JEROME HOUET: 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.
JEROME HOUET
Largest movements
- Tangible fixed assets +€24,961
up €24,961 (+155%), from €16,115 to €41,076
of which Furniture and vehicles: +€24,494
- Cash -€8,507
down €8,507 (-41.5%), from €20,496 to €11,989
mainly Investment in fixed assets (net) (-€39,216) and Other debts (-€15,344)
- Stocks and contracts -€5,392
down €5,392 (-11.2%), from €48,052 to €42,661
- Debts after one year +€21,351
new in 2025: €21,351
- Other debts -€15,344
down €15,344 (-73.1%), from €20,998 to €5,654
- Current portion of long-term debt +€6,130
new in 2025: €6,130
- Profit (loss) carried forward +€5,767
up €5,767 (+95.8%), from -€6,017 to -€250
- Trade debts -€4,117
down €4,117 (-26.3%), from €15,664 to €11,547
- Gross operating margin +€10,166
up €10,166 (+11.9%), from €85,355 to €95,521
- Staff costs +€7,576
up €7,576 (+11.8%), from €64,116 to €71,693
- Depreciation +€4,519
up €4,519 (+46.4%), from €9,735 to €14,254
- Financial charges -€3,033
down €3,033 (-52.2%), from €5,805 to €2,773
- Other operating charges -€2,157
down €2,157 (-63.7%), from €3,388 to €1,231
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 | €113,230 | €124,734 | +€11,503 | +10.2% |
| Fixed assets | 21/28 | €16,115 | €41,076 | +€24,961 | +155% |
| Tangible fixed assets | 22/27 | €16,115 | €41,076 | +€24,961 | +155% |
| Plant, machinery and equipment | 23 | €10,081 | €11,316 | +€1,235 | +12.2% |
| Furniture and vehicles | 24 | €5,063 | €29,557 | +€24,494 | +484% |
| Other tangible fixed assets | 26 | €971 | €203 | -€768 | -79.1% |
| Current assets | 29/58 | €97,115 | €83,657 | -€13,458 | -13.9% |
| Stocks and contracts in progress | 3 | €48,052 | €42,661 | -€5,392 | -11.2% |
| Stocks | 30/36 | €48,052 | €42,661 | -€5,392 | -11.2% |
| Amounts receivable within one year | 40/41 | €24,785 | €25,604 | +€819 | +3.3% |
| Trade receivables | 40 | €18,312 | €19,343 | +€1,030 | +5.6% |
| Other amounts receivable | 41 | €6,472 | €6,261 | -€211 | -3.3% |
| Cash at bank and in hand | 54/58 | €20,496 | €11,989 | -€8,507 | -41.5% |
| Deferred charges and accrued income | 490/1 | €3,783 | €3,405 | -€378 | -10.0% |
| Total equity and liabilities | 10/49 | €113,230 | €124,734 | +€11,503 | +10.2% |
| Equity | 10/15 | €59,833 | €65,600 | +€5,767 | +9.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €46,850 | €46,850 | = | 0.0% |
| Distributable reserves | 133 | €46,850 | €46,850 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,017 | -€250 | +€5,767 | +95.8% |
| Investment grants | 15 | €0 | €0 | = | |
| Amounts payable | 17/49 | €53,397 | €59,134 | +€5,737 | +10.7% |
| Amounts payable after more than one year | 17 | - | €21,351 | +€21,351 | |
| Financial debts | 170/4 | - | €21,351 | +€21,351 | |
| Amounts payable within one year | 42/48 | €53,397 | €37,784 | -€15,614 | -29.2% |
| Current portion of amounts payable after more than one year | 42 | - | €6,130 | +€6,130 | |
| Trade debts | 44 | €15,664 | €11,547 | -€4,117 | -26.3% |
| Suppliers | 440/4 | €15,664 | €11,547 | -€4,117 | -26.3% |
| Advances received on contracts in progress | 46 | - | €1,510 | +€1,510 | |
| Taxes, remuneration and social security | 45 | €16,736 | €12,943 | -€3,793 | -22.7% |
| Taxes | 450/3 | €4,386 | €4,453 | +€67 | +1.5% |
| Remuneration and social security | 454/9 | €12,349 | €8,490 | -€3,860 | -31.3% |
| Other amounts payable | 47/48 | €20,998 | €5,654 | -€15,344 | -73.1% |
| Remuneration, social security and pensions | 62 | €64,116 | €71,693 | +€7,576 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,735 | €14,254 | +€4,519 | +46.4% |
| Other operating charges | 640/8 | €3,388 | €1,231 | -€2,157 | -63.7% |
| Non-recurring operating charges | 66A | €128 | - | -€128 | |
| Gross operating margin | 9900 | €85,355 | €95,521 | +€10,166 | +11.9% |
| Operating profit (loss) | 9901 | €7,988 | €8,344 | +€355 | +4.4% |
| Financial income | 75/76B | €118 | €275 | +€156 | +132% |
| Recurring financial income | 75 | €118 | €275 | +€156 | +132% |
| Financial charges | 65/66B | €5,805 | €2,773 | -€3,033 | -52.2% |
| Recurring financial charges | 65 | €5,805 | €2,773 | -€3,033 | -52.2% |
| Profit (loss) for the period before taxes | 9903 | €2,301 | €5,846 | +€3,544 | +154% |
| Income taxes | 67/77 | €279 | €79 | -€199 | -71.6% |
| Profit (loss) for the period | 9904 | €2,023 | €5,767 | +€3,744 | +185% |
| Profit (loss) for the period to be appropriated | 9905 | €2,023 | €5,767 | +€3,744 | +185% |
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 19 October 2026 via checked.be.