J.P. EMANUEL: 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.
J.P. EMANUEL
Largest movements
- Stocks and contracts -€52,984
down €52,984 (-12.3%), from €431,512 to €378,528
- Cash -€22,562
down €22,562 (-31.3%), from €72,101 to €49,539
mainly Short-term financial debts (-€47,819) and Debts after one year (-€44,610)
- Receivables within one year +€14,915
up €14,915 (+138%), from €10,845 to €25,760
of which Trade receivables: +€16,507
- Reserves +€51,072
up €51,072 (+19.9%), from €256,854 to €307,926
of which Distributable reserves: +€51,072
- Short-term financial debts -€47,819
down €47,819 (-59.8%), from €80,000 to €32,181
of which Credit institutions: -€60,000
- Debts after one year -€44,610
down €44,610 (-54.6%), from €81,640 to €37,030
- Trade debts -€12,950
down €12,950 (-36.5%), from €35,450 to €22,500
- Current portion of long-term debt -€9,334
down €9,334 (-17.3%), from €53,944 to €44,610
- Turnover -€604,805
no longer reported in 2025 (was €604,805)
- Purchases and services +€144,052
up €144,052 (+29.1%), from €494,429 to €638,481
- Gross operating margin +€17,352
up €17,352 (+15.7%), from €110,375 to €127,727
- Depreciation +€8,055
up €8,055 (+29.3%), from €27,483 to €35,538
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 | €622,666 | €557,223 | -€65,443 | -10.5% |
| Fixed assets | 21/28 | €108,208 | €103,396 | -€4,812 | -4.4% |
| Tangible fixed assets | 22/27 | €108,208 | €103,396 | -€4,812 | -4.4% |
| Land and buildings | 22 | €23,892 | €21,979 | -€1,913 | -8.0% |
| Plant, machinery and equipment | 23 | €37,911 | €47,807 | +€9,896 | +26.1% |
| Furniture and vehicles | 24 | €46,405 | €33,610 | -€12,795 | -27.6% |
| Current assets | 29/58 | €514,458 | €453,827 | -€60,631 | -11.8% |
| Stocks and contracts in progress | 3 | €431,512 | €378,528 | -€52,984 | -12.3% |
| Stocks | 30/36 | €431,512 | €378,528 | -€52,984 | -12.3% |
| Amounts receivable within one year | 40/41 | €10,845 | €25,760 | +€14,915 | +138% |
| Trade receivables | 40 | €8,928 | €25,435 | +€16,507 | +185% |
| Other amounts receivable | 41 | €1,917 | €325 | -€1,592 | -83.0% |
| Cash at bank and in hand | 54/58 | €72,101 | €49,539 | -€22,562 | -31.3% |
| Total equity and liabilities | 10/49 | €622,666 | €557,223 | -€65,443 | -10.5% |
| Equity | 10/15 | €275,454 | €326,526 | +€51,072 | +18.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €256,854 | €307,926 | +€51,072 | +19.9% |
| 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 | €254,994 | €306,066 | +€51,072 | +20.0% |
| Amounts payable | 17/49 | €347,212 | €230,697 | -€116,515 | -33.6% |
| Amounts payable after more than one year | 17 | €81,640 | €37,030 | -€44,610 | -54.6% |
| Financial debts | 170/4 | €81,640 | €37,030 | -€44,610 | -54.6% |
| Amounts payable within one year | 42/48 | €265,572 | €190,406 | -€75,166 | -28.3% |
| Current portion of amounts payable after more than one year | 42 | €53,944 | €44,610 | -€9,334 | -17.3% |
| Financial debts | 43 | €80,000 | €32,181 | -€47,819 | -59.8% |
| Credit institutions | 430/8 | €80,000 | €20,000 | -€60,000 | -75.0% |
| Other loans | 439 | - | €12,181 | +€12,181 | |
| Trade debts | 44 | €35,450 | €22,500 | -€12,950 | -36.5% |
| Suppliers | 440/4 | €35,450 | €22,500 | -€12,950 | -36.5% |
| Taxes, remuneration and social security | 45 | €30,609 | €31,996 | +€1,387 | +4.5% |
| Taxes | 450/3 | €30,025 | €30,850 | +€825 | +2.7% |
| Remuneration and social security | 454/9 | €584 | €1,146 | +€562 | +96.2% |
| Other amounts payable | 47/48 | €65,569 | €59,119 | -€6,450 | -9.8% |
| Accrued charges and deferred income | 492/3 | - | €3,261 | +€3,261 | |
| Turnover | 70 | €604,805 | - | -€604,805 | |
| Goods, raw materials, services and sundry goods | 60/61 | €494,429 | €638,481 | +€144,052 | +29.1% |
| Remuneration, social security and pensions | 62 | €11,736 | €11,103 | -€633 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,483 | €35,538 | +€8,055 | +29.3% |
| Other operating charges | 640/8 | €7,830 | €6,081 | -€1,749 | -22.3% |
| Gross operating margin | 9900 | €110,375 | €127,727 | +€17,352 | +15.7% |
| Operating profit (loss) | 9901 | €63,326 | €75,005 | +€11,679 | +18.4% |
| Financial income | 75/76B | €3,590 | €3,675 | +€85 | +2.4% |
| Recurring financial income | 75 | €3,590 | €3,675 | +€85 | +2.4% |
| Financial charges | 65/66B | €10,008 | €8,641 | -€1,367 | -13.7% |
| Recurring financial charges | 65 | €10,008 | €8,641 | -€1,367 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €56,908 | €70,039 | +€13,131 | +23.1% |
| Income taxes | 67/77 | €14,737 | €18,966 | +€4,229 | +28.7% |
| Profit (loss) for the period | 9904 | €42,171 | €51,073 | +€8,902 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,171 | €51,073 | +€8,902 | +21.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.