Jacques MOULARD: 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.
Jacques MOULARD
Largest movements
- Tangible fixed assets +€615,074
up €615,074 (+56.7%), from €1.1m to €1.7m
of which Land and buildings: +€615,682
- Receivables within one year -€339,981
down €339,981 (-44.4%), from €766,060 to €426,079
of which Other amounts receivable: -€450,937
- Other debts +€154,342
up €154,342 (+110%), from €139,909 to €294,251
- Trade debts +€92,646
up €92,646 (+657%), from €14,094 to €106,741
- Reserves -€45,233
down €45,233 (-3.9%), from €1.1m to €1.1m
of which Tax-exempt reserves: -€45,233
- Debts after one year +€40,082
up €40,082 (+6.9%), from €581,973 to €622,054
- Gross operating margin +€32,138
up €32,138 (+128%), from €25,065 to €57,203
- Depreciation +€15,324
up €15,324 (+21.8%), from €70,323 to €85,647
- Financial charges +€3,084
up €3,084 (+26.7%), from €11,551 to €14,635
- Other operating charges -€1,976
down €1,976 (-18.3%), from €10,783 to €8,807
- Financial income -€1,339
down €1,339 (-81.1%), from €1,652 to €312
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 | €1,875,071 | €2,159,238 | +€284,167 | +15.2% |
| Fixed assets | 21/28 | €1,085,481 | €1,700,555 | +€615,074 | +56.7% |
| Tangible fixed assets | 22/27 | €1,085,481 | €1,700,555 | +€615,074 | +56.7% |
| Land and buildings | 22 | €1,084,095 | €1,699,777 | +€615,682 | +56.8% |
| Furniture and vehicles | 24 | €1,386 | €778 | -€608 | -43.8% |
| Current assets | 29/58 | €789,590 | €458,683 | -€330,907 | -41.9% |
| Amounts receivable within one year | 40/41 | €766,060 | €426,079 | -€339,981 | -44.4% |
| Trade receivables | 40 | €0 | €110,956 | +€110,956 | |
| Other amounts receivable | 41 | €766,060 | €315,123 | -€450,937 | -58.9% |
| Cash at bank and in hand | 54/58 | €20,626 | €31,561 | +€10,935 | +53.0% |
| Deferred charges and accrued income | 490/1 | €2,904 | €1,043 | -€1,861 | -64.1% |
| Total equity and liabilities | 10/49 | €1,875,071 | €2,159,238 | +€284,167 | +15.2% |
| Equity | 10/15 | €1,053,369 | €1,001,203 | -€52,165 | -5.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,145,607 | €1,100,374 | -€45,233 | -3.9% |
| Tax-exempt reserves | 132 | €1,123,122 | €1,077,889 | -€45,233 | -4.0% |
| Distributable reserves | 133 | €22,485 | €22,485 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€192,239 | -€199,171 | -€6,932 | -3.6% |
| Amounts payable | 17/49 | €821,702 | €1,158,034 | +€336,332 | +40.9% |
| Amounts payable after more than one year | 17 | €581,973 | €622,054 | +€40,082 | +6.9% |
| Financial debts | 170/4 | €581,973 | €622,054 | +€40,082 | +6.9% |
| Amounts payable within one year | 42/48 | €239,730 | €535,105 | +€295,375 | +123% |
| Current portion of amounts payable after more than one year | 42 | €52,587 | €58,314 | +€5,727 | +10.9% |
| Financial debts | 43 | €30,000 | €50,000 | +€20,000 | +66.7% |
| Credit institutions | 430/8 | €30,000 | €50,000 | +€20,000 | +66.7% |
| Trade debts | 44 | €14,094 | €106,741 | +€92,646 | +657% |
| Suppliers | 440/4 | €14,094 | €106,741 | +€92,646 | +657% |
| Advances received on contracts in progress | 46 | - | €3,225 | +€3,225 | |
| Taxes, remuneration and social security | 45 | €3,139 | €22,574 | +€19,435 | +619% |
| Taxes | 450/3 | €3,139 | €22,574 | +€19,435 | +619% |
| Other amounts payable | 47/48 | €139,909 | €294,251 | +€154,342 | +110% |
| Accrued charges and deferred income | 492/3 | - | €875 | +€875 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,323 | €85,647 | +€15,324 | +21.8% |
| Other operating charges | 640/8 | €10,783 | €8,807 | -€1,976 | -18.3% |
| Gross operating margin | 9900 | €25,065 | €57,203 | +€32,138 | +128% |
| Operating profit (loss) | 9901 | -€56,040 | -€37,251 | +€18,790 | +33.5% |
| Financial income | 75/76B | €1,652 | €312 | -€1,339 | -81.1% |
| Recurring financial income | 75 | €1,652 | €312 | -€1,339 | -81.1% |
| Financial charges | 65/66B | €11,551 | €14,635 | +€3,084 | +26.7% |
| Recurring financial charges | 65 | €11,551 | €14,635 | +€3,084 | +26.7% |
| Profit (loss) for the period before taxes | 9903 | -€65,939 | -€51,573 | +€14,367 | +21.8% |
| Income taxes | 67/77 | €579 | €592 | +€13 | +2.3% |
| Profit (loss) for the period | 9904 | -€66,518 | -€52,165 | +€14,353 | +21.6% |
| Transfer from tax-exempt reserves | 789 | €29,765 | €45,233 | +€15,468 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,753 | -€6,932 | +€29,821 | +81.1% |
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 23 October 2026 via checked.be.