JO VAN THIELEN: 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 THIELEN
Largest movements
- Cash -€65,360
down €65,360 (-51.5%), from €126,862 to €61,502
mainly Current investments (-€53,843) and Debts after one year (-€13,855)
- Current investments +€53,843
up €53,843 (+23.0%), from €234,540 to €288,384
- Tangible fixed assets -€13,344
down €13,344 (-23.0%), from €57,956 to €44,612
of which Furniture and vehicles: -€12,289
- Receivables within one year +€10,139
up €10,139 (+134.4%), from €7,546 to €17,684
of which Other amounts receivable: +€10,163
- Debts after one year -€13,855
down €13,855 (-37.0%), from €37,417 to €23,562
- Tax, wage and social debts -€12,062
no longer reported in 2025 (was €12,062)
- Reserves +€10,879
up €10,879 (+3.1%), from €346,655 to €357,534
- Gross operating margin -€25,978
down €25,978 (-54.4%), from €47,745 to €21,767
- Taxes -€11,975
down €11,975 (-83.7%), from €14,311 to €2,336
- Financial income +€3,627
up €3,627 (+48.1%), from €7,535 to €11,163
- Financial charges -€2,629
down €2,629 (-68.0%), from €3,869 to €1,240
- Staff costs +€633
up €633 (+325.3%), from €195 to €828
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 | €428,167 | €413,551 | -€14,616 | -3.4% |
| Fixed assets | 21/28 | €57,956 | €44,612 | -€13,344 | -23.0% |
| Tangible fixed assets | 22/27 | €57,956 | €44,612 | -€13,344 | -23.0% |
| Land and buildings | 22 | €1,201 | €601 | -€601 | -50.0% |
| Plant, machinery and equipment | 23 | €1,563 | €1,109 | -€454 | -29.1% |
| Furniture and vehicles | 24 | €55,191 | €42,902 | -€12,289 | -22.3% |
| Current assets | 29/58 | €370,211 | €368,939 | -€1,272 | -0.3% |
| Amounts receivable within one year | 40/41 | €7,546 | €17,684 | +€10,139 | +134.4% |
| Trade receivables | 40 | €25 | - | -€25 | |
| Other amounts receivable | 41 | €7,521 | €17,684 | +€10,163 | +135.1% |
| Current investments | 50/53 | €234,540 | €288,384 | +€53,843 | +23.0% |
| Cash at bank and in hand | 54/58 | €126,862 | €61,502 | -€65,360 | -51.5% |
| Deferred charges and accrued income | 490/1 | €1,262 | €1,369 | +€107 | +8.5% |
| Total equity and liabilities | 10/49 | €428,167 | €413,551 | -€14,616 | -3.4% |
| Equity | 10/15 | €365,255 | €376,134 | +€10,879 | +3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €346,655 | €357,534 | +€10,879 | +3.1% |
| Distributable reserves | 133 | €346,655 | €357,534 | +€10,879 | +3.1% |
| Amounts payable | 17/49 | €62,912 | €37,417 | -€25,495 | -40.5% |
| Amounts payable after more than one year | 17 | €37,417 | €23,562 | -€13,855 | -37.0% |
| Financial debts | 170/4 | €37,417 | €23,562 | -€13,855 | -37.0% |
| Amounts payable within one year | 42/48 | €25,495 | €13,855 | -€11,640 | -45.7% |
| Current portion of amounts payable after more than one year | 42 | €13,433 | €13,855 | +€422 | +3.1% |
| Taxes, remuneration and social security | 45 | €12,062 | - | -€12,062 | |
| Taxes | 450/3 | €12,062 | - | -€12,062 | |
| Non-recurring operating income | 76A | €10,000 | - | -€10,000 | |
| Remuneration, social security and pensions | 62 | €195 | €828 | +€633 | +325.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,023 | €17,527 | +€504 | +3.0% |
| Other operating charges | 640/8 | €181 | €120 | -€61 | -33.7% |
| Gross operating margin | 9900 | €47,745 | €21,767 | -€25,978 | -54.4% |
| Operating profit (loss) | 9901 | €30,346 | €3,292 | -€27,054 | -89.2% |
| Financial income | 75/76B | €7,535 | €11,163 | +€3,627 | +48.1% |
| Recurring financial income | 75 | €7,535 | €11,163 | +€3,627 | +48.1% |
| Financial charges | 65/66B | €3,869 | €1,240 | -€2,629 | -68.0% |
| Recurring financial charges | 65 | €3,869 | €1,240 | -€2,629 | -68.0% |
| Profit (loss) for the period before taxes | 9903 | €34,013 | €13,215 | -€20,798 | -61.1% |
| Income taxes | 67/77 | €14,311 | €2,336 | -€11,975 | -83.7% |
| Profit (loss) for the period | 9904 | €19,702 | €10,879 | -€8,823 | -44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,702 | €10,879 | -€8,823 | -44.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.