JF de SART: 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.
JF de SART
Largest movements
- Tangible fixed assets -€41,105
down €41,105 (-11.3%), from €364,256 to €323,151
of which Land and buildings: -€26,955
- Cash -€37,994
down €37,994 (-13.7%), from €277,484 to €239,490
mainly Tax, wage and social debts (-€50,076) and Debts after one year (-€15,819)
- Tax, wage and social debts -€50,076
down €50,076 (-99.8%), from €50,176 to €100
- Debts after one year -€15,819
down €15,819 (-85.7%), from €18,456 to €2,637
- Other debts -€13,168
down €13,168 (-38.2%), from €34,485 to €21,317
- Depreciation +€3,398
up €3,398 (+9.0%), from €37,707 to €41,105
- Financial charges -€2,921
down €2,921 (-83.7%), from €3,489 to €568
- Gross operating margin +€1,981
up €1,981 (+4.2%), from €46,759 to €48,741
- Financial income -€889
down €889 (-14.8%), from €6,002 to €5,113
- Staff costs -€516
no longer reported in 2025 (was €516)
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 | €733,602 | €655,938 | -€77,664 | -10.6% |
| Fixed assets | 21/28 | €364,256 | €323,151 | -€41,105 | -11.3% |
| Tangible fixed assets | 22/27 | €364,256 | €323,151 | -€41,105 | -11.3% |
| Land and buildings | 22 | €305,032 | €278,078 | -€26,955 | -8.8% |
| Furniture and vehicles | 24 | €59,224 | €45,073 | -€14,150 | -23.9% |
| Current assets | 29/58 | €369,346 | €332,787 | -€36,559 | -9.9% |
| Amounts receivable within one year | 40/41 | €6,106 | €7,800 | +€1,694 | +27.7% |
| Other amounts receivable | 41 | €6,106 | €7,800 | +€1,694 | +27.7% |
| Current investments | 50/53 | €84,965 | €84,965 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €277,484 | €239,490 | -€37,994 | -13.7% |
| Deferred charges and accrued income | 490/1 | €791 | €532 | -€259 | -32.7% |
| Total equity and liabilities | 10/49 | €733,602 | €655,938 | -€77,664 | -10.6% |
| Equity | 10/15 | €612,618 | €614,990 | +€2,372 | +0.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €590,552 | €592,552 | +€2,000 | +0.3% |
| Non-distributable reserves | 130/1 | €3,552 | €3,552 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,552 | €3,552 | = | 0.0% |
| Distributable reserves | 133 | €587,000 | €589,000 | +€2,000 | +0.3% |
| Profit (loss) carried forward | 14 | €3,473 | €3,846 | +€372 | +10.7% |
| Amounts payable | 17/49 | €120,984 | €40,948 | -€80,036 | -66.2% |
| Amounts payable after more than one year | 17 | €18,456 | €2,637 | -€15,819 | -85.7% |
| Trade debts | 175 | €18,456 | €2,637 | -€15,819 | -85.7% |
| Amounts payable within one year | 42/48 | €102,529 | €38,312 | -€64,217 | -62.6% |
| Current portion of amounts payable after more than one year | 42 | €15,819 | €15,819 | = | 0.0% |
| Trade debts | 44 | €2,049 | €1,075 | -€974 | -47.5% |
| Suppliers | 440/4 | €2,049 | €1,075 | -€974 | -47.5% |
| Taxes, remuneration and social security | 45 | €50,176 | €100 | -€50,076 | -99.8% |
| Taxes | 450/3 | €50,176 | €100 | -€50,076 | -99.8% |
| Other amounts payable | 47/48 | €34,485 | €21,317 | -€13,168 | -38.2% |
| Remuneration, social security and pensions | 62 | €516 | - | -€516 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,707 | €41,105 | +€3,398 | +9.0% |
| Other operating charges | 640/8 | €8,244 | €8,308 | +€64 | +0.8% |
| Gross operating margin | 9900 | €46,759 | €48,741 | +€1,981 | +4.2% |
| Operating profit (loss) | 9901 | €292 | -€672 | -€965 | |
| Financial income | 75/76B | €6,002 | €5,113 | -€889 | -14.8% |
| Recurring financial income | 75 | €6,002 | €5,113 | -€889 | -14.8% |
| Financial charges | 65/66B | €3,489 | €568 | -€2,921 | -83.7% |
| Recurring financial charges | 65 | €3,489 | €568 | -€2,921 | -83.7% |
| Profit (loss) for the period before taxes | 9903 | €2,805 | €3,873 | +€1,068 | +38.1% |
| Income taxes | 67/77 | €1,225 | €1,500 | +€275 | +22.5% |
| Profit (loss) for the period | 9904 | €1,580 | €2,372 | +€792 | +50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,580 | €2,372 | +€792 | +50.2% |
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 29 October 2026 via checked.be.