Justine Anthoine: 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.
Justine Anthoine
Largest movements
- Tangible fixed assets -€51,224
down €51,224 (-5.1%), from €1.0m to €955,328
- Debts after one year -€108,730
down €108,730 (-13.7%), from €793,415 to €684,685
- Profit (loss) carried forward +€34,377
up €34,377 (+11.3%), from €303,481 to €337,858
- Other debts +€34,356
up €34,356 (+10.9%), from €315,794 to €350,150
- Current portion of long-term debt -€17,134
down €17,134 (-13.6%), from €125,864 to €108,730
- Gross operating margin +€10,620
up €10,620 (+9.6%), from €110,731 to €121,351
- Other operating charges -€8,843
down €8,843 (-81.5%), from €10,854 to €2,011
- Taxes -€7,712
down €7,712 (-32.8%), from €23,516 to €15,804
- Financial charges -€3,959
down €3,959 (-26.5%), from €14,928 to €10,968
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 | €1,588,622 | €1,536,640 | -€51,982 | -3.3% |
| Fixed assets | 21/28 | €1,565,902 | €1,514,678 | -€51,224 | -3.3% |
| Tangible fixed assets | 22/27 | €1,006,552 | €955,328 | -€51,224 | -5.1% |
| Land and buildings | 22 | €1,006,552 | €955,328 | -€51,224 | -5.1% |
| Financial fixed assets | 28 | €559,350 | €559,350 | = | 0.0% |
| Current assets | 29/58 | €22,720 | €21,961 | -€759 | -3.3% |
| Amounts receivable within one year | 40/41 | €14,952 | €4,931 | -€10,021 | -67.0% |
| Trade receivables | 40 | €14,118 | - | -€14,118 | |
| Other amounts receivable | 41 | €834 | €4,931 | +€4,096 | +491% |
| Cash at bank and in hand | 54/58 | €2,577 | €8,625 | +€6,048 | +235% |
| Deferred charges and accrued income | 490/1 | €5,191 | €8,406 | +€3,215 | +61.9% |
| Total equity and liabilities | 10/49 | €1,588,622 | €1,536,640 | -€51,982 | -3.3% |
| Equity | 10/15 | €317,741 | €352,118 | +€34,377 | +10.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €303,481 | €337,858 | +€34,377 | +11.3% |
| Amounts payable | 17/49 | €1,270,881 | €1,184,522 | -€86,360 | -6.8% |
| Amounts payable after more than one year | 17 | €793,415 | €684,685 | -€108,730 | -13.7% |
| Financial debts | 170/4 | €793,415 | €684,685 | -€108,730 | -13.7% |
| Amounts payable within one year | 42/48 | €477,454 | €499,813 | +€22,359 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €125,864 | €108,730 | -€17,134 | -13.6% |
| Financial debts | 43 | - | €8,354 | +€8,354 | |
| Credit institutions | 430/8 | - | €8,354 | +€8,354 | |
| Trade debts | 44 | €5,424 | €7,700 | +€2,276 | +42.0% |
| Suppliers | 440/4 | €5,424 | €7,700 | +€2,276 | +42.0% |
| Taxes, remuneration and social security | 45 | €30,372 | €24,879 | -€5,493 | -18.1% |
| Taxes | 450/3 | €27,292 | €20,959 | -€6,333 | -23.2% |
| Remuneration and social security | 454/9 | €3,080 | €3,920 | +€840 | +27.3% |
| Other amounts payable | 47/48 | €315,794 | €350,150 | +€34,356 | +10.9% |
| Accrued charges and deferred income | 492/3 | €12 | €24 | +€11 | +92.0% |
| Remuneration, social security and pensions | 62 | €276 | - | -€276 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,191 | €51,224 | +€33 | +0.1% |
| Other operating charges | 640/8 | €10,854 | €2,011 | -€8,843 | -81.5% |
| Gross operating margin | 9900 | €110,731 | €121,351 | +€10,620 | +9.6% |
| Operating profit (loss) | 9901 | €48,410 | €68,117 | +€19,707 | +40.7% |
| Financial income | 75/76B | €93 | €176 | +€83 | +89.0% |
| Recurring financial income | 75 | €93 | €176 | +€83 | +89.0% |
| Financial charges | 65/66B | €14,928 | €10,968 | -€3,959 | -26.5% |
| Recurring financial charges | 65 | €14,928 | €10,968 | -€3,959 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €33,575 | €57,324 | +€23,749 | +70.7% |
| Income taxes | 67/77 | €23,516 | €15,804 | -€7,712 | -32.8% |
| Profit (loss) for the period | 9904 | €10,059 | €41,520 | +€31,461 | +313% |
| Profit (loss) for the period to be appropriated | 9905 | €10,059 | €41,520 | +€31,461 | +313% |
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 20 October 2026 via checked.be.