JADOUL FREDERICK: 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.
JADOUL FREDERICK
Largest movements
- Cash +€66,616
up €66,616 (+92.2%), from €72,224 to €138,840
mainly Net result for the year (+€120,087) and Depreciation (+€81,229)
- Tangible fixed assets -€41,054
down €41,054 (-12.8%), from €320,405 to €279,351
of which Leasing and similar rights: -€64,309
- Receivables within one year -€39,430
down €39,430 (-39.0%), from €101,225 to €61,795
of which Trade receivables: -€23,437
- Deferred charges and accrued income -€12,242
down €12,242 (-36.3%), from €33,688 to €21,446
- Stocks and contracts -€7,965
down €7,965 (-81.2%), from €9,803 to €1,838
- Debts after one year -€78,727
down €78,727 (-37.5%), from €209,862 to €131,135
of which Financial debts: -€78,100
- Reserves +€35,230
up €35,230 (+27.5%), from €128,340 to €163,570
- Current portion of long-term debt +€31,822
up €31,822 (+42.5%), from €74,919 to €106,741
- Other debts -€29,422
no longer reported in 2025 (was €29,422)
- Tax, wage and social debts +€15,229
up €15,229 (+55.0%), from €27,672 to €42,901
of which Taxes: +€14,762
- Gross operating margin +€82,707
up €82,707 (+11.7%), from €704,069 to €786,776
- Taxes +€19,680
up €19,680 (+7,688%), from €256 to €19,936
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 | €538,624 | €504,488 | -€34,136 | -6.3% |
| Fixed assets | 21/28 | €321,684 | €280,569 | -€41,115 | -12.8% |
| Intangible fixed assets | 21 | €60 | - | -€60 | |
| Tangible fixed assets | 22/27 | €320,405 | €279,351 | -€41,054 | -12.8% |
| Plant, machinery and equipment | 23 | €8,366 | €36,464 | +€28,099 | +336% |
| Furniture and vehicles | 24 | €788 | €4,188 | +€3,399 | +431% |
| Leasing and similar rights | 25 | €295,176 | €230,867 | -€64,309 | -21.8% |
| Other tangible fixed assets | 26 | €12,075 | €7,832 | -€4,243 | -35.1% |
| Assets under construction and advance payments | 27 | €4,000 | - | -€4,000 | |
| Financial fixed assets | 28 | €1,218 | €1,218 | = | 0.0% |
| Current assets | 29/58 | €216,940 | €223,919 | +€6,979 | +3.2% |
| Stocks and contracts in progress | 3 | €9,803 | €1,838 | -€7,965 | -81.2% |
| Stocks | 30/36 | €9,803 | €1,838 | -€7,965 | -81.2% |
| Amounts receivable within one year | 40/41 | €101,225 | €61,795 | -€39,430 | -39.0% |
| Trade receivables | 40 | €50,641 | €27,204 | -€23,437 | -46.3% |
| Other amounts receivable | 41 | €50,584 | €34,591 | -€15,993 | -31.6% |
| Cash at bank and in hand | 54/58 | €72,224 | €138,840 | +€66,616 | +92.2% |
| Deferred charges and accrued income | 490/1 | €33,688 | €21,446 | -€12,242 | -36.3% |
| Total equity and liabilities | 10/49 | €538,624 | €504,488 | -€34,136 | -6.3% |
| Equity | 10/15 | €162,953 | €196,546 | +€33,593 | +20.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €128,340 | €163,570 | +€35,230 | +27.5% |
| Distributable reserves | 133 | €128,340 | €163,570 | +€35,230 | +27.5% |
| Investment grants | 15 | €14,613 | €12,976 | -€1,637 | -11.2% |
| Amounts payable | 17/49 | €375,671 | €307,943 | -€67,729 | -18.0% |
| Amounts payable after more than one year | 17 | €209,862 | €131,135 | -€78,727 | -37.5% |
| Financial debts | 170/4 | €169,943 | €91,843 | -€78,100 | -46.0% |
| Other amounts payable | 178/9 | €39,919 | €39,291 | -€628 | -1.6% |
| Amounts payable within one year | 42/48 | €160,803 | €174,004 | +€13,201 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €74,919 | €106,741 | +€31,822 | +42.5% |
| Trade debts | 44 | €28,790 | €24,362 | -€4,428 | -15.4% |
| Suppliers | 440/4 | €28,790 | €24,362 | -€4,428 | -15.4% |
| Taxes, remuneration and social security | 45 | €27,672 | €42,901 | +€15,229 | +55.0% |
| Taxes | 450/3 | €1,454 | €16,216 | +€14,762 | +1,015% |
| Remuneration and social security | 454/9 | €26,218 | €26,685 | +€467 | +1.8% |
| Other amounts payable | 47/48 | €29,422 | - | -€29,422 | |
| Accrued charges and deferred income | 492/3 | €5,006 | €2,804 | -€2,202 | -44.0% |
| Non-recurring operating income | 76A | €437 | €500 | +€63 | +14.4% |
| Remuneration, social security and pensions | 62 | €554,724 | €547,696 | -€7,027 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,072 | €81,229 | +€157 | +0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,201 | - | +€6,201 | |
| Other operating charges | 640/8 | €19,183 | €11,880 | -€7,304 | -38.1% |
| Non-recurring operating charges | 66A | - | €60 | +€60 | |
| Gross operating margin | 9900 | €704,069 | €786,776 | +€82,707 | +11.7% |
| Operating profit (loss) | 9901 | €55,291 | €145,911 | +€90,620 | +164% |
| Financial income | 75/76B | €2,925 | €3,443 | +€518 | +17.7% |
| Recurring financial income | 75 | €2,925 | €3,443 | +€518 | +17.7% |
| Financial charges | 65/66B | €11,843 | €9,330 | -€2,512 | -21.2% |
| Recurring financial charges | 65 | €11,843 | €9,330 | -€2,512 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €46,373 | €140,023 | +€93,650 | +202% |
| Income taxes | 67/77 | €256 | €19,936 | +€19,680 | +7,688% |
| Profit (loss) for the period | 9904 | €46,117 | €120,087 | +€73,970 | +160% |
| Profit (loss) for the period to be appropriated | 9905 | €46,117 | €120,087 | +€73,970 | +160% |
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 27 October 2026 via checked.be.