Justine PINCKERS: 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 PINCKERS
Largest movements
- Cash +€35,520
up €35,520 (+62.3%), from €57,025 to €92,545
mainly Net result for the year (+€37,000) and Other debts (+€10,812)
- Receivables within one year +€3,177
up €3,177 (+9.5%), from €33,373 to €36,551
of which Trade receivables: +€7,112
- Tangible fixed assets -€2,779
down €2,779 (-16.5%), from €16,850 to €14,071
- Reserves +€36,167
up €36,167 (+62.8%), from €57,572 to €93,739
- Other debts +€10,812
up €10,812 (+1,259%), from €859 to €11,671
- Trade debts -€8,874
down €8,874 (-54.7%), from €16,220 to €7,346
- Debts after one year -€6,219
down €6,219 (-62.4%), from €9,967 to €3,748
- Tax, wage and social debts +€3,919
up €3,919 (+21.9%), from €17,916 to €21,835
- Financial charges +€30,294
up €30,294 (+3,537%), from €857 to €31,150
- Gross operating margin +€23,466
up €23,466 (+35.4%), from €66,233 to €89,700
- Taxes -€1,721
down €1,721 (-9.8%), from €17,650 to €15,929
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 | €108,541 | €144,559 | +€36,017 | +33.2% |
| Fixed assets | 21/28 | €16,850 | €14,071 | -€2,779 | -16.5% |
| Tangible fixed assets | 22/27 | €16,850 | €14,071 | -€2,779 | -16.5% |
| Furniture and vehicles | 24 | €16,850 | €14,071 | -€2,779 | -16.5% |
| Current assets | 29/58 | €91,692 | €130,488 | +€38,796 | +42.3% |
| Amounts receivable within one year | 40/41 | €33,373 | €36,551 | +€3,177 | +9.5% |
| Trade receivables | 40 | €29,439 | €36,551 | +€7,112 | +24.2% |
| Other amounts receivable | 41 | €3,935 | €0 | -€3,935 | -100% |
| Cash at bank and in hand | 54/58 | €57,025 | €92,545 | +€35,520 | +62.3% |
| Deferred charges and accrued income | 490/1 | €1,293 | €1,392 | +€99 | +7.7% |
| Total equity and liabilities | 10/49 | €108,541 | €144,559 | +€36,017 | +33.2% |
| Equity | 10/15 | €57,573 | €93,740 | +€36,167 | +62.8% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €57,572 | €93,739 | +€36,167 | +62.8% |
| Distributable reserves | 133 | €57,572 | €93,739 | +€36,167 | +62.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €50,968 | €50,818 | -€150 | -0.3% |
| Amounts payable after more than one year | 17 | €9,967 | €3,748 | -€6,219 | -62.4% |
| Financial debts | 170/4 | €9,967 | €3,748 | -€6,219 | -62.4% |
| Amounts payable within one year | 42/48 | €40,962 | €47,070 | +€6,108 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €5,967 | €6,219 | +€252 | +4.2% |
| Trade debts | 44 | €16,220 | €7,346 | -€8,874 | -54.7% |
| Suppliers | 440/4 | €16,220 | €7,346 | -€8,874 | -54.7% |
| Taxes, remuneration and social security | 45 | €17,916 | €21,835 | +€3,919 | +21.9% |
| Taxes | 450/3 | €17,916 | €21,835 | +€3,919 | +21.9% |
| Other amounts payable | 47/48 | €859 | €11,671 | +€10,812 | +1,259% |
| Accrued charges and deferred income | 492/3 | €39 | €0 | -€39 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,794 | €5,028 | +€234 | +4.9% |
| Other operating charges | 640/8 | €952 | €747 | -€205 | -21.5% |
| Gross operating margin | 9900 | €66,233 | €89,700 | +€23,466 | +35.4% |
| Operating profit (loss) | 9901 | €60,487 | €83,924 | +€23,437 | +38.7% |
| Financial income | 75/76B | €31 | €155 | +€124 | +397% |
| Recurring financial income | 75 | €31 | €155 | +€124 | +397% |
| Financial charges | 65/66B | €857 | €31,150 | +€30,294 | +3,537% |
| Recurring financial charges | 65 | €857 | €31,150 | +€30,294 | +3,537% |
| Profit (loss) for the period before taxes | 9903 | €59,662 | €52,928 | -€6,733 | -11.3% |
| Income taxes | 67/77 | €17,650 | €15,929 | -€1,721 | -9.8% |
| Profit (loss) for the period | 9904 | €42,012 | €37,000 | -€5,012 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,012 | €37,000 | -€5,012 | -11.9% |
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 29 October 2026 via checked.be.