Joyce Jansen: what changed
Two fiscal 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.
Joyce Jansen
Largest movements
- Receivables within one year +€31,931
up €31,931 (+35.6%), from €89,811 to €121,742
of which Other amounts receivable: +€17,000
- Cash -€17,422
down €17,422 (-7.7%), from €224,891 to €207,468
mainly Contributions, distributions and other (-€148,913) and Other debts (-€69,779)
- Tangible fixed assets -€11,540
down €11,540 (-18.6%), from €62,161 to €50,621
of which Plant, machinery and equipment: -€8,247
- Profit (loss) carried forward +€120,422
up €120,422 (+72.4%), from €166,379 to €286,802
- Other debts -€69,779
no longer reported in 2025 (was €69,779)
- Tax, wage and social debts -€29,520
down €29,520 (-35.9%), from €82,302 to €52,782
- Debts after one year -€25,715
down €25,715 (-15.0%), from €171,139 to €145,424
- Trade debts +€6,812
new in 2025: €6,812
- Gross operating margin +€82,093
up €82,093 (+27.2%), from €301,497 to €383,591
- Taxes +€17,618
up €17,618 (+23.5%), from €75,082 to €92,700
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.
Cash bridge derived
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 | €534,861 | €537,994 | +€3,133 | +0.6% |
| Fixed assets | 21/28 | €216,978 | €204,438 | -€12,540 | -5.8% |
| Intangible fixed assets | 21 | €9,317 | €8,317 | -€1,000 | -10.7% |
| Tangible fixed assets | 22/27 | €62,161 | €50,621 | -€11,540 | -18.6% |
| Land and buildings | 22 | €18,150 | €18,150 | = | 0.0% |
| Plant, machinery and equipment | 23 | €35,362 | €27,115 | -€8,247 | -23.3% |
| Furniture and vehicles | 24 | €8,649 | €5,356 | -€3,293 | -38.1% |
| Financial fixed assets | 28 | €145,500 | €145,500 | = | 0.0% |
| Current assets | 29/58 | €317,883 | €333,556 | +€15,673 | +4.9% |
| Amounts receivable within one year | 40/41 | €89,811 | €121,742 | +€31,931 | +35.6% |
| Trade receivables | 40 | €88,048 | €102,979 | +€14,931 | +17.0% |
| Other amounts receivable | 41 | €1,763 | €18,763 | +€17,000 | +964.1% |
| Cash at bank and in hand | 54/58 | €224,891 | €207,468 | -€17,422 | -7.7% |
| Deferred charges and accrued income | 490/1 | €3,181 | €4,345 | +€1,164 | +36.6% |
| Total equity and liabilities | 10/49 | €534,861 | €537,994 | +€3,133 | +0.6% |
| Equity | 10/15 | €186,839 | €307,262 | +€120,422 | +64.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,379 | €286,802 | +€120,422 | +72.4% |
| Amounts payable | 17/49 | €348,022 | €230,732 | -€117,289 | -33.7% |
| Amounts payable after more than one year | 17 | €171,139 | €145,424 | -€25,715 | -15.0% |
| Financial debts | 170/4 | €171,139 | €145,424 | -€25,715 | -15.0% |
| Amounts payable within one year | 42/48 | €176,883 | €85,308 | -€91,574 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €24,802 | €25,715 | +€913 | +3.7% |
| Trade debts | 44 | - | €6,812 | +€6,812 | |
| Suppliers | 440/4 | - | €6,812 | +€6,812 | |
| Taxes, remuneration and social security | 45 | €82,302 | €52,782 | -€29,520 | -35.9% |
| Taxes | 450/3 | €82,302 | €52,782 | -€29,520 | -35.9% |
| Other amounts payable | 47/48 | €69,779 | - | -€69,779 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,007 | €12,540 | +€2,533 | +25.3% |
| Other operating charges | 640/8 | €1,310 | €2,017 | +€707 | +53.9% |
| Non-recurring operating charges | 66A | €657 | - | -€657 | |
| Gross operating margin | 9900 | €301,497 | €383,591 | +€82,093 | +27.2% |
| Operating profit (loss) | 9901 | €289,523 | €369,034 | +€79,511 | +27.5% |
| Financial income | 75/76B | - | €434 | +€434 | |
| Recurring financial income | 75 | - | €434 | +€434 | |
| Financial charges | 65/66B | €5,134 | €7,432 | +€2,297 | +44.7% |
| Recurring financial charges | 65 | €5,134 | €7,432 | +€2,297 | +44.7% |
| Profit (loss) for the period before taxes | 9903 | €284,389 | €362,036 | +€77,647 | +27.3% |
| Income taxes | 67/77 | €75,082 | €92,700 | +€17,618 | +23.5% |
| Profit (loss) for the period | 9904 | €209,307 | €269,336 | +€60,029 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €209,307 | €269,336 | +€60,029 | +28.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.