Jonas Dhollander: 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.
Jonas Dhollander
Largest movements
- Receivables within one year +€157,724
up €157,724 (+506%), from €31,163 to €188,887
of which Trade receivables: +€157,571
- Current investments -€150,000
down €150,000 (-100%), from €150,000 to €0
- Cash +€136,301
up €136,301 (+136%), from €99,858 to €236,160
mainly Net result for the year (+€164,565) and Current investments (+€150,000)
- Tangible fixed assets +€7,014
up €7,014 (+5.5%), from €127,568 to €134,583
of which Furniture and vehicles: +€20,090
- Reserves +€163,732
up €163,732 (+53.8%), from €304,100 to €467,832
- Current portion of long-term debt -€25,605
down €25,605 (-91.5%), from €27,993 to €2,388
- Tax, wage and social debts +€16,303
up €16,303 (+48.9%), from €33,370 to €49,673
of which Taxes: +€16,898
- Trade debts +€15,669
up €15,669 (+105%), from €14,902 to €30,571
- Short-term financial debts -€10,074
down €10,074 (-57.1%), from €17,656 to €7,582
- Gross operating margin +€99,369
up €99,369 (+42.6%), from €233,167 to €332,536
- Staff costs +€23,833
up €23,833 (+97.3%), from €24,502 to €48,335
- Taxes +€23,505
up €23,505 (+49.2%), from €47,778 to €71,283
- Depreciation +€3,719
up €3,719 (+9.8%), from €37,797 to €41,516
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 | €412,998 | €567,329 | +€154,331 | +37.4% |
| Fixed assets | 21/28 | €129,715 | €136,296 | +€6,581 | +5.1% |
| Intangible fixed assets | 21 | €2,131 | €1,698 | -€434 | -20.3% |
| Tangible fixed assets | 22/27 | €127,568 | €134,583 | +€7,014 | +5.5% |
| Plant, machinery and equipment | 23 | €40,485 | €27,409 | -€13,076 | -32.3% |
| Furniture and vehicles | 24 | €87,083 | €107,173 | +€20,090 | +23.1% |
| Financial fixed assets | 28 | €15 | €15 | = | 0.0% |
| Current assets | 29/58 | €283,283 | €431,033 | +€147,750 | +52.2% |
| Amounts receivable within one year | 40/41 | €31,163 | €188,887 | +€157,724 | +506% |
| Trade receivables | 40 | €27,662 | €185,233 | +€157,571 | +570% |
| Other amounts receivable | 41 | €3,501 | €3,653 | +€152 | +4.3% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100% |
| Cash at bank and in hand | 54/58 | €99,858 | €236,160 | +€136,301 | +136% |
| Deferred charges and accrued income | 490/1 | €2,262 | €5,987 | +€3,725 | +165% |
| Total equity and liabilities | 10/49 | €412,998 | €567,329 | +€154,331 | +37.4% |
| Equity | 10/15 | €309,100 | €472,832 | +€163,732 | +53.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €304,100 | €467,832 | +€163,732 | +53.8% |
| Distributable reserves | 133 | €304,100 | €467,832 | +€163,732 | +53.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €103,898 | €94,497 | -€9,401 | -9.0% |
| Amounts payable after more than one year | 17 | €2,388 | €0 | -€2,388 | -100% |
| Financial debts | 170/4 | €2,388 | €0 | -€2,388 | -100% |
| Amounts payable within one year | 42/48 | €99,110 | €94,291 | -€4,820 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €27,993 | €2,388 | -€25,605 | -91.5% |
| Financial debts | 43 | €17,656 | €7,582 | -€10,074 | -57.1% |
| Credit institutions | 430/8 | €17,656 | €7,582 | -€10,074 | -57.1% |
| Trade debts | 44 | €14,902 | €30,571 | +€15,669 | +105% |
| Suppliers | 440/4 | €14,902 | €30,571 | +€15,669 | +105% |
| Taxes, remuneration and social security | 45 | €33,370 | €49,673 | +€16,303 | +48.9% |
| Taxes | 450/3 | €26,863 | €43,760 | +€16,898 | +62.9% |
| Remuneration and social security | 454/9 | €6,507 | €5,912 | -€595 | -9.1% |
| Other amounts payable | 47/48 | €5,190 | €4,077 | -€1,113 | -21.4% |
| Accrued charges and deferred income | 492/3 | €2,400 | €206 | -€2,194 | -91.4% |
| Remuneration, social security and pensions | 62 | €24,502 | €48,335 | +€23,833 | +97.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,797 | €41,516 | +€3,719 | +9.8% |
| Other operating charges | 640/8 | €4,948 | €7,631 | +€2,682 | +54.2% |
| Non-recurring operating charges | 66A | €250 | €250 | = | 0.0% |
| Gross operating margin | 9900 | €233,167 | €332,536 | +€99,369 | +42.6% |
| Operating profit (loss) | 9901 | €165,670 | €234,805 | +€69,134 | +41.7% |
| Financial income | 75/76B | €1,061 | €2,856 | +€1,795 | +169% |
| Recurring financial income | 75 | €1,061 | €2,856 | +€1,795 | +169% |
| Financial charges | 65/66B | €2,466 | €1,813 | -€653 | -26.5% |
| Recurring financial charges | 65 | €2,466 | €1,813 | -€653 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €164,265 | €235,848 | +€71,583 | +43.6% |
| Income taxes | 67/77 | €47,778 | €71,283 | +€23,505 | +49.2% |
| Profit (loss) for the period | 9904 | €116,487 | €164,565 | +€48,078 | +41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €116,487 | €164,565 | +€48,078 | +41.3% |
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 25 October 2026 via checked.be.