GERALD JAMAGNE: 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.
GERALD JAMAGNE
Largest movements
- Cash +€59,022
up €59,022 (+87.3%), from €67,633 to €126,655
mainly Other debts (+€150,000) and Current portion of long-term debt (+€69,950)
- Tangible fixed assets +€53,330
up €53,330 (+32.1%), from €166,151 to €219,481
of which Plant, machinery and equipment: +€34,920
- Receivables within one year +€10,586
up €10,586 (+17.3%), from €61,083 to €71,670
of which Other amounts receivable: +€34,595
- Other debts +€150,000
new in 2025: €150,000
- Profit (loss) carried forward -€102,954
down €102,954 (-80.5%), from €127,855 to €24,901
- Current portion of long-term debt +€69,950
up €69,950 (+207%), from €33,744 to €103,694
- Debts after one year +€13,036
up €13,036 (+12.2%), from €106,808 to €119,843
of which Financial debts: +€11,614
- Accrued charges and deferred income -€12,276
down €12,276 (-94.4%), from €13,000 to €724
- Gross operating margin -€12,308
down €12,308 (-6.6%), from €186,113 to €173,805
- Taxes -€3,226
down €3,226 (-22.1%), from €14,592 to €11,367
- Staff costs +€2,080
up €2,080 (+4.9%), from €42,215 to €44,295
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 | €304,282 | €423,053 | +€118,772 | +39.0% |
| Fixed assets | 21/28 | €166,394 | €219,724 | +€53,330 | +32.1% |
| Tangible fixed assets | 22/27 | €166,151 | €219,481 | +€53,330 | +32.1% |
| Plant, machinery and equipment | 23 | €109,853 | €144,773 | +€34,920 | +31.8% |
| Furniture and vehicles | 24 | €56,298 | €74,708 | +€18,410 | +32.7% |
| Financial fixed assets | 28 | €243 | €243 | = | 0.0% |
| Current assets | 29/58 | €137,888 | €203,329 | +€65,442 | +47.5% |
| Stocks and contracts in progress | 3 | €4,231 | €4,106 | -€125 | -3.0% |
| Stocks | 30/36 | €4,231 | €4,106 | -€125 | -3.0% |
| Amounts receivable within one year | 40/41 | €61,083 | €71,670 | +€10,586 | +17.3% |
| Trade receivables | 40 | €53,238 | €29,229 | -€24,009 | -45.1% |
| Other amounts receivable | 41 | €7,845 | €42,441 | +€34,595 | +441% |
| Cash at bank and in hand | 54/58 | €67,633 | €126,655 | +€59,022 | +87.3% |
| Deferred charges and accrued income | 490/1 | €4,940 | €898 | -€4,041 | -81.8% |
| Total equity and liabilities | 10/49 | €304,282 | €423,053 | +€118,772 | +39.0% |
| Equity | 10/15 | €127,955 | €25,001 | -€102,954 | -80.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €127,855 | €24,901 | -€102,954 | -80.5% |
| Amounts payable | 17/49 | €176,327 | €398,053 | +€221,726 | +126% |
| Amounts payable after more than one year | 17 | €106,808 | €119,843 | +€13,036 | +12.2% |
| Financial debts | 170/4 | €105,741 | €117,356 | +€11,614 | +11.0% |
| Other amounts payable | 178/9 | €1,066 | €2,488 | +€1,421 | +133% |
| Amounts payable within one year | 42/48 | €56,520 | €277,486 | +€220,966 | +391% |
| Current portion of amounts payable after more than one year | 42 | €33,744 | €103,694 | +€69,950 | +207% |
| Trade debts | 44 | €13,859 | €18,616 | +€4,757 | +34.3% |
| Suppliers | 440/4 | €13,859 | €18,616 | +€4,757 | +34.3% |
| Taxes, remuneration and social security | 45 | €8,917 | €5,176 | -€3,741 | -42.0% |
| Taxes | 450/3 | €1,848 | €1,774 | -€74 | -4.0% |
| Remuneration and social security | 454/9 | €7,070 | €3,402 | -€3,667 | -51.9% |
| Other amounts payable | 47/48 | - | €150,000 | +€150,000 | |
| Accrued charges and deferred income | 492/3 | €13,000 | €724 | -€12,276 | -94.4% |
| Non-recurring operating income | 76A | - | €3,603 | +€3,603 | |
| Remuneration, social security and pensions | 62 | €42,215 | €44,295 | +€2,080 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,408 | €65,575 | -€833 | -1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €298 | +€298 | |
| Other operating charges | 640/8 | €1,272 | €1,266 | -€6 | -0.4% |
| Gross operating margin | 9900 | €186,113 | €173,805 | -€12,308 | -6.6% |
| Operating profit (loss) | 9901 | €76,218 | €62,370 | -€13,848 | -18.2% |
| Financial income | 75/76B | €1,017 | €1,949 | +€932 | +91.6% |
| Recurring financial income | 75 | €1,017 | €1,949 | +€932 | +91.6% |
| Financial charges | 65/66B | €5,079 | €5,906 | +€827 | +16.3% |
| Recurring financial charges | 65 | €5,079 | €5,906 | +€827 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | €72,156 | €58,412 | -€13,744 | -19.0% |
| Income taxes | 67/77 | €14,592 | €11,367 | -€3,226 | -22.1% |
| Profit (loss) for the period | 9904 | €57,564 | €47,046 | -€10,518 | -18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €57,564 | €47,046 | -€10,518 | -18.3% |
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 19 October 2026 via checked.be.