Johan Empsen: 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
Johan Empsen
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€44,948
2024 · €47,050-€2,103
Equity
€705,259
2024 · €660,312+€44,948
Cash
€342,920
2024 · €351,986-€9,066
Balance sheet total
€1.0m
2024 · €1.0m-€10,536
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts -€63,532
down €63,532 (-34.9%), from €181,789 to €118,257
- Reserves +€44,948
up €44,948 (+7.4%), from €605,591 to €650,538
of which Distributable reserves: +€57,948
Income statement
- Depreciation +€15,302
up €15,302 (+30.8%), from €49,614 to €64,916
- Gross operating margin +€7,877
up €7,877 (+6.3%), from €125,459 to €133,336
- Financial income +€3,117
up €3,117 (+310%), from €1,006 to €4,123
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
€47,050
Gross operating margin
+€7,877
Depreciation
-€15,302
Other operating charges
+€674
Financial income
+€3,117
Financial charges
+€524
Taxes
+€1,008
Result 2025
€44,948
raises the resultlowers the result
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.
From operations
+€62,694
Investment
-€71,760
Financing
€0
Cash 2024
€351,986
From operations (derived)
+€62,694
Net result for the year
+€44,948
Depreciation
+€64,916
Receivables within one year
+€8,228
Deferred charges and accrued income
+€85
Provisions
-€4,333
Trade debts
+€2,572
Tax, wage and social debts
+€8,714
Other debts
-€63,532
Accrued charges and deferred income
+€1,095
Investment (derived)
-€71,760
Investment in fixed assets (net)
-€71,760
Cash 2025
€342,920
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,017,181 | €1,006,645 | -€10,536 | -1.0% |
| Fixed assets | 21/28 | €636,787 | €643,630 | +€6,844 | +1.1% |
| Tangible fixed assets | 22/27 | €636,787 | €643,630 | +€6,844 | +1.1% |
| Land and buildings | 22 | €503,338 | €476,144 | -€27,195 | -5.4% |
| Plant, machinery and equipment | 23 | €67,966 | €108,581 | +€40,615 | +59.8% |
| Furniture and vehicles | 24 | €65,482 | €55,545 | -€9,937 | -15.2% |
| Other tangible fixed assets | 26 | - | €3,360 | +€3,360 | |
| Current assets | 29/58 | €380,394 | €363,015 | -€17,380 | -4.6% |
| Amounts receivable within one year | 40/41 | €27,609 | €19,380 | -€8,228 | -29.8% |
| Trade receivables | 40 | €16,490 | €4,380 | -€12,109 | -73.4% |
| Other amounts receivable | 41 | €11,119 | €15,000 | +€3,881 | +34.9% |
| Cash at bank and in hand | 54/58 | €351,986 | €342,920 | -€9,066 | -2.6% |
| Deferred charges and accrued income | 490/1 | €800 | €714 | -€85 | -10.7% |
| Total equity and liabilities | 10/49 | €1,017,181 | €1,006,645 | -€10,536 | -1.0% |
| Equity | 10/15 | €660,312 | €705,259 | +€44,948 | +6.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €605,591 | €650,538 | +€44,948 | +7.4% |
| Tax-exempt reserves | 132 | €153,311 | €140,311 | -€13,000 | -8.5% |
| Distributable reserves | 133 | €452,279 | €510,227 | +€57,948 | +12.8% |
| Profit (loss) carried forward | 14 | €42,321 | €42,321 | = | 0.0% |
| Provisions and deferred taxes | 16 | €83,665 | €79,331 | -€4,333 | -5.2% |
| Deferred taxes | 168 | €83,665 | €79,331 | -€4,333 | -5.2% |
| Amounts payable | 17/49 | €273,205 | €222,055 | -€51,150 | -18.7% |
| Amounts payable within one year | 42/48 | €194,178 | €141,932 | -€52,245 | -26.9% |
| Trade debts | 44 | €81 | €2,653 | +€2,572 | +3,179% |
| Suppliers | 440/4 | €81 | €2,653 | +€2,572 | +3,179% |
| Taxes, remuneration and social security | 45 | €12,308 | €21,022 | +€8,714 | +70.8% |
| Taxes | 450/3 | €9,308 | €16,522 | +€7,214 | +77.5% |
| Remuneration and social security | 454/9 | €3,000 | €4,500 | +€1,500 | +50.0% |
| Other amounts payable | 47/48 | €181,789 | €118,257 | -€63,532 | -34.9% |
| Accrued charges and deferred income | 492/3 | €79,027 | €80,123 | +€1,095 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,614 | €64,916 | +€15,302 | +30.8% |
| Other operating charges | 640/8 | €1,818 | €1,144 | -€674 | -37.1% |
| Gross operating margin | 9900 | €125,459 | €133,336 | +€7,877 | +6.3% |
| Operating profit (loss) | 9901 | €74,027 | €67,276 | -€6,751 | -9.1% |
| Financial income | 75/76B | €1,006 | €4,123 | +€3,117 | +310% |
| Recurring financial income | 75 | €1,006 | €4,123 | +€3,117 | +310% |
| Financial charges | 65/66B | €3,706 | €3,182 | -€524 | -14.1% |
| Recurring financial charges | 65 | €3,706 | €3,182 | -€524 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €71,326 | €68,216 | -€3,111 | -4.4% |
| Transfer from deferred taxes | 780 | €4,333 | €4,333 | = | 0.0% |
| Income taxes | 67/77 | €28,610 | €27,601 | -€1,008 | -3.5% |
| Profit (loss) for the period | 9904 | €47,050 | €44,948 | -€2,103 | -4.5% |
| Transfer from tax-exempt reserves | 789 | €13,000 | €13,000 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,050 | €57,948 | -€2,103 | -3.5% |
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.