Raf Jansen: 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.
Raf Jansen
Largest movements
- Cash +€29,936
up €29,936 (+14.4%), from €208,558 to €238,494
mainly Net result for the year (+€79,703) and Depreciation (+€711)
- Current investments +€11,707
up €11,707 (+42.9%), from €27,317 to €39,024
- Reserves +€79,703
up €79,703 (+36.7%), from €217,173 to €296,876
of which Distributable reserves: +€79,703
- Other debts -€35,073
down €35,073 (-94.5%), from €37,119 to €2,046
- Financial income +€11,483
up €11,483 (+244,839%), from €5 to €11,488
- Gross operating margin -€1,851
down €1,851 (-1.8%), from €103,831 to €101,980
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 | €283,737 | €326,773 | +€43,036 | +15.2% |
| Fixed assets | 21/28 | €39,551 | €38,841 | -€711 | -1.8% |
| Tangible fixed assets | 22/27 | €3,585 | €2,874 | -€711 | -19.8% |
| Plant, machinery and equipment | 23 | €3,585 | €2,874 | -€711 | -19.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €35,967 | €35,967 | = | 0.0% |
| Current assets | 29/58 | €244,186 | €287,933 | +€43,747 | +17.9% |
| Amounts receivable within one year | 40/41 | €6,710 | €8,047 | +€1,337 | +19.9% |
| Other amounts receivable | 41 | €6,710 | €8,047 | +€1,337 | +19.9% |
| Current investments | 50/53 | €27,317 | €39,024 | +€11,707 | +42.9% |
| Cash at bank and in hand | 54/58 | €208,558 | €238,494 | +€29,936 | +14.4% |
| Deferred charges and accrued income | 490/1 | €1,601 | €2,368 | +€767 | +47.9% |
| Total equity and liabilities | 10/49 | €283,737 | €326,773 | +€43,036 | +15.2% |
| Equity | 10/15 | €235,773 | €315,476 | +€79,703 | +33.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €217,173 | €296,876 | +€79,703 | +36.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €217,173 | €296,876 | +€79,703 | +36.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €47,964 | €11,297 | -€36,666 | -76.4% |
| Amounts payable within one year | 42/48 | €47,964 | €11,297 | -€36,666 | -76.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €997 | €1,590 | +€593 | +59.5% |
| Suppliers | 440/4 | €997 | €1,590 | +€593 | +59.5% |
| Taxes, remuneration and social security | 45 | €9,847 | €7,661 | -€2,186 | -22.2% |
| Taxes | 450/3 | €9,847 | €7,661 | -€2,186 | -22.2% |
| Other amounts payable | 47/48 | €37,119 | €2,046 | -€35,073 | -94.5% |
| Non-recurring operating income | 76A | €308 | €0 | -€308 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €711 | €711 | = | 0.0% |
| Other operating charges | 640/8 | €1,996 | €1,033 | -€963 | -48.2% |
| Gross operating margin | 9900 | €103,831 | €101,980 | -€1,851 | -1.8% |
| Operating profit (loss) | 9901 | €101,124 | €100,235 | -€888 | -0.9% |
| Financial income | 75/76B | €5 | €11,488 | +€11,483 | +244,839% |
| Recurring financial income | 75 | €5 | €11,488 | +€11,483 | +244,839% |
| Financial charges | 65/66B | €2,748 | €2,096 | -€652 | -23.7% |
| Recurring financial charges | 65 | €2,748 | €2,096 | -€652 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €98,381 | €109,627 | +€11,246 | +11.4% |
| Income taxes | 67/77 | €30,116 | €29,924 | -€193 | -0.6% |
| Profit (loss) for the period | 9904 | €68,264 | €79,703 | +€11,439 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €68,264 | €79,703 | +€11,439 | +16.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.