Jennifer Duval: 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.
Jennifer Duval
Largest movements
- Receivables within one year +€53,086
up €53,086 (+62.0%), from €85,625 to €138,711
of which Trade receivables: +€32,529
- Cash -€5,265
down €5,265 (-13.0%), from €40,639 to €35,374
mainly Receivables within one year (-€53,086) and Deferred charges and accrued income (-€2,962)
- Deferred charges and accrued income +€2,962
new in 2025: €2,962
- Reserves +€50,000
up €50,000 (+62.5%), from €80,000 to €130,000
- Tax, wage and social debts +€4,598
up €4,598 (+11.5%), from €40,062 to €44,660
- Profit (loss) carried forward -€3,928
down €3,928 (-92.1%), from €4,265 to €337
- Gross operating margin -€47,823
down €47,823 (-44.3%), from €107,940 to €60,117
- Taxes -€11,075
down €11,075 (-48.3%), from €22,949 to €11,874
- Financial charges +€1,850
up €1,850 (+787%), from €235 to €2,085
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 | €126,350 | €177,047 | +€50,697 | +40.1% |
| Fixed assets | 21/28 | €86 | - | -€86 | |
| Tangible fixed assets | 22/27 | €86 | €0 | -€86 | -100% |
| Furniture and vehicles | 24 | €86 | - | -€86 | |
| Current assets | 29/58 | €126,264 | €177,047 | +€50,783 | +40.2% |
| Amounts receivable within one year | 40/41 | €85,625 | €138,711 | +€53,086 | +62.0% |
| Trade receivables | 40 | €74,327 | €106,856 | +€32,529 | +43.8% |
| Other amounts receivable | 41 | €11,298 | €31,855 | +€20,557 | +182% |
| Cash at bank and in hand | 54/58 | €40,639 | €35,374 | -€5,265 | -13.0% |
| Deferred charges and accrued income | 490/1 | - | €2,962 | +€2,962 | |
| Total equity and liabilities | 10/49 | €126,350 | €177,047 | +€50,697 | +40.1% |
| Equity | 10/15 | €86,265 | €132,337 | +€46,072 | +53.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €80,000 | €130,000 | +€50,000 | +62.5% |
| Distributable reserves | 133 | €80,000 | €130,000 | +€50,000 | +62.5% |
| Profit (loss) carried forward | 14 | €4,265 | €337 | -€3,928 | -92.1% |
| Amounts payable | 17/49 | €40,085 | €44,710 | +€4,625 | +11.5% |
| Amounts payable within one year | 42/48 | €40,085 | €44,710 | +€4,625 | +11.5% |
| Trade debts | 44 | €23 | €50 | +€27 | +117% |
| Suppliers | 440/4 | €23 | €50 | +€27 | +117% |
| Taxes, remuneration and social security | 45 | €40,062 | €44,660 | +€4,598 | +11.5% |
| Taxes | 450/3 | €40,062 | €44,660 | +€4,598 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104 | €86 | -€18 | -17.3% |
| Other operating charges | 640/8 | €387 | - | -€387 | |
| Gross operating margin | 9900 | €107,940 | €60,117 | -€47,823 | -44.3% |
| Operating profit (loss) | 9901 | €107,449 | €60,031 | -€47,418 | -44.1% |
| Financial charges | 65/66B | €235 | €2,085 | +€1,850 | +787% |
| Recurring financial charges | 65 | €235 | €2,085 | +€1,850 | +787% |
| Profit (loss) for the period before taxes | 9903 | €107,214 | €57,946 | -€49,268 | -46.0% |
| Income taxes | 67/77 | €22,949 | €11,874 | -€11,075 | -48.3% |
| Profit (loss) for the period | 9904 | €84,265 | €46,072 | -€38,193 | -45.3% |
| Profit (loss) for the period to be appropriated | 9905 | €84,265 | €46,072 | -€38,193 | -45.3% |
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 19 October 2026 via checked.be.