Jozef Lievens: 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.
Jozef Lievens
Largest movements
- Current investments +€99,338
up €99,338 (+32.1%), from €309,074 to €408,412
- Cash -€76,708
down €76,708 (-88.5%), from €86,662 to €9,954
mainly Current investments (-€99,338) and Investment in fixed assets (net) (-€18,621)
- Financial fixed assets +€9,921
up €9,921 (+107%), from €9,300 to €19,221
- Tangible fixed assets -€9,076
down €9,076 (-10.9%), from €83,236 to €74,160
of which Land and buildings: -€11,849
- Receivables within one year +€6,371
up €6,371 (+10.3%), from €62,076 to €68,447
of which Trade receivables: +€8,470
- Reserves +€20,078
up €20,078 (+4.3%), from €465,654 to €485,732
of which Distributable reserves: +€20,797
- Other debts +€9,283
up €9,283 (+21.9%), from €42,295 to €51,577
- Financial income +€26,780
up €26,780 (+197%), from €13,622 to €40,403
- Taxes +€3,972
up €3,972 (+457%), from €869 to €4,841
- Financial charges -€1,585
down €1,585 (-32.3%), from €4,911 to €3,326
- Depreciation +€1,475
up €1,475 (+9.1%), from €16,300 to €17,776
- Gross operating margin +€1,473
up €1,473 (+6.6%), from €22,184 to €23,657
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 | €550,347 | €580,397 | +€30,049 | +5.5% |
| Fixed assets | 21/28 | €92,536 | €93,381 | +€845 | +0.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €83,236 | €74,160 | -€9,076 | -10.9% |
| Land and buildings | 22 | €54,161 | €42,312 | -€11,849 | -21.9% |
| Plant, machinery and equipment | 23 | €5,474 | €3,804 | -€1,670 | -30.5% |
| Furniture and vehicles | 24 | €23,601 | €28,044 | +€4,443 | +18.8% |
| Financial fixed assets | 28 | €9,300 | €19,221 | +€9,921 | +107% |
| Current assets | 29/58 | €457,812 | €487,016 | +€29,204 | +6.4% |
| Amounts receivable within one year | 40/41 | €62,076 | €68,447 | +€6,371 | +10.3% |
| Trade receivables | 40 | €0 | €8,470 | +€8,470 | |
| Other amounts receivable | 41 | €62,076 | €59,977 | -€2,099 | -3.4% |
| Current investments | 50/53 | €309,074 | €408,412 | +€99,338 | +32.1% |
| Cash at bank and in hand | 54/58 | €86,662 | €9,954 | -€76,708 | -88.5% |
| Deferred charges and accrued income | 490/1 | €0 | €204 | +€204 | |
| Total equity and liabilities | 10/49 | €550,347 | €580,397 | +€30,049 | +5.5% |
| Equity | 10/15 | €493,654 | €513,732 | +€20,078 | +4.1% |
| Contributions | 10/11 | €28,000 | €28,000 | = | 0.0% |
| Reserves | 13 | €465,654 | €485,732 | +€20,078 | +4.3% |
| Tax-exempt reserves | 132 | €9,169 | €8,451 | -€719 | -7.8% |
| Distributable reserves | 133 | €456,484 | €477,281 | +€20,797 | +4.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €3,055 | €2,815 | -€239 | -7.8% |
| Deferred taxes | 168 | €3,055 | €2,815 | -€239 | -7.8% |
| Amounts payable | 17/49 | €53,639 | €63,850 | +€10,211 | +19.0% |
| Amounts payable within one year | 42/48 | €53,639 | €63,850 | +€10,211 | +19.0% |
| Trade debts | 44 | €5,606 | €3,384 | -€2,221 | -39.6% |
| Suppliers | 440/4 | €5,606 | €3,384 | -€2,221 | -39.6% |
| Taxes, remuneration and social security | 45 | €5,739 | €8,888 | +€3,150 | +54.9% |
| Taxes | 450/3 | €5,739 | €8,888 | +€3,150 | +54.9% |
| Other amounts payable | 47/48 | €42,295 | €51,577 | +€9,283 | +21.9% |
| Non-recurring operating income | 76A | €6,200 | €174 | -€6,026 | -97.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,300 | €17,776 | +€1,475 | +9.1% |
| Other operating charges | 640/8 | €3,558 | €3,315 | -€244 | -6.8% |
| Non-recurring operating charges | 66A | €12,047 | €0 | -€12,047 | -100% |
| Gross operating margin | 9900 | €22,184 | €23,657 | +€1,473 | +6.6% |
| Operating profit (loss) | 9901 | -€9,721 | €2,567 | +€12,287 | |
| Financial income | 75/76B | €13,622 | €40,403 | +€26,780 | +197% |
| Recurring financial income | 75 | €13,622 | €40,403 | +€26,780 | +197% |
| Financial charges | 65/66B | €4,911 | €3,326 | -€1,585 | -32.3% |
| Recurring financial charges | 65 | €4,911 | €3,326 | -€1,585 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,010 | €39,644 | +€40,653 | |
| Transfer from deferred taxes | 780 | €239 | €239 | = | 0.0% |
| Income taxes | 67/77 | €869 | €4,841 | +€3,972 | +457% |
| Profit (loss) for the period | 9904 | -€1,639 | €35,042 | +€36,681 | |
| Transfer from tax-exempt reserves | 789 | €719 | €719 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€921 | €35,761 | +€36,681 |
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.