JEROEN COTTENIER: 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 COTTENIER
Largest movements
- Cash +€33,806
up €33,806 (+741%), from €4,563 to €38,369
mainly Depreciation (+€16,285) and Net result for the year (+€16,199)
- Tangible fixed assets -€16,285
down €16,285 (-24.9%), from €65,483 to €49,198
of which Furniture and vehicles: -€15,980
- Deferred charges and accrued income +€11,899
up €11,899 (+357%), from €3,330 to €15,230
- Receivables within one year -€7,813
down €7,813 (-78.0%), from €10,012 to €2,199
of which Trade receivables: -€9,422
- Reserves +€16,199
up €16,199 (+20.5%), from €78,910 to €95,110
- Other debts +€6,656
up €6,656 (+1,345%), from €495 to €7,151
- Tax, wage and social debts -€1,843
down €1,843 (-53.2%), from €3,466 to €1,623
of which Remuneration and social security: -€2,455
- Gross operating margin +€28,564
up €28,564 (+254%), from €11,267 to €39,832
- Taxes +€6,218
up €6,218 (+14,290%), from €44 to €6,261
- Depreciation +€4,267
up €4,267 (+35.5%), from €12,018 to €16,285
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 | €83,448 | €105,055 | +€21,607 | +25.9% |
| Fixed assets | 21/28 | €65,543 | €49,258 | -€16,285 | -24.8% |
| Tangible fixed assets | 22/27 | €65,483 | €49,198 | -€16,285 | -24.9% |
| Plant, machinery and equipment | 23 | €365 | €60 | -€305 | -83.7% |
| Furniture and vehicles | 24 | €65,118 | €49,138 | -€15,980 | -24.5% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €17,906 | €55,798 | +€37,892 | +212% |
| Amounts receivable within one year | 40/41 | €10,012 | €2,199 | -€7,813 | -78.0% |
| Trade receivables | 40 | €10,012 | €590 | -€9,422 | -94.1% |
| Other amounts receivable | 41 | - | €1,609 | +€1,609 | |
| Cash at bank and in hand | 54/58 | €4,563 | €38,369 | +€33,806 | +741% |
| Deferred charges and accrued income | 490/1 | €3,330 | €15,230 | +€11,899 | +357% |
| Total equity and liabilities | 10/49 | €83,448 | €105,055 | +€21,607 | +25.9% |
| Equity | 10/15 | €76,090 | €92,290 | +€16,199 | +21.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Contributions outside capital | 11 | €4,000 | €4,000 | = | 0.0% |
| Other | 1109/19 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €78,910 | €95,110 | +€16,199 | +20.5% |
| Distributable reserves | 133 | €78,910 | €95,110 | +€16,199 | +20.5% |
| Profit (loss) carried forward | 14 | -€6,820 | -€6,820 | = | 0.0% |
| Amounts payable | 17/49 | €7,358 | €12,766 | +€5,408 | +73.5% |
| Amounts payable within one year | 42/48 | €6,484 | €11,786 | +€5,302 | +81.8% |
| Trade debts | 44 | €2,523 | €3,011 | +€488 | +19.4% |
| Suppliers | 440/4 | €2,523 | €3,011 | +€488 | +19.4% |
| Taxes, remuneration and social security | 45 | €3,466 | €1,623 | -€1,843 | -53.2% |
| Taxes | 450/3 | €1,012 | €1,623 | +€612 | +60.5% |
| Remuneration and social security | 454/9 | €2,455 | - | -€2,455 | |
| Other amounts payable | 47/48 | €495 | €7,151 | +€6,656 | +1,345% |
| Accrued charges and deferred income | 492/3 | €874 | €980 | +€106 | +12.1% |
| Non-recurring operating income | 76A | €1,493 | - | -€1,493 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,018 | €16,285 | +€4,267 | +35.5% |
| Other operating charges | 640/8 | €1,208 | €1,012 | -€195 | -16.2% |
| Non-recurring operating charges | 66A | €4,758 | - | -€4,758 | |
| Gross operating margin | 9900 | €11,267 | €39,832 | +€28,564 | +254% |
| Operating profit (loss) | 9901 | -€6,717 | €22,535 | +€29,251 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +200% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +200% |
| Financial charges | 65/66B | €60 | €74 | +€14 | +24.2% |
| Recurring financial charges | 65 | €60 | €74 | +€14 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | -€6,776 | €22,461 | +€29,237 | |
| Income taxes | 67/77 | €44 | €6,261 | +€6,218 | +14,290% |
| Profit (loss) for the period | 9904 | -€6,820 | €16,199 | +€23,019 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,820 | €16,199 | +€23,019 |
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 20 October 2026 via checked.be.