M. JANSSEN: 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.
M. JANSSEN
Largest movements
- Cash -€63,005
down €63,005 (-32.6%), from €193,080 to €130,075
mainly Contributions, distributions and other (-€60,218) and Investment in fixed assets (net) (-€42,744)
- Tangible fixed assets +€17,682
up €17,682 (+32.2%), from €54,948 to €72,631
of which Furniture and vehicles: +€25,193
- Receivables within one year +€14,245
up €14,245 (+11.4%), from €125,428 to €139,672
of which Trade receivables: +€9,048
- Other debts -€40,000
down €40,000 (-40.0%), from €100,000 to €60,000
- Reserves +€25,000
up €25,000 (+16.7%), from €150,000 to €175,000
- Debts after one year -€18,097
down €18,097 (-52.6%), from €34,393 to €16,296
of which Financial debts: -€11,236
- Current portion of long-term debt -€10,137
down €10,137 (-42.7%), from €23,720 to €13,583
- Tax, wage and social debts +€7,070
up €7,070 (+3,210%), from €220 to €7,290
- Gross operating margin +€22,860
up €22,860 (+19.3%), from €118,304 to €141,164
- Taxes +€6,671
up €6,671 (+24.7%), from €27,010 to €33,680
- Depreciation -€4,071
down €4,071 (-14.0%), from €29,132 to €25,062
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 | €377,285 | €345,802 | -€31,483 | -8.3% |
| Fixed assets | 21/28 | €54,948 | €72,631 | +€17,682 | +32.2% |
| Tangible fixed assets | 22/27 | €54,948 | €72,631 | +€17,682 | +32.2% |
| Plant, machinery and equipment | 23 | €14,275 | €6,764 | -€7,511 | -52.6% |
| Furniture and vehicles | 24 | €40,673 | €65,867 | +€25,193 | +61.9% |
| Current assets | 29/58 | €322,337 | €273,171 | -€49,166 | -15.3% |
| Amounts receivable within one year | 40/41 | €125,428 | €139,672 | +€14,245 | +11.4% |
| Trade receivables | 40 | €24,135 | €33,183 | +€9,048 | +37.5% |
| Other amounts receivable | 41 | €101,293 | €106,490 | +€5,197 | +5.1% |
| Cash at bank and in hand | 54/58 | €193,080 | €130,075 | -€63,005 | -32.6% |
| Deferred charges and accrued income | 490/1 | €3,829 | €3,423 | -€405 | -10.6% |
| Total equity and liabilities | 10/49 | €377,285 | €345,802 | -€31,483 | -8.3% |
| Equity | 10/15 | €213,953 | €240,255 | +€26,301 | +12.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €150,000 | €175,000 | +€25,000 | +16.7% |
| Distributable reserves | 133 | €150,000 | €175,000 | +€25,000 | +16.7% |
| Profit (loss) carried forward | 14 | €43,210 | €44,729 | +€1,519 | +3.5% |
| Investment grants | 15 | €283 | €65 | -€218 | -77.0% |
| Amounts payable | 17/49 | €163,332 | €105,547 | -€57,785 | -35.4% |
| Amounts payable after more than one year | 17 | €34,393 | €16,296 | -€18,097 | -52.6% |
| Financial debts | 170/4 | €13,461 | €2,225 | -€11,236 | -83.5% |
| Other amounts payable | 178/9 | €20,932 | €14,071 | -€6,861 | -32.8% |
| Amounts payable within one year | 42/48 | €128,939 | €89,251 | -€39,688 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €23,720 | €13,583 | -€10,137 | -42.7% |
| Trade debts | 44 | €4,999 | €8,378 | +€3,380 | +67.6% |
| Suppliers | 440/4 | €4,999 | €8,378 | +€3,380 | +67.6% |
| Taxes, remuneration and social security | 45 | €220 | €7,290 | +€7,070 | +3,210% |
| Taxes | 450/3 | €220 | €7,290 | +€7,070 | +3,210% |
| Other amounts payable | 47/48 | €100,000 | €60,000 | -€40,000 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,132 | €25,062 | -€4,071 | -14.0% |
| Other operating charges | 640/8 | €933 | €1,678 | +€745 | +79.9% |
| Gross operating margin | 9900 | €118,304 | €141,164 | +€22,860 | +19.3% |
| Operating profit (loss) | 9901 | €88,239 | €114,424 | +€26,185 | +29.7% |
| Financial income | 75/76B | €6,070 | €6,839 | +€769 | +12.7% |
| Recurring financial income | 75 | €6,070 | €6,839 | +€769 | +12.7% |
| Financial charges | 65/66B | €1,350 | €1,063 | -€287 | -21.3% |
| Recurring financial charges | 65 | €1,350 | €1,063 | -€287 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €92,959 | €120,200 | +€27,241 | +29.3% |
| Income taxes | 67/77 | €27,010 | €33,680 | +€6,671 | +24.7% |
| Profit (loss) for the period | 9904 | €65,949 | €86,519 | +€20,570 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €65,949 | €86,519 | +€20,570 | +31.2% |
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.