Jeremy: what changed
Two fiscal 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.
Jeremy
Largest movements
- Tangible fixed assets -€130,708
down €130,708 (-7.1%), from €1.8m to €1.7m
of which Land and buildings: -€77,196
- Cash -€95,338
down €95,338 (-14.4%), from €660,892 to €565,553
mainly Contributions, distributions and other (-€248,187) and Other debts (-€136,970)
- Other debts -€136,970
down €136,970 (-81.7%), from €167,740 to €30,770
- Debts after one year -€121,617
down €121,617 (-13.8%), from €882,711 to €761,094
- Reserves -€74,691
down €74,691 (-6.6%), from €1.1m to €1.1m
of which Distributable reserves: -€69,443
- Investment grants +€67,433
up €67,433 (+151.2%), from €44,590 to €112,024
- Trade debts +€34,958
up €34,958 (+510.8%), from €6,844 to €41,802
- Gross operating margin +€38,749
up €38,749 (+4.8%), from €811,373 to €850,122
- Staff costs +€29,688
up €29,688 (+9.9%), from €299,760 to €329,448
- Financial income +€17,736
up €17,736 (+210.8%), from €8,413 to €26,149
- Taxes +€8,974
up €8,974 (+9.1%), from €98,791 to €107,764
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 | €2,633,724 | €2,410,746 | -€222,978 | -8.5% |
| Fixed assets | 21/28 | €1,848,218 | €1,717,510 | -€130,708 | -7.1% |
| Tangible fixed assets | 22/27 | €1,848,094 | €1,717,386 | -€130,708 | -7.1% |
| Land and buildings | 22 | €1,578,923 | €1,501,728 | -€77,196 | -4.9% |
| Plant, machinery and equipment | 23 | €59,150 | €55,189 | -€3,961 | -6.7% |
| Furniture and vehicles | 24 | €210,021 | €160,469 | -€49,552 | -23.6% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €785,506 | €693,236 | -€92,270 | -11.7% |
| Stocks and contracts in progress | 3 | €15,016 | €18,500 | +€3,484 | +23.2% |
| Stocks | 30/36 | €15,016 | €18,500 | +€3,484 | +23.2% |
| Amounts receivable within one year | 40/41 | €107,944 | €105,083 | -€2,861 | -2.7% |
| Trade receivables | 40 | €84,692 | €101,921 | +€17,229 | +20.3% |
| Other amounts receivable | 41 | €23,252 | €3,162 | -€20,090 | -86.4% |
| Cash at bank and in hand | 54/58 | €660,892 | €565,553 | -€95,338 | -14.4% |
| Deferred charges and accrued income | 490/1 | €1,654 | €4,099 | +€2,445 | +147.8% |
| Total equity and liabilities | 10/49 | €2,633,724 | €2,410,746 | -€222,978 | -8.5% |
| Equity | 10/15 | €1,279,045 | €1,271,788 | -€7,257 | -0.6% |
| Contributions | 10/11 | €90,600 | €90,600 | = | 0.0% |
| Reserves | 13 | €1,136,931 | €1,062,240 | -€74,691 | -6.6% |
| Non-distributable reserves | 130/1 | €5,210 | €5,210 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,210 | €5,210 | = | 0.0% |
| Tax-exempt reserves | 132 | €78,709 | €73,462 | -€5,247 | -6.7% |
| Distributable reserves | 133 | €1,053,012 | €983,568 | -€69,443 | -6.6% |
| Profit (loss) carried forward | 14 | €6,923 | €6,923 | = | 0.0% |
| Investment grants | 15 | €44,590 | €112,024 | +€67,433 | +151.2% |
| Provisions and deferred taxes | 16 | €26,236 | €24,487 | -€1,749 | -6.7% |
| Deferred taxes | 168 | €26,236 | €24,487 | -€1,749 | -6.7% |
| Amounts payable | 17/49 | €1,328,443 | €1,114,471 | -€213,972 | -16.1% |
| Amounts payable after more than one year | 17 | €882,711 | €761,094 | -€121,617 | -13.8% |
| Financial debts | 170/4 | €882,711 | €761,094 | -€121,617 | -13.8% |
| Amounts payable within one year | 42/48 | €445,175 | €344,562 | -€100,613 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €110,244 | €108,059 | -€2,186 | -2.0% |
| Trade debts | 44 | €6,844 | €41,802 | +€34,958 | +510.8% |
| Suppliers | 440/4 | €6,844 | €41,802 | +€34,958 | +510.8% |
| Taxes, remuneration and social security | 45 | €160,348 | €163,932 | +€3,584 | +2.2% |
| Taxes | 450/3 | €98,517 | €112,669 | +€14,152 | +14.4% |
| Remuneration and social security | 454/9 | €61,831 | €51,263 | -€10,568 | -17.1% |
| Other amounts payable | 47/48 | €167,740 | €30,770 | -€136,970 | -81.7% |
| Accrued charges and deferred income | 492/3 | €556 | €8,814 | +€8,258 | +1485.3% |
| Remuneration, social security and pensions | 62 | €299,760 | €329,448 | +€29,688 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,595 | €148,256 | +€1,662 | +1.1% |
| Other operating charges | 640/8 | €18,337 | €16,910 | -€1,427 | -7.8% |
| Gross operating margin | 9900 | €811,373 | €850,122 | +€38,749 | +4.8% |
| Operating profit (loss) | 9901 | €346,682 | €355,509 | +€8,827 | +2.5% |
| Financial income | 75/76B | €8,413 | €26,149 | +€17,736 | +210.8% |
| Recurring financial income | 75 | €8,413 | €26,149 | +€17,736 | +210.8% |
| Financial charges | 65/66B | €40,128 | €34,713 | -€5,415 | -13.5% |
| Recurring financial charges | 65 | €40,128 | €34,713 | -€5,415 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €314,966 | €346,945 | +€31,978 | +10.2% |
| Transfer from deferred taxes | 780 | €1,749 | €1,749 | = | 0.0% |
| Income taxes | 67/77 | €98,791 | €107,764 | +€8,974 | +9.1% |
| Profit (loss) for the period | 9904 | €217,924 | €240,929 | +€23,005 | +10.6% |
| Transfer from tax-exempt reserves | 789 | €5,247 | €5,247 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €223,172 | €246,177 | +€23,005 | +10.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.