Jeff Piessens: 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.
Jeff Piessens
Largest movements
- Tangible fixed assets +€535,697
up €535,697 (+525%), from €102,095 to €637,792
of which Land and buildings: +€417,732
- Receivables within one year +€32,744
up €32,744 (+214%), from €15,283 to €48,027
of which Trade receivables: +€23,829
- Cash +€27,460
up €27,460 (+712%), from €3,857 to €31,317
mainly Debts after one year (+€447,793) and Depreciation (+€64,474)
- Debts after one year +€447,793
up €447,793 (+1,315%), from €34,055 to €481,848
- Profit (loss) carried forward +€54,791
up €54,791 (+78.2%), from -€70,089 to -€15,298
- Current portion of long-term debt +€39,996
up €39,996 (+197%), from €20,276 to €60,272
- Other debts +€36,729
up €36,729 (+295%), from €12,445 to €49,175
- Trade debts +€16,592
up €16,592 (+125%), from €13,298 to €29,890
- Gross operating margin +€108,284
up €108,284 (+179%), from €60,594 to €168,878
- Staff costs +€37,325
new in 2025: €37,325
- Depreciation -€11,594
down €11,594 (-15.2%), from €76,068 to €64,474
- Financial charges +€9,074
up €9,074 (+539%), from €1,683 to €10,757
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 | €121,235 | €717,136 | +€595,901 | +492% |
| Fixed assets | 21/28 | €102,095 | €637,792 | +€535,697 | +525% |
| Tangible fixed assets | 22/27 | €102,095 | €637,792 | +€535,697 | +525% |
| Land and buildings | 22 | - | €417,732 | +€417,732 | |
| Plant, machinery and equipment | 23 | €27,162 | €153,681 | +€126,519 | +466% |
| Furniture and vehicles | 24 | €73,035 | €66,380 | -€6,655 | -9.1% |
| Leasing and similar rights | 25 | €1,898 | - | -€1,898 | |
| Current assets | 29/58 | €19,140 | €79,344 | +€60,204 | +315% |
| Amounts receivable within one year | 40/41 | €15,283 | €48,027 | +€32,744 | +214% |
| Trade receivables | 40 | €10,246 | €34,076 | +€23,829 | +233% |
| Other amounts receivable | 41 | €5,036 | €13,952 | +€8,915 | +177% |
| Cash at bank and in hand | 54/58 | €3,857 | €31,317 | +€27,460 | +712% |
| Total equity and liabilities | 10/49 | €121,235 | €717,136 | +€595,901 | +492% |
| Equity | 10/15 | €41,161 | €95,952 | +€54,791 | +133% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €91,250 | €91,250 | = | 0.0% |
| Distributable reserves | 133 | €91,250 | €91,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,089 | -€15,298 | +€54,791 | +78.2% |
| Amounts payable | 17/49 | €80,074 | €621,185 | +€541,110 | +676% |
| Amounts payable after more than one year | 17 | €34,055 | €481,848 | +€447,793 | +1,315% |
| Financial debts | 170/4 | €34,055 | €481,848 | +€447,793 | +1,315% |
| Amounts payable within one year | 42/48 | €46,019 | €139,337 | +€93,318 | +203% |
| Current portion of amounts payable after more than one year | 42 | €20,276 | €60,272 | +€39,996 | +197% |
| Trade debts | 44 | €13,298 | €29,890 | +€16,592 | +125% |
| Suppliers | 440/4 | €13,298 | €29,890 | +€16,592 | +125% |
| Other amounts payable | 47/48 | €12,445 | €49,175 | +€36,729 | +295% |
| Remuneration, social security and pensions | 62 | - | €37,325 | +€37,325 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,068 | €64,474 | -€11,594 | -15.2% |
| Other operating charges | 640/8 | €1,178 | €1,568 | +€389 | +33.0% |
| Gross operating margin | 9900 | €60,594 | €168,878 | +€108,284 | +179% |
| Operating profit (loss) | 9901 | -€16,653 | €65,511 | +€82,164 | |
| Financial income | 75/76B | - | €36 | +€36 | |
| Recurring financial income | 75 | - | €36 | +€36 | |
| Financial charges | 65/66B | €1,683 | €10,757 | +€9,074 | +539% |
| Recurring financial charges | 65 | €1,683 | €10,757 | +€9,074 | +539% |
| Profit (loss) for the period before taxes | 9903 | -€18,336 | €54,791 | +€73,126 | |
| Profit (loss) for the period | 9904 | -€18,336 | €54,791 | +€73,126 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,336 | €54,791 | +€73,126 |
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 23 October 2026 via checked.be.