JO VANDUFFEL: 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 VANDUFFEL
Largest movements
- Tangible fixed assets -€103,589
down €103,589 (-29.2%), from €354,887 to €251,298
of which Plant, machinery and equipment: -€92,389
- Cash -€77,802
down €77,802 (-80.2%), from €97,063 to €19,260
mainly Net result for the year (-€230,051) and Receivables within one year (-€59,863)
- Receivables within one year +€59,863
up €59,863 (+1,019%), from €5,875 to €65,738
of which Trade receivables: +€65,503
- Profit (loss) carried forward -€230,051
down €230,051 (-10.4%), from -€2.2m to -€2.4m
- Other debts +€132,701
up €132,701 (+5.2%), from €2.5m to €2.7m
- Trade debts -€27,632
down €27,632 (-25.1%), from €110,016 to €82,385
- Gross operating margin +€61,513
up €61,513 (+33.1%), from -€186,089 to -€124,576
- Depreciation -€44,551
down €44,551 (-57.5%), from €77,547 to €32,996
- Other operating charges -€2,141
down €2,141 (-66.8%), from €3,204 to €1,063
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 | €458,670 | €337,358 | -€121,312 | -26.4% |
| Fixed assets | 21/28 | €354,887 | €251,298 | -€103,589 | -29.2% |
| Tangible fixed assets | 22/27 | €354,887 | €251,298 | -€103,589 | -29.2% |
| Plant, machinery and equipment | 23 | €343,687 | €251,298 | -€92,389 | -26.9% |
| Furniture and vehicles | 24 | €11,200 | €0 | -€11,200 | -100% |
| Current assets | 29/58 | €103,783 | €86,059 | -€17,724 | -17.1% |
| Amounts receivable within one year | 40/41 | €5,875 | €65,738 | +€59,863 | +1,019% |
| Trade receivables | 40 | €0 | €65,503 | +€65,503 | |
| Other amounts receivable | 41 | €5,875 | €234 | -€5,640 | -96.0% |
| Cash at bank and in hand | 54/58 | €97,063 | €19,260 | -€77,802 | -80.2% |
| Deferred charges and accrued income | 490/1 | €846 | €1,061 | +€216 | +25.5% |
| Total equity and liabilities | 10/49 | €458,670 | €337,358 | -€121,312 | -26.4% |
| Equity | 10/15 | -€2,201,230 | -€2,431,281 | -€230,051 | -10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,219,830 | -€2,449,881 | -€230,051 | -10.4% |
| Amounts payable | 17/49 | €2,659,900 | €2,768,639 | +€108,739 | +4.1% |
| Amounts payable within one year | 42/48 | €2,659,900 | €2,768,639 | +€108,739 | +4.1% |
| Trade debts | 44 | €110,016 | €82,385 | -€27,632 | -25.1% |
| Suppliers | 440/4 | €110,016 | €82,385 | -€27,632 | -25.1% |
| Taxes, remuneration and social security | 45 | - | €3,669 | +€3,669 | |
| Taxes | 450/3 | - | €3,669 | +€3,669 | |
| Other amounts payable | 47/48 | €2,549,884 | €2,682,585 | +€132,701 | +5.2% |
| Non-recurring operating income | 76A | €23,666 | €4,555 | -€19,110 | -80.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,547 | €32,996 | -€44,551 | -57.5% |
| Other operating charges | 640/8 | €3,204 | €1,063 | -€2,141 | -66.8% |
| Non-recurring operating charges | 66A | €62,679 | €65,396 | +€2,717 | +4.3% |
| Gross operating margin | 9900 | -€186,089 | -€124,576 | +€61,513 | +33.1% |
| Operating profit (loss) | 9901 | -€329,519 | -€224,030 | +€105,488 | +32.0% |
| Financial income | 75/76B | €137 | €0 | -€137 | -100% |
| Recurring financial income | 75 | €137 | €0 | -€137 | -100% |
| Financial charges | 65/66B | €5,350 | €6,020 | +€671 | +12.5% |
| Recurring financial charges | 65 | €5,350 | €6,020 | +€671 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | -€334,732 | -€230,051 | +€104,681 | +31.3% |
| Profit (loss) for the period | 9904 | -€334,732 | -€230,051 | +€104,681 | +31.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€334,732 | -€230,051 | +€104,681 | +31.3% |
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 15 October 2026 via checked.be.