JULIEN DONNAY: 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.
JULIEN DONNAY
Largest movements
- Intangible fixed assets -€8,430
down €8,430 (-21.5%), from €39,238 to €30,807
- Tangible fixed assets -€7,348
down €7,348 (-22.7%), from €32,320 to €24,972
of which Furniture and vehicles: -€5,705
- Receivables within one year -€1,954
down €1,954 (-37.9%), from €5,159 to €3,205
of which Trade receivables: -€1,954
- Cash +€1,361
up €1,361 (+11.0%), from €12,338 to €13,699
mainly Depreciation (+€18,352) and Net result for the year (+€13,146)
- Other debts -€26,816
down €26,816 (-36.1%), from €74,382 to €47,566
- Profit (loss) carried forward +€13,146
up €13,146 (+94.3%), from -€13,945 to -€798
- Debts after one year -€6,898
down €6,898 (-43.5%), from €15,860 to €8,962
- Tax, wage and social debts +€2,656
up €2,656 (+2,072%), from €128 to €2,784
- Accrued charges and deferred income +€1,152
up €1,152 (+45.5%), from €2,530 to €3,682
- Gross operating margin +€40,009
up €40,009, from -€726 to €39,283
- Depreciation +€8,534
up €8,534 (+86.9%), from €9,818 to €18,352
- Taxes +€2,656
up €2,656 (+2,072%), from €128 to €2,784
- Financial charges +€1,246
up €1,246 (+39.2%), from €3,178 to €4,424
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 | €89,974 | €73,843 | -€16,131 | -17.9% |
| Fixed assets | 21/28 | €71,558 | €55,780 | -€15,778 | -22.0% |
| Intangible fixed assets | 21 | €39,238 | €30,807 | -€8,430 | -21.5% |
| Tangible fixed assets | 22/27 | €32,320 | €24,972 | -€7,348 | -22.7% |
| Plant, machinery and equipment | 23 | €8,311 | €7,736 | -€575 | -6.9% |
| Furniture and vehicles | 24 | €20,013 | €14,308 | -€5,705 | -28.5% |
| Other tangible fixed assets | 26 | €3,997 | €2,928 | -€1,068 | -26.7% |
| Current assets | 29/58 | €18,417 | €18,064 | -€353 | -1.9% |
| Amounts receivable within one year | 40/41 | €5,159 | €3,205 | -€1,954 | -37.9% |
| Trade receivables | 40 | €5,159 | €3,205 | -€1,954 | -37.9% |
| Other amounts receivable | 41 | - | €0 | +€0 | |
| Cash at bank and in hand | 54/58 | €12,338 | €13,699 | +€1,361 | +11.0% |
| Deferred charges and accrued income | 490/1 | €919 | €1,159 | +€240 | +26.1% |
| Total equity and liabilities | 10/49 | €89,974 | €73,843 | -€16,131 | -17.9% |
| Equity | 10/15 | -€10,945 | €2,202 | +€13,146 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,945 | -€798 | +€13,146 | +94.3% |
| Amounts payable | 17/49 | €100,919 | €71,642 | -€29,278 | -29.0% |
| Amounts payable after more than one year | 17 | €15,860 | €8,962 | -€6,898 | -43.5% |
| Financial debts | 170/4 | €15,860 | €8,962 | -€6,898 | -43.5% |
| Amounts payable within one year | 42/48 | €82,529 | €58,998 | -€23,531 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €6,698 | €6,898 | +€201 | +3.0% |
| Trade debts | 44 | €1,321 | €1,749 | +€428 | +32.4% |
| Suppliers | 440/4 | €1,321 | €1,749 | +€428 | +32.4% |
| Taxes, remuneration and social security | 45 | €128 | €2,784 | +€2,656 | +2,072% |
| Taxes | 450/3 | €128 | €2,784 | +€2,656 | +2,072% |
| Other amounts payable | 47/48 | €74,382 | €47,566 | -€26,816 | -36.1% |
| Accrued charges and deferred income | 492/3 | €2,530 | €3,682 | +€1,152 | +45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,818 | €18,352 | +€8,534 | +86.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €271 | +€271 | |
| Other operating charges | 640/8 | €99 | €305 | +€207 | +210% |
| Gross operating margin | 9900 | -€726 | €39,283 | +€40,009 | |
| Operating profit (loss) | 9901 | -€10,642 | €20,355 | +€30,997 | |
| Financial income | 75/76B | €3 | €0 | -€3 | -100% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100% |
| Financial charges | 65/66B | €3,178 | €4,424 | +€1,246 | +39.2% |
| Recurring financial charges | 65 | €3,178 | €4,424 | +€1,246 | +39.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,817 | €15,931 | +€29,748 | |
| Income taxes | 67/77 | €128 | €2,784 | +€2,656 | +2,072% |
| Profit (loss) for the period | 9904 | -€13,945 | €13,146 | +€27,091 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,945 | €13,146 | +€27,091 |
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 31 October 2026 via checked.be.