Axel Jamar: 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.
What changed
Axel Jamar
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€11,830
2024 · -€56,562+€68,392
Equity
€1.5m
2024 · €1.4m+€11,830
Cash
€17,559
2024 · €5,595+€11,964
Balance sheet total
€3.4m
2024 · €3.5m-€113,429
Largest movements
Assets
- Receivables within one year -€167,449
down €167,449 (-15.8%), from €1.1m to €891,091
of which Trade receivables: -€194,253
Equity and liabilities
- Trade debts -€138,246
down €138,246 (-90.3%), from €153,170 to €14,924
- Other debts +€53,614
up €53,614 (+473%), from €11,343 to €64,957
Income statement
- Gross operating margin +€102,706
up €102,706 (+157%), from €65,428 to €168,134
- Other operating charges +€19,282
up €19,282 (+256%), from €7,530 to €26,812
- Depreciation +€9,967
up €9,967 (+11.9%), from €83,805 to €93,772
- Financial charges +€6,064
up €6,064 (+10.8%), from €55,920 to €61,985
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.
Result 2024
-€56,562
Gross operating margin
+€102,706
Staff costs
+€1,059
Depreciation
-€9,967
Other operating charges
-€19,282
Financial income
-€107
Financial charges
-€6,064
Taxes
+€48
Result 2025
€11,830
raises the resultlowers the result
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.
From operations
+€162,581
Investment
-€120,743
Financing
-€29,875
Cash 2024
€5,595
From operations (derived)
+€162,581
Net result for the year
+€11,830
Depreciation
+€93,772
Receivables within one year
+€167,449
Deferred charges and accrued income
-€15,086
Trade debts
-€138,246
Tax, wage and social debts
-€10,753
Other debts
+€53,614
Investment (derived)
-€120,743
Investment in fixed assets (net)
-€120,743
Financing
-€29,875
Debts after one year
-€32,312
Current portion of long-term debt
+€2,437
Cash 2025
€17,559
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,528,808 | €3,415,379 | -€113,429 | -3.2% |
| Fixed assets | 21/28 | €2,458,087 | €2,485,057 | +€26,970 | +1.1% |
| Tangible fixed assets | 22/27 | €2,458,087 | €2,485,057 | +€26,970 | +1.1% |
| Land and buildings | 22 | €2,297,212 | €2,285,242 | -€11,970 | -0.5% |
| Furniture and vehicles | 24 | €160,875 | €199,815 | +€38,940 | +24.2% |
| Current assets | 29/58 | €1,070,721 | €930,322 | -€140,399 | -13.1% |
| Amounts receivable within one year | 40/41 | €1,058,540 | €891,091 | -€167,449 | -15.8% |
| Trade receivables | 40 | €240,550 | €46,297 | -€194,253 | -80.8% |
| Other amounts receivable | 41 | €817,990 | €844,794 | +€26,804 | +3.3% |
| Cash at bank and in hand | 54/58 | €5,595 | €17,559 | +€11,964 | +214% |
| Deferred charges and accrued income | 490/1 | €6,586 | €21,672 | +€15,086 | +229% |
| Total equity and liabilities | 10/49 | €3,528,808 | €3,415,379 | -€113,429 | -3.2% |
| Equity | 10/15 | €1,442,639 | €1,454,469 | +€11,830 | +0.8% |
| Contributions | 10/11 | €168,600 | €168,600 | = | 0.0% |
| Reserves | 13 | €1,274,039 | €1,285,869 | +€11,830 | +0.9% |
| Distributable reserves | 133 | €1,274,039 | €1,285,869 | +€11,830 | +0.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,086,169 | €1,960,910 | -€125,259 | -6.0% |
| Amounts payable after more than one year | 17 | €1,809,866 | €1,777,554 | -€32,312 | -1.8% |
| Financial debts | 170/4 | €1,809,866 | €1,777,554 | -€32,312 | -1.8% |
| Amounts payable within one year | 42/48 | €275,268 | €182,321 | -€92,947 | -33.8% |
| Current portion of amounts payable after more than one year | 42 | €88,268 | €90,705 | +€2,437 | +2.8% |
| Trade debts | 44 | €153,170 | €14,924 | -€138,246 | -90.3% |
| Suppliers | 440/4 | €153,170 | €14,924 | -€138,246 | -90.3% |
| Taxes, remuneration and social security | 45 | €22,488 | €11,735 | -€10,753 | -47.8% |
| Taxes | 450/3 | €22,488 | €11,735 | -€10,753 | -47.8% |
| Other amounts payable | 47/48 | €11,343 | €64,957 | +€53,614 | +473% |
| Accrued charges and deferred income | 492/3 | €1,035 | €1,035 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €1,202 | €143 | -€1,059 | -88.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,805 | €93,772 | +€9,967 | +11.9% |
| Other operating charges | 640/8 | €7,530 | €26,812 | +€19,282 | +256% |
| Gross operating margin | 9900 | €65,428 | €168,134 | +€102,706 | +157% |
| Operating profit (loss) | 9901 | -€27,109 | €47,406 | +€74,516 | |
| Financial income | 75/76B | €27,018 | €26,910 | -€107 | -0.4% |
| Recurring financial income | 75 | €27,018 | €26,910 | -€107 | -0.4% |
| Financial charges | 65/66B | €55,920 | €61,985 | +€6,064 | +10.8% |
| Recurring financial charges | 65 | €55,920 | €61,985 | +€6,064 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | -€56,012 | €12,332 | +€68,344 | |
| Income taxes | 67/77 | €550 | €502 | -€48 | -8.7% |
| Profit (loss) for the period | 9904 | -€56,562 | €11,830 | +€68,392 | |
| Profit (loss) for the period to be appropriated | 9905 | -€56,562 | €11,830 | +€68,392 |
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 15 October 2026 via checked.be.