Jeroen Goderis: what changed
Jeroen Goderis
Largest movements
- Cash +€76,079
up €76,079 (+64.0%), from €118,869 to €194,948
mainly Net result for the year (+€93,538) and Depreciation (+€22,427)
- Stocks and contracts +€28,596
up €28,596 (+91.6%), from €31,204 to €59,800
- Receivables within one year -€13,531
down €13,531 (-32.0%), from €42,325 to €28,794
of which Trade receivables: -€10,957
- Tangible fixed assets -€13,097
down €13,097 (-5.5%), from €238,577 to €225,481
of which Land and buildings: -€10,185
- Reserves +€93,538
up €93,538 (+38.1%), from €245,451 to €338,989
- Short-term financial debts -€22,740
down €22,740 (-100%), from €22,740 to €0
- Debts after one year -€18,178
down €18,178 (-16.4%), from €110,860 to €92,682
- Current portion of long-term debt +€18,178
new in 2025: €18,178
- Trade debts +€11,637
up €11,637 (+144%), from €8,098 to €19,735
- Gross operating margin +€76,653
up €76,653 (+68.0%), from €112,672 to €189,324
- Staff costs +€38,253
up €38,253 (+546%), from €7,011 to €45,264
- Taxes +€10,644
up €10,644 (+68.6%), from €15,525 to €26,169
- Financial charges -€3,223
down €3,223 (-66.3%), from €4,863 to €1,640
- Depreciation -€3,203
down €3,203 (-12.5%), from €25,630 to €22,427
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 | €433,471 | €513,417 | +€79,946 | +18.4% |
| Fixed assets | 21/28 | €238,577 | €225,481 | -€13,097 | -5.5% |
| Tangible fixed assets | 22/27 | €238,577 | €225,481 | -€13,097 | -5.5% |
| Land and buildings | 22 | €185,084 | €174,900 | -€10,185 | -5.5% |
| Plant, machinery and equipment | 23 | €41,645 | €42,069 | +€424 | +1.0% |
| Furniture and vehicles | 24 | €11,848 | €8,512 | -€3,336 | -28.2% |
| Current assets | 29/58 | €194,894 | €287,936 | +€93,042 | +47.7% |
| Stocks and contracts in progress | 3 | €31,204 | €59,800 | +€28,596 | +91.6% |
| Stocks | 30/36 | €31,204 | €59,800 | +€28,596 | +91.6% |
| Amounts receivable within one year | 40/41 | €42,325 | €28,794 | -€13,531 | -32.0% |
| Trade receivables | 40 | €27,362 | €16,405 | -€10,957 | -40.0% |
| Other amounts receivable | 41 | €14,963 | €12,389 | -€2,573 | -17.2% |
| Cash at bank and in hand | 54/58 | €118,869 | €194,948 | +€76,079 | +64.0% |
| Deferred charges and accrued income | 490/1 | €2,496 | €4,394 | +€1,898 | +76.0% |
| Total equity and liabilities | 10/49 | €433,471 | €513,417 | +€79,946 | +18.4% |
| Equity | 10/15 | €265,451 | €358,989 | +€93,538 | +35.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €245,451 | €338,989 | +€93,538 | +38.1% |
| Distributable reserves | 133 | €245,451 | €338,989 | +€93,538 | +38.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €168,020 | €154,428 | -€13,592 | -8.1% |
| Amounts payable after more than one year | 17 | €110,860 | €92,682 | -€18,178 | -16.4% |
| Financial debts | 170/4 | €110,860 | €92,682 | -€18,178 | -16.4% |
| Amounts payable within one year | 42/48 | €47,656 | €58,365 | +€10,709 | +22.5% |
| Current portion of amounts payable after more than one year | 42 | - | €18,178 | +€18,178 | |
| Financial debts | 43 | €22,740 | €0 | -€22,740 | -100% |
| Credit institutions | 430/8 | €22,740 | €0 | -€22,740 | -100% |
| Trade debts | 44 | €8,098 | €19,735 | +€11,637 | +144% |
| Suppliers | 440/4 | €8,098 | €19,735 | +€11,637 | +144% |
| Taxes, remuneration and social security | 45 | €1,236 | €1,169 | -€67 | -5.4% |
| Taxes | 450/3 | €1,236 | €1,169 | -€67 | -5.4% |
| Other amounts payable | 47/48 | €15,582 | €19,283 | +€3,701 | +23.8% |
| Accrued charges and deferred income | 492/3 | €9,505 | €3,382 | -€6,123 | -64.4% |
| Non-recurring operating income | 76A | €413 | €0 | -€413 | -100% |
| Remuneration, social security and pensions | 62 | €7,011 | €45,264 | +€38,253 | +546% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,630 | €22,427 | -€3,203 | -12.5% |
| Other operating charges | 640/8 | €2,323 | €1,864 | -€458 | -19.7% |
| Gross operating margin | 9900 | €112,672 | €189,324 | +€76,653 | +68.0% |
| Operating profit (loss) | 9901 | €77,708 | €119,769 | +€42,061 | +54.1% |
| Financial income | 75/76B | €1,732 | €1,578 | -€154 | -8.9% |
| Recurring financial income | 75 | €1,732 | €1,578 | -€154 | -8.9% |
| Financial charges | 65/66B | €4,863 | €1,640 | -€3,223 | -66.3% |
| Recurring financial charges | 65 | €4,863 | €1,640 | -€3,223 | -66.3% |
| Profit (loss) for the period before taxes | 9903 | €74,577 | €119,707 | +€45,130 | +60.5% |
| Income taxes | 67/77 | €15,525 | €26,169 | +€10,644 | +68.6% |
| Profit (loss) for the period | 9904 | €59,051 | €93,538 | +€34,486 | +58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €59,051 | €93,538 | +€34,486 | +58.4% |
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 5 November 2026 via checked.be.