Joris Schuerwegen: 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 Schuerwegen
Largest movements
- Tangible fixed assets +€61,614
up €61,614 (+9.4%), from €653,446 to €715,060
of which Land and buildings: +€69,312
- Cash -€18,619
down €18,619 (-36.6%), from €50,896 to €32,277
mainly Investment in fixed assets (net) (-€86,056) and Accrued charges and deferred income (-€10,464)
- Debts after one year +€29,019
up €29,019 (+4.6%), from €637,473 to €666,492
- Current portion of long-term debt +€16,218
up €16,218 (+83.6%), from €19,410 to €35,628
- Trade debts +€13,156
up €13,156 (+704%), from €1,869 to €15,025
- Accrued charges and deferred income -€10,464
no longer reported in 2025 (was €10,464)
- Gross operating margin +€27,118
up €27,118 (+113%), from €24,043 to €51,161
- Depreciation +€10,099
up €10,099 (+58.2%), from €17,343 to €27,442
- Financial charges +€9,266
up €9,266 (+70.5%), from €13,138 to €22,404
- Financial income -€831
down €831 (-99.7%), from €833 to €3
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 | €710,066 | €755,154 | +€45,088 | +6.3% |
| Fixed assets | 21/28 | €656,446 | €715,060 | +€58,614 | +8.9% |
| Tangible fixed assets | 22/27 | €653,446 | €715,060 | +€61,614 | +9.4% |
| Land and buildings | 22 | €604,404 | €673,716 | +€69,312 | +11.5% |
| Plant, machinery and equipment | 23 | €18,108 | €16,271 | -€1,837 | -10.1% |
| Other tangible fixed assets | 26 | €30,935 | €25,074 | -€5,861 | -18.9% |
| Financial fixed assets | 28 | €3,000 | - | -€3,000 | |
| Current assets | 29/58 | €53,619 | €40,094 | -€13,526 | -25.2% |
| Amounts receivable within one year | 40/41 | - | €932 | +€932 | |
| Other amounts receivable | 41 | - | €932 | +€932 | |
| Cash at bank and in hand | 54/58 | €50,896 | €32,277 | -€18,619 | -36.6% |
| Deferred charges and accrued income | 490/1 | €2,723 | €6,885 | +€4,162 | +153% |
| Total equity and liabilities | 10/49 | €710,066 | €755,154 | +€45,088 | +6.3% |
| Equity | 10/15 | €32,156 | €32,768 | +€612 | +1.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €32,435 | €32,435 | = | 0.0% |
| Distributable reserves | 133 | €32,435 | €32,435 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,279 | -€5,667 | +€612 | +9.8% |
| Amounts payable | 17/49 | €677,910 | €722,386 | +€44,476 | +6.6% |
| Amounts payable after more than one year | 17 | €637,473 | €666,492 | +€29,019 | +4.6% |
| Financial debts | 170/4 | €637,473 | €666,492 | +€29,019 | +4.6% |
| Amounts payable within one year | 42/48 | €29,973 | €55,893 | +€25,920 | +86.5% |
| Current portion of amounts payable after more than one year | 42 | €19,410 | €35,628 | +€16,218 | +83.6% |
| Trade debts | 44 | €1,869 | €15,025 | +€13,156 | +704% |
| Suppliers | 440/4 | €1,869 | €15,025 | +€13,156 | +704% |
| Taxes, remuneration and social security | 45 | €8,480 | €5,240 | -€3,240 | -38.2% |
| Taxes | 450/3 | €6,480 | €3,240 | -€3,240 | -50.0% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €215 | - | -€215 | |
| Accrued charges and deferred income | 492/3 | €10,464 | - | -€10,464 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,343 | €27,442 | +€10,099 | +58.2% |
| Other operating charges | 640/8 | €675 | €705 | +€31 | +4.6% |
| Gross operating margin | 9900 | €24,043 | €51,161 | +€27,118 | +113% |
| Operating profit (loss) | 9901 | €6,025 | €23,014 | +€16,989 | +282% |
| Financial income | 75/76B | €833 | €3 | -€831 | -99.7% |
| Recurring financial income | 75 | €833 | €3 | -€831 | -99.7% |
| Financial charges | 65/66B | €13,138 | €22,404 | +€9,266 | +70.5% |
| Recurring financial charges | 65 | €13,138 | €22,404 | +€9,266 | +70.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,279 | €612 | +€6,892 | |
| Profit (loss) for the period | 9904 | -€6,279 | €612 | +€6,892 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,279 | €612 | +€6,892 |
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 22 October 2026 via checked.be.