JOHAN MUSEEUW: what changed
JOHAN MUSEEUW
Largest movements
- Receivables within one year -€47,771
down €47,771 (-26.6%), from €179,793 to €132,022
of which Other amounts receivable: -€31,957
- Cash +€28,955
up €28,955 (+536%), from €5,403 to €34,358
mainly Receivables within one year (+€47,771) and Depreciation (+€16,567)
- Tangible fixed assets -€15,280
down €15,280 (-12.9%), from €118,689 to €103,409
of which Other tangible fixed assets: -€14,619
- Profit (loss) carried forward -€26,927
down €26,927 (-24.9%), from -€108,280 to -€135,207
- Provisions -€5,000
down €5,000 (-100%), from €5,000 to €0
- Debts after one year -€3,420
down €3,420 (-2.6%), from €131,120 to €127,700
- Other debts +€3,261
up €3,261 (+1.3%), from €247,423 to €250,685
- Other operating charges +€27,439
up €27,439 (+615%), from €4,464 to €31,903
- Provisions -€5,000
new in 2025: -€5,000
- Gross operating margin -€1,945
down €1,945 (-10.1%), from €19,283 to €17,338
- Taxes -€1,546
down €1,546 (-91.7%), from €1,685 to €140
- Depreciation +€571
up €571 (+3.6%), from €15,996 to €16,567
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €305,410 | €271,314 | -€34,096 | -11.2% |
| Fixed assets | 21/28 | €120,214 | €104,934 | -€15,280 | -12.7% |
| Tangible fixed assets | 22/27 | €118,689 | €103,409 | -€15,280 | -12.9% |
| Plant, machinery and equipment | 23 | €140 | €0 | -€140 | -100% |
| Furniture and vehicles | 24 | €3,693 | €3,172 | -€521 | -14.1% |
| Other tangible fixed assets | 26 | €114,856 | €100,237 | -€14,619 | -12.7% |
| Financial fixed assets | 28 | €1,525 | €1,525 | = | 0.0% |
| Current assets | 29/58 | €185,196 | €166,380 | -€18,816 | -10.2% |
| Amounts receivable within one year | 40/41 | €179,793 | €132,022 | -€47,771 | -26.6% |
| Trade receivables | 40 | €25,836 | €10,022 | -€15,814 | -61.2% |
| Other amounts receivable | 41 | €153,957 | €122,000 | -€31,957 | -20.8% |
| Cash at bank and in hand | 54/58 | €5,403 | €34,358 | +€28,955 | +536% |
| Total equity and liabilities | 10/49 | €305,410 | €271,314 | -€34,096 | -11.2% |
| Equity | 10/15 | -€89,680 | -€116,607 | -€26,927 | -30.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,280 | -€135,207 | -€26,927 | -24.9% |
| Provisions and deferred taxes | 16 | €5,000 | €0 | -€5,000 | -100% |
| Provisions for liabilities and charges | 160/5 | €5,000 | €0 | -€5,000 | -100% |
| Other liabilities and charges | 164/5 | €5,000 | €0 | -€5,000 | -100% |
| Amounts payable | 17/49 | €390,090 | €387,922 | -€2,169 | -0.6% |
| Amounts payable after more than one year | 17 | €131,120 | €127,700 | -€3,420 | -2.6% |
| Financial debts | 170/4 | €131,120 | €127,700 | -€3,420 | -2.6% |
| Amounts payable within one year | 42/48 | €258,970 | €260,222 | +€1,251 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €3,253 | €3,420 | +€167 | +5.1% |
| Trade debts | 44 | €6,178 | €3,855 | -€2,323 | -37.6% |
| Suppliers | 440/4 | €6,178 | €3,855 | -€2,323 | -37.6% |
| Taxes, remuneration and social security | 45 | €2,116 | €2,262 | +€145 | +6.9% |
| Taxes | 450/3 | €2,116 | €2,262 | +€145 | +6.9% |
| Other amounts payable | 47/48 | €247,423 | €250,685 | +€3,261 | +1.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,996 | €16,567 | +€571 | +3.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€5,000 | -€5,000 | |
| Other operating charges | 640/8 | €4,464 | €31,903 | +€27,439 | +615% |
| Gross operating margin | 9900 | €19,283 | €17,338 | -€1,945 | -10.1% |
| Operating profit (loss) | 9901 | -€1,177 | -€26,132 | -€24,955 | -2,119% |
| Financial income | 75/76B | €18 | €0 | -€18 | -100% |
| Recurring financial income | 75 | €18 | €0 | -€18 | -100% |
| Financial charges | 65/66B | €965 | €656 | -€309 | -32.0% |
| Recurring financial charges | 65 | €965 | €656 | -€309 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,124 | -€26,788 | -€24,663 | -1,161% |
| Income taxes | 67/77 | €1,685 | €140 | -€1,546 | -91.7% |
| Profit (loss) for the period | 9904 | -€3,810 | -€26,927 | -€23,118 | -607% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,810 | -€26,927 | -€23,118 | -607% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.