JOSEPH REYNAERTS: 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 REYNAERTS
Largest movements
- Tangible fixed assets -€2,565
down €2,565 (-33.3%), from €7,699 to €5,134
of which Furniture and vehicles: -€1,419
- Cash -€2,410
down €2,410 (-60.2%), from €4,004 to €1,594
mainly Net result for the year (-€7,994) and Current portion of long-term debt (-€875)
- Receivables within one year -€1,951
down €1,951 (-13.1%), from €14,898 to €12,947
of which Trade receivables: -€2,766
- Profit (loss) carried forward -€7,994
down €7,994 (-6.4%), from -€124,733 to -€132,727
- Trade debts +€2,191
up €2,191 (+24.6%), from €8,911 to €11,102
- Current portion of long-term debt -€875
no longer reported in 2025 (was €875)
- Gross operating margin -€2,943
down €2,943 (-118%), from -€2,492 to -€5,434
- Depreciation -€1,919
down €1,919 (-42.8%), from €4,483 to €2,565
- Financial income +€229
new in 2025: €229
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 | €28,125 | €21,153 | -€6,973 | -24.8% |
| Fixed assets | 21/28 | €7,799 | €5,234 | -€2,565 | -32.9% |
| Tangible fixed assets | 22/27 | €7,699 | €5,134 | -€2,565 | -33.3% |
| Plant, machinery and equipment | 23 | €5,922 | €4,776 | -€1,146 | -19.3% |
| Furniture and vehicles | 24 | €1,777 | €358 | -€1,419 | -79.8% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €20,327 | €15,918 | -€4,408 | -21.7% |
| Stocks and contracts in progress | 3 | €1,000 | €1,000 | = | 0.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,898 | €12,947 | -€1,951 | -13.1% |
| Trade receivables | 40 | €8,386 | €5,620 | -€2,766 | -33.0% |
| Other amounts receivable | 41 | €6,512 | €7,327 | +€815 | +12.5% |
| Cash at bank and in hand | 54/58 | €4,004 | €1,594 | -€2,410 | -60.2% |
| Deferred charges and accrued income | 490/1 | €424 | €378 | -€47 | -11.0% |
| Total equity and liabilities | 10/49 | €28,125 | €21,153 | -€6,973 | -24.8% |
| Equity | 10/15 | -€88,637 | -€96,631 | -€7,994 | -9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,496 | €17,496 | = | 0.0% |
| Distributable reserves | 133 | €17,496 | €17,496 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€124,733 | -€132,727 | -€7,994 | -6.4% |
| Provisions and deferred taxes | 16 | €3,000 | €3,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €3,000 | €3,000 | = | 0.0% |
| Environmental obligations | 163 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable | 17/49 | €113,762 | €114,784 | +€1,021 | +0.9% |
| Amounts payable within one year | 42/48 | €113,762 | €114,784 | +€1,021 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €875 | - | -€875 | |
| Trade debts | 44 | €8,911 | €11,102 | +€2,191 | +24.6% |
| Suppliers | 440/4 | €8,911 | €11,102 | +€2,191 | +24.6% |
| Taxes, remuneration and social security | 45 | €421 | €354 | -€67 | -15.9% |
| Taxes | 450/3 | €421 | €354 | -€67 | -15.9% |
| Other amounts payable | 47/48 | €103,556 | €103,327 | -€229 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,483 | €2,565 | -€1,919 | -42.8% |
| Other operating charges | 640/8 | €64 | €23 | -€41 | -64.3% |
| Non-recurring operating charges | 66A | - | -€60 | -€60 | |
| Gross operating margin | 9900 | -€2,492 | -€5,434 | -€2,943 | -118% |
| Operating profit (loss) | 9901 | -€7,039 | -€7,962 | -€922 | -13.1% |
| Financial income | 75/76B | - | €229 | +€229 | |
| Recurring financial income | 75 | - | €229 | +€229 | |
| Financial charges | 65/66B | €86 | €82 | -€3 | -3.9% |
| Recurring financial charges | 65 | €86 | €82 | -€3 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,125 | -€7,815 | -€690 | -9.7% |
| Income taxes | 67/77 | €174 | €179 | +€5 | +2.9% |
| Profit (loss) for the period | 9904 | -€7,299 | -€7,994 | -€695 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,299 | -€7,994 | -€695 | -9.5% |
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.