JONATHAN CHAZKAL: 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.
JONATHAN CHAZKAL
Largest movements
- Cash +€553,756
up €553,756 (+18.4%), from €3.0m to €3.6m
mainly Other debts (+€974,867) and Net result for the year (+€808,928)
- Receivables within one year +€123,402
up €123,402 (+68.5%), from €180,198 to €303,599
of which Other amounts receivable: +€126,289
- Other debts +€974,867
up €974,867 (+561.6%), from €173,578 to €1.1m
- Reserves -€280,481
down €280,481 (-7.8%), from €3.6m to €3.3m
- Gross operating margin +€226,226
up €226,226 (+22.6%), from €1.0m to €1.2m
- Financial charges +€98,062
up €98,062 (+2045.1%), from €4,795 to €102,857
- Taxes +€46,801
up €46,801 (+13.6%), from €344,434 to €391,235
- Financial income -€38,306
down €38,306 (-27.6%), from €138,676 to €100,370
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 | €4,213,524 | €4,914,555 | +€701,031 | +16.6% |
| Fixed assets | 21/28 | €269,698 | €261,807 | -€7,891 | -2.9% |
| Tangible fixed assets | 22/27 | €244,078 | €236,187 | -€7,891 | -3.2% |
| Land and buildings | 22 | €177,886 | €172,989 | -€4,897 | -2.8% |
| Plant, machinery and equipment | 23 | €22,395 | €23,784 | +€1,389 | +6.2% |
| Furniture and vehicles | 24 | €2,625 | €3,857 | +€1,231 | +46.9% |
| Other tangible fixed assets | 26 | €41,171 | €35,557 | -€5,614 | -13.6% |
| Financial fixed assets | 28 | €25,620 | €25,620 | = | 0.0% |
| Current assets | 29/58 | €3,943,826 | €4,652,748 | +€708,922 | +18.0% |
| Amounts receivable after more than one year | 29 | €725,381 | €758,748 | +€33,368 | +4.6% |
| Other amounts receivable | 291 | €725,381 | €758,748 | +€33,368 | +4.6% |
| Amounts receivable within one year | 40/41 | €180,198 | €303,599 | +€123,402 | +68.5% |
| Trade receivables | 40 | €6,332 | €3,445 | -€2,887 | -45.6% |
| Other amounts receivable | 41 | €173,865 | €300,154 | +€126,289 | +72.6% |
| Cash at bank and in hand | 54/58 | €3,003,401 | €3,557,157 | +€553,756 | +18.4% |
| Deferred charges and accrued income | 490/1 | €34,847 | €33,243 | -€1,604 | -4.6% |
| Total equity and liabilities | 10/49 | €4,213,524 | €4,914,555 | +€701,031 | +16.6% |
| Equity | 10/15 | €3,615,724 | €3,316,486 | -€299,238 | -8.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,603,324 | €3,322,843 | -€280,481 | -7.8% |
| Distributable reserves | 133 | €3,603,324 | €3,322,843 | -€280,481 | -7.8% |
| Profit (loss) carried forward | 14 | - | -€18,758 | -€18,758 | |
| Amounts payable | 17/49 | €597,800 | €1,598,069 | +€1.0m | +167.3% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 175 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €485,674 | €1,473,240 | +€987,565 | +203.3% |
| Current portion of amounts payable after more than one year | 42 | €31,111 | €31,111 | = | 0.0% |
| Trade debts | 44 | €4,859 | €7,118 | +€2,259 | +46.5% |
| Suppliers | 440/4 | €4,859 | €7,118 | +€2,259 | +46.5% |
| Taxes, remuneration and social security | 45 | €276,126 | €286,565 | +€10,439 | +3.8% |
| Taxes | 450/3 | €273,225 | €284,466 | +€11,241 | +4.1% |
| Remuneration and social security | 454/9 | €2,901 | €2,099 | -€802 | -27.6% |
| Other amounts payable | 47/48 | €173,578 | €1,148,445 | +€974,867 | +561.6% |
| Accrued charges and deferred income | 492/3 | €12,125 | €24,829 | +€12,704 | +104.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,502 | €20,933 | -€3,569 | -14.6% |
| Other operating charges | 640/8 | €3,135 | €3,643 | +€508 | +16.2% |
| Gross operating margin | 9900 | €1,001,001 | €1,227,226 | +€226,226 | +22.6% |
| Operating profit (loss) | 9901 | €973,363 | €1,202,650 | +€229,287 | +23.6% |
| Financial income | 75/76B | €138,676 | €100,370 | -€38,306 | -27.6% |
| Recurring financial income | 75 | €138,676 | €100,370 | -€38,306 | -27.6% |
| Financial charges | 65/66B | €4,795 | €102,857 | +€98,062 | +2045.1% |
| Recurring financial charges | 65 | €4,795 | €102,857 | +€98,062 | +2045.1% |
| Profit (loss) for the period before taxes | 9903 | €1,107,245 | €1,200,163 | +€92,919 | +8.4% |
| Income taxes | 67/77 | €344,434 | €391,235 | +€46,801 | +13.6% |
| Profit (loss) for the period | 9904 | €762,810 | €808,928 | +€46,118 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €762,810 | €808,928 | +€46,118 | +6.0% |
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 12 October 2026 via checked.be.