Josefin: 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.
Josefin
Largest movements
- Financial fixed assets +€50,000
up €50,000 (+3.4%), from €1.5m to €1.5m
- Cash -€27,386
down €27,386 (-91.8%), from €29,821 to €2,435
mainly Debts after one year (-€151,878) and Investment in fixed assets (net) (-€50,000)
- Current investments +€20,000
new in 2025: €20,000
- Debts after one year -€151,878
down €151,878 (-13.4%), from €1.1m to €983,836
- Reserves +€130,567
up €130,567 (+3,951%), from €3,304 to €133,872
- Other debts +€62,879
up €62,879 (+121%), from €52,121 to €115,000
- Current portion of long-term debt +€37,593
up €37,593 (+32.9%), from €114,286 to €151,878
- Short-term financial debts -€21,000
down €21,000 (-100%), from €21,000 to €0
- Financial income +€140,001
new in 2025: €140,001
- Financial charges +€38,326
up €38,326 (+326%), from €11,768 to €50,094
- Gross operating margin +€24,588
up €24,588 (+148%), from €16,561 to €41,148
- Taxes -€826
down €826 (-100%), from €826 to €0
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 | €1,495,930 | €1,550,328 | +€54,398 | +3.6% |
| Fixed assets | 21/28 | €1,465,747 | €1,515,747 | +€50,000 | +3.4% |
| Financial fixed assets | 28 | €1,465,747 | €1,515,747 | +€50,000 | +3.4% |
| Current assets | 29/58 | €30,183 | €34,581 | +€4,398 | +14.6% |
| Amounts receivable within one year | 40/41 | €361 | €12,100 | +€11,739 | +3,251% |
| Trade receivables | 40 | €361 | €12,100 | +€11,739 | +3,251% |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €29,821 | €2,435 | -€27,386 | -91.8% |
| Deferred charges and accrued income | 490/1 | - | €45 | +€45 | |
| Total equity and liabilities | 10/49 | €1,495,930 | €1,550,328 | +€54,398 | +3.6% |
| Equity | 10/15 | €163,304 | €293,872 | +€130,567 | +80.0% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €3,304 | €133,872 | +€130,567 | +3,951% |
| Distributable reserves | 133 | €3,304 | €133,872 | +€130,567 | +3,951% |
| Amounts payable | 17/49 | €1,332,626 | €1,256,456 | -€76,169 | -5.7% |
| Amounts payable after more than one year | 17 | €1,135,714 | €983,836 | -€151,878 | -13.4% |
| Financial debts | 170/4 | €1,135,714 | €983,836 | -€151,878 | -13.4% |
| Amounts payable within one year | 42/48 | €193,925 | €269,634 | +€75,709 | +39.0% |
| Current portion of amounts payable after more than one year | 42 | €114,286 | €151,878 | +€37,593 | +32.9% |
| Financial debts | 43 | €21,000 | €0 | -€21,000 | -100% |
| Credit institutions | 430/8 | €21,000 | €0 | -€21,000 | -100% |
| Taxes, remuneration and social security | 45 | €6,519 | €2,756 | -€3,763 | -57.7% |
| Taxes | 450/3 | €6,519 | €2,756 | -€3,763 | -57.7% |
| Other amounts payable | 47/48 | €52,121 | €115,000 | +€62,879 | +121% |
| Accrued charges and deferred income | 492/3 | €2,986 | €2,986 | = | 0.0% |
| Other operating charges | 640/8 | €662 | €487 | -€175 | -26.4% |
| Gross operating margin | 9900 | €16,561 | €41,148 | +€24,588 | +148% |
| Operating profit (loss) | 9901 | €15,899 | €40,661 | +€24,762 | +156% |
| Financial income | 75/76B | - | €140,001 | +€140,001 | |
| Recurring financial income | 75 | - | €140,001 | +€140,001 | |
| Financial charges | 65/66B | €11,768 | €50,094 | +€38,326 | +326% |
| Recurring financial charges | 65 | €11,768 | €50,094 | +€38,326 | +326% |
| Profit (loss) for the period before taxes | 9903 | €4,130 | €130,567 | +€126,437 | +3,061% |
| Income taxes | 67/77 | €826 | €0 | -€826 | -100% |
| Profit (loss) for the period | 9904 | €3,304 | €130,567 | +€127,263 | +3,851% |
| Profit (loss) for the period to be appropriated | 9905 | €3,304 | €130,567 | +€127,263 | +3,851% |
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 26 October 2026 via checked.be.