DR. D. JAMAER: 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.
DR. D. JAMAER
Largest movements
- Current investments +€125,146
up €125,146 (+27.2%), from €460,741 to €585,887
- Receivables within one year +€44,378
up €44,378 (+71.2%), from €62,353 to €106,731
of which Other amounts receivable: +€24,853
- Deferred charges and accrued income -€27,354
down €27,354 (-86.1%), from €31,770 to €4,416
- Cash +€16,537
up €16,537 (+3.2%), from €514,898 to €531,435
mainly Net result for the year (+€164,807) and Deferred charges and accrued income (+€27,354)
- Reserves +€164,807
up €164,807 (+13.8%), from €1.2m to €1.4m
of which Distributable reserves: +€164,807
- Debts after one year -€22,369
down €22,369 (-24.7%), from €90,641 to €68,272
- Taxes +€19,481
up €19,481 (+30.6%), from €63,578 to €83,059
- Financial income +€11,470
up €11,470 (+108%), from €10,594 to €22,064
- Gross operating margin -€9,279
down €9,279 (-3.5%), from €266,024 to €256,745
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,325,078 | €1,469,127 | +€144,049 | +10.9% |
| Fixed assets | 21/28 | €95,316 | €80,659 | -€14,657 | -15.4% |
| Tangible fixed assets | 22/27 | €95,316 | €80,659 | -€14,657 | -15.4% |
| Land and buildings | 22 | €75,874 | €58,891 | -€16,983 | -22.4% |
| Plant, machinery and equipment | 23 | €12,644 | €10,001 | -€2,643 | -20.9% |
| Furniture and vehicles | 24 | €6,798 | €11,767 | +€4,969 | +73.1% |
| Current assets | 29/58 | €1,229,762 | €1,388,468 | +€158,706 | +12.9% |
| Amounts receivable after more than one year | 29 | €160,000 | €160,000 | = | 0.0% |
| Trade receivables | 290 | €160,000 | €160,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €62,353 | €106,731 | +€44,378 | +71.2% |
| Trade receivables | 40 | €120 | €19,645 | +€19,525 | +16,271% |
| Other amounts receivable | 41 | €62,233 | €87,086 | +€24,853 | +39.9% |
| Current investments | 50/53 | €460,741 | €585,887 | +€125,146 | +27.2% |
| Cash at bank and in hand | 54/58 | €514,898 | €531,435 | +€16,537 | +3.2% |
| Deferred charges and accrued income | 490/1 | €31,770 | €4,416 | -€27,354 | -86.1% |
| Total equity and liabilities | 10/49 | €1,325,078 | €1,469,127 | +€144,049 | +10.9% |
| Equity | 10/15 | €1,208,135 | €1,372,942 | +€164,807 | +13.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,195,735 | €1,360,542 | +€164,807 | +13.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,193,875 | €1,358,682 | +€164,807 | +13.8% |
| Amounts payable | 17/49 | €116,943 | €96,185 | -€20,759 | -17.8% |
| Amounts payable after more than one year | 17 | €90,641 | €68,272 | -€22,369 | -24.7% |
| Financial debts | 170/4 | €90,641 | €68,272 | -€22,369 | -24.7% |
| Amounts payable within one year | 42/48 | €26,302 | €27,912 | +€1,610 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €22,177 | €22,369 | +€192 | +0.9% |
| Trade debts | 44 | €2,176 | €3,594 | +€1,418 | +65.2% |
| Suppliers | 440/4 | €2,176 | €3,594 | +€1,418 | +65.2% |
| Other amounts payable | 47/48 | €1,950 | €1,950 | = | 0.0% |
| Non-recurring operating income | 76A | - | €6,964 | +€6,964 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,269 | €21,594 | -€676 | -3.0% |
| Other operating charges | 640/8 | €5,531 | €7,261 | +€1,730 | +31.3% |
| Gross operating margin | 9900 | €266,024 | €256,745 | -€9,279 | -3.5% |
| Operating profit (loss) | 9901 | €238,223 | €227,890 | -€10,333 | -4.3% |
| Financial income | 75/76B | €10,594 | €22,064 | +€11,470 | +108% |
| Recurring financial income | 75 | €10,594 | €22,064 | +€11,470 | +108% |
| Financial charges | 65/66B | €1,534 | €2,087 | +€553 | +36.1% |
| Recurring financial charges | 65 | €1,534 | €2,087 | +€553 | +36.1% |
| Profit (loss) for the period before taxes | 9903 | €247,283 | €247,867 | +€584 | +0.2% |
| Income taxes | 67/77 | €63,578 | €83,059 | +€19,481 | +30.6% |
| Profit (loss) for the period | 9904 | €183,705 | €164,807 | -€18,898 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €183,705 | €164,807 | -€18,898 | -10.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.