JACOB FRERES: 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.
JACOB FRERES
Largest movements
- Receivables within one year -€48,825
down €48,825 (-28.7%), from €170,052 to €121,227
of which Trade receivables: -€51,922
- Tangible fixed assets -€24,235
down €24,235 (-9.0%), from €268,417 to €244,181
of which Plant, machinery and equipment: -€19,899
- Cash +€22,654
up €22,654 (+1,840%), from €1,231 to €23,885
mainly Receivables within one year (+€48,825) and Depreciation (+€27,505)
- Deferred charges and accrued income +€6,203
up €6,203 (+83.6%), from €7,417 to €13,621
- Trade debts -€54,811
down €54,811 (-31.5%), from €173,836 to €119,025
- Debts after one year -€22,412
down €22,412 (-76.8%), from €29,195 to €6,783
- Tax, wage and social debts +€21,149
up €21,149 (+102%), from €20,809 to €41,958
of which Remuneration and social security: +€20,496
- Profit (loss) carried forward +€16,909
up €16,909 (+14.4%), from -€117,154 to -€100,245
- Gross operating margin +€185,936
up €185,936 (+109%), from €169,861 to €355,797
- Staff costs +€34,726
up €34,726 (+13.5%), from €258,109 to €292,835
- Depreciation -€13,816
down €13,816 (-33.4%), from €41,321 to €27,505
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 | €556,927 | €514,628 | -€42,299 | -7.6% |
| Fixed assets | 21/28 | €275,823 | €251,587 | -€24,235 | -8.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €268,417 | €244,181 | -€24,235 | -9.0% |
| Land and buildings | 22 | €235,075 | €230,872 | -€4,203 | -1.8% |
| Plant, machinery and equipment | 23 | €31,189 | €11,291 | -€19,899 | -63.8% |
| Furniture and vehicles | 24 | €2,153 | €2,019 | -€134 | -6.2% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Financial fixed assets | 28 | €7,406 | €7,406 | = | 0.0% |
| Current assets | 29/58 | €281,104 | €263,041 | -€18,063 | -6.4% |
| Stocks and contracts in progress | 3 | €102,404 | €104,308 | +€1,905 | +1.9% |
| Stocks | 30/36 | €102,404 | €104,308 | +€1,905 | +1.9% |
| Amounts receivable within one year | 40/41 | €170,052 | €121,227 | -€48,825 | -28.7% |
| Trade receivables | 40 | €92,106 | €40,184 | -€51,922 | -56.4% |
| Other amounts receivable | 41 | €77,946 | €81,042 | +€3,097 | +4.0% |
| Cash at bank and in hand | 54/58 | €1,231 | €23,885 | +€22,654 | +1,840% |
| Deferred charges and accrued income | 490/1 | €7,417 | €13,621 | +€6,203 | +83.6% |
| Total equity and liabilities | 10/49 | €556,927 | €514,628 | -€42,299 | -7.6% |
| Equity | 10/15 | €41,062 | €57,971 | +€16,909 | +41.2% |
| Contributions | 10/11 | €112,000 | €112,000 | = | 0.0% |
| Capital | 10 | €112,000 | €112,000 | = | 0.0% |
| Issued capital | 100 | €112,000 | €112,000 | = | 0.0% |
| Reserves | 13 | €46,216 | €46,216 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,200 | €11,200 | = | 0.0% |
| Legal reserve | 130 | €11,200 | €11,200 | = | 0.0% |
| Distributable reserves | 133 | €35,016 | €35,016 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,154 | -€100,245 | +€16,909 | +14.4% |
| Amounts payable | 17/49 | €515,865 | €456,657 | -€59,208 | -11.5% |
| Amounts payable after more than one year | 17 | €29,195 | €6,783 | -€22,412 | -76.8% |
| Financial debts | 170/4 | €29,195 | €6,783 | -€22,412 | -76.8% |
| Amounts payable within one year | 42/48 | €486,670 | €449,875 | -€36,796 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €26,082 | €22,949 | -€3,133 | -12.0% |
| Financial debts | 43 | €165,000 | €165,000 | = | 0.0% |
| Credit institutions | 430/8 | €165,000 | €165,000 | = | 0.0% |
| Trade debts | 44 | €173,836 | €119,025 | -€54,811 | -31.5% |
| Suppliers | 440/4 | €173,836 | €119,025 | -€54,811 | -31.5% |
| Taxes, remuneration and social security | 45 | €20,809 | €41,958 | +€21,149 | +102% |
| Taxes | 450/3 | €518 | €1,171 | +€653 | +126% |
| Remuneration and social security | 454/9 | €20,292 | €40,787 | +€20,496 | +101% |
| Other amounts payable | 47/48 | €100,943 | €100,943 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €258,109 | €292,835 | +€34,726 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,321 | €27,505 | -€13,816 | -33.4% |
| Other operating charges | 640/8 | €6,330 | €5,900 | -€431 | -6.8% |
| Gross operating margin | 9900 | €169,861 | €355,797 | +€185,936 | +109% |
| Operating profit (loss) | 9901 | -€135,900 | €29,558 | +€165,458 | |
| Financial income | 75/76B | €0 | €19 | +€19 | +16,075% |
| Recurring financial income | 75 | €0 | €19 | +€19 | +16,075% |
| Financial charges | 65/66B | €11,209 | €12,195 | +€985 | +8.8% |
| Recurring financial charges | 65 | €11,209 | €12,195 | +€985 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | -€147,109 | €17,383 | +€164,492 | |
| Income taxes | 67/77 | €518 | €473 | -€44 | -8.6% |
| Profit (loss) for the period | 9904 | -€147,627 | €16,909 | +€164,536 | |
| Profit (loss) for the period to be appropriated | 9905 | -€147,627 | €16,909 | +€164,536 |
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.