JESSE LOWYCK: what changed
Two fiscal 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.
JESSE LOWYCK
Largest movements
- Cash -€37,509
down €37,509 (-71.8%), from €52,275 to €14,765
mainly Trade debts (-€44,294) and Receivables within one year (-€18,818)
- Receivables within one year +€18,818
up €18,818 (+27.8%), from €67,795 to €86,614
of which Trade receivables: +€29,470
- Deferred charges and accrued income -€3,571
down €3,571 (-100.0%), from €3,571 to €0
- Tangible fixed assets +€2,909
up €2,909 (+133.7%), from €2,176 to €5,084
of which Furniture and vehicles: +€4,269
- Intangible fixed assets -€1,950
down €1,950 (-22.9%), from €8,499 to €6,549
- Trade debts -€44,294
down €44,294 (-72.0%), from €61,540 to €17,246
- Reserves +€23,917
up €23,917 (+67.4%), from €35,511 to €59,428
- Short-term financial debts +€14,000
new in 2025: €14,000
- Accrued charges and deferred income -€9,521
down €9,521 (-100.0%), from €9,521 to €0
- Other debts -€7,916
down €7,916 (-100.0%), from €7,916 to €0
- Gross operating margin -€20,283
down €20,283 (-37.7%), from €53,747 to €33,464
- Taxes -€2,648
down €2,648 (-26.9%), from €9,828 to €7,181
- Financial charges +€1,789
up €1,789 (+669.8%), from €267 to €2,056
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.
Cash bridge derived
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 | €134,316 | €113,012 | -€21,303 | -15.9% |
| Fixed assets | 21/28 | €10,675 | €11,634 | +€958 | +9.0% |
| Intangible fixed assets | 21 | €8,499 | €6,549 | -€1,950 | -22.9% |
| Tangible fixed assets | 22/27 | €2,176 | €5,084 | +€2,909 | +133.7% |
| Plant, machinery and equipment | 23 | €2,176 | €816 | -€1,360 | -62.5% |
| Furniture and vehicles | 24 | - | €4,269 | +€4,269 | |
| Current assets | 29/58 | €123,641 | €101,379 | -€22,262 | -18.0% |
| Amounts receivable within one year | 40/41 | €67,795 | €86,614 | +€18,818 | +27.8% |
| Trade receivables | 40 | €11,237 | €40,708 | +€29,470 | +262.3% |
| Other amounts receivable | 41 | €56,558 | €45,906 | -€10,652 | -18.8% |
| Cash at bank and in hand | 54/58 | €52,275 | €14,765 | -€37,509 | -71.8% |
| Deferred charges and accrued income | 490/1 | €3,571 | €0 | -€3,571 | -100.0% |
| Total equity and liabilities | 10/49 | €134,316 | €113,012 | -€21,303 | -15.9% |
| Equity | 10/15 | €40,511 | €64,428 | +€23,917 | +59.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €35,511 | €59,428 | +€23,917 | +67.4% |
| Distributable reserves | 133 | €35,511 | €59,428 | +€23,917 | +67.4% |
| Amounts payable | 17/49 | €93,805 | €48,584 | -€45,221 | -48.2% |
| Amounts payable within one year | 42/48 | €84,284 | €48,584 | -€35,700 | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | €0 | -€5,000 | -100.0% |
| Financial debts | 43 | - | €14,000 | +€14,000 | |
| Other loans | 439 | - | €14,000 | +€14,000 | |
| Trade debts | 44 | €61,540 | €17,246 | -€44,294 | -72.0% |
| Suppliers | 440/4 | €61,540 | €17,246 | -€44,294 | -72.0% |
| Taxes, remuneration and social security | 45 | €9,828 | €17,339 | +€7,510 | +76.4% |
| Taxes | 450/3 | €9,828 | €17,339 | +€7,510 | +76.4% |
| Other amounts payable | 47/48 | €7,916 | €0 | -€7,916 | -100.0% |
| Accrued charges and deferred income | 492/3 | €9,521 | €0 | -€9,521 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,664 | €3,027 | +€364 | +13.7% |
| Other operating charges | 640/8 | €387 | €465 | +€78 | +20.3% |
| Gross operating margin | 9900 | €53,747 | €33,464 | -€20,283 | -37.7% |
| Operating profit (loss) | 9901 | €50,697 | €29,971 | -€20,725 | -40.9% |
| Financial income | 75/76B | €2,826 | €3,183 | +€357 | +12.6% |
| Recurring financial income | 75 | €2,826 | €3,183 | +€357 | +12.6% |
| Financial charges | 65/66B | €267 | €2,056 | +€1,789 | +669.8% |
| Recurring financial charges | 65 | €267 | €2,056 | +€1,789 | +669.8% |
| Profit (loss) for the period before taxes | 9903 | €53,255 | €31,098 | -€22,157 | -41.6% |
| Income taxes | 67/77 | €9,828 | €7,181 | -€2,648 | -26.9% |
| Profit (loss) for the period | 9904 | €43,427 | €23,917 | -€19,509 | -44.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,427 | €23,917 | -€19,509 | -44.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.