JOHAN SLEEBUS: 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 SLEEBUS
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+46.6%), from €2.6m to €3.9m
of which Assets under construction and advance payments: +€967,308
- Cash -€962,895
down €962,895 (-79.3%), from €1.2m to €250,927
mainly Investment in fixed assets (net) (-€1.4m) and Other debts (-€114,045)
- Debts after one year +€366,140
up €366,140 (+50.4%), from €726,627 to €1.1m
- Other debts -€114,045
down €114,045 (-77.0%), from €148,023 to €33,978
- Trade debts +€72,221
up €72,221 (+1166.2%), from €6,193 to €78,414
- Financial income -€1.1m
down €1.1m (-99.2%), from €1.1m to €8,970
- Taxes -€378,784
down €378,784 (-97.8%), from €387,313 to €8,529
- Gross operating margin -€67,863
down €67,863 (-21.3%), from €318,448 to €250,586
- Depreciation +€14,893
up €14,893 (+11.8%), from €126,507 to €141,400
- Financial charges -€9,130
down €9,130 (-9.6%), from €94,968 to €85,837
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,708,839 | €6,017,446 | +€308,607 | +5.4% |
| Fixed assets | 21/28 | €4,009,917 | €5,243,327 | +€1.2m | +30.8% |
| Tangible fixed assets | 22/27 | €2,648,178 | €3,881,588 | +€1.2m | +46.6% |
| Land and buildings | 22 | €2,207,457 | €2,509,615 | +€302,158 | +13.7% |
| Plant, machinery and equipment | 23 | €1,509 | €1,125 | -€384 | -25.5% |
| Furniture and vehicles | 24 | €291,445 | €249,917 | -€41,528 | -14.2% |
| Other tangible fixed assets | 26 | €27,915 | €33,772 | +€5,857 | +21.0% |
| Assets under construction and advance payments | 27 | €119,852 | €1,087,160 | +€967,308 | +807.1% |
| Financial fixed assets | 28 | €1,361,739 | €1,361,739 | = | 0.0% |
| Current assets | 29/58 | €1,698,922 | €774,119 | -€924,803 | -54.4% |
| Amounts receivable within one year | 40/41 | €473,346 | €508,933 | +€35,588 | +7.5% |
| Trade receivables | 40 | €172,502 | €192,260 | +€19,758 | +11.5% |
| Other amounts receivable | 41 | €300,844 | €316,674 | +€15,830 | +5.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,213,822 | €250,927 | -€962,895 | -79.3% |
| Deferred charges and accrued income | 490/1 | €11,754 | €14,259 | +€2,505 | +21.3% |
| Total equity and liabilities | 10/49 | €5,708,839 | €6,017,446 | +€308,607 | +5.4% |
| Equity | 10/15 | €4,352,521 | €4,364,198 | +€11,677 | +0.3% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €4,093,836 | €4,105,513 | +€11,677 | +0.3% |
| Distributable reserves | 133 | €4,093,836 | €4,105,513 | +€11,677 | +0.3% |
| Profit (loss) carried forward | 14 | €8,685 | €8,685 | = | 0.0% |
| Provisions and deferred taxes | 16 | €36,628 | €35,788 | -€839 | -2.3% |
| Provisions for liabilities and charges | 160/5 | €36,628 | €35,788 | -€839 | -2.3% |
| Other liabilities and charges | 164/5 | €36,628 | €35,788 | -€839 | -2.3% |
| Amounts payable | 17/49 | €1,319,690 | €1,617,460 | +€297,770 | +22.6% |
| Amounts payable after more than one year | 17 | €726,627 | €1,092,767 | +€366,140 | +50.4% |
| Financial debts | 170/4 | €726,627 | €1,092,767 | +€366,140 | +50.4% |
| Amounts payable within one year | 42/48 | €579,062 | €517,742 | -€61,320 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €190,443 | €173,454 | -€16,989 | -8.9% |
| Financial debts | 43 | €213,519 | €193,716 | -€19,802 | -9.3% |
| Credit institutions | 430/8 | €213,519 | €193,716 | -€19,802 | -9.3% |
| Trade debts | 44 | €6,193 | €78,414 | +€72,221 | +1166.2% |
| Suppliers | 440/4 | €6,193 | €78,414 | +€72,221 | +1166.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €20,885 | €38,179 | +€17,295 | +82.8% |
| Taxes | 450/3 | €20,885 | €38,179 | +€17,295 | +82.8% |
| Other amounts payable | 47/48 | €148,023 | €33,978 | -€114,045 | -77.0% |
| Accrued charges and deferred income | 492/3 | €14,001 | €6,951 | -€7,050 | -50.4% |
| Non-recurring operating income | 76A | €27,000 | €0 | -€27,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,507 | €141,400 | +€14,893 | +11.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €7,071 | -€839 | -€7,911 | |
| Other operating charges | 640/8 | €9,700 | €12,952 | +€3,252 | +33.5% |
| Gross operating margin | 9900 | €318,448 | €250,586 | -€67,863 | -21.3% |
| Operating profit (loss) | 9901 | €175,170 | €97,073 | -€78,097 | -44.6% |
| Financial income | 75/76B | €1,117,162 | €8,970 | -€1.1m | -99.2% |
| Recurring financial income | 75 | €1,117,162 | €8,970 | -€1.1m | -99.2% |
| Financial charges | 65/66B | €94,968 | €85,837 | -€9,130 | -9.6% |
| Recurring financial charges | 65 | €94,968 | €85,837 | -€9,130 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €1,197,365 | €20,205 | -€1.2m | -98.3% |
| Income taxes | 67/77 | €387,313 | €8,529 | -€378,784 | -97.8% |
| Profit (loss) for the period | 9904 | €810,052 | €11,677 | -€798,375 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €810,052 | €11,677 | -€798,375 | -98.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.