Pascal Janssens: what changed
Two fiscal 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.
Pascal Janssens
Largest movements
- Cash -€391,012
down €391,012 (-43.1%), from €907,512 to €516,500
mainly Contributions, distributions and other (-€1.4m) and Receivables within one year (-€189,201)
- Current investments -€253,004
down €253,004 (-16.1%), from €1.6m to €1.3m
- Receivables within one year +€189,201
up €189,201 (+41.4%), from €457,273 to €646,474
of which Trade receivables: +€138,044
- Tangible fixed assets -€53,785
down €53,785 (-9.8%), from €550,098 to €496,312
of which Furniture and vehicles: -€48,339
- Reserves -€649,630
down €649,630 (-18.2%), from €3.6m to €2.9m
- Tax, wage and social debts +€103,665
up €103,665 (+76.5%), from €135,427 to €239,093
- Gross operating margin +€233,160
up €233,160 (+26.5%), from €879,048 to €1.1m
- Taxes +€91,999
up €91,999 (+34.3%), from €267,837 to €359,835
- Financial income +€52,726
up €52,726 (+120.1%), from €43,890 to €96,615
- Depreciation -€15,970
down €15,970 (-27.7%), from €57,685 to €41,714
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.
Cash bridge derived
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 | €3,721,967 | €3,178,766 | -€543,201 | -14.6% |
| Fixed assets | 21/28 | €550,098 | €496,312 | -€53,785 | -9.8% |
| Tangible fixed assets | 22/27 | €550,098 | €496,312 | -€53,785 | -9.8% |
| Land and buildings | 22 | €472,022 | €458,372 | -€13,650 | -2.9% |
| Plant, machinery and equipment | 23 | €6,308 | €14,511 | +€8,203 | +130.1% |
| Furniture and vehicles | 24 | €71,768 | €23,429 | -€48,339 | -67.4% |
| Current assets | 29/58 | €3,171,869 | €2,682,453 | -€489,416 | -15.4% |
| Amounts receivable after more than one year | 29 | €223,334 | €190,000 | -€33,334 | -14.9% |
| Other amounts receivable | 291 | €223,334 | €190,000 | -€33,334 | -14.9% |
| Amounts receivable within one year | 40/41 | €457,273 | €646,474 | +€189,201 | +41.4% |
| Trade receivables | 40 | €226,466 | €364,510 | +€138,044 | +61.0% |
| Other amounts receivable | 41 | €230,808 | €281,964 | +€51,156 | +22.2% |
| Current investments | 50/53 | €1,572,931 | €1,319,928 | -€253,004 | -16.1% |
| Cash at bank and in hand | 54/58 | €907,512 | €516,500 | -€391,012 | -43.1% |
| Deferred charges and accrued income | 490/1 | €10,818 | €9,552 | -€1,267 | -11.7% |
| Total equity and liabilities | 10/49 | €3,721,967 | €3,178,766 | -€543,201 | -14.6% |
| Equity | 10/15 | €3,573,363 | €2,923,733 | -€649,630 | -18.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,560,396 | €2,910,766 | -€649,630 | -18.2% |
| Distributable reserves | 133 | €3,560,396 | €2,910,766 | -€649,630 | -18.2% |
| Profit (loss) carried forward | 14 | €567 | €567 | = | 0.0% |
| Amounts payable | 17/49 | €148,604 | €255,033 | +€106,429 | +71.6% |
| Amounts payable within one year | 42/48 | €143,262 | €255,033 | +€111,771 | +78.0% |
| Trade debts | 44 | €7,835 | €15,940 | +€8,105 | +103.5% |
| Suppliers | 440/4 | €7,835 | €15,940 | +€8,105 | +103.5% |
| Taxes, remuneration and social security | 45 | €135,427 | €239,093 | +€103,665 | +76.5% |
| Taxes | 450/3 | €135,427 | €239,093 | +€103,665 | +76.5% |
| Accrued charges and deferred income | 492/3 | €5,342 | - | -€5,342 | |
| Non-recurring operating income | 76A | - | €6,993 | +€6,993 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,685 | €41,714 | -€15,970 | -27.7% |
| Other operating charges | 640/8 | €4,984 | €5,199 | +€215 | +4.3% |
| Gross operating margin | 9900 | €879,048 | €1,112,208 | +€233,160 | +26.5% |
| Operating profit (loss) | 9901 | €816,380 | €1,065,294 | +€248,915 | +30.5% |
| Financial income | 75/76B | €43,890 | €96,615 | +€52,726 | +120.1% |
| Recurring financial income | 75 | €43,890 | €96,615 | +€52,726 | +120.1% |
| Financial charges | 65/66B | €11,957 | €9,852 | -€2,105 | -17.6% |
| Recurring financial charges | 65 | €11,957 | €9,852 | -€2,105 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €848,312 | €1,152,057 | +€303,745 | +35.8% |
| Income taxes | 67/77 | €267,837 | €359,835 | +€91,999 | +34.3% |
| Profit (loss) for the period | 9904 | €580,475 | €792,222 | +€211,746 | +36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €580,475 | €792,222 | +€211,746 | +36.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.