Josée Hugo: 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.
Josée Hugo
Largest movements
- Cash -€37,744
down €37,744 (-92.9%), from €40,625 to €2,881
mainly Net result for the year (-€43,820) and Investment in fixed assets (net) (-€4,824)
- Receivables within one year -€4,527
down €4,527 (-57.7%), from €7,843 to €3,317
of which Other amounts receivable: -€5,376
- Tangible fixed assets +€2,887
up €2,887 (+51.0%), from €5,662 to €8,549
of which Other tangible fixed assets: +€4,214
- Stocks and contracts -€1,954
down €1,954 (-28.5%), from €6,865 to €4,910
- Deferred charges and accrued income +€933
up €933 (+121%), from €772 to €1,705
- Profit (loss) carried forward -€43,820
new in 2025: -€43,820
- Tax, wage and social debts +€2,687
up €2,687 (+29.7%), from €9,033 to €11,721
of which Remuneration and social security: +€2,132
- Trade debts +€1,600
up €1,600 (+15.0%), from €10,698 to €12,297
- Other debts -€872
down €872 (-4.5%), from €19,556 to €18,684
- Gross operating margin -€61,836
down €61,836 (-68.4%), from €90,436 to €28,599
- Staff costs +€12,506
up €12,506 (+21.9%), from €57,233 to €69,739
- Taxes -€8,532
no longer reported in 2025 (was €8,532)
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 | €71,817 | €31,412 | -€40,405 | -56.3% |
| Fixed assets | 21/28 | €15,712 | €18,599 | +€2,887 | +18.4% |
| Tangible fixed assets | 22/27 | €5,662 | €8,549 | +€2,887 | +51.0% |
| Plant, machinery and equipment | 23 | €5,662 | €4,335 | -€1,327 | -23.4% |
| Other tangible fixed assets | 26 | - | €4,214 | +€4,214 | |
| Financial fixed assets | 28 | €10,050 | €10,050 | = | 0.0% |
| Current assets | 29/58 | €56,105 | €12,813 | -€43,292 | -77.2% |
| Stocks and contracts in progress | 3 | €6,865 | €4,910 | -€1,954 | -28.5% |
| Stocks | 30/36 | €6,865 | €4,910 | -€1,954 | -28.5% |
| Amounts receivable within one year | 40/41 | €7,843 | €3,317 | -€4,527 | -57.7% |
| Trade receivables | 40 | €1,707 | €2,556 | +€849 | +49.7% |
| Other amounts receivable | 41 | €6,136 | €760 | -€5,376 | -87.6% |
| Cash at bank and in hand | 54/58 | €40,625 | €2,881 | -€37,744 | -92.9% |
| Deferred charges and accrued income | 490/1 | €772 | €1,705 | +€933 | +121% |
| Total equity and liabilities | 10/49 | €71,817 | €31,412 | -€40,405 | -56.3% |
| Equity | 10/15 | €32,530 | -€11,290 | -€43,820 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €22,530 | €22,530 | = | 0.0% |
| Distributable reserves | 133 | €22,530 | €22,530 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€43,820 | -€43,820 | |
| Amounts payable | 17/49 | €39,287 | €42,702 | +€3,415 | +8.7% |
| Amounts payable within one year | 42/48 | €39,287 | €42,702 | +€3,415 | +8.7% |
| Trade debts | 44 | €10,698 | €12,297 | +€1,600 | +15.0% |
| Suppliers | 440/4 | €10,698 | €12,297 | +€1,600 | +15.0% |
| Taxes, remuneration and social security | 45 | €9,033 | €11,721 | +€2,687 | +29.7% |
| Taxes | 450/3 | €3,532 | €4,087 | +€556 | +15.7% |
| Remuneration and social security | 454/9 | €5,502 | €7,633 | +€2,132 | +38.7% |
| Other amounts payable | 47/48 | €19,556 | €18,684 | -€872 | -4.5% |
| Remuneration, social security and pensions | 62 | €57,233 | €69,739 | +€12,506 | +21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,631 | €1,937 | +€307 | +18.8% |
| Other operating charges | 640/8 | €894 | €922 | +€28 | +3.1% |
| Gross operating margin | 9900 | €90,436 | €28,599 | -€61,836 | -68.4% |
| Operating profit (loss) | 9901 | €30,678 | -€43,999 | -€74,677 | |
| Financial income | 75/76B | €496 | €264 | -€232 | -46.8% |
| Recurring financial income | 75 | €496 | €264 | -€232 | -46.8% |
| Financial charges | 65/66B | €112 | €84 | -€28 | -24.9% |
| Recurring financial charges | 65 | €112 | €84 | -€28 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €31,062 | -€43,820 | -€74,881 | |
| Income taxes | 67/77 | €8,532 | - | -€8,532 | |
| Profit (loss) for the period | 9904 | €22,530 | -€43,820 | -€66,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,530 | -€43,820 | -€66,350 |
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 21 October 2026 via checked.be.