JOSEPH DUMORTIER: 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.
JOSEPH DUMORTIER
Largest movements
- Current investments +€126,810
up €126,810 (+33.7%), from €376,377 to €503,187
- Tangible fixed assets -€34,080
down €34,080 (-7.2%), from €472,659 to €438,579
- Receivables within one year +€25,414
up €25,414 (+129%), from €19,722 to €45,136
of which Trade receivables: +€25,414
- Cash -€25,230
down €25,230 (-6.9%), from €365,047 to €339,816
mainly Contributions, distributions and other (-€177,974) and Current investments (-€126,810)
- Reserves +€72,476
up €72,476 (+6.0%), from €1.2m to €1.3m
- Tax, wage and social debts +€25,237
up €25,237 (+142%), from €17,711 to €42,948
- Gross operating margin +€63,081
up €63,081 (+19.3%), from €326,547 to €389,627
- Financial income -€24,569
down €24,569 (-59.9%), from €41,021 to €16,452
- Taxes +€10,910
up €10,910 (+10.2%), from €106,583 to €117,493
- Depreciation +€4,250
up €4,250 (+14.2%), from €29,830 to €34,080
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 | €1,234,355 | €1,326,719 | +€92,364 | +7.5% |
| Fixed assets | 21/28 | €473,210 | €438,579 | -€34,630 | -7.3% |
| Tangible fixed assets | 22/27 | €472,659 | €438,579 | -€34,080 | -7.2% |
| Land and buildings | 22 | €413,193 | €397,110 | -€16,083 | -3.9% |
| Plant, machinery and equipment | 23 | €4,161 | €2,449 | -€1,712 | -41.1% |
| Furniture and vehicles | 24 | €55,305 | €39,021 | -€16,285 | -29.4% |
| Financial fixed assets | 28 | €551 | - | -€551 | |
| Current assets | 29/58 | €761,145 | €888,139 | +€126,994 | +16.7% |
| Amounts receivable within one year | 40/41 | €19,722 | €45,136 | +€25,414 | +129% |
| Trade receivables | 40 | €18,399 | €43,813 | +€25,414 | +138% |
| Other amounts receivable | 41 | €1,323 | €1,323 | = | 0.0% |
| Current investments | 50/53 | €376,377 | €503,187 | +€126,810 | +33.7% |
| Cash at bank and in hand | 54/58 | €365,047 | €339,816 | -€25,230 | -6.9% |
| Total equity and liabilities | 10/49 | €1,234,355 | €1,326,719 | +€92,364 | +7.5% |
| Equity | 10/15 | €1,206,187 | €1,278,663 | +€72,476 | +6.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,199,987 | €1,272,463 | +€72,476 | +6.0% |
| Distributable reserves | 133 | €1,199,987 | €1,272,463 | +€72,476 | +6.0% |
| Amounts payable | 17/49 | €28,168 | €48,056 | +€19,888 | +70.6% |
| Amounts payable within one year | 42/48 | €28,168 | €48,056 | +€19,888 | +70.6% |
| Trade debts | 44 | €6,897 | - | -€6,897 | |
| Suppliers | 440/4 | €6,897 | - | -€6,897 | |
| Taxes, remuneration and social security | 45 | €17,711 | €42,948 | +€25,237 | +142% |
| Taxes | 450/3 | €17,711 | €42,948 | +€25,237 | +142% |
| Other amounts payable | 47/48 | €3,560 | €5,108 | +€1,548 | +43.5% |
| Non-recurring operating income | 76A | - | €93,817 | +€93,817 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,830 | €34,080 | +€4,250 | +14.2% |
| Other operating charges | 640/8 | €3,780 | €3,986 | +€206 | +5.4% |
| Gross operating margin | 9900 | €326,547 | €389,627 | +€63,081 | +19.3% |
| Operating profit (loss) | 9901 | €292,937 | €351,562 | +€58,625 | +20.0% |
| Financial income | 75/76B | €41,021 | €16,452 | -€24,569 | -59.9% |
| Recurring financial income | 75 | €41,021 | €16,452 | -€24,569 | -59.9% |
| Financial charges | 65/66B | - | €72 | +€72 | |
| Recurring financial charges | 65 | - | €72 | +€72 | |
| Profit (loss) for the period before taxes | 9903 | €333,958 | €367,943 | +€33,984 | +10.2% |
| Income taxes | 67/77 | €106,583 | €117,493 | +€10,910 | +10.2% |
| Profit (loss) for the period | 9904 | €227,375 | €250,449 | +€23,074 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €227,375 | €250,449 | +€23,074 | +10.1% |
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 30 October 2026 via checked.be.