JULIEN VAN DIEST: 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 VAN DIEST
Largest movements
- Cash -€128,157
down €128,157 (-74.2%), from €172,680 to €44,522
mainly Investment in fixed assets (net) (-€95,634) and Contributions, distributions and other (-€80,323)
- Stocks and contracts +€58,695
up €58,695 (+20.1%), from €292,698 to €351,393
- Tangible fixed assets +€37,785
up €37,785 (+21.2%), from €178,464 to €216,249
of which Assets under construction and advance payments: +€24,588
- Other debts +€45,363
up €45,363 (+134%), from €33,870 to €79,233
- Reserves -€19,843
down €19,843 (-4.2%), from €477,736 to €457,893
of which Distributable reserves: -€17,545
- Trade debts -€19,576
down €19,576 (-18.4%), from €106,278 to €86,702
- Debts after one year -€14,648
down €14,648 (-50.3%), from €29,111 to €14,462
- Accrued charges and deferred income -€13,223
no longer reported in 2025 (was €13,223)
- Staff costs +€84,360
up €84,360 (+30.7%), from €274,584 to €358,944
- Taxes -€9,891
down €9,891 (-40.6%), from €24,380 to €14,489
- Depreciation +€7,428
up €7,428 (+14.7%), from €50,421 to €57,849
- Gross operating margin +€5,400
up €5,400 (+1.1%), from €497,899 to €503,299
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 | €868,987 | €831,659 | -€37,328 | -4.3% |
| Fixed assets | 21/28 | €178,554 | €216,339 | +€37,785 | +21.2% |
| Tangible fixed assets | 22/27 | €178,464 | €216,249 | +€37,785 | +21.2% |
| Plant, machinery and equipment | 23 | €19,111 | €20,112 | +€1,001 | +5.2% |
| Furniture and vehicles | 24 | €78,615 | €90,812 | +€12,197 | +15.5% |
| Assets under construction and advance payments | 27 | €80,738 | €105,325 | +€24,588 | +30.5% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €690,433 | €615,320 | -€75,113 | -10.9% |
| Stocks and contracts in progress | 3 | €292,698 | €351,393 | +€58,695 | +20.1% |
| Stocks | 30/36 | €292,698 | €351,393 | +€58,695 | +20.1% |
| Amounts receivable within one year | 40/41 | €218,896 | €211,163 | -€7,733 | -3.5% |
| Trade receivables | 40 | €6,496 | €2,306 | -€4,190 | -64.5% |
| Other amounts receivable | 41 | €212,400 | €208,857 | -€3,543 | -1.7% |
| Cash at bank and in hand | 54/58 | €172,680 | €44,522 | -€128,157 | -74.2% |
| Deferred charges and accrued income | 490/1 | €6,159 | €8,242 | +€2,082 | +33.8% |
| Total equity and liabilities | 10/49 | €868,987 | €831,659 | -€37,328 | -4.3% |
| Equity | 10/15 | €552,947 | €533,104 | -€19,843 | -3.6% |
| Contributions | 10/11 | €75,211 | €75,211 | = | 0.0% |
| Capital | 10 | €75,211 | €75,211 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Uncalled capital | 101 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €477,736 | €457,893 | -€19,843 | -4.2% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,630 | €23,333 | -€2,297 | -9.0% |
| Distributable reserves | 133 | €442,106 | €424,561 | -€17,545 | -4.0% |
| Provisions and deferred taxes | 16 | €6,408 | €5,833 | -€574 | -9.0% |
| Deferred taxes | 168 | €6,408 | €5,833 | -€574 | -9.0% |
| Amounts payable | 17/49 | €309,633 | €292,722 | -€16,911 | -5.5% |
| Amounts payable after more than one year | 17 | €29,111 | €14,462 | -€14,648 | -50.3% |
| Financial debts | 170/4 | €29,111 | €14,462 | -€14,648 | -50.3% |
| Amounts payable within one year | 42/48 | €267,299 | €278,260 | +€10,960 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €14,924 | €14,648 | -€276 | -1.8% |
| Trade debts | 44 | €106,278 | €86,702 | -€19,576 | -18.4% |
| Suppliers | 440/4 | €106,278 | €86,702 | -€19,576 | -18.4% |
| Advances received on contracts in progress | 46 | €54,495 | €51,000 | -€3,495 | -6.4% |
| Taxes, remuneration and social security | 45 | €57,733 | €46,677 | -€11,056 | -19.2% |
| Taxes | 450/3 | €9,106 | €13,489 | +€4,383 | +48.1% |
| Remuneration and social security | 454/9 | €48,627 | €33,188 | -€15,439 | -31.8% |
| Other amounts payable | 47/48 | €33,870 | €79,233 | +€45,363 | +134% |
| Accrued charges and deferred income | 492/3 | €13,223 | - | -€13,223 | |
| Remuneration, social security and pensions | 62 | €274,584 | €358,944 | +€84,360 | +30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,421 | €57,849 | +€7,428 | +14.7% |
| Other operating charges | 640/8 | €9,898 | €12,206 | +€2,308 | +23.3% |
| Gross operating margin | 9900 | €497,899 | €503,299 | +€5,400 | +1.1% |
| Operating profit (loss) | 9901 | €162,995 | €74,300 | -€88,696 | -54.4% |
| Financial income | 75/76B | - | €1,366 | +€1,366 | |
| Recurring financial income | 75 | - | €1,366 | +€1,366 | |
| Financial charges | 65/66B | €2,355 | €1,270 | -€1,085 | -46.1% |
| Recurring financial charges | 65 | €2,355 | €1,270 | -€1,085 | -46.1% |
| Profit (loss) for the period before taxes | 9903 | €160,640 | €74,395 | -€86,245 | -53.7% |
| Transfer from deferred taxes | 780 | €230 | €574 | +€344 | +150% |
| Transfer to deferred taxes | 680 | €6,637 | - | -€6,637 | |
| Income taxes | 67/77 | €24,380 | €14,489 | -€9,891 | -40.6% |
| Profit (loss) for the period | 9904 | €129,852 | €60,481 | -€69,372 | -53.4% |
| Transfer from tax-exempt reserves | 789 | €920 | €2,297 | +€1,377 | +150% |
| Transfer to tax-exempt reserves | 689 | €26,550 | - | -€26,550 | |
| Profit (loss) for the period to be appropriated | 9905 | €104,222 | €62,778 | -€41,445 | -39.8% |
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.