Christophe Jacobs: 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.
Christophe Jacobs
Largest movements
- Cash -€231,871
down €231,871 (-27.3%), from €850,170 to €618,299
mainly Contributions, distributions and other (-€678,184) and Current investments (-€140,360)
- Current investments +€140,360
new in 2025: €140,360
- Receivables after one year -€89,796
down €89,796 (-27.9%), from €321,655 to €231,860
- Receivables within one year +€69,256
up €69,256 (+153%), from €45,315 to €114,571
of which Trade receivables: +€81,963
- Tangible fixed assets -€19,579
down €19,579 (-18.9%), from €103,756 to €84,177
of which Other tangible fixed assets: -€10,710
- Reserves -€676,441
down €676,441 (-51.4%), from €1.3m to €640,831
of which Distributable reserves: -€676,441
- Other debts +€548,628
up €548,628 (+421%), from €130,191 to €678,819
- Gross operating margin -€96,619
down €96,619 (-73.4%), from €131,693 to €35,075
- Taxes -€34,408
down €34,408 (-61.7%), from €55,751 to €21,344
- Financial income +€5,088
up €5,088 (+70.3%), from €7,239 to €12,327
- Financial charges +€2,675
up €2,675 (+151%), from €1,776 to €4,451
- Other operating charges -€1,696
down €1,696 (-33.3%), from €5,091 to €3,395
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 | €1,477,338 | €1,345,106 | -€132,233 | -9.0% |
| Fixed assets | 21/28 | €253,756 | €234,177 | -€19,579 | -7.7% |
| Tangible fixed assets | 22/27 | €103,756 | €84,177 | -€19,579 | -18.9% |
| Plant, machinery and equipment | 23 | €12,504 | €5,255 | -€7,249 | -58.0% |
| Furniture and vehicles | 24 | €8,986 | €7,365 | -€1,620 | -18.0% |
| Other tangible fixed assets | 26 | €82,266 | €71,556 | -€10,710 | -13.0% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €1,223,583 | €1,110,929 | -€112,654 | -9.2% |
| Amounts receivable after more than one year | 29 | €321,655 | €231,860 | -€89,796 | -27.9% |
| Other amounts receivable | 291 | €321,655 | €231,860 | -€89,796 | -27.9% |
| Amounts receivable within one year | 40/41 | €45,315 | €114,571 | +€69,256 | +153% |
| Trade receivables | 40 | €31,066 | €113,029 | +€81,963 | +264% |
| Other amounts receivable | 41 | €14,249 | €1,541 | -€12,708 | -89.2% |
| Current investments | 50/53 | - | €140,360 | +€140,360 | |
| Cash at bank and in hand | 54/58 | €850,170 | €618,299 | -€231,871 | -27.3% |
| Deferred charges and accrued income | 490/1 | €6,443 | €5,840 | -€603 | -9.4% |
| Total equity and liabilities | 10/49 | €1,477,338 | €1,345,106 | -€132,233 | -9.0% |
| Equity | 10/15 | €1,317,273 | €640,832 | -€676,441 | -51.4% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €1,317,272 | €640,831 | -€676,441 | -51.4% |
| Tax-exempt reserves | 132 | €126,300 | €126,300 | = | 0.0% |
| Distributable reserves | 133 | €1,190,972 | €514,531 | -€676,441 | -56.8% |
| Amounts payable | 17/49 | €160,065 | €704,273 | +€544,208 | +340% |
| Amounts payable within one year | 42/48 | €155,806 | €704,273 | +€548,467 | +352% |
| Trade debts | 44 | €4,595 | €4,700 | +€105 | +2.3% |
| Suppliers | 440/4 | €4,595 | €4,700 | +€105 | +2.3% |
| Taxes, remuneration and social security | 45 | €21,021 | €20,754 | -€266 | -1.3% |
| Taxes | 450/3 | €21,021 | €20,754 | -€266 | -1.3% |
| Other amounts payable | 47/48 | €130,191 | €678,819 | +€548,628 | +421% |
| Accrued charges and deferred income | 492/3 | €4,259 | - | -€4,259 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,004 | €16,468 | -€536 | -3.2% |
| Other operating charges | 640/8 | €5,091 | €3,395 | -€1,696 | -33.3% |
| Gross operating margin | 9900 | €131,693 | €35,075 | -€96,619 | -73.4% |
| Operating profit (loss) | 9901 | €109,598 | €15,211 | -€94,387 | -86.1% |
| Financial income | 75/76B | €7,239 | €12,327 | +€5,088 | +70.3% |
| Recurring financial income | 75 | €7,239 | €12,327 | +€5,088 | +70.3% |
| Financial charges | 65/66B | €1,776 | €4,451 | +€2,675 | +151% |
| Recurring financial charges | 65 | €1,776 | €4,451 | +€2,675 | +151% |
| Profit (loss) for the period before taxes | 9903 | €115,061 | €23,087 | -€91,973 | -79.9% |
| Income taxes | 67/77 | €55,751 | €21,344 | -€34,408 | -61.7% |
| Profit (loss) for the period | 9904 | €59,309 | €1,744 | -€57,566 | -97.1% |
| Transfer from tax-exempt reserves | 789 | €214,710 | - | -€214,710 | |
| Profit (loss) for the period to be appropriated | 9905 | €274,019 | €1,744 | -€272,276 | -99.4% |
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 14 October 2026 via checked.be.