THIERRY JANSSEN: 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.
THIERRY JANSSEN
Largest movements
- Receivables within one year -€113,566
down €113,566 (-72.2%), from €157,251 to €43,685
of which Trade receivables: -€126,716
- Cash +€65,138
up €65,138 (+15.6%), from €417,634 to €482,771
mainly Net result for the year (+€122,352) and Receivables within one year (+€113,566)
- Tangible fixed assets -€26,187
down €26,187 (-4.1%), from €646,258 to €620,071
of which Land and buildings: -€17,498
- Reserves +€122,352
up €122,352 (+32.2%), from €380,083 to €502,435
- Trade debts -€61,603
down €61,603 (-97.8%), from €62,992 to €1,390
- Other debts -€42,150
down €42,150 (-100%), from €42,150 to €0
- Debts after one year -€40,369
down €40,369 (-11.0%), from €365,407 to €325,039
- Accrued charges and deferred income -€26,529
down €26,529 (-10.1%), from €263,446 to €236,917
- Gross operating margin -€119,830
down €119,830 (-27.2%), from €440,296 to €320,466
- Taxes -€41,879
down €41,879 (-44.4%), from €94,379 to €52,500
- Financial charges +€5,044
up €5,044 (+23.1%), from €21,805 to €26,849
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 | €1,224,507 | €1,160,199 | -€64,309 | -5.3% |
| Fixed assets | 21/28 | €646,438 | €620,251 | -€26,187 | -4.1% |
| Tangible fixed assets | 22/27 | €646,258 | €620,071 | -€26,187 | -4.1% |
| Land and buildings | 22 | €568,540 | €551,043 | -€17,498 | -3.1% |
| Plant, machinery and equipment | 23 | €2,155 | €1,613 | -€542 | -25.2% |
| Furniture and vehicles | 24 | €7,008 | €4,107 | -€2,901 | -41.4% |
| Other tangible fixed assets | 26 | €68,555 | €63,308 | -€5,246 | -7.7% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €578,069 | €539,948 | -€38,122 | -6.6% |
| Amounts receivable within one year | 40/41 | €157,251 | €43,685 | -€113,566 | -72.2% |
| Trade receivables | 40 | €145,901 | €19,185 | -€126,716 | -86.9% |
| Other amounts receivable | 41 | €11,350 | €24,500 | +€13,150 | +116% |
| Cash at bank and in hand | 54/58 | €417,634 | €482,771 | +€65,138 | +15.6% |
| Deferred charges and accrued income | 490/1 | €3,185 | €13,491 | +€10,306 | +324% |
| Total equity and liabilities | 10/49 | €1,224,507 | €1,160,199 | -€64,309 | -5.3% |
| Equity | 10/15 | €386,283 | €508,635 | +€122,352 | +31.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €380,083 | €502,435 | +€122,352 | +32.2% |
| Distributable reserves | 133 | €380,083 | €502,435 | +€122,352 | +32.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €838,224 | €651,564 | -€186,661 | -22.3% |
| Amounts payable after more than one year | 17 | €365,407 | €325,039 | -€40,369 | -11.0% |
| Financial debts | 170/4 | €365,407 | €325,039 | -€40,369 | -11.0% |
| Amounts payable within one year | 42/48 | €209,371 | €89,608 | -€119,763 | -57.2% |
| Current portion of amounts payable after more than one year | 42 | €39,039 | €40,369 | +€1,330 | +3.4% |
| Trade debts | 44 | €62,992 | €1,390 | -€61,603 | -97.8% |
| Suppliers | 440/4 | €62,992 | €1,390 | -€61,603 | -97.8% |
| Taxes, remuneration and social security | 45 | €65,190 | €47,850 | -€17,340 | -26.6% |
| Taxes | 450/3 | €53,454 | €30,721 | -€22,732 | -42.5% |
| Remuneration and social security | 454/9 | €11,736 | €17,129 | +€5,392 | +45.9% |
| Other amounts payable | 47/48 | €42,150 | €0 | -€42,150 | -100% |
| Accrued charges and deferred income | 492/3 | €263,446 | €236,917 | -€26,529 | -10.1% |
| Remuneration, social security and pensions | 62 | €85,234 | €89,415 | +€4,181 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,300 | €26,187 | -€113 | -0.4% |
| Other operating charges | 640/8 | €3,583 | €3,163 | -€420 | -11.7% |
| Gross operating margin | 9900 | €440,296 | €320,466 | -€119,830 | -27.2% |
| Operating profit (loss) | 9901 | €325,179 | €201,701 | -€123,478 | -38.0% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100% |
| Financial charges | 65/66B | €21,805 | €26,849 | +€5,044 | +23.1% |
| Recurring financial charges | 65 | €21,805 | €26,849 | +€5,044 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €303,380 | €174,852 | -€128,528 | -42.4% |
| Income taxes | 67/77 | €94,379 | €52,500 | -€41,879 | -44.4% |
| Profit (loss) for the period | 9904 | €209,001 | €122,352 | -€86,649 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €209,001 | €122,352 | -€86,649 | -41.5% |
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 23 October 2026 via checked.be.