Johan De Blauwe: 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.
Johan De Blauwe
Largest movements
- Tangible fixed assets +€95,447
up €95,447 (+13.7%), from €696,514 to €791,961
of which Land and buildings: +€117,164
- Cash -€34,737
down €34,737 (-67.9%), from €51,140 to €16,403
mainly Investment in fixed assets (net) (-€147,897) and Debts after one year (-€27,250)
- Reserves +€86,078
up €86,078 (+30.2%), from €285,012 to €371,090
of which Distributable reserves: +€86,078
- Debts after one year -€27,250
down €27,250 (-6.9%), from €392,854 to €365,604
- Other operating charges -€9,818
down €9,818 (-38.5%), from €25,496 to €15,677
- Depreciation +€4,623
up €4,623 (+9.7%), from €47,828 to €52,451
- Taxes +€2,668
up €2,668 (+8.1%), from €33,084 to €35,752
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €747,790 | €808,364 | +€60,574 | +8.1% |
| Fixed assets | 21/28 | €696,514 | €791,961 | +€95,447 | +13.7% |
| Tangible fixed assets | 22/27 | €696,514 | €791,961 | +€95,447 | +13.7% |
| Land and buildings | 22 | €639,396 | €756,560 | +€117,164 | +18.3% |
| Plant, machinery and equipment | 23 | €853 | €508 | -€346 | -40.5% |
| Furniture and vehicles | 24 | €55,531 | €34,440 | -€21,091 | -38.0% |
| Other tangible fixed assets | 26 | €734 | €454 | -€280 | -38.1% |
| Current assets | 29/58 | €51,276 | €16,403 | -€34,873 | -68.0% |
| Amounts receivable within one year | 40/41 | €136 | €0 | -€136 | -100% |
| Other amounts receivable | 41 | €136 | €0 | -€136 | -100% |
| Cash at bank and in hand | 54/58 | €51,140 | €16,403 | -€34,737 | -67.9% |
| Total equity and liabilities | 10/49 | €747,790 | €808,364 | +€60,574 | +8.1% |
| Equity | 10/15 | €311,775 | €397,853 | +€86,078 | +27.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €285,012 | €371,090 | +€86,078 | +30.2% |
| Tax-exempt reserves | 132 | €713 | €713 | = | 0.0% |
| Distributable reserves | 133 | €284,299 | €370,377 | +€86,078 | +30.3% |
| Profit (loss) carried forward | 14 | €8,163 | €8,163 | = | 0.0% |
| Amounts payable | 17/49 | €436,016 | €410,511 | -€25,504 | -5.8% |
| Amounts payable after more than one year | 17 | €392,854 | €365,604 | -€27,250 | -6.9% |
| Financial debts | 170/4 | €392,854 | €365,604 | -€27,250 | -6.9% |
| Amounts payable within one year | 42/48 | €43,161 | €44,907 | +€1,746 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €27,250 | €27,250 | = | 0.0% |
| Trade debts | 44 | €17 | €28 | +€11 | +64.3% |
| Suppliers | 440/4 | €17 | €28 | +€11 | +64.3% |
| Taxes, remuneration and social security | 45 | €15,894 | €12,629 | -€3,265 | -20.5% |
| Taxes | 450/3 | €15,894 | €12,629 | -€3,265 | -20.5% |
| Other amounts payable | 47/48 | - | €5,000 | +€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,828 | €52,451 | +€4,623 | +9.7% |
| Other operating charges | 640/8 | €25,496 | €15,677 | -€9,818 | -38.5% |
| Gross operating margin | 9900 | €192,145 | €191,433 | -€711 | -0.4% |
| Operating profit (loss) | 9901 | €118,821 | €123,305 | +€4,484 | +3.8% |
| Financial income | 75/76B | €704 | €399 | -€305 | -43.4% |
| Recurring financial income | 75 | €704 | €399 | -€305 | -43.4% |
| Financial charges | 65/66B | €1,777 | €1,875 | +€97 | +5.5% |
| Recurring financial charges | 65 | €1,777 | €1,875 | +€97 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €117,748 | €121,830 | +€4,081 | +3.5% |
| Income taxes | 67/77 | €33,084 | €35,752 | +€2,668 | +8.1% |
| Profit (loss) for the period | 9904 | €84,665 | €86,078 | +€1,413 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €84,665 | €86,078 | +€1,413 | +1.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.