Joêlle TROEDER: 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.
Joêlle TROEDER
Largest movements
- Receivables within one year +€30,740
up €30,740 (+85.6%), from €35,907 to €66,647
of which Other amounts receivable: +€32,449
- Cash +€21,092
up €21,092 (+33.5%), from €62,970 to €84,062
mainly Net result for the year (+€40,680) and Tax, wage and social debts (+€11,276)
- Reserves +€40,680
up €40,680 (+54.9%), from €74,072 to €114,752
of which Distributable reserves: +€40,680
- Tax, wage and social debts +€11,276
up €11,276 (+83.3%), from €13,543 to €24,819
- Other debts -€6,694
no longer reported in 2025 (was €6,694)
- Advances received +€4,836
up €4,836 (+504%), from €960 to €5,796
- Accrued charges and deferred income +€2,379
new in 2025: €2,379
- Staff costs -€18,280
down €18,280 (-99.5%), from €18,374 to €94
- Taxes +€9,002
up €9,002 (+92.8%), from €9,704 to €18,707
- Gross operating margin +€6,137
up €6,137 (+10.6%), from €58,040 to €64,177
- Financial income +€1,698
up €1,698 (+414,046%), from €0 to €1,698
- Depreciation -€980
down €980 (-20.1%), from €4,879 to €3,899
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 | €113,613 | €166,353 | +€52,741 | +46.4% |
| Fixed assets | 21/28 | €9,795 | €10,046 | +€251 | +2.6% |
| Tangible fixed assets | 22/27 | €9,545 | €9,796 | +€251 | +2.6% |
| Land and buildings | 22 | €141 | - | -€141 | |
| Furniture and vehicles | 24 | €216 | - | -€216 | |
| Other tangible fixed assets | 26 | €9,187 | €9,796 | +€609 | +6.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €103,818 | €156,307 | +€52,490 | +50.6% |
| Amounts receivable within one year | 40/41 | €35,907 | €66,647 | +€30,740 | +85.6% |
| Trade receivables | 40 | €13,841 | €12,132 | -€1,709 | -12.3% |
| Other amounts receivable | 41 | €22,066 | €54,515 | +€32,449 | +147% |
| Cash at bank and in hand | 54/58 | €62,970 | €84,062 | +€21,092 | +33.5% |
| Deferred charges and accrued income | 490/1 | €4,940 | €5,598 | +€657 | +13.3% |
| Total equity and liabilities | 10/49 | €113,613 | €166,353 | +€52,741 | +46.4% |
| Equity | 10/15 | €86,472 | €127,152 | +€40,680 | +47.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €74,072 | €114,752 | +€40,680 | +54.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €72,212 | €112,892 | +€40,680 | +56.3% |
| Amounts payable | 17/49 | €27,140 | €39,201 | +€12,061 | +44.4% |
| Amounts payable within one year | 42/48 | €27,140 | €36,822 | +€9,682 | +35.7% |
| Trade debts | 44 | €5,944 | €6,207 | +€264 | +4.4% |
| Suppliers | 440/4 | €5,944 | €6,207 | +€264 | +4.4% |
| Advances received on contracts in progress | 46 | €960 | €5,796 | +€4,836 | +504% |
| Taxes, remuneration and social security | 45 | €13,543 | €24,819 | +€11,276 | +83.3% |
| Taxes | 450/3 | €13,543 | €24,819 | +€11,276 | +83.3% |
| Other amounts payable | 47/48 | €6,694 | - | -€6,694 | |
| Accrued charges and deferred income | 492/3 | - | €2,379 | +€2,379 | |
| Remuneration, social security and pensions | 62 | €18,374 | €94 | -€18,280 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,879 | €3,899 | -€980 | -20.1% |
| Other operating charges | 640/8 | €1,345 | €1,925 | +€580 | +43.1% |
| Gross operating margin | 9900 | €58,040 | €64,177 | +€6,137 | +10.6% |
| Operating profit (loss) | 9901 | €33,442 | €58,258 | +€24,817 | +74.2% |
| Financial income | 75/76B | €0 | €1,698 | +€1,698 | +414,046% |
| Recurring financial income | 75 | €0 | €1,698 | +€1,698 | +414,046% |
| Financial charges | 65/66B | €214 | €570 | +€356 | +167% |
| Recurring financial charges | 65 | €214 | €570 | +€356 | +167% |
| Profit (loss) for the period before taxes | 9903 | €33,228 | €59,386 | +€26,158 | +78.7% |
| Income taxes | 67/77 | €9,704 | €18,707 | +€9,002 | +92.8% |
| Profit (loss) for the period | 9904 | €23,524 | €40,680 | +€17,156 | +72.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,524 | €40,680 | +€17,156 | +72.9% |
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 16 October 2026 via checked.be.