Stijn Jonckheere: 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.
Stijn Jonckheere
Largest movements
- Receivables within one year -€23,802
down €23,802 (-7.8%), from €306,733 to €282,931
of which Trade receivables: -€13,915
- Tangible fixed assets -€22,728
down €22,728 (-9.7%), from €233,635 to €210,908
of which Furniture and vehicles: -€16,160
- Cash +€12,262
up €12,262 (+14.7%), from €83,458 to €95,721
mainly Net result for the year (+€475,063) and Depreciation (+€29,187)
- Current portion of long-term debt -€35,416
down €35,416 (-71.4%), from €49,583 to €14,166
- Debts after one year -€14,166
down €14,166 (-100%), from €14,166 to €0
- Other debts +€12,210
up €12,210 (+2.3%), from €540,046 to €552,256
- Gross operating margin +€50,948
up €50,948 (+8.3%), from €612,418 to €663,366
- Taxes +€13,603
up €13,603 (+9.6%), from €141,675 to €155,278
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 | €624,778 | €591,179 | -€33,599 | -5.4% |
| Fixed assets | 21/28 | €233,635 | €210,908 | -€22,728 | -9.7% |
| Tangible fixed assets | 22/27 | €233,635 | €210,908 | -€22,728 | -9.7% |
| Land and buildings | 22 | €154,696 | €148,633 | -€6,063 | -3.9% |
| Plant, machinery and equipment | 23 | €1,832 | €1,328 | -€505 | -27.5% |
| Furniture and vehicles | 24 | €77,107 | €60,947 | -€16,160 | -21.0% |
| Current assets | 29/58 | €391,142 | €380,271 | -€10,871 | -2.8% |
| Amounts receivable within one year | 40/41 | €306,733 | €282,931 | -€23,802 | -7.8% |
| Trade receivables | 40 | €296,846 | €282,931 | -€13,915 | -4.7% |
| Other amounts receivable | 41 | €9,887 | €0 | -€9,887 | -100% |
| Cash at bank and in hand | 54/58 | €83,458 | €95,721 | +€12,262 | +14.7% |
| Deferred charges and accrued income | 490/1 | €951 | €1,620 | +€669 | +70.4% |
| Total equity and liabilities | 10/49 | €624,778 | €591,179 | -€33,599 | -5.4% |
| Equity | 10/15 | €18,550 | €18,550 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €606,228 | €572,629 | -€33,599 | -5.5% |
| Amounts payable after more than one year | 17 | €14,166 | €0 | -€14,166 | -100% |
| Financial debts | 170/4 | €14,166 | €0 | -€14,166 | -100% |
| Amounts payable within one year | 42/48 | €592,061 | €572,629 | -€19,432 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €49,583 | €14,166 | -€35,416 | -71.4% |
| Trade debts | 44 | €1,532 | €29 | -€1,504 | -98.1% |
| Suppliers | 440/4 | €1,532 | €29 | -€1,504 | -98.1% |
| Taxes, remuneration and social security | 45 | €900 | €6,178 | +€5,278 | +586% |
| Taxes | 450/3 | €900 | €6,178 | +€5,278 | +586% |
| Other amounts payable | 47/48 | €540,046 | €552,256 | +€12,210 | +2.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,117 | €29,187 | +€71 | +0.2% |
| Other operating charges | 640/8 | €2,011 | €2,178 | +€166 | +8.3% |
| Gross operating margin | 9900 | €612,418 | €663,366 | +€50,948 | +8.3% |
| Operating profit (loss) | 9901 | €581,290 | €632,001 | +€50,711 | +8.7% |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €3,813 | €1,674 | -€2,139 | -56.1% |
| Recurring financial charges | 65 | €3,813 | €1,674 | -€2,139 | -56.1% |
| Profit (loss) for the period before taxes | 9903 | €577,477 | €630,341 | +€52,863 | +9.2% |
| Income taxes | 67/77 | €141,675 | €155,278 | +€13,603 | +9.6% |
| Profit (loss) for the period | 9904 | €435,802 | €475,063 | +€39,260 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €435,802 | €475,063 | +€39,260 | +9.0% |
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 27 October 2026 via checked.be.