Julien: 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.
Julien
Largest movements
- Receivables within one year -€277,076
down €277,076 (-88.0%), from €314,728 to €37,652
of which Trade receivables: -€277,137
- Tangible fixed assets +€181,120
up €181,120 (+7.4%), from €2.5m to €2.6m
of which Plant, machinery and equipment: +€175,108
- Cash +€48,478
up €48,478 (+92.5%), from €52,415 to €100,894
mainly Debts after one year (+€397,309) and Receivables within one year (+€277,076)
- Trade debts -€453,092
down €453,092 (-70.6%), from €641,426 to €188,334
- Debts after one year +€397,309
up €397,309 (+19.4%), from €2.0m to €2.4m
- Current portion of long-term debt -€156,091
down €156,091 (-83.4%), from €187,157 to €31,067
- Reserves +€119,979
up €119,979 (+3199.4%), from €3,750 to €123,729
- Gross operating margin +€349,488
up €349,488 (+53.3%), from €656,023 to €1.0m
- Depreciation +€149,368
up €149,368 (+228.3%), from €65,434 to €214,802
- Staff costs +€148,288
up €148,288 (+35.2%), from €420,786 to €569,074
- Other operating charges -€66,078
down €66,078 (-89.2%), from €74,115 to €8,037
- Financial charges -€17,480
down €17,480 (-19.6%), from €89,361 to €71,881
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 | €3,009,428 | €2,957,187 | -€52,240 | -1.7% |
| Fixed assets | 21/28 | €2,467,385 | €2,651,370 | +€183,985 | +7.5% |
| Intangible fixed assets | 21 | €5,507 | €8,373 | +€2,865 | +52.0% |
| Tangible fixed assets | 22/27 | €2,461,578 | €2,642,697 | +€181,120 | +7.4% |
| Land and buildings | 22 | €2,278,716 | €2,250,461 | -€28,255 | -1.2% |
| Plant, machinery and equipment | 23 | €88,868 | €263,976 | +€175,108 | +197.0% |
| Furniture and vehicles | 24 | €93,993 | €128,260 | +€34,267 | +36.5% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €542,043 | €305,817 | -€236,226 | -43.6% |
| Stocks and contracts in progress | 3 | €143,174 | €161,731 | +€18,558 | +13.0% |
| Stocks | 30/36 | €143,174 | €161,731 | +€18,558 | +13.0% |
| Amounts receivable within one year | 40/41 | €314,728 | €37,652 | -€277,076 | -88.0% |
| Trade receivables | 40 | €314,728 | €37,592 | -€277,137 | -88.1% |
| Other amounts receivable | 41 | €0 | €61 | +€61 | |
| Cash at bank and in hand | 54/58 | €52,415 | €100,894 | +€48,478 | +92.5% |
| Deferred charges and accrued income | 490/1 | €31,725 | €5,540 | -€26,185 | -82.5% |
| Total equity and liabilities | 10/49 | €3,009,428 | €2,957,187 | -€52,240 | -1.7% |
| Equity | 10/15 | €32,340 | €161,229 | +€128,890 | +398.5% |
| Contributions | 10/11 | €37,500 | €37,500 | = | 0.0% |
| Reserves | 13 | €3,750 | €123,729 | +€119,979 | +3199.4% |
| Distributable reserves | 133 | €3,750 | €123,729 | +€119,979 | +3199.4% |
| Profit (loss) carried forward | 14 | -€8,910 | €0 | +€8,910 | |
| Amounts payable | 17/49 | €2,977,088 | €2,795,958 | -€181,130 | -6.1% |
| Amounts payable after more than one year | 17 | €2,045,870 | €2,443,179 | +€397,309 | +19.4% |
| Financial debts | 170/4 | €2,045,870 | €2,443,179 | +€397,309 | +19.4% |
| Amounts payable within one year | 42/48 | €931,218 | €351,341 | -€579,877 | -62.3% |
| Current portion of amounts payable after more than one year | 42 | €187,157 | €31,067 | -€156,091 | -83.4% |
| Trade debts | 44 | €641,426 | €188,334 | -€453,092 | -70.6% |
| Suppliers | 440/4 | €641,426 | €188,334 | -€453,092 | -70.6% |
| Taxes, remuneration and social security | 45 | €100,842 | €129,768 | +€28,927 | +28.7% |
| Taxes | 450/3 | €50,886 | €81,364 | +€30,478 | +59.9% |
| Remuneration and social security | 454/9 | €49,955 | €48,404 | -€1,551 | -3.1% |
| Other amounts payable | 47/48 | €1,792 | €2,171 | +€379 | +21.1% |
| Accrued charges and deferred income | 492/3 | - | €1,438 | +€1,438 | |
| Remuneration, social security and pensions | 62 | €420,786 | €569,074 | +€148,288 | +35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,434 | €214,802 | +€149,368 | +228.3% |
| Other operating charges | 640/8 | €74,115 | €8,037 | -€66,078 | -89.2% |
| Gross operating margin | 9900 | €656,023 | €1,005,511 | +€349,488 | +53.3% |
| Operating profit (loss) | 9901 | €95,687 | €213,597 | +€117,910 | +123.2% |
| Financial income | 75/76B | €75 | €141 | +€66 | +88.0% |
| Recurring financial income | 75 | €75 | €141 | +€66 | +88.0% |
| Financial charges | 65/66B | €89,361 | €71,881 | -€17,480 | -19.6% |
| Recurring financial charges | 65 | €89,361 | €71,881 | -€17,480 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €6,401 | €141,857 | +€135,456 | +2116.3% |
| Income taxes | 67/77 | €905 | €12,967 | +€12,062 | +1332.9% |
| Profit (loss) for the period | 9904 | €5,496 | €128,890 | +€123,394 | +2245.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,496 | €128,890 | +€123,394 | +2245.3% |
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 29 September 2026 via checked.be.