JOERI W: 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.
What changed
JOERI W
NACE 10.712, Artisanal bread and fresh pastry making
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€10,821
2024 · €41,277-€30,457
Equity
€444,237
2024 · €433,416+€10,821
Cash
€105,313
2024 · €78,521+€26,792
Balance sheet total
€3.4m
2024 · €3.5m-€19,780
Largest movements
Assets
- Tangible fixed assets -€104,345
down €104,345 (-4.0%), from €2.6m to €2.5m
of which Land and buildings: -€64,631
- Intangible fixed assets +€40,180
up €40,180 (+6673.9%), from €602 to €40,782
Equity and liabilities
- Debts after one year -€158,852
down €158,852 (-8.0%), from €2.0m to €1.8m
of which Financial debts: -€155,870
- Trade debts +€80,925
up €80,925 (+25.2%), from €321,234 to €402,159
Income statement
- Gross operating margin +€101,239
up €101,239 (+6.0%), from €1.7m to €1.8m
- Staff costs +€65,781
up €65,781 (+5.4%), from €1.2m to €1.3m
- Depreciation +€46,681
up €46,681 (+17.5%), from €267,265 to €313,947
- Financial charges +€39,417
up €39,417 (+37.3%), from €105,722 to €145,138
- Taxes -€18,584
down €18,584, from €12,338 to -€6,247
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.
Result 2024
€41,277
Gross operating margin
+€101,239
Staff costs
-€65,781
Depreciation
-€46,681
Write-downs
+€8,194
Other operating charges
-€8,472
Other operating items
+€1,916
Financial income
-€40
Financial charges
-€39,417
Taxes
+€18,584
Result 2025
€10,821
Cash bridge derived
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.
From operations
+€415,950
Investment
-€267,332
Financing
-€121,826
Cash 2024
€78,521
From operations (derived)
+€415,950
Net result for the year
+€10,821
Depreciation
+€313,947
Stocks and contracts
-€8,986
Receivables within one year
+€7,660
Deferred charges and accrued income
+€1,284
Trade debts
+€80,925
Tax, wage and social debts
+€20,279
Other debts
-€1,771
Accrued charges and deferred income
-€8,208
Investment (derived)
-€267,332
Investment in fixed assets (net)
-€261,332
Current investments
-€6,000
Financing
-€121,826
Debts after one year
-€158,852
Current portion of long-term debt
+€6,560
Short-term financial debts
+€30,465
Cash 2025
€105,313
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,464,459 | €3,444,678 | -€19,780 | -0.6% |
| Fixed assets | 21/28 | €2,612,027 | €2,559,413 | -€52,615 | -2.0% |
| Intangible fixed assets | 21 | €602 | €40,782 | +€40,180 | +6673.9% |
| Tangible fixed assets | 22/27 | €2,598,123 | €2,493,778 | -€104,345 | -4.0% |
| Land and buildings | 22 | €1,446,667 | €1,382,035 | -€64,631 | -4.5% |
| Plant, machinery and equipment | 23 | €484,647 | €511,076 | +€26,430 | +5.5% |
| Furniture and vehicles | 24 | €120,349 | €86,140 | -€34,209 | -28.4% |
| Leasing and similar rights | 25 | €546,460 | €514,527 | -€31,933 | -5.8% |
| Financial fixed assets | 28 | €13,303 | €24,853 | +€11,550 | +86.8% |
| Current assets | 29/58 | €852,431 | €885,265 | +€32,834 | +3.9% |
| Stocks and contracts in progress | 3 | €149,589 | €158,575 | +€8,986 | +6.0% |
| Stocks | 30/36 | €149,589 | €158,575 | +€8,986 | +6.0% |
| Amounts receivable within one year | 40/41 | €618,226 | €610,566 | -€7,660 | -1.2% |
| Trade receivables | 40 | €484,926 | €484,151 | -€775 | -0.2% |
| Other amounts receivable | 41 | €133,300 | €126,415 | -€6,884 | -5.2% |
| Current investments | 50/53 | - | €6,000 | +€6,000 | |
| Cash at bank and in hand | 54/58 | €78,521 | €105,313 | +€26,792 | +34.1% |
| Deferred charges and accrued income | 490/1 | €6,096 | €4,812 | -€1,284 | -21.1% |
| Total equity and liabilities | 10/49 | €3,464,459 | €3,444,678 | -€19,780 | -0.6% |
| Equity | 10/15 | €433,416 | €444,237 | +€10,821 | +2.5% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Revaluation surpluses | 12 | €40,041 | €20,021 | -€20,021 | -50.0% |
| Reserves | 13 | €274,775 | €305,616 | +€30,841 | +11.2% |
| 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 | €272,915 | €303,756 | +€30,841 | +11.3% |
| Amounts payable | 17/49 | €3,031,042 | €3,000,441 | -€30,601 | -1.0% |
| Amounts payable after more than one year | 17 | €1,986,216 | €1,827,364 | -€158,852 | -8.0% |
| Financial debts | 170/4 | €1,905,234 | €1,749,364 | -€155,870 | -8.2% |
| Other amounts payable | 178/9 | €80,982 | €78,000 | -€2,982 | -3.7% |
| Amounts payable within one year | 42/48 | €1,023,424 | €1,159,883 | +€136,458 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €308,242 | €314,803 | +€6,560 | +2.1% |
| Financial debts | 43 | €196,905 | €227,370 | +€30,465 | +15.5% |
| Credit institutions | 430/8 | €196,905 | €227,370 | +€30,465 | +15.5% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €321,234 | €402,159 | +€80,925 | +25.2% |
| Suppliers | 440/4 | €321,234 | €402,159 | +€80,925 | +25.2% |
| Taxes, remuneration and social security | 45 | €172,002 | €192,281 | +€20,279 | +11.8% |
| Taxes | 450/3 | €26,354 | €12,852 | -€13,502 | -51.2% |
| Remuneration and social security | 454/9 | €145,648 | €179,429 | +€33,781 | +23.2% |
| Other amounts payable | 47/48 | €25,042 | €23,270 | -€1,771 | -7.1% |
| Accrued charges and deferred income | 492/3 | €21,402 | €13,194 | -€8,208 | -38.4% |
| Non-recurring operating income | 76A | €23,190 | €27,487 | +€4,297 | +18.5% |
| Remuneration, social security and pensions | 62 | €1,224,265 | €1,290,046 | +€65,781 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €267,265 | €313,947 | +€46,681 | +17.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,194 | €0 | -€8,194 | -100.0% |
| Other operating charges | 640/8 | €23,055 | €31,527 | +€8,472 | +36.7% |
| Non-recurring operating charges | 66A | €1,916 | €0 | -€1,916 | -100.0% |
| Gross operating margin | 9900 | €1,683,965 | €1,785,205 | +€101,239 | +6.0% |
| Operating profit (loss) | 9901 | €159,270 | €149,685 | -€9,585 | -6.0% |
| Financial income | 75/76B | €67 | €27 | -€40 | -60.0% |
| Recurring financial income | 75 | €67 | €27 | -€40 | -60.0% |
| Financial charges | 65/66B | €105,722 | €145,138 | +€39,417 | +37.3% |
| Recurring financial charges | 65 | €105,722 | €145,138 | +€39,417 | +37.3% |
| Profit (loss) for the period before taxes | 9903 | €53,615 | €4,574 | -€49,041 | -91.5% |
| Income taxes | 67/77 | €12,338 | -€6,247 | -€18,584 | |
| Profit (loss) for the period | 9904 | €41,277 | €10,821 | -€30,457 | -73.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,277 | €10,821 | -€30,457 | -73.8% |
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 9 October 2026 via checked.be.