CHRISTINE 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.
CHRISTINE JAMAR
Largest movements
- Receivables within one year +€959,321
up €959,321 (+28.9%), from €3.3m to €4.3m
of which Trade receivables: +€500,786
- Cash -€77,933
down €77,933 (-82.2%), from €94,826 to €16,893
mainly Receivables within one year (-€959,321) and Net result for the year (-€102,083)
- Stocks and contracts -€75,100
down €75,100 (-9.5%), from €792,420 to €717,320
- Trade debts +€963,155
up €963,155 (+568%), from €169,491 to €1.1m
- Profit (loss) carried forward -€102,083
down €102,083 (-35.6%), from €287,068 to €184,985
- Accrued charges and deferred income -€73,333
down €73,333 (-100%), from €73,333 to €0
- Gross operating margin -€1.7m
down €1.7m, from €1.6m to -€145,979
- Taxes -€165,607
down €165,607 (-100%), from €165,607 to €0
- Depreciation -€75,558
down €75,558 (-82.3%), from €91,849 to €16,291
- Financial charges +€74,116
up €74,116 (+213%), from €34,772 to €108,888
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 | €4,891,326 | €5,704,705 | +€813,378 | +16.6% |
| Fixed assets | 21/28 | €122,337 | €123,580 | +€1,243 | +1.0% |
| Tangible fixed assets | 22/27 | €122,337 | €123,580 | +€1,243 | +1.0% |
| Land and buildings | 22 | €6,720 | €16,659 | +€9,939 | +148% |
| Plant, machinery and equipment | 23 | €50,220 | €42,552 | -€7,669 | -15.3% |
| Furniture and vehicles | 24 | €4,397 | €3,369 | -€1,027 | -23.4% |
| Other tangible fixed assets | 26 | €61,000 | €61,000 | = | 0.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €4,768,989 | €5,581,124 | +€812,135 | +17.0% |
| Stocks and contracts in progress | 3 | €792,420 | €717,320 | -€75,100 | -9.5% |
| Stocks | 30/36 | €792,420 | €717,320 | -€75,100 | -9.5% |
| Amounts receivable within one year | 40/41 | €3,317,938 | €4,277,259 | +€959,321 | +28.9% |
| Trade receivables | 40 | €9,400 | €510,186 | +€500,786 | +5,327% |
| Other amounts receivable | 41 | €3,308,538 | €3,767,073 | +€458,535 | +13.9% |
| Current investments | 50/53 | €562,709 | €568,507 | +€5,798 | +1.0% |
| Cash at bank and in hand | 54/58 | €94,826 | €16,893 | -€77,933 | -82.2% |
| Deferred charges and accrued income | 490/1 | €1,097 | €1,145 | +€49 | +4.4% |
| Total equity and liabilities | 10/49 | €4,891,326 | €5,704,705 | +€813,378 | +16.6% |
| Equity | 10/15 | €721,898 | €619,815 | -€102,083 | -14.1% |
| Contributions | 10/11 | €432,000 | €432,000 | = | 0.0% |
| Reserves | 13 | €2,830 | €2,830 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €2,830 | €2,830 | = | 0.0% |
| Profit (loss) carried forward | 14 | €287,068 | €184,985 | -€102,083 | -35.6% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €4,169,428 | €5,084,890 | +€915,462 | +22.0% |
| Amounts payable within one year | 42/48 | €4,096,095 | €5,084,890 | +€988,795 | +24.1% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Trade debts | 44 | €169,491 | €1,132,646 | +€963,155 | +568% |
| Suppliers | 440/4 | €169,491 | €1,132,646 | +€963,155 | +568% |
| Taxes, remuneration and social security | 45 | €166,135 | €166,135 | = | 0.0% |
| Taxes | 450/3 | €166,135 | €166,135 | = | 0.0% |
| Other amounts payable | 47/48 | €3,260,470 | €3,286,109 | +€25,640 | +0.8% |
| Accrued charges and deferred income | 492/3 | €73,333 | €0 | -€73,333 | -100% |
| Non-recurring operating income | 76A | €2,598,449 | €0 | -€2.6m | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,849 | €16,291 | -€75,558 | -82.3% |
| Other operating charges | 640/8 | €3,998 | €3,861 | -€137 | -3.4% |
| Non-recurring operating charges | 66A | €10 | €24,322 | +€24,312 | +243,116% |
| Gross operating margin | 9900 | €1,578,901 | -€145,979 | -€1.7m | |
| Operating profit (loss) | 9901 | €1,483,044 | -€190,452 | -€1.7m | |
| Financial income | 75/76B | €201,388 | €197,257 | -€4,131 | -2.1% |
| Recurring financial income | 75 | €201,388 | €197,257 | -€4,131 | -2.1% |
| Financial charges | 65/66B | €34,772 | €108,888 | +€74,116 | +213% |
| Recurring financial charges | 65 | €34,772 | €108,888 | +€74,116 | +213% |
| Profit (loss) for the period before taxes | 9903 | €1,649,660 | -€102,083 | -€1.8m | |
| Transfer from deferred taxes | 780 | €20,519 | €0 | -€20,519 | -100% |
| Income taxes | 67/77 | €165,607 | €0 | -€165,607 | -100% |
| Profit (loss) for the period | 9904 | €1,504,572 | -€102,083 | -€1.6m | |
| Transfer from tax-exempt reserves | 789 | €61,558 | €0 | -€61,558 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €1,566,129 | -€102,083 | -€1.7m |
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.