Siddharth Jogani: 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.
Siddharth Jogani
Largest movements
- Receivables after one year -€490,000
down €490,000 (-89.1%), from €550,000 to €60,000
- Deferred charges and accrued income -€80,516
down €80,516 (-68.3%), from €117,802 to €37,286
- Cash -€48,697
down €48,697 (-37.9%), from €128,642 to €79,945
mainly Other debts (-€531,045) and Contributions, distributions and other (-€120,000)
- Receivables within one year +€42,312
new in 2025: €42,312
- Current investments +€29,343
up €29,343 (+42.9%), from €68,473 to €97,816
- Other debts -€531,045
down €531,045 (-81.6%), from €651,045 to €120,000
- Profit (loss) carried forward -€201,748
down €201,748 (-100%), from €201,748 to €0
- Reserves +€196,167
new in 2025: €196,167
- Tax, wage and social debts -€13,211
down €13,211 (-62.2%), from €21,229 to €8,018
of which Taxes: -€15,335
- Gross operating margin -€150,085
down €150,085 (-49.4%), from €304,097 to €154,012
- Taxes -€39,984
down €39,984 (-55.4%), from €72,205 to €32,221
- Financial income -€6,301
down €6,301 (-24.6%), from €25,606 to €19,304
- Staff costs +€3,219
up €3,219 (+18.7%), from €17,241 to €20,460
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 | €879,005 | €327,791 | -€551,214 | -62.7% |
| Fixed assets | 21/28 | €14,088 | €10,431 | -€3,656 | -26.0% |
| Tangible fixed assets | 22/27 | €14,088 | €10,431 | -€3,656 | -26.0% |
| Plant, machinery and equipment | 23 | €597 | €251 | -€346 | -58.0% |
| Furniture and vehicles | 24 | €8,913 | €6,072 | -€2,841 | -31.9% |
| Other tangible fixed assets | 26 | €4,578 | €4,109 | -€469 | -10.2% |
| Current assets | 29/58 | €864,917 | €317,359 | -€547,558 | -63.3% |
| Amounts receivable after more than one year | 29 | €550,000 | €60,000 | -€490,000 | -89.1% |
| Other amounts receivable | 291 | €550,000 | €60,000 | -€490,000 | -89.1% |
| Amounts receivable within one year | 40/41 | - | €42,312 | +€42,312 | |
| Other amounts receivable | 41 | - | €42,312 | +€42,312 | |
| Current investments | 50/53 | €68,473 | €97,816 | +€29,343 | +42.9% |
| Cash at bank and in hand | 54/58 | €128,642 | €79,945 | -€48,697 | -37.9% |
| Deferred charges and accrued income | 490/1 | €117,802 | €37,286 | -€80,516 | -68.3% |
| Total equity and liabilities | 10/49 | €879,005 | €327,791 | -€551,214 | -62.7% |
| Equity | 10/15 | €203,748 | €198,167 | -€5,581 | -2.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €196,167 | +€196,167 | |
| Distributable reserves | 133 | - | €196,167 | +€196,167 | |
| Profit (loss) carried forward | 14 | €201,748 | €0 | -€201,748 | -100% |
| Amounts payable | 17/49 | €675,257 | €129,624 | -€545,633 | -80.8% |
| Amounts payable within one year | 42/48 | €675,257 | €129,624 | -€545,633 | -80.8% |
| Trade debts | 44 | €2,983 | €1,606 | -€1,377 | -46.1% |
| Suppliers | 440/4 | €2,983 | €1,606 | -€1,377 | -46.1% |
| Taxes, remuneration and social security | 45 | €21,229 | €8,018 | -€13,211 | -62.2% |
| Taxes | 450/3 | €18,335 | €3,000 | -€15,335 | -83.6% |
| Remuneration and social security | 454/9 | €2,893 | €5,018 | +€2,124 | +73.4% |
| Other amounts payable | 47/48 | €651,045 | €120,000 | -€531,045 | -81.6% |
| Remuneration, social security and pensions | 62 | €17,241 | €20,460 | +€3,219 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,297 | €3,656 | +€360 | +10.9% |
| Other operating charges | 640/8 | €449 | €1,489 | +€1,039 | +231% |
| Gross operating margin | 9900 | €304,097 | €154,012 | -€150,085 | -49.4% |
| Operating profit (loss) | 9901 | €283,110 | €128,407 | -€154,703 | -54.6% |
| Financial income | 75/76B | €25,606 | €19,304 | -€6,301 | -24.6% |
| Recurring financial income | 75 | €25,606 | €19,304 | -€6,301 | -24.6% |
| Financial charges | 65/66B | €1,857 | €1,072 | -€785 | -42.3% |
| Recurring financial charges | 65 | €1,857 | €1,072 | -€785 | -42.3% |
| Profit (loss) for the period before taxes | 9903 | €306,859 | €146,640 | -€160,219 | -52.2% |
| Income taxes | 67/77 | €72,205 | €32,221 | -€39,984 | -55.4% |
| Profit (loss) for the period | 9904 | €234,654 | €114,419 | -€120,235 | -51.2% |
| Profit (loss) for the period to be appropriated | 9905 | €234,654 | €114,419 | -€120,235 | -51.2% |
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 25 October 2026 via checked.be.