JOACHIM VOET: 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.
JOACHIM VOET
Largest movements
- Cash +€57,997
up €57,997 (+14.9%), from €388,314 to €446,311
mainly Other debts (+€377,666) and Net result for the year (+€342,635)
- Reserves -€404,174
down €404,174 (-54.1%), from €746,809 to €342,635
- Other debts +€377,666
up €377,666 (+17,530%), from €2,154 to €379,820
- Debts after one year +€106,862
up €106,862 (+37.2%), from €287,038 to €393,900
- Short-term financial debts +€23,563
new in 2025: €23,563
- Tax, wage and social debts -€20,383
down €20,383 (-19.7%), from €103,655 to €83,271
- Gross operating margin +€131,375
up €131,375 (+36.9%), from €355,974 to €487,349
- Taxes +€33,995
up €33,995 (+39.4%), from €86,201 to €120,195
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 | €1,246,729 | €1,327,263 | +€80,534 | +6.5% |
| Fixed assets | 21/28 | €834,275 | €845,320 | +€11,045 | +1.3% |
| Tangible fixed assets | 22/27 | €63,425 | €74,470 | +€11,045 | +17.4% |
| Plant, machinery and equipment | 23 | €1,614 | €3,997 | +€2,383 | +148% |
| Furniture and vehicles | 24 | €6,030 | €5,836 | -€194 | -3.2% |
| Other tangible fixed assets | 26 | €55,782 | €64,637 | +€8,856 | +15.9% |
| Financial fixed assets | 28 | €770,850 | €770,850 | = | 0.0% |
| Current assets | 29/58 | €412,454 | €481,943 | +€69,489 | +16.8% |
| Amounts receivable within one year | 40/41 | €21,416 | €33,495 | +€12,080 | +56.4% |
| Trade receivables | 40 | €21,377 | €33,477 | +€12,100 | +56.6% |
| Other amounts receivable | 41 | €39 | €19 | -€20 | -52.3% |
| Cash at bank and in hand | 54/58 | €388,314 | €446,311 | +€57,997 | +14.9% |
| Deferred charges and accrued income | 490/1 | €2,724 | €2,137 | -€587 | -21.5% |
| Total equity and liabilities | 10/49 | €1,246,729 | €1,327,263 | +€80,534 | +6.5% |
| Equity | 10/15 | €747,809 | €343,635 | -€404,174 | -54.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €746,809 | €342,635 | -€404,174 | -54.1% |
| Distributable reserves | 133 | €746,809 | €342,635 | -€404,174 | -54.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €498,920 | €983,628 | +€484,708 | +97.2% |
| Amounts payable after more than one year | 17 | €287,038 | €393,900 | +€106,862 | +37.2% |
| Financial debts | 170/4 | €287,038 | €393,900 | +€106,862 | +37.2% |
| Amounts payable within one year | 42/48 | €200,514 | €580,135 | +€379,621 | +189% |
| Current portion of amounts payable after more than one year | 42 | €92,443 | €93,138 | +€696 | +0.8% |
| Financial debts | 43 | - | €23,563 | +€23,563 | |
| Credit institutions | 430/8 | - | €23,563 | +€23,563 | |
| Trade debts | 44 | €2,262 | €342 | -€1,920 | -84.9% |
| Suppliers | 440/4 | €2,262 | €342 | -€1,920 | -84.9% |
| Taxes, remuneration and social security | 45 | €103,655 | €83,271 | -€20,383 | -19.7% |
| Taxes | 450/3 | €103,655 | €83,271 | -€20,383 | -19.7% |
| Other amounts payable | 47/48 | €2,154 | €379,820 | +€377,666 | +17,530% |
| Accrued charges and deferred income | 492/3 | €11,368 | €9,593 | -€1,775 | -15.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,898 | €6,801 | +€1,904 | +38.9% |
| Other operating charges | 640/8 | €2,380 | €2,058 | -€322 | -13.5% |
| Gross operating margin | 9900 | €355,974 | €487,349 | +€131,375 | +36.9% |
| Operating profit (loss) | 9901 | €348,697 | €478,490 | +€129,793 | +37.2% |
| Financial income | 75/76B | - | €1,059 | +€1,059 | |
| Recurring financial income | 75 | - | €1,059 | +€1,059 | |
| Financial charges | 65/66B | €13,867 | €16,719 | +€2,852 | +20.6% |
| Recurring financial charges | 65 | €13,867 | €16,719 | +€2,852 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €334,830 | €462,830 | +€128,000 | +38.2% |
| Income taxes | 67/77 | €86,201 | €120,195 | +€33,995 | +39.4% |
| Profit (loss) for the period | 9904 | €248,630 | €342,635 | +€94,005 | +37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €248,630 | €342,635 | +€94,005 | +37.8% |
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 31 October 2026 via checked.be.