DAVID JAQUES: 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.
DAVID JAQUES
Largest movements
- Tangible fixed assets +€36,607
up €36,607 (+21.0%), from €174,661 to €211,268
of which Plant, machinery and equipment: +€44,250
- Receivables within one year +€25,539
up €25,539 (+31.0%), from €82,510 to €108,049
of which Trade receivables: +€36,303
- Other debts +€135,626
up €135,626 (+9,644%), from €1,406 to €137,033
- Reserves -€79,449
down €79,449 (-100%), from €79,449 to €0
- Trade debts -€13,587
down €13,587 (-85.6%), from €15,872 to €2,285
- Short-term financial debts +€9,040
new in 2025: €9,040
- Debts after one year +€8,668
up €8,668 (+4.9%), from €175,524 to €184,191
- Depreciation -€20,790
down €20,790 (-62.6%), from €33,222 to €12,432
- Staff costs -€20,428
down €20,428 (-78.6%), from €25,983 to €5,555
- Taxes +€6,270
up €6,270 (+57.0%), from €10,996 to €17,267
- Financial charges +€3,863
up €3,863 (+94.9%), from €4,069 to €7,932
- Gross operating margin -€2,709
down €2,709 (-2.4%), from €114,560 to €111,851
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 | €296,163 | €357,539 | +€61,376 | +20.7% |
| Fixed assets | 21/28 | €174,661 | €211,268 | +€36,607 | +21.0% |
| Intangible fixed assets | 21 | €0 | €0 | -€0 | -37.2% |
| Tangible fixed assets | 22/27 | €174,661 | €211,268 | +€36,607 | +21.0% |
| Land and buildings | 22 | €156,175 | €149,834 | -€6,341 | -4.1% |
| Plant, machinery and equipment | 23 | €15,689 | €59,939 | +€44,250 | +282% |
| Furniture and vehicles | 24 | €2,797 | €1,495 | -€1,302 | -46.6% |
| Current assets | 29/58 | €121,502 | €146,270 | +€24,769 | +20.4% |
| Amounts receivable within one year | 40/41 | €82,510 | €108,049 | +€25,539 | +31.0% |
| Trade receivables | 40 | €63,738 | €100,041 | +€36,303 | +57.0% |
| Other amounts receivable | 41 | €18,772 | €8,008 | -€10,764 | -57.3% |
| Cash at bank and in hand | 54/58 | €37,085 | €37,636 | +€551 | +1.5% |
| Deferred charges and accrued income | 490/1 | €1,906 | €586 | -€1,321 | -69.3% |
| Total equity and liabilities | 10/49 | €296,163 | €357,539 | +€61,376 | +20.7% |
| Equity | 10/15 | €81,449 | €2,000 | -€79,449 | -97.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €79,449 | €0 | -€79,449 | -100% |
| Distributable reserves | 133 | €79,449 | €0 | -€79,449 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €214,714 | €355,539 | +€140,825 | +65.6% |
| Amounts payable after more than one year | 17 | €175,524 | €184,191 | +€8,668 | +4.9% |
| Financial debts | 170/4 | €175,524 | €184,191 | +€8,668 | +4.9% |
| Amounts payable within one year | 42/48 | €39,190 | €171,348 | +€132,157 | +337% |
| Current portion of amounts payable after more than one year | 42 | €19,127 | €20,410 | +€1,283 | +6.7% |
| Financial debts | 43 | - | €9,040 | +€9,040 | |
| Credit institutions | 430/8 | - | €9,040 | +€9,040 | |
| Trade debts | 44 | €15,872 | €2,285 | -€13,587 | -85.6% |
| Suppliers | 440/4 | €15,872 | €2,285 | -€13,587 | -85.6% |
| Taxes, remuneration and social security | 45 | €2,785 | €2,580 | -€205 | -7.3% |
| Taxes | 450/3 | €788 | €0 | -€788 | -100% |
| Remuneration and social security | 454/9 | €1,998 | €2,580 | +€583 | +29.2% |
| Other amounts payable | 47/48 | €1,406 | €137,033 | +€135,626 | +9,644% |
| Non-recurring operating income | 76A | - | €15,977 | +€15,977 | |
| Remuneration, social security and pensions | 62 | €25,983 | €5,555 | -€20,428 | -78.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,222 | €12,432 | -€20,790 | -62.6% |
| Other operating charges | 640/8 | €771 | €1,628 | +€857 | +111% |
| Non-recurring operating charges | 66A | - | €525 | +€525 | |
| Gross operating margin | 9900 | €114,560 | €111,851 | -€2,709 | -2.4% |
| Operating profit (loss) | 9901 | €54,584 | €91,711 | +€37,127 | +68.0% |
| Financial income | 75/76B | €2,719 | €2,504 | -€216 | -7.9% |
| Recurring financial income | 75 | €2,719 | €2,504 | -€216 | -7.9% |
| Financial charges | 65/66B | €4,069 | €7,932 | +€3,863 | +94.9% |
| Recurring financial charges | 65 | €4,069 | €7,932 | +€3,863 | +94.9% |
| Profit (loss) for the period before taxes | 9903 | €53,234 | €86,283 | +€33,049 | +62.1% |
| Income taxes | 67/77 | €10,996 | €17,267 | +€6,270 | +57.0% |
| Profit (loss) for the period | 9904 | €42,238 | €69,016 | +€26,778 | +63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,238 | €69,016 | +€26,778 | +63.4% |
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 17 October 2026 via checked.be.