JULIEN TONDREAU: 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 TONDREAU
Largest movements
- Receivables within one year +€49,813
up €49,813 (+91.5%), from €54,437 to €104,250
- Tangible fixed assets -€13,043
down €13,043 (-18.0%), from €72,521 to €59,478
of which Furniture and vehicles: -€12,725
- Profit (loss) carried forward +€53,641
up €53,641 (+10.7%), from €501,956 to €555,598
- Short-term financial debts +€15,000
up €15,000, from €0 to €15,000
of which Credit institutions: +€15,000
- Debts after one year -€13,023
down €13,023 (-32.9%), from €39,592 to €26,569
- Gross operating margin +€30,321
up €30,321 (+29.2%), from €103,835 to €134,157
- Taxes +€7,832
up €7,832 (+38.9%), from €20,154 to €27,986
- Depreciation +€5,267
up €5,267 (+34.1%), from €15,458 to €20,725
- Other operating charges -€2,284
down €2,284 (-61.1%), from €3,735 to €1,451
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 | €646,824 | €689,126 | +€42,302 | +6.5% |
| Fixed assets | 21/28 | €422,521 | €409,478 | -€13,043 | -3.1% |
| Tangible fixed assets | 22/27 | €72,521 | €59,478 | -€13,043 | -18.0% |
| Furniture and vehicles | 24 | €72,203 | €59,478 | -€12,725 | -17.6% |
| Other tangible fixed assets | 26 | €318 | €0 | -€318 | -100% |
| Financial fixed assets | 28 | €350,000 | €350,000 | = | 0.0% |
| Current assets | 29/58 | €224,303 | €279,648 | +€55,346 | +24.7% |
| Amounts receivable within one year | 40/41 | €54,437 | €104,250 | +€49,813 | +91.5% |
| Trade receivables | 40 | €54,437 | €104,250 | +€49,813 | +91.5% |
| Cash at bank and in hand | 54/58 | €169,866 | €175,398 | +€5,532 | +3.3% |
| Total equity and liabilities | 10/49 | €646,824 | €689,126 | +€42,302 | +6.5% |
| Equity | 10/15 | €522,416 | €576,058 | +€53,641 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €501,956 | €555,598 | +€53,641 | +10.7% |
| Amounts payable | 17/49 | €124,407 | €113,069 | -€11,339 | -9.1% |
| Amounts payable after more than one year | 17 | €39,592 | €26,569 | -€13,023 | -32.9% |
| Financial debts | 170/4 | €39,592 | €26,569 | -€13,023 | -32.9% |
| Amounts payable within one year | 42/48 | €84,815 | €86,499 | +€1,684 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €12,478 | €13,023 | +€544 | +4.4% |
| Financial debts | 43 | €0 | €15,000 | +€15,000 | |
| Credit institutions | 430/8 | - | €15,000 | +€15,000 | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €6,316 | €2,802 | -€3,514 | -55.6% |
| Suppliers | 440/4 | €6,316 | €2,802 | -€3,514 | -55.6% |
| Taxes, remuneration and social security | 45 | €32,699 | €27,748 | -€4,951 | -15.1% |
| Taxes | 450/3 | €32,699 | €27,748 | -€4,951 | -15.1% |
| Other amounts payable | 47/48 | €33,322 | €27,927 | -€5,396 | -16.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,458 | €20,725 | +€5,267 | +34.1% |
| Other operating charges | 640/8 | €3,735 | €1,451 | -€2,284 | -61.1% |
| Non-recurring operating charges | 66A | €7,343 | €0 | -€7,343 | -100% |
| Gross operating margin | 9900 | €103,835 | €134,157 | +€30,321 | +29.2% |
| Operating profit (loss) | 9901 | €77,299 | €111,980 | +€34,681 | +44.9% |
| Financial income | 75/76B | €1 | €1 | +€0 | +54.5% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +54.5% |
| Financial charges | 65/66B | €3,733 | €2,855 | -€879 | -23.5% |
| Recurring financial charges | 65 | €3,733 | €2,855 | -€879 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €73,567 | €109,127 | +€35,560 | +48.3% |
| Income taxes | 67/77 | €20,154 | €27,986 | +€7,832 | +38.9% |
| Profit (loss) for the period | 9904 | €53,413 | €81,141 | +€27,728 | +51.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,413 | €81,141 | +€27,728 | +51.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.