,510 to €342,479
- Depreciation -€14,449
down €14,449 (-68.9%), from €20,963 to €6,514
- Financial charges +€6,222
up €6,222 (+136%), from €4,588 to €10,809
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €534,986 | €396,342 | -€138,644 | -25.9% |
| Fixed assets | 21/28 | €60,477 | €61,127 | +€650 | +1.1% |
| Tangible fixed assets | 22/27 | €59,917 | €60,567 | +€650 | +1.1% |
| Land and buildings | 22 | €56,101 | €52,831 | -€3,270 | -5.8% |
| Plant, machinery and equipment | 23 | €3,316 | €4,936 | +€1,620 | +48.9% |
| Furniture and vehicles | 24 | €501 | €2,800 | +€2,300 | +459% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €560 | €560 | = | 0.0% |
| Current assets | 29/58 | €474,508 | €335,215 | -€139,294 | -29.4% |
| Stocks and contracts in progress | 3 | €176,151 | €43,124 | -€133,027 | -75.5% |
| Stocks | 30/36 | €39,936 | €43,124 | +€3,188 | +8.0% |
| Contracts in progress | 37 | €136,215 | €0 | -€136,215 | -100% |
| Amounts receivable within one year | 40/41 | €256,349 | €272,428 | +€16,078 | +6.3% |
| Trade receivables | 40 | €159,063 | €169,428 | +€10,364 | +6.5% |
| Other amounts receivable | 41 | €97,286 | €103,000 | +€5,714 | +5.9% |
| Cash at bank and in hand | 54/58 | €33,647 | €13,676 | -€19,971 | -59.4% |
| Deferred charges and accrued income | 490/1 | €8,361 | €5,987 | -€2,374 | -28.4% |
| Total equity and liabilities | 10/49 | €534,986 | €396,342 | -€138,644 | -25.9% |
| Equity | 10/15 | €117,528 | -€36,284 | -€153,812 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €88,434 | €88,360 | -€74 | -0.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €74 | €0 | -€74 | -100% |
| Distributable reserves | 133 | €88,360 | €88,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,852 | -€149,554 | -€153,406 | |
| Investment grants | 15 | €6,642 | €6,310 | -€332 | -5.0% |
| Provisions and deferred taxes | 16 | €18 | €0 | -€18 | -100% |
| Deferred taxes | 168 | €18 | €0 | -€18 | -100% |
| Amounts payable | 17/49 | €417,439 | €432,626 | +€15,186 | +3.6% |
| Amounts payable after more than one year | 17 | €11,544 | €5,635 | -€5,909 | -51.2% |
| Financial debts | 170/4 | €11,544 | €5,635 | -€5,909 | -51.2% |
| Amounts payable within one year | 42/48 | €405,831 | €426,256 | +€20,425 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €7,713 | €5,909 | -€1,804 | -23.4% |
| Financial debts | 43 | - | €31,194 | +€31,194 | |
| Credit institutions | 430/8 | - | €31,194 | +€31,194 | |
| Trade debts | 44 | €357,654 | €345,075 | -€12,579 | -3.5% |
| Suppliers | 440/4 | €357,654 | €345,075 | -€12,579 | -3.5% |
| Taxes, remuneration and social security | 45 | €40,464 | €44,079 | +€3,614 | +8.9% |
| Taxes | 450/3 | €19,199 | €1,892 | -€17,307 | -90.1% |
| Remuneration and social security | 454/9 | €21,265 | €42,187 | +€20,922 | +98.4% |
| Accrued charges and deferred income | 492/3 | €64 | €734 | +€671 | +1,051% |
| Remuneration, social security and pensions | 62 | €357,510 | €342,479 | -€15,031 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,963 | €6,514 | -€14,449 | -68.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,970 | €36,826 | +€22,856 | +164% |
| Other operating charges | 640/8 | €2,562 | €2,998 | +€436 | +17.0% |
| Gross operating margin | 9900 | €398,660 | €240,981 | -€157,679 | -39.6% |
| Operating profit (loss) | 9901 | €3,654 | -€147,837 | -€151,491 | |
| Financial income | 75/76B | €3,812 | €5,147 | +€1,336 | +35.0% |
| Recurring financial income | 75 | €3,812 | €5,147 | +€1,336 | +35.0% |
| Financial charges | 65/66B | €4,588 | €10,809 | +€6,222 | +136% |
| Recurring financial charges | 65 | €4,588 | €10,809 | +€6,222 | +136% |
| Profit (loss) for the period before taxes | 9903 | €2,878 | -€153,498 | -€156,377 | |
| Transfer from deferred taxes | 780 | €353 | €18 | -€334 | -94.8% |
| Income taxes | 67/77 | €1,750 | €0 | -€1,750 | -100% |
| Profit (loss) for the period | 9904 | €1,482 | -€153,480 | -€154,961 | |
| Transfer from tax-exempt reserves | 789 | €1,412 | €74 | -€1,338 | -94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,893 | -€153,406 | -€156,299 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.