JOHAN DIELS: 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 DIELS
Largest movements
- Tangible fixed assets -€195,020
down €195,020 (-42.8%), from €455,775 to €260,755
of which Land and buildings: -€159,756
- Current investments +€86,959
up €86,959 (+42.5%), from €204,492 to €291,451
- Cash -€25,789
down €25,789 (-92.7%), from €27,828 to €2,039
mainly Contributions, distributions and other (-€353,705) and Current investments (-€86,959)
- Deferred charges and accrued income +€17,877
up €17,877 (+76.5%), from €23,374 to €41,251
- Receivables within one year -€9,107
down €9,107 (-22.9%), from €39,708 to €30,601
of which Other amounts receivable: -€39,546
- Reserves -€163,965
down €163,965 (-21.2%), from €772,786 to €608,821
- Other debts +€44,890
new in 2025: €44,890
- Staff costs -€18,352
down €18,352 (-67.3%), from €27,256 to €8,904
- Taxes +€11,047
up €11,047 (+13.5%), from €81,555 to €92,602
- Gross operating margin -€9,091
down €9,091 (-2.7%), from €342,780 to €333,689
- Other operating charges -€6,510
down €6,510 (-68.1%), from €9,560 to €3,050
- Depreciation -€4,785
down €4,785 (-10.2%), from €46,943 to €42,158
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 | €839,378 | €714,298 | -€125,080 | -14.9% |
| Fixed assets | 21/28 | €543,975 | €348,955 | -€195,020 | -35.9% |
| Tangible fixed assets | 22/27 | €455,775 | €260,755 | -€195,020 | -42.8% |
| Land and buildings | 22 | €305,215 | €145,459 | -€159,756 | -52.3% |
| Plant, machinery and equipment | 23 | €1,850 | €916 | -€933 | -50.5% |
| Furniture and vehicles | 24 | €141,049 | €107,730 | -€33,319 | -23.6% |
| Other tangible fixed assets | 26 | €7,661 | €6,650 | -€1,012 | -13.2% |
| Financial fixed assets | 28 | €88,200 | €88,200 | = | 0.0% |
| Current assets | 29/58 | €295,403 | €365,342 | +€69,940 | +23.7% |
| Amounts receivable within one year | 40/41 | €39,708 | €30,601 | -€9,107 | -22.9% |
| Trade receivables | 40 | €0 | €30,438 | +€30,438 | |
| Other amounts receivable | 41 | €39,708 | €163 | -€39,546 | -99.6% |
| Current investments | 50/53 | €204,492 | €291,451 | +€86,959 | +42.5% |
| Cash at bank and in hand | 54/58 | €27,828 | €2,039 | -€25,789 | -92.7% |
| Deferred charges and accrued income | 490/1 | €23,374 | €41,251 | +€17,877 | +76.5% |
| Total equity and liabilities | 10/49 | €839,378 | €714,298 | -€125,080 | -14.9% |
| Equity | 10/15 | €786,358 | €622,400 | -€163,958 | -20.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €772,786 | €608,821 | -€163,965 | -21.2% |
| Distributable reserves | 133 | €772,786 | €608,821 | -€163,965 | -21.2% |
| Profit (loss) carried forward | 14 | €1,172 | €1,178 | +€7 | +0.6% |
| Amounts payable | 17/49 | €53,020 | €91,898 | +€38,878 | +73.3% |
| Amounts payable within one year | 42/48 | €53,020 | €91,898 | +€38,878 | +73.3% |
| Trade debts | 44 | €4,049 | €2,186 | -€1,862 | -46.0% |
| Suppliers | 440/4 | €4,049 | €2,186 | -€1,862 | -46.0% |
| Taxes, remuneration and social security | 45 | €48,971 | €44,822 | -€4,150 | -8.5% |
| Taxes | 450/3 | €44,840 | €44,822 | -€19 | 0.0% |
| Remuneration and social security | 454/9 | €4,131 | €0 | -€4,131 | -100% |
| Other amounts payable | 47/48 | - | €44,890 | +€44,890 | |
| Non-recurring operating income | 76A | €0 | €75,254 | +€75,254 | |
| Remuneration, social security and pensions | 62 | €27,256 | €8,904 | -€18,352 | -67.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,943 | €42,158 | -€4,785 | -10.2% |
| Other operating charges | 640/8 | €9,560 | €3,050 | -€6,510 | -68.1% |
| Gross operating margin | 9900 | €342,780 | €333,689 | -€9,091 | -2.7% |
| Operating profit (loss) | 9901 | €259,022 | €279,578 | +€20,556 | +7.9% |
| Financial income | 75/76B | €6,400 | €2,971 | -€3,430 | -53.6% |
| Recurring financial income | 75 | €6,400 | €2,971 | -€3,430 | -53.6% |
| Financial charges | 65/66B | €237 | €200 | -€37 | -15.7% |
| Recurring financial charges | 65 | €237 | €200 | -€37 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €265,184 | €282,348 | +€17,164 | +6.5% |
| Income taxes | 67/77 | €81,555 | €92,602 | +€11,047 | +13.5% |
| Profit (loss) for the period | 9904 | €183,629 | €189,747 | +€6,117 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €183,629 | €189,747 | +€6,117 | +3.3% |
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 15 October 2026 via checked.be.