MICHAËL 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.
MICHAËL JANSSEN
Largest movements
- Cash -€33,973
down €33,973 (-14.5%), from €234,208 to €200,235
mainly Contributions, distributions and other (-€63,217) and Investment in fixed assets (net) (-€48,278)
- Tangible fixed assets +€28,101
up €28,101 (+62.6%), from €44,872 to €72,972
of which Furniture and vehicles: +€28,474
- Current investments +€22,642
up €22,642 (+11.8%), from €191,809 to €214,450
- Receivables within one year +€6,533
up €6,533 (+8.2%), from €79,703 to €86,236
of which Other amounts receivable: +€5,380
- Reserves +€23,254
up €23,254 (+4.4%), from €525,881 to €549,135
of which Distributable reserves: +€25,114
- Gross operating margin -€33,609
down €33,609 (-19.7%), from €170,598 to €136,989
- Taxes -€12,666
down €12,666 (-26.5%), from €47,785 to €35,119
- Depreciation +€7,998
up €7,998 (+65.7%), from €12,180 to €20,177
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 | €559,638 | €585,387 | +€25,749 | +4.6% |
| Fixed assets | 21/28 | €44,872 | €72,972 | +€28,101 | +62.6% |
| Tangible fixed assets | 22/27 | €44,872 | €72,972 | +€28,101 | +62.6% |
| Plant, machinery and equipment | 23 | €3,335 | €2,962 | -€373 | -11.2% |
| Furniture and vehicles | 24 | €41,536 | €70,010 | +€28,474 | +68.6% |
| Current assets | 29/58 | €514,767 | €512,415 | -€2,352 | -0.5% |
| Amounts receivable within one year | 40/41 | €79,703 | €86,236 | +€6,533 | +8.2% |
| Trade receivables | 40 | €153 | €1,306 | +€1,153 | +755% |
| Other amounts receivable | 41 | €79,550 | €84,930 | +€5,380 | +6.8% |
| Current investments | 50/53 | €191,809 | €214,450 | +€22,642 | +11.8% |
| Cash at bank and in hand | 54/58 | €234,208 | €200,235 | -€33,973 | -14.5% |
| Deferred charges and accrued income | 490/1 | €9,047 | €11,493 | +€2,446 | +27.0% |
| Total equity and liabilities | 10/49 | €559,638 | €585,387 | +€25,749 | +4.6% |
| Equity | 10/15 | €538,281 | €561,535 | +€23,254 | +4.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €525,881 | €549,135 | +€23,254 | +4.4% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €524,021 | €549,135 | +€25,114 | +4.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €21,357 | €23,852 | +€2,495 | +11.7% |
| Amounts payable within one year | 42/48 | €21,357 | €23,852 | +€2,495 | +11.7% |
| Trade debts | 44 | €2,606 | €839 | -€1,766 | -67.8% |
| Suppliers | 440/4 | €2,606 | €839 | -€1,766 | -67.8% |
| Taxes, remuneration and social security | 45 | €18,649 | €22,651 | +€4,002 | +21.5% |
| Taxes | 450/3 | €18,649 | €22,651 | +€4,002 | +21.5% |
| Other amounts payable | 47/48 | €103 | €362 | +€260 | +253% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,180 | €20,177 | +€7,998 | +65.7% |
| Other operating charges | 640/8 | €450 | €1,223 | +€772 | +171% |
| Gross operating margin | 9900 | €170,598 | €136,989 | -€33,609 | -19.7% |
| Operating profit (loss) | 9901 | €157,968 | €115,589 | -€42,379 | -26.8% |
| Financial income | 75/76B | €4,502 | €6,179 | +€1,676 | +37.2% |
| Recurring financial income | 75 | €4,502 | €6,179 | +€1,676 | +37.2% |
| Financial charges | 65/66B | €282 | €178 | -€104 | -36.9% |
| Recurring financial charges | 65 | €282 | €178 | -€104 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | €162,188 | €121,590 | -€40,598 | -25.0% |
| Income taxes | 67/77 | €47,785 | €35,119 | -€12,666 | -26.5% |
| Profit (loss) for the period | 9904 | €114,403 | €86,471 | -€27,933 | -24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €114,403 | €86,471 | -€27,933 | -24.4% |
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 24 October 2026 via checked.be.