Joris Palmans: 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.
Joris Palmans
Largest movements
- Cash -€68,904
down €68,904 (-65.8%), from €104,767 to €35,863
mainly Other debts (-€111,157) and Contributions, distributions and other (-€110,500)
- Receivables within one year -€32,669
down €32,669 (-45.9%), from €71,131 to €38,462
of which Trade receivables: -€32,474
- Tangible fixed assets -€15,472
down €15,472 (-72.4%), from €21,379 to €5,907
of which Leasing and similar rights: -€13,774
- Other debts -€111,157
down €111,157 (-78.2%), from €142,135 to €30,978
- Current portion of long-term debt -€10,671
no longer reported in 2025 (was €10,671)
- Tax, wage and social debts +€6,632
up €6,632 (+25.8%), from €25,701 to €32,332
- Debts after one year -€3,428
no longer reported in 2025 (was €3,428)
- Gross operating margin +€39,464
up €39,464 (+36.5%), from €108,086 to €147,551
- Taxes +€12,381
up €12,381 (+58.8%), from €21,067 to €33,448
- Depreciation -€10,185
down €10,185 (-85.7%), from €11,883 to €1,698
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 | €197,545 | €80,364 | -€117,180 | -59.3% |
| Fixed assets | 21/28 | €21,379 | €5,907 | -€15,472 | -72.4% |
| Tangible fixed assets | 22/27 | €21,379 | €5,907 | -€15,472 | -72.4% |
| Plant, machinery and equipment | 23 | €1,313 | €1,154 | -€160 | -12.2% |
| Furniture and vehicles | 24 | €1,370 | €361 | -€1,009 | -73.7% |
| Leasing and similar rights | 25 | €13,774 | - | -€13,774 | |
| Other tangible fixed assets | 26 | €4,922 | €4,392 | -€530 | -10.8% |
| Current assets | 29/58 | €176,165 | €74,457 | -€101,708 | -57.7% |
| Amounts receivable within one year | 40/41 | €71,131 | €38,462 | -€32,669 | -45.9% |
| Trade receivables | 40 | €70,916 | €38,442 | -€32,474 | -45.8% |
| Other amounts receivable | 41 | €214 | €20 | -€195 | -90.9% |
| Cash at bank and in hand | 54/58 | €104,767 | €35,863 | -€68,904 | -65.8% |
| Deferred charges and accrued income | 490/1 | €268 | €133 | -€135 | -50.3% |
| Total equity and liabilities | 10/49 | €197,545 | €80,364 | -€117,180 | -59.3% |
| Equity | 10/15 | €15,200 | €15,128 | -€72 | -0.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €200 | €128 | -€72 | -36.0% |
| Amounts payable | 17/49 | €182,345 | €65,237 | -€117,108 | -64.2% |
| Amounts payable after more than one year | 17 | €3,428 | - | -€3,428 | |
| Financial debts | 170/4 | €3,428 | - | -€3,428 | |
| Amounts payable within one year | 42/48 | €178,507 | €65,237 | -€113,270 | -63.5% |
| Current portion of amounts payable after more than one year | 42 | €10,671 | - | -€10,671 | |
| Trade debts | 44 | - | €1,926 | +€1,926 | |
| Suppliers | 440/4 | - | €1,926 | +€1,926 | |
| Taxes, remuneration and social security | 45 | €25,701 | €32,332 | +€6,632 | +25.8% |
| Taxes | 450/3 | €25,701 | €32,332 | +€6,632 | +25.8% |
| Other amounts payable | 47/48 | €142,135 | €30,978 | -€111,157 | -78.2% |
| Accrued charges and deferred income | 492/3 | €410 | - | -€410 | |
| Non-recurring operating income | 76A | - | €29,062 | +€29,062 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,883 | €1,698 | -€10,185 | -85.7% |
| Other operating charges | 640/8 | €2,180 | €1,834 | -€345 | -15.8% |
| Gross operating margin | 9900 | €108,086 | €147,551 | +€39,464 | +36.5% |
| Operating profit (loss) | 9901 | €94,024 | €144,018 | +€49,994 | +53.2% |
| Financial income | 75/76B | €0 | €2 | +€2 | +8,200% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +8,200% |
| Financial charges | 65/66B | €372 | €144 | -€229 | -61.4% |
| Recurring financial charges | 65 | €372 | €144 | -€229 | -61.4% |
| Profit (loss) for the period before taxes | 9903 | €93,651 | €143,876 | +€50,225 | +53.6% |
| Income taxes | 67/77 | €21,067 | €33,448 | +€12,381 | +58.8% |
| Profit (loss) for the period | 9904 | €72,584 | €110,428 | +€37,844 | +52.1% |
| Profit (loss) for the period to be appropriated | 9905 | €72,584 | €110,428 | +€37,844 | +52.1% |
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 28 October 2026 via checked.be.