JONATHAN DESMEDT: 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 DESMEDT
Largest movements
- Current investments -€50,000
down €50,000 (-50.0%), from €100,000 to €50,000
- Tangible fixed assets -€27,541
down €27,541 (-4.7%), from €588,065 to €560,524
of which Land and buildings: -€14,792
- Debts after one year -€44,395
down €44,395 (-14.7%), from €302,145 to €257,749
- Reserves -€17,808
down €17,808 (-25.8%), from €69,032 to €51,224
- Other debts -€12,284
down €12,284 (-50.0%), from €24,564 to €12,280
- Gross operating margin +€2,784
up €2,784 (+11.9%), from €23,407 to €26,191
- Financial income -€1,998
down €1,998 (-39.1%), from €5,111 to €3,113
- Financial charges -€1,735
down €1,735 (-12.9%), from €13,499 to €11,764
- Depreciation -€1,452
down €1,452 (-4.9%), from €29,742 to €28,290
- Other operating charges -€639
down €639 (-8.3%), from €7,697 to €7,058
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 | €703,547 | €631,249 | -€72,298 | -10.3% |
| Fixed assets | 21/28 | €588,624 | €561,084 | -€27,541 | -4.7% |
| Tangible fixed assets | 22/27 | €588,065 | €560,524 | -€27,541 | -4.7% |
| Land and buildings | 22 | €477,269 | €462,477 | -€14,792 | -3.1% |
| Furniture and vehicles | 24 | €108,100 | €95,890 | -€12,211 | -11.3% |
| Other tangible fixed assets | 26 | €2,695 | €2,157 | -€538 | -20.0% |
| Financial fixed assets | 28 | €559 | €559 | = | 0.0% |
| Current assets | 29/58 | €114,923 | €70,165 | -€44,758 | -38.9% |
| Amounts receivable within one year | 40/41 | €1,508 | €932 | -€576 | -38.2% |
| Other amounts receivable | 41 | €1,508 | €932 | -€576 | -38.2% |
| Current investments | 50/53 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €12,175 | €17,992 | +€5,817 | +47.8% |
| Deferred charges and accrued income | 490/1 | €1,240 | €1,241 | +€2 | +0.1% |
| Total equity and liabilities | 10/49 | €703,547 | €631,249 | -€72,298 | -10.3% |
| Equity | 10/15 | €334,032 | €316,224 | -€17,808 | -5.3% |
| Contributions | 10/11 | €265,000 | €265,000 | = | 0.0% |
| Reserves | 13 | €69,032 | €51,224 | -€17,808 | -25.8% |
| Distributable reserves | 133 | €69,032 | €51,224 | -€17,808 | -25.8% |
| Amounts payable | 17/49 | €369,515 | €315,024 | -€54,491 | -14.7% |
| Amounts payable after more than one year | 17 | €302,145 | €257,749 | -€44,395 | -14.7% |
| Financial debts | 170/4 | €302,145 | €257,749 | -€44,395 | -14.7% |
| Amounts payable within one year | 42/48 | €67,370 | €57,275 | -€10,095 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €42,752 | €44,395 | +€1,643 | +3.8% |
| Trade debts | 44 | €54 | €599 | +€545 | +1,011% |
| Suppliers | 440/4 | €54 | €599 | +€545 | +1,011% |
| Other amounts payable | 47/48 | €24,564 | €12,280 | -€12,284 | -50.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,742 | €28,290 | -€1,452 | -4.9% |
| Other operating charges | 640/8 | €7,697 | €7,058 | -€639 | -8.3% |
| Gross operating margin | 9900 | €23,407 | €26,191 | +€2,784 | +11.9% |
| Operating profit (loss) | 9901 | -€14,033 | -€9,157 | +€4,876 | +34.7% |
| Financial income | 75/76B | €5,111 | €3,113 | -€1,998 | -39.1% |
| Recurring financial income | 75 | €5,111 | €3,113 | -€1,998 | -39.1% |
| Financial charges | 65/66B | €13,499 | €11,764 | -€1,735 | -12.9% |
| Recurring financial charges | 65 | €13,499 | €11,764 | -€1,735 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | -€22,421 | -€17,808 | +€4,613 | +20.6% |
| Profit (loss) for the period | 9904 | -€22,421 | -€17,808 | +€4,613 | +20.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,421 | -€17,808 | +€4,613 | +20.6% |
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 17 October 2026 via checked.be.