Simon Jean-Luc: 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.
Simon Jean-Luc
Largest movements
- Cash +€845,653
up €845,653 (+60.9%), from €1.4m to €2.2m
mainly Net result for the year (+€1.1m) and Depreciation (+€716,847)
- Receivables within one year -€204,829
down €204,829 (-18.6%), from €1.1m to €896,833
of which Other amounts receivable: -€111,127
- Tangible fixed assets -€148,633
down €148,633 (-3.7%), from €4.0m to €3.9m
of which Plant, machinery and equipment: -€205,609
- Stocks and contracts -€84,668
down €84,668 (-7.9%), from €1.1m to €990,573
of which Contracts in progress: -€94,830
- Reserves +€1.1m
up €1.1m (+128%), from €819,958 to €1.9m
of which Tax-exempt reserves: +€564,140
- Trade debts -€315,697
down €315,697 (-26.0%), from €1.2m to €899,050
- Short-term financial debts -€199,985
down €199,985 (-33.2%), from €602,003 to €402,019
- Debts after one year -€166,090
down €166,090 (-6.4%), from €2.6m to €2.4m
- Current portion of long-term debt -€120,842
down €120,842 (-21.0%), from €575,092 to €454,250
- Gross operating margin +€1.0m
up €1.0m (+28.5%), from €3.6m to €4.6m
- Taxes +€217,827
up €217,827 (+120%), from €182,068 to €399,895
- Depreciation +€131,329
up €131,329 (+22.4%), from €585,517 to €716,847
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 | €7,699,950 | €8,090,294 | +€390,344 | +5.1% |
| Fixed assets | 21/28 | €4,090,096 | €3,967,790 | -€122,306 | -3.0% |
| Intangible fixed assets | 21 | €855 | €357 | -€499 | -58.3% |
| Tangible fixed assets | 22/27 | €4,027,177 | €3,878,544 | -€148,633 | -3.7% |
| Land and buildings | 22 | €2,025,507 | €1,944,981 | -€80,526 | -4.0% |
| Plant, machinery and equipment | 23 | €1,178,505 | €972,896 | -€205,609 | -17.4% |
| Furniture and vehicles | 24 | €405,799 | €501,876 | +€96,077 | +23.7% |
| Leasing and similar rights | 25 | €417,366 | €458,791 | +€41,425 | +9.9% |
| Financial fixed assets | 28 | €62,063 | €88,889 | +€26,825 | +43.2% |
| Current assets | 29/58 | €3,609,854 | €4,122,505 | +€512,650 | +14.2% |
| Stocks and contracts in progress | 3 | €1,075,241 | €990,573 | -€84,668 | -7.9% |
| Stocks | 30/36 | €17,831 | €27,993 | +€10,162 | +57.0% |
| Contracts in progress | 37 | €1,057,410 | €962,580 | -€94,830 | -9.0% |
| Amounts receivable within one year | 40/41 | €1,101,662 | €896,833 | -€204,829 | -18.6% |
| Trade receivables | 40 | €786,454 | €692,752 | -€93,702 | -11.9% |
| Other amounts receivable | 41 | €315,208 | €204,081 | -€111,127 | -35.3% |
| Cash at bank and in hand | 54/58 | €1,389,446 | €2,235,099 | +€845,653 | +60.9% |
| Deferred charges and accrued income | 490/1 | €43,506 | - | -€43,506 | |
| Total equity and liabilities | 10/49 | €7,699,950 | €8,090,294 | +€390,344 | +5.1% |
| Equity | 10/15 | €2,620,307 | €3,686,330 | +€1.1m | +40.7% |
| Contributions | 10/11 | €291,910 | €291,910 | = | 0.0% |
| Reserves | 13 | €819,958 | €1,872,191 | +€1.1m | +128% |
| Tax-exempt reserves | 132 | €265,230 | €829,370 | +€564,140 | +213% |
| Distributable reserves | 133 | €554,728 | €1,042,821 | +€488,093 | +88.0% |
| Profit (loss) carried forward | 14 | €1,508,439 | €1,522,229 | +€13,790 | +0.9% |
| Amounts payable | 17/49 | €5,079,643 | €4,403,964 | -€675,679 | -13.3% |
| Amounts payable after more than one year | 17 | €2,589,645 | €2,423,555 | -€166,090 | -6.4% |
| Financial debts | 170/4 | €2,589,645 | €2,423,555 | -€166,090 | -6.4% |
| Amounts payable within one year | 42/48 | €2,458,312 | €1,971,786 | -€486,526 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €575,092 | €454,250 | -€120,842 | -21.0% |
| Financial debts | 43 | €602,003 | €402,019 | -€199,985 | -33.2% |
| Credit institutions | 430/8 | €602,003 | €402,019 | -€199,985 | -33.2% |
| Trade debts | 44 | €1,214,747 | €899,050 | -€315,697 | -26.0% |
| Suppliers | 440/4 | €1,214,747 | €899,050 | -€315,697 | -26.0% |
| Taxes, remuneration and social security | 45 | €58,637 | €117,846 | +€59,208 | +101% |
| Taxes | 450/3 | €26,531 | €62,022 | +€35,491 | +134% |
| Remuneration and social security | 454/9 | €32,106 | €55,823 | +€23,717 | +73.9% |
| Other amounts payable | 47/48 | €7,832 | €98,621 | +€90,789 | +1,159% |
| Accrued charges and deferred income | 492/3 | €31,686 | €8,624 | -€23,063 | -72.8% |
| Non-recurring operating income | 76A | €88,229 | - | -€88,229 | |
| Remuneration, social security and pensions | 62 | €2,198,305 | €2,191,579 | -€6,726 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €585,517 | €716,847 | +€131,329 | +22.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,058 | +€5,058 | |
| Other operating charges | 640/8 | €60,201 | €94,359 | +€34,158 | +56.7% |
| Non-recurring operating charges | 66A | €119,414 | - | -€119,414 | |
| Gross operating margin | 9900 | €3,599,979 | €4,624,425 | +€1.0m | +28.5% |
| Operating profit (loss) | 9901 | €636,542 | €1,616,582 | +€980,040 | +154% |
| Financial income | 75/76B | €966 | €2,981 | +€2,016 | +209% |
| Recurring financial income | 75 | €966 | €2,981 | +€2,016 | +209% |
| Financial charges | 65/66B | €110,209 | €91,738 | -€18,470 | -16.8% |
| Recurring financial charges | 65 | €110,209 | €91,738 | -€18,470 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €527,299 | €1,527,825 | +€1.0m | +190% |
| Income taxes | 67/77 | €182,068 | €399,895 | +€217,827 | +120% |
| Profit (loss) for the period | 9904 | €345,230 | €1,127,930 | +€782,699 | +227% |
| Transfer to tax-exempt reserves | 689 | €172,610 | - | -€172,610 | |
| Profit (loss) for the period to be appropriated | 9905 | €172,620 | €1,127,930 | +€955,309 | +553% |
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 20 October 2026 via checked.be.