Joakim Schepens: 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.
Joakim Schepens
Largest movements
- Cash +€107,936
up €107,936 (+191%), from €56,652 to €164,588
mainly Net result for the year (+€70,191) and Receivables within one year (+€53,604)
- Receivables within one year -€53,604
down €53,604 (-95.3%), from €56,245 to €2,640
of which Other amounts receivable: -€54,967
- Tangible fixed assets -€12,809
down €12,809 (-3.9%), from €328,299 to €315,491
of which Land and buildings: -€6,488
- Reserves +€70,191
up €70,191 (+24.2%), from €290,341 to €360,532
- Tax, wage and social debts -€24,599
down €24,599 (-75.7%), from €32,490 to €7,892
- Gross operating margin -€8,738
down €8,738 (-6.6%), from €132,017 to €123,279
- Depreciation +€6,593
up €6,593 (+48.6%), from €13,556 to €20,148
- Taxes -€6,443
down €6,443 (-18.8%), from €34,335 to €27,892
- Financial income -€4,140
down €4,140 (-77.4%), from €5,346 to €1,206
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 | €441,506 | €483,034 | +€41,527 | +9.4% |
| Fixed assets | 21/28 | €328,299 | €315,491 | -€12,809 | -3.9% |
| Tangible fixed assets | 22/27 | €328,299 | €315,491 | -€12,809 | -3.9% |
| Land and buildings | 22 | €282,749 | €276,261 | -€6,488 | -2.3% |
| Furniture and vehicles | 24 | €45,550 | €39,230 | -€6,320 | -13.9% |
| Current assets | 29/58 | €113,207 | €167,543 | +€54,336 | +48.0% |
| Amounts receivable within one year | 40/41 | €56,245 | €2,640 | -€53,604 | -95.3% |
| Trade receivables | 40 | €907 | €2,269 | +€1,362 | +150% |
| Other amounts receivable | 41 | €55,338 | €372 | -€54,967 | -99.3% |
| Cash at bank and in hand | 54/58 | €56,652 | €164,588 | +€107,936 | +191% |
| Deferred charges and accrued income | 490/1 | €310 | €315 | +€5 | +1.5% |
| Total equity and liabilities | 10/49 | €441,506 | €483,034 | +€41,527 | +9.4% |
| Equity | 10/15 | €302,341 | €372,532 | +€70,191 | +23.2% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €290,341 | €360,532 | +€70,191 | +24.2% |
| Distributable reserves | 133 | €290,341 | €360,532 | +€70,191 | +24.2% |
| Amounts payable | 17/49 | €139,166 | €110,502 | -€28,664 | -20.6% |
| Amounts payable after more than one year | 17 | €95,000 | €95,000 | = | 0.0% |
| Financial debts | 170/4 | €95,000 | €95,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €37,730 | €10,066 | -€27,664 | -73.3% |
| Trade debts | 44 | €5,239 | €2,174 | -€3,065 | -58.5% |
| Suppliers | 440/4 | €5,239 | €2,174 | -€3,065 | -58.5% |
| Taxes, remuneration and social security | 45 | €32,490 | €7,892 | -€24,599 | -75.7% |
| Taxes | 450/3 | €32,490 | €7,892 | -€24,599 | -75.7% |
| Accrued charges and deferred income | 492/3 | €6,436 | €5,436 | -€1,000 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,556 | €20,148 | +€6,593 | +48.6% |
| Other operating charges | 640/8 | €560 | €1,323 | +€763 | +136% |
| Gross operating margin | 9900 | €132,017 | €123,279 | -€8,738 | -6.6% |
| Operating profit (loss) | 9901 | €117,901 | €101,808 | -€16,094 | -13.7% |
| Financial income | 75/76B | €5,346 | €1,206 | -€4,140 | -77.4% |
| Recurring financial income | 75 | €5,346 | €1,206 | -€4,140 | -77.4% |
| Financial charges | 65/66B | €3,617 | €4,931 | +€1,314 | +36.3% |
| Recurring financial charges | 65 | €3,617 | €4,931 | +€1,314 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €119,631 | €98,083 | -€21,548 | -18.0% |
| Income taxes | 67/77 | €34,335 | €27,892 | -€6,443 | -18.8% |
| Profit (loss) for the period | 9904 | €85,296 | €70,191 | -€15,105 | -17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €85,296 | €70,191 | -€15,105 | -17.7% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.