Julien Sad: 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 Sad
Largest movements
- Cash +€39,790
up €39,790 (+150%), from €26,587 to €66,377
mainly Other debts (+€73,000) and Net result for the year (+€34,806)
- Intangible fixed assets -€18,000
down €18,000 (-14.3%), from €126,000 to €108,000
- Receivables within one year -€11,796
down €11,796 (-15.4%), from €76,480 to €64,684
of which Trade receivables: -€11,994
- Other debts +€73,000
new in 2025: €73,000
- Profit (loss) carried forward -€38,194
down €38,194 (-52.1%), from €73,257 to €35,063
- Debts after one year -€17,760
down €17,760 (-15.5%), from €114,829 to €97,069
- Advances received -€13,734
no longer reported in 2025 (was €13,734)
- Tax, wage and social debts +€6,272
up €6,272 (+64.3%), from €9,753 to €16,025
- Gross operating margin +€15,115
up €15,115 (+31.1%), from €48,570 to €63,684
- Taxes +€4,030
up €4,030 (+71.1%), from €5,669 to €9,699
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 | €238,588 | €247,877 | +€9,289 | +3.9% |
| Fixed assets | 21/28 | €135,521 | €116,774 | -€18,747 | -13.8% |
| Intangible fixed assets | 21 | €126,000 | €108,000 | -€18,000 | -14.3% |
| Tangible fixed assets | 22/27 | €9,521 | €8,774 | -€747 | -7.8% |
| Furniture and vehicles | 24 | - | €579 | +€579 | |
| Other tangible fixed assets | 26 | €9,521 | €8,195 | -€1,326 | -13.9% |
| Current assets | 29/58 | €103,067 | €131,103 | +€28,036 | +27.2% |
| Amounts receivable within one year | 40/41 | €76,480 | €64,684 | -€11,796 | -15.4% |
| Trade receivables | 40 | €16,088 | €4,094 | -€11,994 | -74.6% |
| Other amounts receivable | 41 | €60,392 | €60,590 | +€197 | +0.3% |
| Cash at bank and in hand | 54/58 | €26,587 | €66,377 | +€39,790 | +150% |
| Deferred charges and accrued income | 490/1 | - | €42 | +€42 | |
| Total equity and liabilities | 10/49 | €238,588 | €247,877 | +€9,289 | +3.9% |
| Equity | 10/15 | €75,257 | €37,063 | -€38,194 | -50.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,257 | €35,063 | -€38,194 | -52.1% |
| Amounts payable | 17/49 | €163,331 | €210,814 | +€47,483 | +29.1% |
| Amounts payable after more than one year | 17 | €114,829 | €97,069 | -€17,760 | -15.5% |
| Financial debts | 170/4 | €114,829 | €97,069 | -€17,760 | -15.5% |
| Amounts payable within one year | 42/48 | €48,502 | €113,745 | +€65,242 | +135% |
| Current portion of amounts payable after more than one year | 42 | €17,440 | €17,760 | +€319 | +1.8% |
| Trade debts | 44 | €7,575 | €6,960 | -€616 | -8.1% |
| Suppliers | 440/4 | €7,575 | €6,960 | -€616 | -8.1% |
| Advances received on contracts in progress | 46 | €13,734 | - | -€13,734 | |
| Taxes, remuneration and social security | 45 | €9,753 | €16,025 | +€6,272 | +64.3% |
| Taxes | 450/3 | €9,753 | €16,025 | +€6,272 | +64.3% |
| Other amounts payable | 47/48 | - | €73,000 | +€73,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,326 | €19,432 | +€106 | +0.6% |
| Other operating charges | 640/8 | €462 | €750 | +€288 | +62.3% |
| Gross operating margin | 9900 | €48,570 | €63,684 | +€15,115 | +31.1% |
| Operating profit (loss) | 9901 | €28,782 | €43,502 | +€14,720 | +51.1% |
| Financial income | 75/76B | €2,980 | €3,259 | +€279 | +9.4% |
| Recurring financial income | 75 | €2,980 | €3,259 | +€279 | +9.4% |
| Financial charges | 65/66B | €2,608 | €2,256 | -€352 | -13.5% |
| Recurring financial charges | 65 | €2,608 | €2,256 | -€352 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €29,153 | €44,505 | +€15,352 | +52.7% |
| Income taxes | 67/77 | €5,669 | €9,699 | +€4,030 | +71.1% |
| Profit (loss) for the period | 9904 | €23,484 | €34,806 | +€11,322 | +48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,484 | €34,806 | +€11,322 | +48.2% |
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 18 October 2026 via checked.be.