Jeroen Belis: what changed
Jeroen Belis
Largest movements
- Tangible fixed assets +€17,067
up €17,067 (+55.4%), from €30,798 to €47,866
of which Plant, machinery and equipment: +€26,309
- Receivables within one year +€14,905
up €14,905 (+80.4%), from €18,531 to €33,437
of which Other amounts receivable: +€14,352
- Cash +€1,420
up €1,420 (+9.1%), from €15,579 to €16,998
mainly Other debts (+€87,140) and Net result for the year (+€35,867)
- Other debts +€87,140
new in 2025: €87,140
- Reserves -€51,273
down €51,273 (-100%), from €51,273 to €0
- Tax, wage and social debts -€3,194
down €3,194 (-25.9%), from €12,351 to €9,157
of which Taxes: -€3,194
- Gross operating margin +€18,347
up €18,347 (+50.4%), from €36,395 to €54,742
- Depreciation +€4,481
up €4,481 (+88.6%), from €5,059 to €9,540
- Taxes +€3,295
up €3,295 (+56.2%), from €5,862 to €9,157
- Financial charges -€1,187
down €1,187 (-82.0%), from €1,448 to €261
- Other operating charges -€838
down €838 (-57.1%), from €1,469 to €631
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €66,506 | €100,284 | +€33,778 | +50.8% |
| Fixed assets | 21/28 | €30,798 | €47,866 | +€17,067 | +55.4% |
| Tangible fixed assets | 22/27 | €30,798 | €47,866 | +€17,067 | +55.4% |
| Plant, machinery and equipment | 23 | - | €26,309 | +€26,309 | |
| Furniture and vehicles | 24 | €30,798 | €21,557 | -€9,242 | -30.0% |
| Current assets | 29/58 | €35,708 | €52,419 | +€16,711 | +46.8% |
| Amounts receivable within one year | 40/41 | €18,531 | €33,437 | +€14,905 | +80.4% |
| Trade receivables | 40 | €10,285 | €10,838 | +€553 | +5.4% |
| Other amounts receivable | 41 | €8,246 | €22,598 | +€14,352 | +174% |
| Cash at bank and in hand | 54/58 | €15,579 | €16,998 | +€1,420 | +9.1% |
| Deferred charges and accrued income | 490/1 | €1,598 | €1,984 | +€386 | +24.1% |
| Total equity and liabilities | 10/49 | €66,506 | €100,284 | +€33,778 | +50.8% |
| Equity | 10/15 | €53,273 | €2,000 | -€51,273 | -96.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €51,273 | €0 | -€51,273 | -100% |
| Distributable reserves | 133 | €51,273 | €0 | -€51,273 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €13,233 | €98,284 | +€85,051 | +643% |
| Amounts payable within one year | 42/48 | €13,233 | €98,284 | +€85,051 | +643% |
| Financial debts | 43 | - | €270 | +€270 | |
| Credit institutions | 430/8 | - | €270 | +€270 | |
| Trade debts | 44 | €881 | €1,717 | +€835 | +94.8% |
| Suppliers | 440/4 | €881 | €1,717 | +€835 | +94.8% |
| Taxes, remuneration and social security | 45 | €12,351 | €9,157 | -€3,194 | -25.9% |
| Taxes | 450/3 | €12,351 | €9,157 | -€3,194 | -25.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €87,140 | +€87,140 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,059 | €9,540 | +€4,481 | +88.6% |
| Other operating charges | 640/8 | €1,469 | €631 | -€838 | -57.1% |
| Gross operating margin | 9900 | €36,395 | €54,742 | +€18,347 | +50.4% |
| Operating profit (loss) | 9901 | €29,867 | €44,571 | +€14,704 | +49.2% |
| Financial income | 75/76B | €250 | €714 | +€464 | +186% |
| Recurring financial income | 75 | €250 | €714 | +€464 | +186% |
| Financial charges | 65/66B | €1,448 | €261 | -€1,187 | -82.0% |
| Recurring financial charges | 65 | €1,448 | €261 | -€1,187 | -82.0% |
| Profit (loss) for the period before taxes | 9903 | €28,669 | €45,024 | +€16,355 | +57.0% |
| Income taxes | 67/77 | €5,862 | €9,157 | +€3,295 | +56.2% |
| Profit (loss) for the period | 9904 | €22,807 | €35,867 | +€13,060 | +57.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,807 | €35,867 | +€13,060 | +57.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.