Jens Eelbode: 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.
Jens Eelbode
Largest movements
- Current investments +€75,154
new in 2025: €75,154
- Stocks and contracts -€23,685
down €23,685 (-49.3%), from €47,996 to €24,312
- Receivables within one year +€23,479
up €23,479 (+20.4%), from €115,147 to €138,626
of which Trade receivables: +€24,061
- Cash -€22,420
down €22,420 (-31.0%), from €72,351 to €49,931
mainly Contributions, distributions and other (-€115,000) and Current investments (-€75,154)
- Reserves +€59,200
up €59,200 (+51.5%), from €115,000 to €174,200
of which Tax-exempt reserves: +€84,200
- Other debts +€12,679
up €12,679 (+82.9%), from €15,289 to €27,968
- Tax, wage and social debts -€7,237
down €7,237 (-72.3%), from €10,012 to €2,775
- Trade debts -€6,417
down €6,417 (-15.1%), from €42,370 to €35,952
- Current portion of long-term debt -€3,350
down €3,350 (-58.8%), from €5,700 to €2,350
- Gross operating margin +€195,812
up €195,812 (+201.5%), from €97,160 to €292,972
- Taxes +€44,466
up €44,466 (+592.0%), from €7,512 to €51,978
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.
Cash bridge derived
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 | €257,320 | €310,163 | +€52,843 | +20.5% |
| Fixed assets | 21/28 | €21,826 | €22,141 | +€315 | +1.4% |
| Tangible fixed assets | 22/27 | €21,826 | €22,141 | +€315 | +1.4% |
| Plant, machinery and equipment | 23 | €3,850 | €10,041 | +€6,191 | +160.8% |
| Furniture and vehicles | 24 | €17,976 | €12,100 | -€5,875 | -32.7% |
| Current assets | 29/58 | €235,495 | €288,022 | +€52,528 | +22.3% |
| Stocks and contracts in progress | 3 | €47,996 | €24,312 | -€23,685 | -49.3% |
| Stocks | 30/36 | €47,996 | €24,312 | -€23,685 | -49.3% |
| Amounts receivable within one year | 40/41 | €115,147 | €138,626 | +€23,479 | +20.4% |
| Trade receivables | 40 | €96,996 | €121,057 | +€24,061 | +24.8% |
| Other amounts receivable | 41 | €18,152 | €17,570 | -€582 | -3.2% |
| Current investments | 50/53 | - | €75,154 | +€75,154 | |
| Cash at bank and in hand | 54/58 | €72,351 | €49,931 | -€22,420 | -31.0% |
| Total equity and liabilities | 10/49 | €257,320 | €310,163 | +€52,843 | +20.5% |
| Equity | 10/15 | €116,600 | €176,118 | +€59,518 | +51.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €115,000 | €174,200 | +€59,200 | +51.5% |
| Tax-exempt reserves | 132 | - | €84,200 | +€84,200 | |
| Distributable reserves | 133 | €115,000 | €90,000 | -€25,000 | -21.7% |
| Profit (loss) carried forward | 14 | €600 | €918 | +€318 | +53.0% |
| Amounts payable | 17/49 | €140,721 | €134,045 | -€6,675 | -4.7% |
| Amounts payable after more than one year | 17 | €67,350 | €65,000 | -€2,350 | -3.5% |
| Financial debts | 170/4 | €67,350 | €65,000 | -€2,350 | -3.5% |
| Amounts payable within one year | 42/48 | €73,371 | €69,045 | -€4,325 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €5,700 | €2,350 | -€3,350 | -58.8% |
| Trade debts | 44 | €42,370 | €35,952 | -€6,417 | -15.1% |
| Suppliers | 440/4 | €42,370 | €35,952 | -€6,417 | -15.1% |
| Taxes, remuneration and social security | 45 | €10,012 | €2,775 | -€7,237 | -72.3% |
| Taxes | 450/3 | €10,012 | €2,775 | -€7,237 | -72.3% |
| Other amounts payable | 47/48 | €15,289 | €27,968 | +€12,679 | +82.9% |
| Remuneration, social security and pensions | 62 | €51,582 | €52,396 | +€813 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,723 | €12,803 | +€1,081 | +9.2% |
| Other operating charges | 640/8 | €1,072 | €1,163 | +€92 | +8.6% |
| Non-recurring operating charges | 66A | €250 | - | -€250 | |
| Gross operating margin | 9900 | €97,160 | €292,972 | +€195,812 | +201.5% |
| Operating profit (loss) | 9901 | €32,534 | €226,610 | +€194,076 | +596.5% |
| Financial income | 75/76B | €4,770 | €4,619 | -€151 | -3.2% |
| Recurring financial income | 75 | €4,770 | €4,619 | -€151 | -3.2% |
| Financial charges | 65/66B | €4,560 | €4,733 | +€173 | +3.8% |
| Recurring financial charges | 65 | €4,560 | €4,733 | +€173 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €32,744 | €226,496 | +€193,752 | +591.7% |
| Income taxes | 67/77 | €7,512 | €51,978 | +€44,466 | +592.0% |
| Profit (loss) for the period | 9904 | €25,232 | €174,518 | +€149,286 | +591.7% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,232 | €90,318 | +€65,086 | +258.0% |
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 11 October 2026 via checked.be.