JO AELBRECHT: 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.
JO AELBRECHT
Largest movements
- Receivables within one year +€93,704
up €93,704 (+58.5%), from €160,086 to €253,790
of which Other amounts receivable: +€78,032
- Debts after one year -€179,886
down €179,886 (-91.2%), from €197,160 to €17,274
- Reserves +€112,849
up €112,849 (+4.2%), from €2.7m to €2.8m
- Other debts +€108,410
up €108,410 (+20.2%), from €535,624 to €644,034
- Current portion of long-term debt +€46,840
up €46,840 (+29.3%), from €159,741 to €206,580
- Financial income -€246,327
down €246,327 (-74.3%), from €331,314 to €84,988
- Gross operating margin +€27,164
up €27,164 (+30.6%), from €88,789 to €115,953
- Taxes +€16,423
up €16,423 (+93.8%), from €17,511 to €33,934
- Depreciation -€6,883
down €6,883 (-44.5%), from €15,464 to €8,581
- Financial charges -€5,365
down €5,365 (-10.9%), from €49,016 to €43,651
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 | €3,735,501 | €3,874,261 | +€138,760 | +3.7% |
| Fixed assets | 21/28 | €3,565,179 | €3,579,852 | +€14,673 | +0.4% |
| Tangible fixed assets | 22/27 | €8,581 | €23,255 | +€14,673 | +171% |
| Furniture and vehicles | 24 | €8,581 | €0 | -€8,581 | -100% |
| Other tangible fixed assets | 26 | - | €23,255 | +€23,255 | |
| Financial fixed assets | 28 | €3,556,597 | €3,556,597 | = | 0.0% |
| Current assets | 29/58 | €170,322 | €294,409 | +€124,087 | +72.9% |
| Amounts receivable within one year | 40/41 | €160,086 | €253,790 | +€93,704 | +58.5% |
| Trade receivables | 40 | €30,756 | €46,428 | +€15,672 | +51.0% |
| Other amounts receivable | 41 | €129,330 | €207,361 | +€78,032 | +60.3% |
| Cash at bank and in hand | 54/58 | €7,642 | €37,845 | +€30,203 | +395% |
| Deferred charges and accrued income | 490/1 | €2,594 | €2,774 | +€181 | +7.0% |
| Total equity and liabilities | 10/49 | €3,735,501 | €3,874,261 | +€138,760 | +3.7% |
| Equity | 10/15 | €2,722,034 | €2,834,882 | +€112,849 | +4.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,715,834 | €2,828,682 | +€112,849 | +4.2% |
| Distributable reserves | 133 | €2,715,834 | €2,828,682 | +€112,849 | +4.2% |
| Amounts payable | 17/49 | €1,013,467 | €1,039,379 | +€25,912 | +2.6% |
| Amounts payable after more than one year | 17 | €197,160 | €17,274 | -€179,886 | -91.2% |
| Financial debts | 170/4 | €197,160 | €17,274 | -€179,886 | -91.2% |
| Amounts payable within one year | 42/48 | €787,641 | €998,649 | +€211,008 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €159,741 | €206,580 | +€46,840 | +29.3% |
| Financial debts | 43 | €65,000 | €100,000 | +€35,000 | +53.8% |
| Credit institutions | 430/8 | €65,000 | €100,000 | +€35,000 | +53.8% |
| Trade debts | 44 | €4,735 | €14,111 | +€9,376 | +198% |
| Suppliers | 440/4 | €4,735 | €14,111 | +€9,376 | +198% |
| Taxes, remuneration and social security | 45 | €22,542 | €33,924 | +€11,382 | +50.5% |
| Taxes | 450/3 | €22,542 | €33,924 | +€11,382 | +50.5% |
| Other amounts payable | 47/48 | €535,624 | €644,034 | +€108,410 | +20.2% |
| Accrued charges and deferred income | 492/3 | €28,666 | €23,456 | -€5,210 | -18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,464 | €8,581 | -€6,883 | -44.5% |
| Other operating charges | 640/8 | €1,775 | €1,926 | +€151 | +8.5% |
| Gross operating margin | 9900 | €88,789 | €115,953 | +€27,164 | +30.6% |
| Operating profit (loss) | 9901 | €71,549 | €105,445 | +€33,896 | +47.4% |
| Financial income | 75/76B | €331,314 | €84,988 | -€246,327 | -74.3% |
| Recurring financial income | 75 | €331,314 | €84,988 | -€246,327 | -74.3% |
| Financial charges | 65/66B | €49,016 | €43,651 | -€5,365 | -10.9% |
| Recurring financial charges | 65 | €49,016 | €43,651 | -€5,365 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €353,848 | €146,783 | -€207,065 | -58.5% |
| Income taxes | 67/77 | €17,511 | €33,934 | +€16,423 | +93.8% |
| Profit (loss) for the period | 9904 | €336,337 | €112,849 | -€223,488 | -66.4% |
| Profit (loss) for the period to be appropriated | 9905 | €336,337 | €112,849 | -€223,488 | -66.4% |
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 25 October 2026 via checked.be.