Jeroen Raskin: what changed
Jeroen Raskin
Largest movements
- Tangible fixed assets +€391,547
up €391,547 (+25.2%), from €1.6m to €1.9m
of which Land and buildings: +€378,281
- Cash -€112,743
down €112,743 (-21.9%), from €515,644 to €402,901
mainly Investment in fixed assets (net) (-€460,898) and Contributions, distributions and other (-€410,646)
- Receivables within one year +€32,591
up €32,591 (+14.6%), from €223,843 to €256,434
of which Other amounts receivable: +€19,188
- Other debts +€209,896
up €209,896 (+60.0%), from €349,592 to €559,488
- Debts after one year -€113,476
down €113,476 (-14.3%), from €794,608 to €681,132
- Reserves +€101,554
up €101,554 (+7.1%), from €1.4m to €1.5m
of which Distributable reserves: +€101,554
- Tax, wage and social debts +€88,245
up €88,245 (+386%), from €22,877 to €111,122
of which Taxes: +€88,245
- Gross operating margin +€304,122
up €304,122 (+52.0%), from €585,077 to €889,199
- Taxes +€108,851
up €108,851 (+86.1%), from €126,435 to €235,286
- Other operating charges +€44,953
up €44,953 (+477%), from €9,422 to €54,375
- Depreciation +€13,226
up €13,226 (+23.6%), from €56,125 to €69,351
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 | €2,729,479 | €3,038,330 | +€308,851 | +11.3% |
| Fixed assets | 21/28 | €1,573,738 | €1,965,285 | +€391,547 | +24.9% |
| Tangible fixed assets | 22/27 | €1,552,458 | €1,944,005 | +€391,547 | +25.2% |
| Land and buildings | 22 | €1,523,345 | €1,901,627 | +€378,281 | +24.8% |
| Furniture and vehicles | 24 | €29,113 | €42,378 | +€13,266 | +45.6% |
| Financial fixed assets | 28 | €21,280 | €21,280 | = | 0.0% |
| Current assets | 29/58 | €1,155,741 | €1,073,045 | -€82,696 | -7.2% |
| Amounts receivable within one year | 40/41 | €223,843 | €256,434 | +€32,591 | +14.6% |
| Trade receivables | 40 | €118,520 | €131,923 | +€13,402 | +11.3% |
| Other amounts receivable | 41 | €105,322 | €124,511 | +€19,188 | +18.2% |
| Current investments | 50/53 | €405,410 | €405,410 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €515,644 | €402,901 | -€112,743 | -21.9% |
| Deferred charges and accrued income | 490/1 | €10,844 | €8,300 | -€2,544 | -23.5% |
| Total equity and liabilities | 10/49 | €2,729,479 | €3,038,330 | +€308,851 | +11.3% |
| Equity | 10/15 | €1,446,760 | €1,548,314 | +€101,554 | +7.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,434,360 | €1,535,914 | +€101,554 | +7.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,432,500 | €1,534,054 | +€101,554 | +7.1% |
| Amounts payable | 17/49 | €1,282,719 | €1,490,016 | +€207,297 | +16.2% |
| Amounts payable after more than one year | 17 | €794,608 | €681,132 | -€113,476 | -14.3% |
| Financial debts | 170/4 | €794,608 | €681,132 | -€113,476 | -14.3% |
| Amounts payable within one year | 42/48 | €483,643 | €798,034 | +€314,391 | +65.0% |
| Current portion of amounts payable after more than one year | 42 | €110,866 | €113,476 | +€2,610 | +2.4% |
| Trade debts | 44 | €308 | €13,948 | +€13,640 | +4,430% |
| Suppliers | 440/4 | €308 | €13,948 | +€13,640 | +4,430% |
| Taxes, remuneration and social security | 45 | €22,877 | €111,122 | +€88,245 | +386% |
| Taxes | 450/3 | €20,523 | €108,768 | +€88,245 | +430% |
| Remuneration and social security | 454/9 | €2,354 | €2,354 | = | 0.0% |
| Other amounts payable | 47/48 | €349,592 | €559,488 | +€209,896 | +60.0% |
| Accrued charges and deferred income | 492/3 | €4,467 | €10,850 | +€6,382 | +143% |
| Non-recurring operating income | 76A | - | €6,847 | +€6,847 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,125 | €69,351 | +€13,226 | +23.6% |
| Other operating charges | 640/8 | €9,422 | €54,375 | +€44,953 | +477% |
| Gross operating margin | 9900 | €585,077 | €889,199 | +€304,122 | +52.0% |
| Operating profit (loss) | 9901 | €519,530 | €765,473 | +€245,943 | +47.3% |
| Financial income | 75/76B | €7,690 | €6,063 | -€1,626 | -21.1% |
| Recurring financial income | 75 | €7,690 | €6,063 | -€1,626 | -21.1% |
| Financial charges | 65/66B | €24,271 | €24,050 | -€220 | -0.9% |
| Recurring financial charges | 65 | €24,271 | €24,050 | -€220 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €502,949 | €747,486 | +€244,537 | +48.6% |
| Income taxes | 67/77 | €126,435 | €235,286 | +€108,851 | +86.1% |
| Profit (loss) for the period | 9904 | €376,513 | €512,200 | +€135,686 | +36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €376,513 | €512,200 | +€135,686 | +36.0% |
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 4 November 2026 via checked.be.