JOS. SCHIFFER: 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.
JOS. SCHIFFER
Largest movements
- Cash -€71,310
down €71,310 (-54.1%), from €131,786 to €60,476
mainly Investment in fixed assets (net) (-€65,366) and Short-term financial debts (-€30,000)
- Receivables within one year +€20,843
up €20,843 (+47.7%), from €43,728 to €64,570
of which Trade receivables: +€25,380
- Tangible fixed assets +€14,101
up €14,101 (+6.3%), from €224,852 to €238,954
of which Furniture and vehicles: +€17,797
- Short-term financial debts -€30,000
down €30,000 (-13.6%), from €220,000 to €190,000
- Trade debts -€19,448
down €19,448 (-85.9%), from €22,628 to €3,180
- Reserves +€18,675
up €18,675 (+9.3%), from €200,266 to €218,941
of which Distributable reserves: +€18,675
- Other debts -€13,437
down €13,437 (-37.3%), from €36,002 to €22,565
- Gross operating margin +€26,844
up €26,844 (+9.1%), from €296,505 to €323,349
- Depreciation -€18,481
down €18,481 (-26.5%), from €69,746 to €51,265
- Staff costs +€11,655
up €11,655 (+6.3%), from €185,009 to €196,663
- Financial charges -€4,852
down €4,852 (-24.1%), from €20,160 to €15,308
- Taxes +€4,615
up €4,615 (+72.0%), from €6,412 to €11,027
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 | €914,651 | €872,381 | -€42,270 | -4.6% |
| Fixed assets | 21/28 | €224,852 | €238,954 | +€14,101 | +6.3% |
| Tangible fixed assets | 22/27 | €224,852 | €238,954 | +€14,101 | +6.3% |
| Land and buildings | 22 | €125,734 | €115,539 | -€10,195 | -8.1% |
| Plant, machinery and equipment | 23 | €59,905 | €70,256 | +€10,351 | +17.3% |
| Furniture and vehicles | 24 | €35,362 | €53,159 | +€17,797 | +50.3% |
| Leasing and similar rights | 25 | €3,852 | - | -€3,852 | |
| Current assets | 29/58 | €689,799 | €633,427 | -€56,371 | -8.2% |
| Stocks and contracts in progress | 3 | €511,734 | €503,654 | -€8,079 | -1.6% |
| Stocks | 30/36 | €505,154 | €498,440 | -€6,715 | -1.3% |
| Contracts in progress | 37 | €6,579 | €5,215 | -€1,365 | -20.7% |
| Amounts receivable within one year | 40/41 | €43,728 | €64,570 | +€20,843 | +47.7% |
| Trade receivables | 40 | €39,020 | €64,400 | +€25,380 | +65.0% |
| Other amounts receivable | 41 | €4,707 | €170 | -€4,537 | -96.4% |
| Cash at bank and in hand | 54/58 | €131,786 | €60,476 | -€71,310 | -54.1% |
| Deferred charges and accrued income | 490/1 | €2,551 | €4,727 | +€2,176 | +85.3% |
| Total equity and liabilities | 10/49 | €914,651 | €872,381 | -€42,270 | -4.6% |
| Equity | 10/15 | €576,809 | €590,674 | +€13,865 | +2.4% |
| Contributions | 10/11 | €38,000 | €38,000 | = | 0.0% |
| Reserves | 13 | €200,266 | €218,941 | +€18,675 | +9.3% |
| Non-distributable reserves | 130/1 | €3,800 | €3,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,800 | €3,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €54,471 | €54,471 | = | 0.0% |
| Distributable reserves | 133 | €141,995 | €160,670 | +€18,675 | +13.2% |
| Profit (loss) carried forward | 14 | €328,470 | €328,470 | = | 0.0% |
| Investment grants | 15 | €10,074 | €5,264 | -€4,810 | -47.7% |
| Provisions and deferred taxes | 16 | €1,696 | €1,467 | -€229 | -13.5% |
| Deferred taxes | 168 | €1,696 | €1,467 | -€229 | -13.5% |
| Amounts payable | 17/49 | €336,145 | €280,239 | -€55,906 | -16.6% |
| Amounts payable after more than one year | 17 | €13,028 | €18,557 | +€5,528 | +42.4% |
| Financial debts | 170/4 | €13,028 | €18,557 | +€5,528 | +42.4% |
| Amounts payable within one year | 42/48 | €320,676 | €259,982 | -€60,694 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €25,125 | €22,231 | -€2,895 | -11.5% |
| Financial debts | 43 | €220,000 | €190,000 | -€30,000 | -13.6% |
| Credit institutions | 430/8 | €220,000 | €190,000 | -€30,000 | -13.6% |
| Trade debts | 44 | €22,628 | €3,180 | -€19,448 | -85.9% |
| Suppliers | 440/4 | €22,628 | €3,180 | -€19,448 | -85.9% |
| Taxes, remuneration and social security | 45 | €16,920 | €22,006 | +€5,086 | +30.1% |
| Taxes | 450/3 | €5,632 | €13,710 | +€8,078 | +143% |
| Remuneration and social security | 454/9 | €11,288 | €8,296 | -€2,992 | -26.5% |
| Other amounts payable | 47/48 | €36,002 | €22,565 | -€13,437 | -37.3% |
| Accrued charges and deferred income | 492/3 | €2,441 | €1,700 | -€740 | -30.3% |
| Remuneration, social security and pensions | 62 | €185,009 | €196,663 | +€11,655 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,746 | €51,265 | -€18,481 | -26.5% |
| Other operating charges | 640/8 | €11,023 | €14,454 | +€3,431 | +31.1% |
| Gross operating margin | 9900 | €296,505 | €323,349 | +€26,844 | +9.1% |
| Operating profit (loss) | 9901 | €30,728 | €60,968 | +€30,239 | +98.4% |
| Financial income | 75/76B | €10,522 | €7,566 | -€2,955 | -28.1% |
| Recurring financial income | 75 | €10,522 | €7,566 | -€2,955 | -28.1% |
| Financial charges | 65/66B | €20,160 | €15,308 | -€4,852 | -24.1% |
| Recurring financial charges | 65 | €20,160 | €15,308 | -€4,852 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €21,090 | €53,226 | +€32,136 | +152% |
| Transfer from deferred taxes | 780 | €268 | €229 | -€38 | -14.4% |
| Income taxes | 67/77 | €6,412 | €11,027 | +€4,615 | +72.0% |
| Profit (loss) for the period | 9904 | €14,946 | €42,428 | +€27,482 | +184% |
| Profit (loss) for the period to be appropriated | 9905 | €14,946 | €42,428 | +€27,482 | +184% |
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.