Jochen Vanhoudt: 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.
Jochen Vanhoudt
Largest movements
- Tangible fixed assets -€48,989
down €48,989 (-6.4%), from €766,587 to €717,598
of which Other tangible fixed assets: -€25,937
- Stocks and contracts +€15,611
up €15,611 (+29.6%), from €52,727 to €68,338
- Receivables after one year +€10,000
new in 2025: €10,000
- Reserves +€80,894
up €80,894 (+82.2%), from €98,420 to €179,314
- Trade debts -€46,132
down €46,132 (-71.2%), from €64,815 to €18,683
- Debts after one year -€39,867
down €39,867 (-6.9%), from €575,324 to €535,457
- Accrued charges and deferred income -€27,613
down €27,613 (-26.9%), from €102,613 to €75,000
- Tax, wage and social debts +€16,721
up €16,721 (+24.5%), from €68,118 to €84,839
of which Taxes: +€8,622
- Gross operating margin +€193,214
up €193,214 (+36.0%), from €536,321 to €729,535
- Staff costs +€75,880
up €75,880 (+16.8%), from €452,970 to €528,850
- Depreciation +€20,566
up €20,566 (+56.4%), from €36,458 to €57,025
- Taxes +€16,763
up €16,763 (+5,726%), from €293 to €17,056
- Financial charges +€10,058
up €10,058 (+30.9%), from €32,539 to €42,597
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 | €966,969 | €953,801 | -€13,168 | -1.4% |
| Fixed assets | 21/28 | €766,587 | €717,671 | -€48,916 | -6.4% |
| Tangible fixed assets | 22/27 | €766,587 | €717,598 | -€48,989 | -6.4% |
| Land and buildings | 22 | €436,308 | €413,715 | -€22,593 | -5.2% |
| Plant, machinery and equipment | 23 | €6,304 | €5,375 | -€930 | -14.7% |
| Furniture and vehicles | 24 | €5,242 | €5,714 | +€471 | +9.0% |
| Other tangible fixed assets | 26 | €318,732 | €292,795 | -€25,937 | -8.1% |
| Financial fixed assets | 28 | - | €73 | +€73 | |
| Current assets | 29/58 | €200,382 | €236,130 | +€35,748 | +17.8% |
| Amounts receivable after more than one year | 29 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 291 | - | €10,000 | +€10,000 | |
| Stocks and contracts in progress | 3 | €52,727 | €68,338 | +€15,611 | +29.6% |
| Stocks | 30/36 | €52,727 | €68,338 | +€15,611 | +29.6% |
| Amounts receivable within one year | 40/41 | €25,928 | €35,031 | +€9,103 | +35.1% |
| Trade receivables | 40 | €20,049 | €35,031 | +€14,981 | +74.7% |
| Other amounts receivable | 41 | €5,878 | - | -€5,878 | |
| Cash at bank and in hand | 54/58 | €115,837 | €117,937 | +€2,100 | +1.8% |
| Deferred charges and accrued income | 490/1 | €5,890 | €4,824 | -€1,066 | -18.1% |
| Total equity and liabilities | 10/49 | €966,969 | €953,801 | -€13,168 | -1.4% |
| Equity | 10/15 | €117,020 | €197,914 | +€80,894 | +69.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €98,420 | €179,314 | +€80,894 | +82.2% |
| Distributable reserves | 133 | €98,420 | €179,314 | +€80,894 | +82.2% |
| Amounts payable | 17/49 | €849,949 | €755,887 | -€94,062 | -11.1% |
| Amounts payable after more than one year | 17 | €575,324 | €535,457 | -€39,867 | -6.9% |
| Financial debts | 170/4 | €575,324 | €535,457 | -€39,867 | -6.9% |
| Amounts payable within one year | 42/48 | €172,012 | €145,430 | -€26,582 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €38,280 | €39,867 | +€1,588 | +4.1% |
| Trade debts | 44 | €64,815 | €18,683 | -€46,132 | -71.2% |
| Suppliers | 440/4 | €64,815 | €18,683 | -€46,132 | -71.2% |
| Taxes, remuneration and social security | 45 | €68,118 | €84,839 | +€16,721 | +24.5% |
| Taxes | 450/3 | €20,253 | €28,875 | +€8,622 | +42.6% |
| Remuneration and social security | 454/9 | €47,865 | €55,964 | +€8,099 | +16.9% |
| Other amounts payable | 47/48 | €800 | €2,040 | +€1,240 | +155% |
| Accrued charges and deferred income | 492/3 | €102,613 | €75,000 | -€27,613 | -26.9% |
| Remuneration, social security and pensions | 62 | €452,970 | €528,850 | +€75,880 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,458 | €57,025 | +€20,566 | +56.4% |
| Other operating charges | 640/8 | €3,621 | €4,772 | +€1,151 | +31.8% |
| Non-recurring operating charges | 66A | €32,679 | €548 | -€32,131 | -98.3% |
| Gross operating margin | 9900 | €536,321 | €729,535 | +€193,214 | +36.0% |
| Operating profit (loss) | 9901 | €10,592 | €138,340 | +€127,748 | +1,206% |
| Financial income | 75/76B | €1,614 | €2,207 | +€593 | +36.7% |
| Recurring financial income | 75 | €1,614 | €2,207 | +€593 | +36.7% |
| Financial charges | 65/66B | €32,539 | €42,597 | +€10,058 | +30.9% |
| Recurring financial charges | 65 | €32,539 | €42,597 | +€10,058 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | -€20,333 | €97,950 | +€118,282 | |
| Income taxes | 67/77 | €293 | €17,056 | +€16,763 | +5,726% |
| Profit (loss) for the period | 9904 | -€20,625 | €80,894 | +€101,519 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,625 | €80,894 | +€101,519 |
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 18 October 2026 via checked.be.