JC: 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.
JC
Largest movements
- Cash -€95,818
down €95,818 (-44.3%), from €216,235 to €120,417
mainly Contributions, distributions and other (-€300,000) and Current investments (-€69,712)
- Current investments +€69,712
up €69,712 (+53.3%), from €130,827 to €200,539
- Tangible fixed assets -€15,033
down €15,033 (-21.1%), from €71,088 to €56,055
of which Furniture and vehicles: -€13,928
- Reserves -€188,707
down €188,707 (-62.7%), from €301,049 to €112,343
- Other debts +€161,182
up €161,182 (+174%), from €92,837 to €254,019
- Current portion of long-term debt -€8,826
down €8,826 (-61.7%), from €14,305 to €5,478
- Debts after one year -€5,478
down €5,478 (-37.6%), from €14,588 to €9,110
- Gross operating margin +€35,523
up €35,523 (+27.3%), from €130,049 to €165,573
- Taxes +€13,864
up €13,864 (+53.2%), from €26,041 to €39,905
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 | €448,005 | €404,800 | -€43,205 | -9.6% |
| Fixed assets | 21/28 | €71,088 | €56,055 | -€15,033 | -21.1% |
| Tangible fixed assets | 22/27 | €71,088 | €56,055 | -€15,033 | -21.1% |
| Land and buildings | 22 | €22,986 | €21,881 | -€1,105 | -4.8% |
| Furniture and vehicles | 24 | €48,102 | €34,174 | -€13,928 | -29.0% |
| Current assets | 29/58 | €376,917 | €348,744 | -€28,173 | -7.5% |
| Amounts receivable within one year | 40/41 | €26,579 | €23,845 | -€2,734 | -10.3% |
| Trade receivables | 40 | €19,548 | €19,058 | -€490 | -2.5% |
| Other amounts receivable | 41 | €7,032 | €4,788 | -€2,244 | -31.9% |
| Current investments | 50/53 | €130,827 | €200,539 | +€69,712 | +53.3% |
| Cash at bank and in hand | 54/58 | €216,235 | €120,417 | -€95,818 | -44.3% |
| Deferred charges and accrued income | 490/1 | €3,276 | €3,944 | +€667 | +20.4% |
| Total equity and liabilities | 10/49 | €448,005 | €404,800 | -€43,205 | -9.6% |
| Equity | 10/15 | €306,049 | €117,343 | -€188,707 | -61.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €301,049 | €112,343 | -€188,707 | -62.7% |
| Distributable reserves | 133 | €301,049 | €112,343 | -€188,707 | -62.7% |
| Amounts payable | 17/49 | €141,956 | €287,457 | +€145,501 | +102% |
| Amounts payable after more than one year | 17 | €14,588 | €9,110 | -€5,478 | -37.6% |
| Financial debts | 170/4 | €14,588 | €9,110 | -€5,478 | -37.6% |
| Amounts payable within one year | 42/48 | €127,367 | €278,347 | +€150,979 | +119% |
| Current portion of amounts payable after more than one year | 42 | €14,305 | €5,478 | -€8,826 | -61.7% |
| Trade debts | 44 | €458 | €1,419 | +€960 | +209% |
| Suppliers | 440/4 | €458 | €1,419 | +€960 | +209% |
| Taxes, remuneration and social security | 45 | €19,767 | €17,431 | -€2,336 | -11.8% |
| Taxes | 450/3 | €19,767 | €17,431 | -€2,336 | -11.8% |
| Other amounts payable | 47/48 | €92,837 | €254,019 | +€161,182 | +174% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,606 | €15,033 | +€426 | +2.9% |
| Other operating charges | 640/8 | €1,326 | €1,351 | +€25 | +1.8% |
| Gross operating margin | 9900 | €130,049 | €165,573 | +€35,523 | +27.3% |
| Operating profit (loss) | 9901 | €114,117 | €149,190 | +€35,073 | +30.7% |
| Financial income | 75/76B | €7,741 | €6,333 | -€1,408 | -18.2% |
| Recurring financial income | 75 | €7,741 | €6,333 | -€1,408 | -18.2% |
| Financial charges | 65/66B | €3,567 | €4,324 | +€757 | +21.2% |
| Recurring financial charges | 65 | €3,567 | €4,324 | +€757 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €118,290 | €151,198 | +€32,908 | +27.8% |
| Income taxes | 67/77 | €26,041 | €39,905 | +€13,864 | +53.2% |
| Profit (loss) for the period | 9904 | €92,250 | €111,293 | +€19,044 | +20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €92,250 | €111,293 | +€19,044 | +20.6% |
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 31 October 2026 via checked.be.