Jo Van Baelen: 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 Van Baelen
Largest movements
- Current investments +€167,000
up €167,000 (+196%), from €85,000 to €252,000
- Cash -€50,604
down €50,604 (-23.1%), from €218,925 to €168,321
mainly Current investments (-€167,000) and Investment in fixed assets (net) (-€47,506)
- Tangible fixed assets +€36,078
up €36,078 (+287%), from €12,563 to €48,641
of which Furniture and vehicles: +€33,383
- Reserves +€154,173
up €154,173 (+71.6%), from €215,307 to €369,480
- Tax, wage and social debts -€6,766
down €6,766 (-8.5%), from €79,495 to €72,729
of which Taxes: -€6,670
- Other debts +€5,083
up €5,083 (+101%), from €5,037 to €10,120
- Depreciation +€7,505
up €7,505 (+191%), from €3,923 to €11,428
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 | €317,296 | €469,292 | +€151,996 | +47.9% |
| Fixed assets | 21/28 | €12,563 | €48,641 | +€36,078 | +287% |
| Tangible fixed assets | 22/27 | €12,563 | €48,641 | +€36,078 | +287% |
| Plant, machinery and equipment | 23 | €1,479 | €4,174 | +€2,696 | +182% |
| Furniture and vehicles | 24 | €11,084 | €44,466 | +€33,383 | +301% |
| Current assets | 29/58 | €304,734 | €420,651 | +€115,918 | +38.0% |
| Amounts receivable within one year | 40/41 | €0 | €330 | +€330 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €330 | +€330 | |
| Current investments | 50/53 | €85,000 | €252,000 | +€167,000 | +196% |
| Cash at bank and in hand | 54/58 | €218,925 | €168,321 | -€50,604 | -23.1% |
| Deferred charges and accrued income | 490/1 | €809 | €0 | -€809 | -100% |
| Total equity and liabilities | 10/49 | €317,296 | €469,292 | +€151,996 | +47.9% |
| Equity | 10/15 | €230,307 | €384,480 | +€154,173 | +66.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €215,307 | €369,480 | +€154,173 | +71.6% |
| Distributable reserves | 133 | €215,307 | €369,480 | +€154,173 | +71.6% |
| Amounts payable | 17/49 | €86,989 | €84,812 | -€2,177 | -2.5% |
| Amounts payable within one year | 42/48 | €86,989 | €84,812 | -€2,177 | -2.5% |
| Trade debts | 44 | €2,457 | €1,963 | -€494 | -20.1% |
| Suppliers | 440/4 | €2,457 | €1,963 | -€494 | -20.1% |
| Taxes, remuneration and social security | 45 | €79,495 | €72,729 | -€6,766 | -8.5% |
| Taxes | 450/3 | €79,399 | €72,729 | -€6,670 | -8.4% |
| Remuneration and social security | 454/9 | €96 | €0 | -€96 | -100% |
| Other amounts payable | 47/48 | €5,037 | €10,120 | +€5,083 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,923 | €11,428 | +€7,505 | +191% |
| Other operating charges | 640/8 | €514 | €711 | +€197 | +38.4% |
| Gross operating margin | 9900 | €212,200 | €212,671 | +€471 | +0.2% |
| Operating profit (loss) | 9901 | €207,763 | €200,532 | -€7,230 | -3.5% |
| Financial income | 75/76B | €471 | €2,270 | +€1,799 | +382% |
| Recurring financial income | 75 | €471 | €2,270 | +€1,799 | +382% |
| Financial charges | 65/66B | €1,848 | €1,718 | -€130 | -7.0% |
| Recurring financial charges | 65 | €1,848 | €1,718 | -€130 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €206,386 | €201,084 | -€5,301 | -2.6% |
| Income taxes | 67/77 | €48,527 | €46,911 | -€1,615 | -3.3% |
| Profit (loss) for the period | 9904 | €157,859 | €154,173 | -€3,686 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €157,859 | €154,173 | -€3,686 | -2.3% |
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 13 October 2026 via checked.be.