MARC JOOSTENS: 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.
MARC JOOSTENS
Largest movements
- Cash +€463,732
up €463,732 (+33.2%), from €1.4m to €1.9m
mainly Net result for the year (+€531,403) and Investment in fixed assets (net) (+€164,617)
- Tangible fixed assets -€219,228
down €219,228 (-28.6%), from €765,646 to €546,418
of which Land and buildings: -€233,523
- Receivables within one year +€49,457
up €49,457 (+85.3%), from €57,996 to €107,453
of which Other amounts receivable: +€48,550
- Reserves +€343,400
up €343,400 (+19.0%), from €1.8m to €2.2m
- Other debts +€57,600
up €57,600 (+44.7%), from €129,000 to €186,600
- Debts after one year -€38,292
down €38,292 (-27.3%), from €140,265 to €101,973
- Tax, wage and social debts -€33,574
down €33,574 (-30.3%), from €110,638 to €77,064
- Gross operating margin +€47,365
up €47,365 (+6.2%), from €762,073 to €809,439
- Taxes +€28,027
up €28,027 (+11.5%), from €244,441 to €272,468
- Depreciation -€10,820
down €10,820 (-16.5%), from €65,431 to €54,611
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 | €2,785,880 | €3,088,891 | +€303,010 | +10.9% |
| Fixed assets | 21/28 | €768,125 | €548,897 | -€219,228 | -28.5% |
| Tangible fixed assets | 22/27 | €765,646 | €546,418 | -€219,228 | -28.6% |
| Land and buildings | 22 | €613,283 | €379,760 | -€233,523 | -38.1% |
| Plant, machinery and equipment | 23 | €345 | €3,195 | +€2,850 | +826% |
| Furniture and vehicles | 24 | €133,223 | €123,363 | -€9,860 | -7.4% |
| Other tangible fixed assets | 26 | €18,795 | €40,101 | +€21,305 | +113% |
| Financial fixed assets | 28 | €2,479 | €2,479 | = | 0.0% |
| Current assets | 29/58 | €2,017,755 | €2,539,994 | +€522,238 | +25.9% |
| Amounts receivable after more than one year | 29 | €532,000 | €532,000 | = | 0.0% |
| Other amounts receivable | 291 | €532,000 | €532,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €57,996 | €107,453 | +€49,457 | +85.3% |
| Trade receivables | 40 | - | €908 | +€908 | |
| Other amounts receivable | 41 | €57,996 | €106,546 | +€48,550 | +83.7% |
| Cash at bank and in hand | 54/58 | €1,395,942 | €1,859,674 | +€463,732 | +33.2% |
| Deferred charges and accrued income | 490/1 | €31,817 | €40,866 | +€9,049 | +28.4% |
| Total equity and liabilities | 10/49 | €2,785,880 | €3,088,891 | +€303,010 | +10.9% |
| Equity | 10/15 | €2,230,842 | €2,575,645 | +€344,803 | +15.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,809,460 | €2,152,860 | +€343,400 | +19.0% |
| Distributable reserves | 133 | €1,809,460 | €2,152,860 | +€343,400 | +19.0% |
| Profit (loss) carried forward | 14 | €408,982 | €410,385 | +€1,403 | +0.3% |
| Amounts payable | 17/49 | €555,038 | €513,245 | -€41,793 | -7.5% |
| Amounts payable after more than one year | 17 | €140,265 | €101,973 | -€38,292 | -27.3% |
| Financial debts | 170/4 | €140,265 | €101,973 | -€38,292 | -27.3% |
| Amounts payable within one year | 42/48 | €396,991 | €411,272 | +€14,281 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €37,237 | €40,315 | +€3,078 | +8.3% |
| Financial debts | 43 | €94,281 | €65,470 | -€28,811 | -30.6% |
| Credit institutions | 430/8 | €94,281 | €65,470 | -€28,811 | -30.6% |
| Trade debts | 44 | €25,836 | €41,824 | +€15,989 | +61.9% |
| Suppliers | 440/4 | €25,836 | €41,824 | +€15,989 | +61.9% |
| Taxes, remuneration and social security | 45 | €110,638 | €77,064 | -€33,574 | -30.3% |
| Taxes | 450/3 | €110,638 | €77,064 | -€33,574 | -30.3% |
| Other amounts payable | 47/48 | €129,000 | €186,600 | +€57,600 | +44.7% |
| Accrued charges and deferred income | 492/3 | €17,782 | - | -€17,782 | |
| Non-recurring operating income | 76A | €1,748 | €75,234 | +€73,487 | +4,205% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,431 | €54,611 | -€10,820 | -16.5% |
| Other operating charges | 640/8 | €6,578 | €7,801 | +€1,223 | +18.6% |
| Gross operating margin | 9900 | €762,073 | €809,439 | +€47,365 | +6.2% |
| Operating profit (loss) | 9901 | €690,064 | €747,026 | +€56,962 | +8.3% |
| Financial income | 75/76B | €73,593 | €66,015 | -€7,578 | -10.3% |
| Recurring financial income | 75 | €73,593 | €66,015 | -€7,578 | -10.3% |
| Financial charges | 65/66B | €13,167 | €9,170 | -€3,997 | -30.4% |
| Recurring financial charges | 65 | €13,167 | €9,170 | -€3,997 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €750,490 | €803,871 | +€53,381 | +7.1% |
| Income taxes | 67/77 | €244,441 | €272,468 | +€28,027 | +11.5% |
| Profit (loss) for the period | 9904 | €506,049 | €531,403 | +€25,355 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €506,049 | €531,403 | +€25,355 | +5.0% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.