Jeroen Bral: 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.
Jeroen Bral
Largest movements
- Current investments -€25,840
down €25,840 (-22.6%), from €114,339 to €88,499
- Cash +€12,891
up €12,891 (+33.1%), from €38,972 to €51,863
mainly Other debts (+€35,607) and Current investments (+€25,840)
- Receivables within one year +€10,978
up €10,978 (+68.5%), from €16,022 to €27,000
of which Other amounts receivable: +€8,977
- Tangible fixed assets -€2,364
down €2,364 (-13.8%), from €17,193 to €14,828
- Reserves -€37,504
down €37,504 (-22.8%), from €164,337 to €126,834
- Other debts +€35,607
up €35,607 (+3,549%), from €1,003 to €36,610
- Tax, wage and social debts -€2,326
down €2,326 (-50.6%), from €4,600 to €2,274
- Gross operating margin -€50,165
down €50,165 (-95.0%), from €52,783 to €2,618
- Taxes -€13,971
down €13,971 (-92.9%), from €15,043 to €1,073
- Depreciation +€639
up €639 (+37.0%), from €1,726 to €2,364
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 | €189,148 | €183,396 | -€5,752 | -3.0% |
| Fixed assets | 21/28 | €17,443 | €15,078 | -€2,364 | -13.6% |
| Tangible fixed assets | 22/27 | €17,193 | €14,828 | -€2,364 | -13.8% |
| Plant, machinery and equipment | 23 | €1,074 | €0 | -€1,074 | -100% |
| Furniture and vehicles | 24 | €3,352 | €2,988 | -€364 | -10.9% |
| Other tangible fixed assets | 26 | €12,766 | €11,840 | -€926 | -7.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €171,705 | €168,318 | -€3,387 | -2.0% |
| Amounts receivable within one year | 40/41 | €16,022 | €27,000 | +€10,978 | +68.5% |
| Trade receivables | 40 | €15,730 | €17,731 | +€2,001 | +12.7% |
| Other amounts receivable | 41 | €292 | €9,269 | +€8,977 | +3,070% |
| Current investments | 50/53 | €114,339 | €88,499 | -€25,840 | -22.6% |
| Cash at bank and in hand | 54/58 | €38,972 | €51,863 | +€12,891 | +33.1% |
| Deferred charges and accrued income | 490/1 | €2,371 | €956 | -€1,416 | -59.7% |
| Total equity and liabilities | 10/49 | €189,148 | €183,396 | -€5,752 | -3.0% |
| Equity | 10/15 | €176,737 | €138,720 | -€38,017 | -21.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €164,337 | €126,834 | -€37,504 | -22.8% |
| Distributable reserves | 133 | €164,337 | €126,834 | -€37,504 | -22.8% |
| Profit (loss) carried forward | 14 | - | -€513 | -€513 | |
| Amounts payable | 17/49 | €12,410 | €44,676 | +€32,265 | +260% |
| Amounts payable within one year | 42/48 | €12,410 | €44,676 | +€32,265 | +260% |
| Financial debts | 43 | €5,074 | €3,369 | -€1,705 | -33.6% |
| Credit institutions | 430/8 | €5,074 | €3,369 | -€1,705 | -33.6% |
| Trade debts | 44 | €1,733 | €2,422 | +€689 | +39.8% |
| Suppliers | 440/4 | €1,733 | €2,422 | +€689 | +39.8% |
| Taxes, remuneration and social security | 45 | €4,600 | €2,274 | -€2,326 | -50.6% |
| Taxes | 450/3 | €4,600 | €2,274 | -€2,326 | -50.6% |
| Other amounts payable | 47/48 | €1,003 | €36,610 | +€35,607 | +3,549% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,726 | €2,364 | +€639 | +37.0% |
| Other operating charges | 640/8 | €797 | €796 | -€1 | -0.1% |
| Gross operating margin | 9900 | €52,783 | €2,618 | -€50,165 | -95.0% |
| Operating profit (loss) | 9901 | €50,260 | -€543 | -€50,803 | |
| Financial income | 75/76B | €458 | €733 | +€275 | +60.0% |
| Recurring financial income | 75 | €458 | €733 | +€275 | +60.0% |
| Financial charges | 65/66B | €354 | €632 | +€277 | +78.2% |
| Recurring financial charges | 65 | €354 | €632 | +€277 | +78.2% |
| Profit (loss) for the period before taxes | 9903 | €50,364 | -€442 | -€50,805 | |
| Income taxes | 67/77 | €15,043 | €1,073 | -€13,971 | -92.9% |
| Profit (loss) for the period | 9904 | €35,320 | -€1,514 | -€36,835 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,320 | -€1,514 | -€36,835 |
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 17 October 2026 via checked.be.