NICOLE 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.
NICOLE JANSSEN
Largest movements
- Cash +€87,343
up €87,343 (+3.9%), from €2.2m to €2.3m
mainly Net result for the year (+€322,956) and Receivables within one year (+€43,371)
- Receivables within one year -€43,371
down €43,371 (-23.2%), from €186,786 to €143,414
of which Trade receivables: -€94,309
- Reserves +€100,399
up €100,399 (+5.7%), from €1.8m to €1.9m
- Other debts -€56,120
down €56,120 (-6.4%), from €873,118 to €816,998
- Gross operating margin +€181,626
up €181,626 (+40.4%), from €450,075 to €631,701
- Financial income -€30,073
down €30,073 (-56.3%), from €53,391 to €23,318
- Taxes +€21,460
up €21,460 (+23.8%), from €90,321 to €111,781
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 | €2,741,747 | €2,758,950 | +€17,202 | +0.6% |
| Fixed assets | 21/28 | €58,125 | €33,342 | -€24,783 | -42.6% |
| Tangible fixed assets | 22/27 | €58,125 | €33,342 | -€24,783 | -42.6% |
| Furniture and vehicles | 24 | €21,716 | €2,173 | -€19,544 | -90.0% |
| Other tangible fixed assets | 26 | €36,409 | €31,170 | -€5,239 | -14.4% |
| Current assets | 29/58 | €2,683,622 | €2,725,608 | +€41,985 | +1.6% |
| Amounts receivable within one year | 40/41 | €186,786 | €143,414 | -€43,371 | -23.2% |
| Trade receivables | 40 | €144,108 | €49,799 | -€94,309 | -65.4% |
| Other amounts receivable | 41 | €42,677 | €93,615 | +€50,937 | +119% |
| Current investments | 50/53 | €264,413 | €264,413 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,226,943 | €2,314,287 | +€87,343 | +3.9% |
| Deferred charges and accrued income | 490/1 | €5,480 | €3,494 | -€1,986 | -36.2% |
| Total equity and liabilities | 10/49 | €2,741,747 | €2,758,950 | +€17,202 | +0.6% |
| Equity | 10/15 | €1,771,125 | €1,871,524 | +€100,399 | +5.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,751,125 | €1,851,524 | +€100,399 | +5.7% |
| Distributable reserves | 133 | €1,751,125 | €1,851,524 | +€100,399 | +5.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €970,622 | €887,426 | -€83,196 | -8.6% |
| Amounts payable within one year | 42/48 | €970,622 | €887,426 | -€83,196 | -8.6% |
| Trade debts | 44 | €13,878 | €839 | -€13,039 | -94.0% |
| Suppliers | 440/4 | €13,878 | €839 | -€13,039 | -94.0% |
| Taxes, remuneration and social security | 45 | €83,627 | €69,589 | -€14,038 | -16.8% |
| Taxes | 450/3 | €62,197 | €51,691 | -€10,506 | -16.9% |
| Remuneration and social security | 454/9 | €21,430 | €17,898 | -€3,532 | -16.5% |
| Other amounts payable | 47/48 | €873,118 | €816,998 | -€56,120 | -6.4% |
| Remuneration, social security and pensions | 62 | €186,226 | €180,021 | -€6,205 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,306 | €33,098 | -€4,208 | -11.3% |
| Other operating charges | 640/8 | €3,039 | €4,580 | +€1,541 | +50.7% |
| Gross operating margin | 9900 | €450,075 | €631,701 | +€181,626 | +40.4% |
| Operating profit (loss) | 9901 | €223,504 | €414,002 | +€190,498 | +85.2% |
| Financial income | 75/76B | €53,391 | €23,318 | -€30,073 | -56.3% |
| Recurring financial income | 75 | €53,391 | €23,318 | -€30,073 | -56.3% |
| Financial charges | 65/66B | €6,262 | €2,583 | -€3,679 | -58.7% |
| Recurring financial charges | 65 | €6,262 | €2,583 | -€3,679 | -58.7% |
| Profit (loss) for the period before taxes | 9903 | €270,633 | €434,737 | +€164,104 | +60.6% |
| Income taxes | 67/77 | €90,321 | €111,781 | +€21,460 | +23.8% |
| Profit (loss) for the period | 9904 | €180,312 | €322,956 | +€142,644 | +79.1% |
| Profit (loss) for the period to be appropriated | 9905 | €180,312 | €322,956 | +€142,644 | +79.1% |
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 28 October 2026 via checked.be.